January 4, 2022
To All Concerned Parties
Real Estate Investment Trust Securities Issuer
1-1-21 Toranomon, Minato-ku, Tokyo
marimo Regional Revitalization REIT, Inc.
Representative: Takashi Kitagata, Executive Director(Securities Code: 3470)
Asset Manager
Marimo Asset Management Co., Ltd.
Representative: Takashi Kitagata, CEOContact:
Katsuhiro Shimada, Financial Management Officer
TEL: +81-3-6205-4755
Notice Concerning Acquisition of Domestic Real Estate Trust Beneficiary Rights andAccompanying Commencement of Leasing
marimo Regional Revitalization REIT, Inc. (“marimo REIT”) announces that Marimo Asset Management Co., Ltd. (the“Asset Manager”), to which marimo REIT entrusts management of its assets, decided today on the acquisition (the“Acquisition”) of domestic real estate trust beneficiary rights (the “Assets to Be Acquired”) as described below. marimo
REIT announces also the accompanying commencement of leasing (the “Leasing”) of the Assets to Be Acquired.
Marimo Co., Ltd. (“Marimo”), the seller of some of the Assets to Be Acquired, falls under the category of interested
persons, etc. defined in the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended)(the “Investment Trusts Act”). Therefore, pursuant to the Investment Trusts Act, the Asset Manager has obtained theconsent of marimo REIT based on approval of the Board of Directors of marimo REIT at a meeting held on January 4,
2022. Marimo also falls under the category of interested persons, etc. defined in the rules on transactions withinterested persons, etc., which are the internal rules set by the Asset Manager. Therefore, the Asset Manager has
followed the decision-making procedure specified in the rules on transactions with interested persons, etc. (including
approval of the Board of Directors of marimo REIT at a meeting held on January 4, 2022; the same shall apply
hereinafter) upon conducting asset acquisition transaction with Marimo.
1.

Outline of the Acquisition

Property
number

Property nameLocation(Note 1)

Plannedacquisition price(million yen)
(Note 1)

Rp-13

ArtizA Kitadorimachi

Takasaki-shi, Gunma

780

Rp-14

Starship Kobe Gakuentoshi

Kobe-shi, Hyogo

982

Rp-15

ArtizA Mito Izumicho

Mito-shi, Ibaraki

609

Rp-16

ArtizA Kokura

Kitakyushu-shi, Fukuoka

1,849

Rp-17

ArtizA Kurashiki

Kurashiki-shi, Okayama

590

Cp-13

Komyoike Act

Sakai-shi, Osaka

2,040

Op-03

Big B Higashishukugo

Utsunomiya-shi, Tochigi

1,750

Op-04

Ikeshita ES Building

Nagoya-shi, Aichi

1,000

Total (8 properties)

9,600(Note 1) For the definition of “Property number” and “Planned acquisition price,” please refer to “4. (1) Overview of the Assets to Be Acquired” later inthis document. The same shall apply hereinafter.
(Note 2) As of today, the building name of “ArtizA Kokura” is “Ursa Major” and the building name of “ArtizA Kurashiki” is “Alpha Regalo Kurashiki
Inarimachi.” marimo REIT plans to change the names after the acquisition. Therefore, in this press release, the names are those after thechange. The property names to be changed are based on plans as of today, and are subject to change without prior notice or the change ofproperty names may not take place in the future.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

1

(1)
(2)
(3)

Acquisition decision date:
Sale and purchase agreement date (Note 1):
Planned payment date and planned acquisition date:(4)

Planned seller:(5)

Acquisition financing:(6)

Settlement method:

January 4, 2022
January 4, 2022
January 19, 2022, for the properties other than Starship
Kobe Gakuentoshi, and April 1, 2022, for Starship Kobe
Gakuentoshi
Please refer to “5. Overview of Planned Seller” later inthis document.
Proceeds from the issuance of new investment units forwhich resolution was passed at the meeting of theBoard of Directors of marimo REIT held on January 4,2022 (Note 2), borrowings (Note 3) and cash on hand
For the properties other than Starship Kobe
Gakuentoshi, the entire amount is scheduled to be paid
on January 19, 2022, the planned acquisition date. For
Starship Kobe Gakuentoshi, the entire amount isscheduled to be paid on April 1, 2022, the planned
acquisition date. The sale and purchase agreement forStarship Kobe Gakuentoshi falls under the category of
forward commitment, etc. (Note 4) defined in the“Comprehensive Guidelines for Supervision of Financial
Instruments Business Operators, etc.” established by the
Financial Services Agency. For the terms and conditionsof contract cancellation and other details, please refer
to “9. Settlement Method, etc.” later in this document.

(Note 1) For ArtizA Kurashiki, Komyoike Act and Big B Higashishukugo, the date of conclusion of the status transfer agreement concluded with the current
owner or trust beneficiary and the transferee under the trust beneficiary right sale and purchase agreement dated September 16, 2021,
November 30, 2021, and October 26, 2021, concluded with the current owner or trust beneficiary to the effect that the trust beneficiary right tothe property shall be transferred to the transferee (the “Original Sale and Purchase Agreement”) to the effect that the status of buyer under theOriginal Sale and Purchase Agreement and the rights and obligations based on such shall be transferred to marimo REIT.
(Note 2) For details, please refer to “Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment Units” announced
today by marimo REIT.
(Note 3) For details, please refer to “Notice Concerning Borrowing of Funds” announced today by marimo REIT.
(Note 4) Refers to a postdated sales contract under which payment and delivery shall be made at least one month after the conclusion of the contract,
or any other contract similar thereto. The same shall apply hereinafter.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

2

2.

Reason for the Acquisition
In pursuit of securing “stability” and “profitability” and steady growth of the portfolio while aiming to continuallyenhance unitholder value over the medium to long term through acquisition of new real estate trust beneficiaryrights, marimo REIT decided to acquire the Assets to Be Acquired (total of eight properties) after consideration inlight of market trends, the level of dividends per unit, etc. The features of each property are as shown in thefollowing table.

Property
number

Property name

Rp-13

ArtizA Kitadorimachi

Rp-14

Starship Kobe Gakuentoshi

Rp-15

ArtizA Mito Izumicho

Rp-16

ArtizA Kokura

Rp-17

ArtizA Kurashiki

Cp-13

Komyoike Act

Op-03

Big B Higashishukugo

Overview
・Relatively new residential property offering 1LDK type rental residential
units targeting people of one-person households
・Located approximately an 8-minute walk from JR Takasaki Station, aterminal station, in an area where there is excellent convenience in termsof daily living and high housing scarcity
・Meeting also commuter needs, boasts a high percentage of corporate
contracts (83.5%)
・Located in an area where there are five universities within a 2 km range
and student housing is in low supply
・Can expect stable operation by J.S.B. Co., Ltd., which specializes in thestudent apartment business・Located at the center of Mito where Keisei Department Store, Art Tower
Mito and a new civic hall (slated to open in July 2023) are concentrated
・ Situated behind Mito City’s central commercial district lined withdepartment stores, hotels, restaurants, etc., as well as the regional
branches of major companies, stable demand, whether corporate orindividual, can be expected
・Offering an abundant variety of floor plans, capable of meeting demand
from a wide customer base・ Located approximately a 6-minute walk to Kitakyushu Monorail
Kawaraguchi Mihagino Station, which is three stations to JR Kokura
Station, and there are also many retail facilities in the surrounding area,
making it a location boasting high convenience in terms of daily living
・Expecting high corporate demand as there being also many branches ofmajor companies makes it an area where there are many transferees
・Located approximately a 12-minute walk to JR Kurashiki Station and there
being also supermarkets, drugstores, etc. in the surrounding area areamong factors making it an area boasting high convenience in terms ofdaily living
・Being an area offering a favorable environment as a residential district,there are also numerous for-sale condominiums, including condominiums
of Marimo’s “Polestar” brand of newly constructed for-salecondominiums, in the surrounding area
・Boasts highly convenient access being located approximately a 2-minute
walk from Semboku Rapid Railway Komyoike Station, a terminal station,
in Semboku New Town
・The City of Sakai is implementing initiatives for revitalization of the
Komyoike Station vicinity as part of the project for reorganization anddevelopment of the areas around stations in Semboku New Town
・Located approximately a 12-minute walk from JR Utsunomiya Station andequipped with a parking lot (parking capacity: 113 spaces), making it aDisclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

3

Property
number

Op-04

3.

Property nameIkeshita ES Building

Overview
mixed-use property boasting a high percentage of corporate contracts forboth the office and residential portions
・Expecting further demand as convenience increases with the opening of
Haga Utsunomiya LRT in the urban center of Utsunomiya City slated forMarch 2023, the nearest station from the property being Eki Higashi
Koen-mae Station, which will be a 1-minute to 2-minute walk・Located approximately a 1-minute walk from Ikeshita Station on the
Nagoya City Subway Higashiyama Line・Located near Ikeshita Station are several retail facilities, as well as Chikusa
Ward Office, which is due to be renovated・Development of for-sale condominiums continues in the surrounding area,
including a high-rise condominium directly connected to Ikeshita Station

Reason for Tenant Selection
The counterparties to the leasing in the Leasing (Note) have been verified to meet the following tenant selection
criteria stated in marimo REIT’s “Report on the Management Structure and System of the Issuer of Real Estate
Investment Trust Units and Related Parties” dated September 28, 2021.
(Note)

Refers to the counterparties to the subleasing by the master lease company in the case that marimo REIT or the trustee enters into a leaseagreement with a master lease company.

The tenants occupying (including potential tenants to newly occupy) properties owned and operated orproperties to be newly acquired by marimo REIT shall be decided by conducting a review and analysis of thefollowing content and screening that comprehensively takes such content into account.
Even if the criteria are met, the contract shall not be concluded if found to have a relationship with anti-social
forces.
(1) For corporations① Business type
② Financial status and corporate size
③ Capital ties
④ Purpose of use and contract terms and conditions⑤ Other matters(2) For individuals① Income level② Profession③ Employer and years of service④ Whether there is a joint and several surety⑤ Other matters

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

4

4.

Details of the Assets to Be Acquired(1) Overview of the Assets to Be Acquired
The following presents an individual overview of the real estate of the trust beneficiary right that are the Assets
to Be Acquired.
・ “Property number” is the number assigned property by property by combining the asset type classificationsof “investment targets” and “investment ratio by region” for the Assets to Be Acquired of marimo REIT.
“Investment targets” are represented by R for residential, C for retail, H for hotel and O for office, while p isfor regional and t is for Tokyo metropolitan area. The same shall apply hereinafter. In cases of mixed-use
properties of there being several uses (asset types) in the one building, the asset type that accounts for thelargest percentage of the floor area in each building is set as the asset type of the building in the investment
target classification.
・ “Asset type” indicates one of marimo REIT’s investment target properties (residential, retail, hotel, office,logistics and parking).
・ “Planned acquisition date” indicates the date marimo REIT plans to acquire each real estate trust
beneficiary right. The date may be postponed by a few days or so upon finalization of the payment due dateof the primary offering stated in “Notice Concerning Issuance of New Investment Units and Secondary
Offering of Investment Units” dated today or the drawdown date of the borrowing stated in “NoticeConcerning Borrowing of Funds” dated today.
・ “Type of specified asset” indicates the type of real estate and other assets as a specified asset.
・ “Planned acquisition price” indicates the purchase price of each real estate trust beneficiary right stated ineach trust beneficiary right sale and purchase agreement (excluding consumption tax, local consumption
tax and other miscellaneous expenses such as broker’s commissions) for the Assets to Be Acquired,
rounded down to the nearest million yen.
・ “Appraisal value” indicates the appraisal value stated in the real estate appraisal report for each Asset to Be
Acquired obtained from Japan Valuers Co., Ltd. and The Tanizawa Sōgō Appraisal Co., Ltd.
・ “Location (indication of residential address)” indicates, in principle, the indication of residential address. In
cases of properties that have no indication of residential address, the location of the building (if there areseveral, one of the locations) stated in the registry.
・ “Transportation” indicates the time it takes to walk the distance from the nearest railway station at a speedof 80 meters per minute as calculated by the Asset Manager (rounded up to the nearest specified unit) or
the time stated in the real estate appraisal report or engineering report.
・ “Lot number” for land indicates the location of the building (if there are several, one of the locations) statedin the registry.
・ “Building coverage ratio” for land indicates, in principle, the maximum value (designated building coverage
ratio) (in cases of multiple values, all of them) determined by City Planning in accordance with the land use
district, etc. for the ratio of the construction area of the structure to the site area, as set forth in Article 53of the Building Standards Act (Act No. 201 of 1950; as amended; the “Building Standards Act”). Designatedbuilding coverage ratio may be mitigated, increased or decreased due to reasons such as being afire-resistant building in a fire prevention district, and may differ from the actual building coverage ratio
applied.
・ “Floor-area ratio” for land indicates the maximum value (designated floor-area ratio) (in cases of multiple
values, all of them) determined by City Planning in accordance with the land use district, etc. for the ratio of
the gross floor area of the building to the site area, as set forth in Article 52 of the Building Standards Act.
Designated floor-area ratio may be mitigated, increased or decreased due to reasons such as the width ofroads connecting to the site, and may differ from the actual floor-area ratio applied.
・ “Use district” for land indicates the type of land use district (if there are several, all of them) listed in Article
8, Paragraph 1, Item 1 of the City Planning Act (Act No. 100 of 1968; as amended).
・ “Site area” for land is based on the description (if there is a leasehold, including the area under leasehold)in the registry and may differ from the present state.
・ “Form of ownership” for land and building indicates the type of right planned to be held by marimo REIT.
Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

5

・ “Construction completion date” for building indicates the date of new construction of the principal building

stated in the registry.
・ “Structure / Number of floors” is based on the description in the registry regarding the principal building.
・ “Gross floor area” for building indicates the floor area including those of ancillary buildings based on thedescription in the registry.
・ “Designer” and “Builder” for building indicate company names at the time of designing and construction of

the principal building.
・ “Whether security is established” indicate whether there is security that continues to exist after theacquisition by marimo REIT.
・ “Annual lease revenue” indicates an amount obtained by multiplying the monthly fixed rent (includingcommon area fee) specified in the lease agreements (however, concerning lease agreements for thebuilding, warehouse and land (including flat parking lot) are excluded) concluded with the lessees of each
Asset to Be Acquired as of the end of October 2021 by 12, rounded down to the nearest million yen(however, concerning those for which agreement has been made by a memorandum, etc. as of the end of
October 2021 that the rent will fluctuate before the acquisition by marimo REIT, reflecting such fluctuation).
Furthermore, for the Assets to Be Acquired, when a master lease agreement is concluded, “Annual lease
revenue” indicates the amount of annual rent, or monthly rent multiplied by 12, that are specified in thelease agreements concluded with end tenants, if the amount of rent is equal to the sum of rents specified in
the lease agreements concluded with end tenants, rounded down to the nearest million yen (however,concerning those for which agreement has been made by a memorandum, etc. as of the end of October
2021 that the rent will fluctuate before the acquisition by marimo REIT, reflecting such fluctuation). In
addition, if the master lease type is planned to be changed to a fixed-rent type master lease agreement
upon the acquisition by marimo REIT, “Annual lease revenue” indicates the sum amount of monthly rent(including common area fee, but excluding usage fee for parking lot, trunk room and other attachedfacilities) specified in the lease agreements, etc. concluded between marimo REIT or the trustee and themaster lease company. Consumption tax, etc. are excluded.
・ “Security deposit and guarantee money” indicates the sum amount of security deposit and guaranteemoney (rounded down to the nearest million yen) required at the time of moving in, for tenants who havealready moved in. However, if a portion of such has been returned, the abovementioned sum amount of
security deposit and guarantee money differs from the sum amount of security deposit and guaranteemoney held by the lessor as of the end of October 2021. Furthermore, for the Assets to Be Acquired, whena master lease agreement is concluded, the sum amount of security deposit, guarantee money, etc.
specified in the lease agreements concluded with end tenants is indicated, if the amount of security deposit
is equal to said sum amount, rounded down to the nearest million yen.
・ “Leasable area” indicates an area marimo REIT considers leasable in the building of each Asset to Be
Acquired.
・ “Occupancy rate” indicates a figure obtained by dividing the total of leased areas shown in each leaseagreement concluded with the tenants of each Asset to Be Acquired as of the end of October 2021 by thearea marimo REIT considers leasable in the building of each Asset to Be Acquired, rounded to the firstdecimal place. This is on a master lessee basis in cases of properties for which a fixed-rent type master leaseagreement is concluded, and on an end tenant basis in cases of properties for which a pass-through typemaster lease agreement is concluded.
・ “Master lease company” and “Property management company” refer to the companies that are to be themaster lease company and the property management company after the acquisition for each Asset to Be
Acquired. “Master lease type” indicates the type of the master lease (either pass-through type or fixed-renttype) planned after the acquisition.
・ “Trustee” indicates the party that is to be the trustee after the acquisition for each Asset to Be Acquired.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

6

・ “Main tenant” indicates a tenant which has the largest leased area among tenants that lease the property

from marimo REIT or the trustee based on a lease agreement valid as of the end of October 2021. However,for the Assets to Be Acquired, when a master lease agreement is concluded, the end tenant is indicated fora property under pass-through type master lease agreement. Furthermore, when a fixed-rent type master
lease agreement is concluded with marimo REIT or the trustee, the master lease company under theagreement is indicated.
・ “Number of leasable units” indicates the number of sections marimo REIT considers leasable or the numberof units (number of sections) marimo REIT is able to lease in the Assets to Be Acquired or sections that are
for residential units, by unit type.
・ “Notes” indicates matters considered material in light of their impact on the valuation amount, profitability,and disposability of each Asset to Be Acquired, as well as matters considered material in relation to theright relations and use, etc. of each Asset to Be Acquired as of today.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

7

Property
number

Rp-13

Property
nameArtizA Kitadorimachi

Asset type

Residential

Outline of specified asset
Planned acquisition
January 19, 2022
Type of specified asset Real estate trust beneficiary rightdate
Planned acquisition
Appraisal value
856 million yen
780 million yen
price(Date of value)(December 1, 2021)
Location (indication of
1 Kitatorimachi, Takasaki-shi, Gunma
residential address)
Approximately 8-minute walk from Takasaki Station on the Joetsu Shinkansen Line, Hokuriku Shinkansen
Transportation
Line and JR Takasaki Line
Construction
Lot number
1 Kitatorimachi, Takasaki-shi, Gunma
completion June 16, 2020
date
Building
Structure /Reinforced concrete structure with flat
coverage
80%
Number ofroof / 10F
ratio
floorsLand
Building
Floor-area
Gross floor
400%
2,535.52 m2
ratio
area
Use district
Commercial district
Designer
Koei Construction Co., Ltd.
Site area
496.20 m2
Builder
Koei Construction Co., Ltd.
Form ofForm of
Proprietorship
Proprietorshipownershipownership
Whether security isNoneestablished
Security deposit andAnnual lease revenue 56 million yen
Security deposit: 8 million yen
guarantee money
Leasable area
1,915.65 m2
Occupancy rate
100.0%
Master lease company Marimo Co., Ltd.
Master lease typePass-through type
Property management
Mitsubishi UFJ Trust and Banking
Marimo Co., Ltd.
Trusteecompany
Corporation
Planned trust
Planned trust term
January 19, 2022
End of January 2032
establishment dateexpiration date
Number of leasable
Main tenant
Not disclosed (Note)
Single: 27 units; Compact: 27 units
units
PML value(probable maximum
Appraisal agency
Japan Valuers Co., Ltd.
1.6%
loss)
Notes:
No applicable matters.
(Note) Not disclosed, because consent has not been obtained from the tenant.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

8

Property
number

Property
name

Rp-14

Starship Kobe Gakuentoshi

Asset type

Residential

Outline of specified asset
Planned acquisition
date
Planned acquisition
price
Location (indication ofresidential address)
Transportation
Lot number

Land

Building
coverage
ratio
Floor-area
ratio
Use district
Site area

Form ofownership
Whether security isestablished

April 1, 2022 (Note 1)

Type of specified asset

982 million yen

Appraisal value(Date of value)

Real estate trust beneficiary right(planned)
1,230 million yen(December 1, 2021)

868-1416 Kozukadaihigashi, Tarumi-ku, Kobe-shi, Hyogo (Note 2)
Approximately 23-minute walk from Gakuentoshi Station on the Kobe City Subway Seishin-Yamate Line
Construction
868-1416 Kozukadaihigashi, Tarumi-ku,
completion January 31, 2022 (planned) (Note 1)
Kobe-shi, Hyogo, etc. (Note 2)
date
Structure /Steel-frame structure with flat roof / 3F
60%
Number of(Note 2)floorsGross floor
200%
2,801.77 m2 (Note 2)
Building
area
Category 1 medium-to-high-rise
Kabushiki Kaisha Flats Kenchiku Sekkei
Designer
exclusive residential district
First-Class Architect Office
Kabushiki Kaisha Matsubara Kensetsu
2
3,384.00 m
Builder
Kogyo
Form of
Proprietorship
Proprietorship (planned)
ownership
None

Annual lease revenue–

Leasable area
Master lease company
Property managementcompany
Planned trust
establishment date

– (Note 3)
Marimo Co., Ltd.

Security deposit andguarantee money
Occupancy rate
Master lease type

J.S.B. Co., Ltd.

TrusteeMain tenant– (Note 3)

Appraisal agency

Japan Valuers Co., Ltd.

April 1, 2022

Planned trust term
expiration date
Number of leasableunits
PML value(probable maximum
loss)

Security deposit: –– (Note 3)
Pass-through type
Mitsubishi UFJ Trust and Banking
Corporation
End of March 2032
1
8.3%

Notes:
・ The property is yet to be completed as of today. marimo REIT plans to acquire the property on April 1, 2022, on the condition
that construction of the building is completed, but may not be able to acquire as planned if development is delayed, changed or
discontinued.
・ As of today, the land’s boundaries with some adjacent land are yet to be determined, but ongoing discussions are underwaywith the adjacent land’s owners to determine the boundaries. The decision to set as an investment target was made in light of
the investment criteria and after verifying the impact on operations and degree of risk of the fact that the boundaries are yet to
be determined.
(Note 1) “Planned acquisition date” and “Construction completion date” are the planned dates as of today. The planned acquisition date and construction
completion date may change depending on the progress of construction work on the building.
(Note 2) As construction is yet to be completed, the building is yet to be registered. Therefore, “Location” and “Lot number” are based on the description in
the real estate registry for the main land, “Structure / Number of floors” and “Gross floor area” are the plans for at the time of construction
completion based on the content of the certificate of confirmation pursuant to the provisions of the Building Standards Act, and “Number ofleasable units” is the assumption as of today.
(Note 3) As construction is yet to be completed, lease agreements have not been concluded. Therefore, “Leasable area,” “Occupancy rate” and “Main tenant”
are not indicated.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

9

Property
number

Rp-15

Property
nameArtizA Mito Izumicho

Asset type

Residential

Outline of specified asset
Planned acquisition
January 19, 2022
Type of specified asset Real estate trust beneficiary rightdate
Planned acquisition
Appraisal value
707 million yen
609 million yen
price(Date of value)(November 1, 2021)
Location (indication of
3-3-26 Izumicho, Mito-shi, Ibaraki
residential address)
Approximately 22-minute walk from Mito Station on the JR Joban Line
Transportation
Approximately 3-minute walk from Ibaraki Kotsu Izumicho 3-Chome Bus Stop
Construction
Lot number
3-36 Izumicho, Mito-shi, Ibaraki, etc.
completion March 12, 2019
date
Building
Structure /Reinforced concrete structure with flat
coverage
80%
Number ofroof / 12F
ratio
floorsLand
Building
Floor-area
Gross floor
400%
1,896.92 m2
ratio
area
Use district
Commercial district
Designer
Shiba Architect OfficeSite area
964.09 m2
Builder
Cosmo Sogo Kensetsu Kabushiki Kaisha
Form ofForm of
Proprietorship
Proprietorshipownershipownership
Whether security isNoneestablished
Security deposit andAnnual lease revenue 43 million yen
Security deposit: 3 million yen
guarantee money
Leasable area
1,843.68 m2
Occupancy rate
97.7%
Master lease company Marimo Co., Ltd.
Master lease typePass-through type
Property management
Mitsubishi UFJ Trust and Banking
Marimo Co., Ltd.
Trusteecompany
Corporation
Trust establishment
Planned trust term
December 4, 2020
End of January 2032
date
expiration date
Number of leasable
Main tenant
Not disclosed (Note)
Compact: 47 units
units
PML value

Appraisal agency

The Tanizawa Sōgō Appraisal Co., Ltd.

(probable maximum
loss)

2.4%

Notes:The engineering report pointed out that the building’s escape ladder installed on the second floor is not long enough and thus
requires repair. With respect to the matter pointed out, marimo REIT has reached an agreement with the seller that, at the seller’s
responsibility and expense, rectifications shall be completed by the end of January 2022.
(Note) Not disclosed, because consent has not been obtained from the tenant.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

10

Property
numberRp-16

Property
nameArtizA Kokura

Asset type

Residential

Outline of specified asset
Planned acquisition
January 19, 2022
Type of specified asset Real estate trust beneficiary rightdate
Planned acquisition
Appraisal value
1,970 million yen
1,849 million yen
price(Date of value)(December 1, 2021)
Location (indication of
11-10 Yoshinomachi, Kokurakita-ku, Kitakyushu-shi, Fukuoka
residential address)
Approximately 6-minute walk from Kawaraguchi Mihagino Station on the Kitakyushu Urban Monorail
Transportation(Kitakyushu Monorail) Kokura Line
Construction
9 Yoshinomachi, Kokurakita-ku,
Lot number
completion June 6, 2015
Kitakyushu-shi, Fukuoka, etc.
date
Building
Structure /Reinforced concrete structure with flat
coverage
80%
Number ofroof / 15F
ratio
floorsFloor-area
Land
Building Gross floor
400%
5,730.84 m2
ratio
area
Kabushiki Kaisha Watanabe Sekkei
Use district
Commercial district
Designer
Jimusho
Site area
1,671.92 m2
Builder
Kabushiki Kaisha Kawaguchi Kensetsu
Form ofForm of
Proprietorship
Proprietorshipownershipownership
Whether security isNoneestablished
Security deposit andAnnual lease revenue 114 million yen
Security deposit: 2 million yen
guarantee money
Leasable area
5,307.82 m2
Occupancy rate
97.1%
Master lease company Marimo Co., Ltd.
Master lease typePass-through type
Property management
Mitsubishi UFJ Trust and Banking
Marimo Co., Ltd.
Trusteecompany
Corporation
Trust establishment
Planned trust term
July 30, 2021
End of January 2032
date
expiration date
Number of leasable
Single: 56 units; Compact: 56 units;
Main tenant
Not disclosed (Note)
units
Family: 28 units
PML value(probable maximum
Appraisal agency
Japan Valuers Co., Ltd.
1.9%
loss)
Notes:Part of a fence on the land is crossing the boundary with the road on the north side (owner: City of Kitakyushu), but having
confirmed with the City of Kitakyushu the fact of the crossing of boundary and that it is not of content demanding immediate
rectification, the decision to set as an investment target was made in light of the investment criteria, and after confirming thecontent and counterparties of the crossing of boundary and considering the impact on profitability of investment target assets
and stability of rights.
(Note) Not disclosed, because consent has not been obtained from the tenant.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

11

Property
number

Property
name

Rp-17

ArtizA Kurashiki

Asset type

Residential

Outline of specified asset
Planned acquisition
date
Planned acquisition
price
Location (indication ofresidential address)
Transportation
Lot number

Land

Building
coverage
ratio
Floor-area
ratio
Use district

Site area
Form ofownership
Whether security isestablished

January 19, 2022

Type of specified asset Real estate trust beneficiary right

590 million yen

Appraisal value(Date of value)

612 million yen(August 31, 2021)

5-13 Inarimachi, Kurashiki-shi, Okayama
Approximately 12-minute walk from Kurashiki Station on the JR Sanyo Main Line
Construction
157-2 Inarimachi, Kurashiki-shi,completion November 15, 2007
Okayamadate
Structure /Reinforced concrete structure with flat
80%
Number ofroof / 9F
floorsBuilding Gross floor
400%
2,404.42 m2
area
IAO Takeda Architects Associates
Commercial district
Designer
First-Class Architect Office883.14 m2
BuilderDoi Construction Co., Ltd.
Form of
Proprietorship
Proprietorshipownership
None

Annual lease revenue

39 million yen

Leasable area
Master lease company
Property managementcompany
Planned trust
establishment date

2,275.84 m2
Marimo Co., Ltd.

Security deposit andguarantee money
Occupancy rate
Master lease type

Marimo Co., Ltd.

TrusteeMain tenant

Not disclosed (Note)

Appraisal agency

Japan Valuers Co., Ltd.

January 19, 2022

Planned trust term
expiration date
Number of leasableunits
PML value(probable maximum
loss)

Security deposit: 5 million yen
94.2%
Pass-through type
Mitsubishi UFJ Trust and Banking
Corporation
End of January 2032
Compact: 32 units; Family: 16 units
2.7%

Notes:
No applicable matters.
(Note) Not disclosed, because consent has not been obtained from the tenant.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

12

Property
number

Property
name

Cp-13

Komyoike Act

Asset type

RetailOutline of specified asset
Planned acquisition
date
Planned acquisition
price
Location (indication ofresidential address)
Transportation
Lot number

Land

Building
coverage
ratio
Floor-area
ratio
Use district

Site area
Form ofownership
Whether security isestablished

January 19, 2022

Type of specified asset Real estate trust beneficiary right

2,040 million yen

Appraisal value(Date of value)

2,340 million yen(December 1, 2021)

2-1-3 Kamotanidai, Minami-ku, Sakai-shi, Osaka
Approximately 2-minute walk from Komyoike Station on the Semboku Rapid Railway Line
Construction
2-1-3 Kamotanidai, Minami-ku,
completion April 15, 1988
Sakai-shi, Osaka
date
Structure /Steel reinforced concrete structure with80%
Number offlat roof / B2F/7F
floorsBuilding Gross floor
600%
12,013.67 m2
area
Kabushiki Kaisha Haji Kensetsu Sekkei
Commercial district
Designer
Jimusho
2,081.39 m2
BuilderTaisei Corporation
Form of
Proprietorship
Proprietorshipownership
None

Annual lease revenue

189 million yen

Leasable area
Master lease company
Property managementcompany
Trust establishment
date

6,379.29 m2
Marimo Co., Ltd.

Security deposit andguarantee money
Occupancy rate
Master lease type

Marimo Co., Ltd.

TrusteeMain tenant

Not disclosed (Note)

Appraisal agency

Japan Valuers Co., Ltd.

December 20, 2002

Planned trust term
expiration date
Number of leasableunits
PML value(probable maximum
loss)

Security deposit: 171 million yen
97.0%
Pass-through type
Sumitomo Mitsui Trust Bank, Limited
January 31, 2032
32
13.1%

Notes:・ Part of a B1F structure on the land is crossing the boundary with the adjacent land on the south side, part of a B1F manhole on
the land is crossing the boundary with the adjacent land on the northwest side and part of flooring on the land is crossing theboundary with the adjacent land on the east side. Part of a gutter on the adjacent land on the east side of the land and part of avending machine in front of a store on the adjacent land on the northeast side of the land are crossing the boundary with theland. There is also a retaining wall, net fence and foundation of the net fence for which the owner is unknown on the boundarywith the adjacent land on the southwest side of the land. Although a memorandum on matters such as the crossing ofboundary has not been concluded with each adjacent land’s owners as of today, the decision to set as an investment target wasmade in light of the investment criteria, and after confirming the content and counterparties of the matters such as crossing ofboundary and considering the impact on profitability of investment target assets and stability of rights.
・ The engineering report pointed out that it was not known whether or not the procedures to file for permits for the wallscapeadvertisements (one on the east side, two on the south side and two on the north side) and freestanding advertisement havebeen performed for the building. With respect to the matter pointed out, the buyer under the Original Sale and Purchase
Agreement for the property has reached an agreement with the seller that, at the seller’s responsibility and expense,
rectifications shall be completed by the end of January 2022.
(Note) Not disclosed, because consent has not been obtained from the tenant.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

13

Property
number

Op-03

Property
name

Big B Higashishukugo

Asset type

OfficeOutline of specified asset
Planned acquisition
January 19, 2022
Type of specified asset Real estate trust beneficiary rightdate
Planned acquisition
Appraisal value
1,990million yen
1,750 million yen
price(Date of value)(September 30, 2021)
Location (indication of
6-1-7 and 6-3-9 Higashishukugo, Utsunomiya-shi, Tochigi
residential address)
Approximately 12-minute walk from Utsunomiya Station on the Tohoku Shinkansen Line, Yamagata
Transportation
Shinkansen Line, Akita Shinkansen Line and JR Tohoku Main Line
Construction
6-1-7 Higashishukugo, Utsunomiya-shi,
Lot number
completion February 2, 2001
Tochigi, etc.
date
Building
Structure /Steel reinforced concrete structure withcoverage
80%
Number offlat roof / 10F
ratio
floorsFloor-area
Gross floor
600%
7,197.22 m2
Land
Building
ratio
area
Shimizu Corporation Tokyo
Use district
Commercial district
Designer
Metropolitan Area Headquarters
First-Class Architect OfficeSite area
1,905.14 m2
Builder
Shimizu Corporation
Form ofForm of
Proprietorship
Proprietorshipownershipownership
Whether security isNoneestablished
Security deposit andAnnual lease revenue 142 million yen
Security deposit: 50 million yen
guarantee money
Leasable area
5,106.48 m2
Occupancy rate
95.0%
Master lease company Marimo Co., Ltd.
Master lease typePass-through type
Property management
Mitsubishi UFJ Trust and Banking
Marimo Co., Ltd.
Trusteecompany
Corporation
Planned trust
Planned trust term
January 19, 2022
End of January 2032
establishment dateexpiration date
Number of leasable
Main tenant
Not disclosed (Note)
Single: 70 units; Office: 12units
PML value(probable maximum
Appraisal agency
Japan Valuers Co., Ltd.
3.1%
loss)
Notes:
・ The property outline pointed out the building’s water pipe malfunction. With respect to the matter pointed out, marimo REIT
has reached an agreement with the seller that, at the seller’s responsibility and expense, rectifications shall be completed by
the date of execution of the transaction.
・ The structural drawing and the structural calculation sheet validation report pointed out that there are some discrepancies
between the structural drawing and the structural calculation sheet and thus requires confirmation with the designer, but areport has been received from the designer (Shimizu Corporation) that there are no problems in terms of safety.
(Note) Not disclosed, because consent has not been obtained from the tenant.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

14

Property
number

Property
name

Op-04

Ikeshita ES Building

Asset type

OfficeOutline of specified asset
Planned acquisition
date
Planned acquisition
price
Location (indication ofresidential address)
Transportation
Lot number

Land

Building
coverage
ratio
Floor-area
ratio
Use district

Site area
Form ofownership
Whether security isestablished

January 19, 2022

Type of specified asset Real estate trust beneficiary right

1,000 million yen

Appraisal value(Date of value)

1,150million yen(December 1, 2021)

8-70-1 Kakuozantori, Chikusa-ku, Nagoya-shi, Aichi
Approximately 1-minute walk from Ikeshita Station on the Nagoya City Subway Higashiyama Line
Construction
8-70-1 Kakuozantori, Chikusa-ku,
completion October 24, 1997
Nagoya-shi, Aichi, etc.
date
Structure /80%; 80%
Number of
Reinforced concrete structure / 5F
floorsBuilding Gross floor
500%; 400%
2,373.13 m2
area
Commercial district; Neighborhood
Housing and Urban Development
Designercommercial district
Corporation Chubu Branch Office
8,641.41 m2 (Note 1) (Note 2)
Builder
Ando Kensetsu Kabushiki Kaisha
Form of
Proprietorship; Right of site
Sectional ownershipownership
None

Annual lease revenue

77 million yen

Leasable area
Master lease company
Property managementcompany
Planned trust
establishment date

2,066.02 m2
Tokio Marine & Nichido Facilities, Inc.

Security deposit andguarantee money
Occupancy rate
Master lease type

Tokio Marine & Nichido Facilities, Inc.

TrusteeMain tenant

Not disclosed (Note 3)

Appraisal agency

Japan Valuers Co., Ltd.

January 19, 2022

Planned trust term
expiration date
Number of leasableunits
PML value(probable maximum
loss)

40 million yen
100.0%
Pass-through type
Mitsubishi UFJ Trust and Banking
Corporation
End of January 2032
59.3%

Notes:・ As of today, the land’s boundaries with some adjacent land are yet to be determined, but ongoing discussions are underwaywith the adjacent land’s owners to determine the boundaries. The decision to set as an investment target was made in light of
the investment criteria and after verifying the impact on operations and degree of risk of the fact that the boundaries are yet to
be determined.
・ Part of a fence on the land is crossing the boundary with the adjacent land on the north side, and a structure for a subway
entry/exit on the adjacent land on the north side of the land is crossing the boundary with the land. Although a memorandumon the crossing of boundary has not been concluded with each adjacent land’s owners as of today, the decision to set as aninvestment target was made in light of the investment criteria, and after confirming the content and counterparties of thecrossing of boundary and considering the impact on profitability of investment target assets and stability of rights.
・ For part of the land (444.53 m2), a superficies right of the following content has been established, based on which there is a
subway facility. The decision to set as an investment target was made in light of the investment criteria, and after confirming
the content and counterparties of the superficies right and considering the impact on profitability of investment target assets
and stability of rights.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

15

Reason:Purpose:Coverage:

Established on February 15, 1996
Construction of structure for rapid transit project
From 21.00 meters above the Tokyo Bay mean sea level to 10.68 meters above the Tokyo
Bay mean sea level
Duration:
From the date of establishment to as long as the structure for rapid transit project exists
Ground rent:
No charge
Special provisions:
1.
If a building, etc. is to be set up, etc. on this land, the design, construction method,etc. shall be discussed with and written consent obtained from the City of Nagoya inadvance.
2.
A building, etc. of the sort having load that is not unbalanced across the width of thestructure (refers to the structure for rapid transit project; the same shall apply
hereinafter) of more than 10 tons per square meter shall not be set up, etc. where
there is 9 meters of overburden above the structure. Even if load is 10 tons per
square meter or less, the same shall apply if load is unbalanced across the width of
the structure and if a building, etc. is to be set up, etc. where there is less than 9
meters of overburden, unless otherwise found by the City of Nagoya as not adversely
impacting the structure as a result of taking measures such as reducing the load andimproving the construction method.
If a building, etc. of the sort having load that is not unbalanced of more than 10 tons(including 10 tons or less if load is unbalanced) is to be set up, etc. where there ismore than 9 meters of overburden, exceptions in load, etc. may be permitted within
the scope not adversely impacting the structure after discussion.
Superficies right holder:
City of Nagoya
・ The building is a property under sectional ownership. By the provisions of the management bylaws and such, sectional owners
are prohibited from transferring, establishing mortgages on or otherwise disposing of their exclusive area portions and their sitearea portions and common area portions separately.
・ The engineering report pointed out matters of the building, including ① External communication device has not been installedin the common areas, ② Battery failure of device for automatic elevator landing in the event of a power outage, ③ Fire
extinguisher has not been exchanged, ④ Smoke detector of automatic fire alarm system is not operating, ⑤ Hood inferred to
be for ventilation that is not found in the drawing has been installed at the opening on the east side of the building, ⑥Partition (door) that is not found in the drawing has been installed in each floor’s elevator hall, and ⑦ Opening for refrigerant
pipe, etc. has been installed near the outdoor fire escape stairs. With respect to the matters pointed out, marimo REIT hasreached an agreement with the seller that, at the seller’s responsibility and expense, inspection shall be implemented, utmost
efforts made to complete rectifications by the date of execution of the transaction and rectifications completed within threemonths of the date of execution of the transaction.
(Note 1) For the land, a right of site to the building has been established. The site area corresponding to the building ownership interest to be acquired bymarimo REIT is approximately 658.26 m2 (approximately 7.6%).
(Note 2) The building is constructed as a single housing complex under the comprehensive design system and there is thus public open space established onpart of the site.
(Note 3) Not disclosed, because consent has not been obtained from the tenant.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

16

5. Overview of Planned Seller(1) ArtizA Kitadorimachi, Starship Kobe Gakuentoshi and ArtizA Mito Izumicho
(1)

Name

Marimo Co., Ltd.

(2)

Location
Name and title ofrepresentative

1-17-23 Kogokita, Nishi-ku, Hiroshima-shi, Hiroshima(3)

Makoto Fukagawa, President(4)

Business description(5)

CapitalPlanning, development, design, supervision and marketing of for-sale residential
properties, real estate securitization business, and overseas condominium sales
business
100 million yen (as of the end of July 2021)(6)

Date established

September 1, 1970

(7)

Net assets

21,270 million yen (based on the balance sheet as of the end of July 2021)(8)

Total assets
92,904 million yen (based on the balance sheet as of the end of July 2021)
Major shareholders and(9)Marimo Holdings Co., Ltd.: 100%
shareholding ratio(10) Relationship between marimo REIT / Asset Manager and the company
Capital ties
As of today, the company holds approximately 10.5% (16,031 units) of the number ofmarimo REIT’s investment units issued and outstanding. SMBC Nikko Securities Inc.,an underwriter of the primary offering stated in “Notice Concerning Issuance of New
Investment Units and Secondary Offering of Investment Units” dated today, isscheduled to allot 835 units to the company, which marimo REIT has designated as aparty to which investment units are to be sold. In the event of such, the company isscheduled to hold approximately 8.8% of the total number of investment units issued
and outstanding. In addition, the company is a subsidiary of Marimo Holdings Co.,
Ltd., which holds 100% stake in the Asset Manager.
Personnel ties
As of today, two of the officers and employees of the Asset Manager are seconded
from the company.
Business ties
The company has entered into a sponsor pipeline and support agreement (asamended) with marimo REIT and the Asset Manager. In addition, the company hasentered into a master lease agreement and property management agreement withmarimo REIT.
Disposition of real estate trust beneficiary right (ArtizA Sengen-cho) to marimo REIT
for 495 million yen took place on February 26, 2021, based on a trust beneficiary rightsale and purchase agreement entered together with marimo REIT on February 18,
2021.
Concerning related parties
The company is a subsidiary of the parent company of the Asset Manager, and falls
under the category of related parties. In addition, the company thus falls under the
category of interested persons, etc. defined in the Investment Trusts Act. The
company also falls under the category of interested persons, etc. defined in the rules
on transactions with interested persons, etc., which are the internal rules set by the
Asset Manager. Therefore, the Asset Manager has followed the decision-making
procedure specified in the rules on transactions with interested persons, etc. upon
conducting the Acquisition transaction.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

17

(2)

ArtizA Kokura

(1)

Name

Fuyo General Lease Co., Ltd.

(2)

Location
Name and title ofrepresentative

5-1-1 Kojimachi, Chiyoda-ku, Tokyo(3)

Yasunori Tsujita, President & CEO(4)

Business description(5)

CapitalLeasing and installment sales of IT equipment, office equipment, industrial
machinery/machine tools, commercial/service equipment, medical devices,transportation equipment (ships, aircrafts, automobiles, etc.), civil engineering andconstruction machinery, etc., and other businesses
10,532 million yen(6)Date establishedMay 1, 1969(7)

Net assets

344,796 million yen (based on the balance sheet as of the end of March 2021)(8)

Total assets
Major shareholders andshareholding ratio

2,979,285 million yen (based on the balance sheet as of the end of March 2021)

Relationship between
marimo REIT / AssetManager and the company

As of today, the seller has no capital ties, personnel ties or business ties to be statedwith marimo REIT and the Asset Manager. The seller also does not fall under the
category of related parties of marimo REIT or the Asset Manager.

(9)

(10)

Hulic Co., Ltd.: 14.02%(3)

ArtizA Kurashiki, Komyoike Act and Ikeshita ES Building
The seller, which is a domestic corporation, is not disclosed, because consent for disclosure has not beenobtained from the seller. As of today, the seller does not fall under the category of interested persons, etc.
defined in the Investment Trusts Act, nor of interested persons, etc. defined in the rules on transactions withinterested persons, etc., which are the internal rules set by the Asset Manager. Furthermore, the seller has no
capital ties, personnel ties or business ties to be specially noted with marimo REIT and the Asset Manager, andthe seller does not fall under the category of related parties of marimo REIT.

(4)

Big B Higashishukugo

(1)

Name

Kabushiki Kaisha Toshi Kaihatsu(2)

Location
Name and title ofrepresentative

2-7-1 Umezono, Tsukuba-shi, Ibaraki(3)

Sumio Tsukada, Representative Director(4)

Business description(5)

CapitalPlanning, holding, operation, maintenance and management of various businessfacilities, retail facilities, medical and welfare facilities, hotels and other lodging
facilities, warehouses, etc., and other businesses
70 million yen(6)Date established

December 16, 2010(7)

Net assets

Not disclosed (Note)(8)

Total assets
Major shareholders andshareholding ratio

Not disclosed (Note)

Relationship between
marimo REIT / AssetManager and the company

As of today, the seller has no capital ties, personnel ties or business ties to be statedwith marimo REIT and the Asset Manager. The seller also does not fall under the
category of related parties of marimo REIT or the Asset Manager.

(9)

(10)

Not disclosed (Note)(Note) Not disclosed, because consent has not been obtained from the seller.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

18

6. Transactions with Interested Persons, Etc.
Marimo, the planned seller of ArtizA Kitadorimachi, Starship Kobe Gakuentoshi and ArtizA Mito Izumicho, is a
subsidiary of Marimo Holdings Co., Ltd. (100% stake), the parent company of the Asset Manager. Marimo thus falls
under the category of interested persons, etc. defined in Article 201-2 of the Investment Trusts Act and Article 123of the Order for Enforcement of the Act on Investment Trusts and Investment Corporations, and also falls under
the category of interested persons, etc. defined in the rules on transactions with interested persons, etc., which
are the internal rules set by the Asset Manager. The buyer with which the status transfer agreement has beenconcluded for ArtizA Kurashiki, Komyoike Act and Big B Higashishukugo, too, falls under the category of interested
persons, etc. Therefore, the Asset Manager has followed the decision-making procedure specified in the rules ontransactions with interested persons, etc.
7.

Information on Property Acquirers, Etc.
Status of property acquisition, etc. from interested persons, etc. of marimo REIT, special purpose companies(subsidiaries) of which decision-making bodies are controlled by the interested persons, etc. and other persons
with special relationship (the “Persons of Special Interest”) is as follows (①: Name of the company or name of theperson, ②: Relationship with Persons of Special Interest, ③: Acquisition particulars and reason).
Property name

ArtizA Kitadorimachi

Starship Kobe Gakuentoshi

ArtizA Mito IzumichoPrevious owner or trust beneficiary

Second previous owner①, ②, ③①, ②, ③Acquisition (transfer) price
Acquisition (transfer) timing① Marimo Co., Ltd.
② Sister company of the Asset Manager③ A property developed by Marimo Co., Ltd.;
Acquired since it can expect stable
operations over a medium- to long-term,
after evaluating the market andmarketability.
(Note 1)
November 2017
① Marimo Co., Ltd.
② Sister company of the Asset Manager③ A property developed by Marimo Co., Ltd.;
Acquired since it can expect stable
operations over a medium- to long-term,
after evaluating the market andmarketability.
The previous owner’s acquisition price is notstated, because the previous owner acquired fordevelopment purposes.
January 2021
① Marimo Co., Ltd.
② Sister company of the Asset Manager③ Acquired since it can expect stable
operations over a medium- to long-term,
after evaluating the market andmarketability.
(Note 1)
December 2020

Acquisition (transfer) price
Acquisition (transfer) timing
Other than Persons of Special
Interest

Other than Persons of Special
Interest-

Other than Persons of Special
Interest-

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

19

ArtizA Kokura

ArtizA Kurashiki

Komyoike Act

Big B Higashishukugo

Ikeshita ES Building(Note 1)
(Note 2)Other than Persons of Special Interest
Other than Persons of Special Interest
Other than Persons of Special Interest
Other than Persons of Special Interest
Other than Persons of Special Interest--

The description of acquisition price from the second previous owner, etc. is omitted, because the period from the previous owner’s property
acquisition to sale to marimo REIT is more than one year.
In the acquisition of ArtizA Kitadorimachi, Starship Kobe Gakuentoshi and ArtizA Mito Izumicho, no intermediation fees, special purpose company
arrangement expenses, etc. were paid by marimo REIT to Marimo Co., Ltd.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

20

8.

Outline of Intermediation
There are intermediaries appointed on the marimo REIT side pertaining to the above transaction for the following
properties only.
(1) Komyoike Act
(1)

Name

Jones Lang LaSalle K.K.

(2)

2-13-10 Nagatacho, Chiyoda-ku, Tokyo(4)

Location
Name and title ofrepresentative
Business description(5)

Capital

195 million yen(6)Date established

April 23, 1985

(7)

Net assets

Not disclosed (Note)(8)

Total assets
Major shareholders andshareholding ratio

Not disclosed (Note)

Relationship between
marimo REIT / AssetManager and the company

As of today, the intermediary has no capital ties, personnel ties or business ties to bestated with marimo REIT and the Asset Manager. The intermediary also does not fallunder the category of related parties of marimo REIT or the Asset Manager.

(3)

(9)

(10)

Toshinobu Kasai, Managing Director and Country Head
Integrated real estate service provider

Not disclosed (Note)(Note) Not disclosed, because consent has not been obtained from the intermediary.

(2) Big B Higashishukugo
(1)

Name

Tokyu Livable, Inc.

(2)

Location
Name and title ofrepresentative

1-9-5 Dogenzaka, Shibuya-ku, Tokyo(3)

Yoichi Ota, Representative Director and President(4)

Business description(5)

CapitalReal estate brokerage, sales agency for newly constructed properties, real estate
sales, etc.
1,396.3 million yen(6)Date establishedMarch 10, 1972(7)

Net assets

Not disclosed (Note)(8)

Total assets
Major shareholders andshareholding ratio

Not disclosed (Note)

Relationship between
marimo REIT / AssetManager and the company

As of today, the intermediary has no capital ties, personnel ties or business ties to bestated with marimo REIT and the Asset Manager. The intermediary also does not fallunder the category of related parties of marimo REIT or the Asset Manager.

(9)

(10)

Tokyu Fudosan Holdings Corporation: 100%

(Note) Not disclosed, because consent has not been obtained from the intermediary.

9.

Settlement Method, Etc.
For the properties other than Starship Kobe Gakuentoshi, the entire amount is scheduled to be paid on January
19, 2022, the planned acquisition date. For Starship Kobe Gakuentoshi, the entire amount is scheduled to be paidon April 1, 2022, the planned acquisition date.
For Starship Kobe Gakuentoshi, the planned acquisition date (April 1, 2022) is at least one month after theconclusion of the sale and purchase agreement. Therefore, the sale and purchase agreement for Starship Kobe
Gakuentoshi falls under the category of forward commitment, etc. defined in the “Comprehensive Guidelines forSupervision of Financial Instruments Business Operators, Etc.” established by the Financial Services Agency.
As the sale and purchase agreement provides that, in the event of cancellation of the sale and purchaseagreement, the sale and purchase agreement may be cancelled without penalty, material impact on the financial
status, payment of dividends, etc. of marimo REIT in relation to the conclusion of the sale and purchaseagreement for Starship Kobe Gakuentoshi is thought to be unlikely.
Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

21

10. Future Outlook
For the operating and dividend forecasts of marimo REIT for the fiscal period ending June 2022 (from January 1,
2022, to June 30, 2022) and the fiscal period ending December 2022 (from July 1, 2022, to December 31, 2022),
please refer to “Notice Concerning Revision of Operating and Dividend Forecasts for the Fiscal Period Ending June
2022, and Operating and Dividend Forecasts for the Fiscal Period Ending December 2022” dated today.
11. Summary of Appraisal Statements
Summary of Appraisal Statements
Property nameAppraisal value
Name of appraisal agency
Date of value
Items

ArtizA Kitadorimachi
856 million yen
Japan Valuers Co., Ltd.
December 1, 2021
Details (Unit: thousand yen)

Value based on income approach

Value based on direct capitalization
method(1) Operating revenue

856,000

861,000

Summary, etc.
In light of the characteristics of each method andthe degree of equilibrium between the two values
based on income approach, estimated bycorrelation of the value based on the direct
capitalization method with the value based on the
DCF method
Assessed as the standardized net income
recognized as being stable over the medium tolong term, discounted by the capitalization rate

57,999① Potential gross income

61,012② Vacancy loss, etc.

3,013(2) Operating expenses
a. Maintenance andmanagement expenses

13,989b. Water and utility fees

696

c. Repair costs

1,481

d. Property management fee

1,639

e. Tenant solicitation
expenses, etc.

2,520

f. Taxes and other publiccharges

4,801

g. Non-life insurance
premiums

205

h. Other expenses

556

Recorded after taking into account the medium- tolong-term competitiveness of the subject real
property, based on the current rent levels, the
new rent levels for similar real property within thesame supply and demand area and their trends
Assessed taking into consideration the occupancy
status of the subject real property and the future
supply and demand trends
Assessed referring to the actual amounts and thelevels for similar real property
Assessed referring to the actual amounts and thelevels for similar real property
Recorded costs for restoration to original condition
for exclusive area portions, in addition to 30% of
the 12-year average amount of repair and renewal
costs in the engineering report
Assessed at 3.0% of effective gross income
Assessed referring to the agreement details, theactual results and the levels for similar real
property
Assessed based on the materials related to taxes
and other public charges
Assessed based on the standard premium rate
assumed from insurance premiums for similar real
property, etc.
Assessed referring to the actual results in pastfiscal years and the levels for similar real property

2,088(3) Net operating income (NOI)(4) Revenue from investment oflump sum payments

44,00983

Assessed using an investment yield of 1.0%

(5) Capital expenditures

1,019

Assessed at 70% of the 12-year average amount of
repair and renewal costs in the engineering report

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

22

Net income (NCF)

43,073

Capitalization rate

5.0%

Value based on DCF method

850,000

Discount rate

4.8%

Terminal capitalization rate

5.2%

Cost method value
Land ratio
Building ratio
Other matters taken into considerationby the appraisal agency when
performing the appraisal

Assessed using discount rate analysis as a premise,incorporating the prospects for net income thatare not factored into the discount rate, etc., andreferring to the yield of similar real property
Assessed by combining the method of calculatingby incorporating the individual characteristics ofthe real property into the yield of financial assets
and the method of calculating from a comparisonof cases of transaction of similar real property
Assessed by identifying the risks of comparison
with capitalization rate from the characteristics ofthe real estate market, potential of the subject
real property, etc.

717,000
30.3%
69.7%
No applicable matters.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

23

Summary of Appraisal Statements
Property nameAppraisal value
Name of appraisal agency
Date of value
Items

Starship Kobe Gakuentoshi
1,230 million yen
Japan Valuers Co., Ltd.
December 1, 2021
Details (Unit: thousand yen)

Value based on income approach

Value based on direct capitalization
method(1) Operating revenue① Potential gross income② Vacancy loss, etc.
(2) Operating expenses
a. Maintenance andmanagement expenses
b. Water and utility feesc. Repair costs
d. Property management feee. Tenant solicitation
expenses, etc.
f. Taxes and other publicchargesg. Non-life insurance
premiums
h. Other expenses(3) Net operating income (NOI)(4) Revenue from investment oflump sum payments

1,230,000

1,240,000

Not disclosed (Note)

－
－
－
－
－
－
－

57,626－－(5) Capital expenditures

476

Net income (NCF)

57,150Assessed at 70% of the 12-year average amount of
repair and renewal costs in the engineering report
Assessed using discount rate analysis as a premise,incorporating the prospects for net income thatare not factored into the discount rate, etc., andreferring to the yield of similar real property

Capitalization rate

4.6%

Value based on DCF method

1,220,000

Discount rate

4.4%

Terminal capitalization rate

4.8%

Cost method value
Land ratio
Building ratio
Other matters taken into considerationby the appraisal agency when
performing the appraisal

Summary, etc.
In light of the characteristics of each method andthe degree of equilibrium between the two values
based on income approach, estimated bycorrelation of the value based on the direct
capitalization method with the value based on the
DCF method
Assessed as the standardized net income
recognized as being stable over the medium tolong term, discounted by the capitalization rate
－
－
－
－
－

Assessed by combining the method of calculatingby incorporating the individual characteristics ofthe real property into the yield of financial assets
and the method of calculating from a comparisonof cases of transaction of similar real property
Assessed by identifying the risks of comparison
with capitalization rate from the characteristics ofthe real estate market, potential of the subject
real property, etc.

1,420,000
45.2%
54.8%
No applicable matters.

(Note) The item is not disclosed, because contains information for which consent for disclosure has not been obtained from the tenant or information fromwhich the concerned information can be derived, meaning that any disclosure of such could undermine the relationship of trust with the tenant, etc.
and thereby lead to marimo REIT being sued for damages for breach of the duty of confidentiality or other disadvantages, ultimately undermining theinterests of unitholders.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

24

Summary of Appraisal Statements
Property nameAppraisal value
Name of appraisal agency
Date of value
Items

ArtizA Mito Izumicho
707 million yen
The Tanizawa Sōgō Appraisal Co., Ltd.
November 1, 2021
Details (Unit: thousand yen)

Value based on income approach

Value based on direct capitalization
method(1) Operating revenue

707,000

717,000
49,282① Potential gross income

51,755② Vacancy loss, etc.

2,472(2) Operating expenses

13,483a. Maintenance andmanagement expenses

1,702

b. Water and utility fees

619

c. Repair costs

1,858

d. Property management fee

2,349

e. Tenant solicitation
expenses, etc.

2,301

f. Taxes and other publiccharges

3,825

g. Non-life insurance
premiums

186

h. Other expenses

640(3) Net operating income (NOI)(4) Revenue from investment oflump sum payments

Summary, etc.
In light of the characteristics of each method andthe degree of equilibrium between the two values
based on income approach, estimated using thevalue based on the DCF method as a standard andverifying with the value based on the direct
capitalization method
Assessed as the standardized net income
recognized as being stable over the medium tolong term, discounted by the capitalization rate
Recorded after taking into account the medium- tolong-term competitiveness of the subject real
property, based on the current rent levels, the
new rent levels for similar real property within thesame supply and demand area and their trends
Recorded taking into consideration thecompetitiveness of the subject real property, etc.,
based on the actual vacancy rate and the standard
vacancy rate of similar real property
Assessed through verification using the levels ofmaintenance and management expenses for
similar real property, based on the property
management agreement (draft), etc.
Assessed based on the actual balances and thelevels of water and utility fees for similar real
property
Assessed referring to the figure stated in theengineering report and the levels for similar real
property from the medium- to long-term
perspective. In addition, assessed costs forrestoration to original condition after taking into
consideration the move-out rate, etc.
Assessed based on the property managementagreement (draft), etc.
Assessed after taking into consideration tenantsolicitation expenses assessed based on the levels
for similar real property, the property
management agreement (draft), etc.
Assessed based on the materials on taxation for
2021
Assessed based on the standard premium rate
assumed from insurance premiums for similar real
property, etc.
Assessed based on the levels of expenses for
similar real property, etc.

35,799Assessed investment income using an investment
yield of 1.0%34Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

25

(5) Capital expenditures697

Net income (NCF)

35,136

Capitalization rate

4.9%

Value based on DCF method

702,000

Discount rate

5.0%

Terminal capitalization rate

5.1%

Cost method value
Land ratio
Building ratio
Other matters taken into considerationby the appraisal agency when
performing the appraisal

Assessed referring to the figure stated in theengineering report and the levels for similar real
property from the medium- to long-term
perspective
Assessed by comparing with transaction yield forsimilar real property and comprehensively taking
into account the location/building conditions andother conditions of the subject real property
Assessed using the yield of property with similar
use that is located in an area with the lowest risk
as a standard and comprehensively taking into
account the individual characteristics of thesubject real property
Assessed on the basis of capitalization rate and byincorporating future unpredictability

822,000
40.4%
59.6%
In light of the value forming process and request purpose in which market participantsvalue profitability in the subject real property, as well as the typology, used the value
based on income approach that appropriately reflects profitability of investment forinvestors as a standard and verified using the cost method value, deciding on the value
based on income approach as the appraisal value.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

26

Summary of Appraisal Statements
Property nameAppraisal value
Name of appraisal agency
Date of value
Items

ArtizA Kokura
1,970 million yen
Japan Valuers Co., Ltd.
December 1, 2021
Details (Unit: thousand yen)

Value based on income approach

Value based on direct capitalization
method(1) Operating revenue

1,970,000

1,990,000

Summary, etc.
In light of the characteristics of each method andthe degree of equilibrium between the two values
based on income approach, estimated bycorrelation of the value based on the direct
capitalization method with the value based on the
DCF method
Assessed as the standardized net income
recognized as being stable over the medium tolong term, discounted by the capitalization rate

127,242① Potential gross income

133,654② Vacancy loss, etc.

6,412(2) Operating expenses
a. Maintenance andmanagement expenses

27,875b. Water and utility fees

1,157

c. Repair costs

4,128

d. Property management fee

3,299

e. Tenant solicitation
expenses, etc.

2,749

f. Taxes and other publiccharges

11,627g. Non-life insurance
premiums

454

h. Other expenses

1,350

Recorded after taking into account the medium- tolong-term competitiveness of the subject real
property, based on the current rent levels, the
new rent levels for similar real property within thesame supply and demand area and their trends
Assessed taking into consideration the occupancy
status of the subject real property and the future
supply and demand trends
Assessed referring to the actual amounts and thelevels for similar real property
Assessed referring to the actual amounts and thelevels for similar real property
Recorded costs for restoration to original
condition for exclusive area portions, in addition
to 30% of the 12-year average amount of repair
and renewal costs in the engineering report
Assessed at 3.0% of effective gross income
Assessed referring to the agreement details, theactual results and the levels for similar real
property
Assessed based on the materials related to taxes
and other public charges
Assessed based on the standard premium rate
assumed from insurance premiums for similar real
property, etc.
Assessed referring to the actual results in pastfiscal years and the levels for similar real property

3,108(3) Net operating income (NOI)(4) Revenue from investment oflump sum payments

99,367(5) Capital expenditures

3,781

Net income (NCF)

95,612

Assessed investment income using an investment
yield of 1.0%
Assessed at 70% of the 12-year average amount of
repair and renewal costs in the engineering report

26

Assessed using discount rate analysis as a premise,incorporating the prospects for net income thatare not factored into the discount rate, etc., andreferring to the yield of similar real property

Capitalization rate

4.8%

Value based on DCF method

1,950,000

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

27

Discount rate

4.6%

Terminal capitalization rate

5.0%

Cost method value
Land ratio
Building ratio
Other matters taken into considerationby the appraisal agency when
performing the appraisal

Assessed by combining the method of calculatingby incorporating the individual characteristics ofthe real property into the yield of financial assets
and the method of calculating from a comparisonof cases of transaction of similar real property
Assessed by identifying the risks of comparison
with capitalization rate from the characteristics ofthe real estate market, potential of the subject
real property, etc.

1,530,000
50.3%
49.7%
No applicable matters.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

28

Summary of Appraisal Statements
Property nameAppraisal value
Name of appraisal agency
Date of value
Items

ArtizA Kurashiki
612 million yen
Japan Valuers Co., Ltd.
August 31, 2021
Details (Unit: thousand yen)

Value based on income approach

Value based on direct capitalization
method(1) Operating revenue

612,000

619,000

Summary, etc.
In light of the characteristics of each method andthe degree of equilibrium between the two values
based on income approach, estimated bycorrelation of the value based on the direct
capitalization method with the value based on the
DCF method
Assessed as the standardized net income
recognized as being stable over the medium tolong term, discounted by the capitalization rate

45,187① Potential gross income

47,712② Vacancy loss, etc.

2,525(2) Operating expenses
a. Maintenance andmanagement expenses

11,522b. Water and utility fees

577

c. Repair costs

3,109

d. Property management fee

1,219

e. Tenant solicitation
expenses, etc.

1,270

f. Taxes and other publiccharges

3,373

g. Non-life insurance
premiums

187

h. Other expenses

164

Recorded after taking into account the medium- tolong-term competitiveness of the subject real
property, based on the current rent levels, the
new rent levels for similar real property within thesame supply and demand area and their trends
Assessed taking into consideration the occupancy
status of the subject real property and the future
supply and demand trends
Assessed referring to the actual amounts and thelevels for similar real property
Assessed referring to the actual amounts and thelevels for similar real property
Recorded costs for restoration to original
condition for exclusive area portions, in addition
to 30% of the 12-year average amount of repair
and renewal costs in the engineering report
Assessed at 3.0% of effective gross income
Assessed referring to the agreement details, theactual results and the levels for similar real
property
Assessed based on the materials related to taxes
and other public charges
Assessed based on the standard premium rate
assumed from insurance premiums for similar real
property, etc.
Assessed referring to the actual results in pastfiscal years and the levels for similar real property

1,620(3) Net operating income (NOI)(4) Revenue from investment oflump sum payments

33,664(5) Capital expenditures

3,407

Net income (NCF)

30,317

Assessed investment income using an investment
yield of 1.0%
Assessed at 70% of the 12-year average amount of
repair and renewal costs in the engineering report

60

Capitalization rate

4.9%

Value based on DCF method

605,000

Assessed using discount rate analysis as a premise,incorporating the prospects for net income thatare not factored into the discount rate, etc., andreferring to the yield of similar real property

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

29

Discount rate

4.7%

Terminal capitalization rate

5.1%

Cost method value
Land ratio
Building ratio
Other matters taken into considerationby the appraisal agency when
performing the appraisal

Assessed by combining the method of calculatingby incorporating the individual characteristics ofthe real property into the yield of financial assets
and the method of calculating from a comparisonof cases of transaction of similar real property
Assessed by identifying the risks of comparison
with capitalization rate from the characteristics ofthe real estate market, potential of the subject
real property, etc.

445,000
55.5%
44.5%
No applicable matters.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

30

Summary of Appraisal Statements
Property nameAppraisal value
Name of appraisal agency
Date of value
Items

Komyoike Act
2,340 million yen
Japan Valuers Co., Ltd.
December 31, 2021
Details (Unit: thousand yen)

Value based on income approach

Value based on direct capitalization
method(1) Operating revenue

2,340,000

2,340,000
250,040① Potential gross income

259,702② Vacancy loss, etc.

9,662(2) Operating expenses
a. Maintenance andmanagement expenses

122,643b. Water and utility fees

51,541c. Repair costs

8,178

d. Property management fee

6,262

e. Tenant solicitation
expenses, etc.

2,092

f. Taxes and other publiccharges

17,004

g. Non-life insurance
premiums

1,187

h. Other expenses

2,801

Recorded after taking into account the medium- tolong-term competitiveness of the subject real
property, based on the current rent levels, the
new rent levels for similar real property within thesame supply and demand area and their trends
Assessed taking into consideration the occupancy
status of the subject real property and the future
supply and demand trends
Assessed referring to the actual amounts and thelevels for similar real property
Assessed referring to the actual amounts and thelevels for similar real property
Assessed at 30% of the 12-year average amount of
repair and renewal costs in the engineering report
Assessed at 3.0% of effective gross income
Assessed referring to the agreement details, theactual results and the levels for similar real
property
Assessed based on the materials related to taxes
and other public charges
Assessed based on the standard premium rate
assumed from insurance premiums for similar real
property, etc.
Assessed referring to the actual results in pastfiscal years and the levels for similar real property

33,576(3) Net operating income (NOI)(4) Revenue from investment oflump sum payments

127,396(5) Capital expenditures

19,083

Net income (NCF)

109,981

Assessed investment income using an investment
yield of 1.0%
Assessed at 70% of the 12-year average amount of
repair and renewal costs in the engineering report

1,668

Assessed using discount rate analysis as a premise,incorporating the prospects for net income thatare not factored into the discount rate, etc., andreferring to the yield of similar real property

Capitalization rate

4.7%

Value based on DCF method

2,340,000

Discount rate

Summary, etc.
In light of the characteristics of each method andthe degree of equilibrium between the two values
based on income approach, estimated bycorrelation of the value based on the direct
capitalization method with the value based on the
DCF method
Assessed as the standardized net income
recognized as being stable over the medium tolong term, discounted by the capitalization rate

Assessed by combining the method of calculatingby incorporating the individual characteristics ofthe real property into the yield of financial assets
and the method of calculating from a comparisonof cases of transaction of similar real property

4.5%

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

31

Terminal capitalization rate
Cost method value
Land ratio
Building ratio
Other matters taken into considerationby the appraisal agency when
performing the appraisal

Assessed by identifying the risks of comparison
with capitalization rate from the characteristics ofthe real estate market, potential of the subject
real property, etc.

4.9%854,000
62.2%
37.8%
No applicable matters.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

32

Summary of Appraisal Statements
Property nameAppraisal value
Name of appraisal agency
Date of value
Items

Big B Higashishukugo
1,990 million yen
Japan Valuers Co., Ltd.
September 30, 2021
Details (Unit: thousand yen)

Value based on income approach

Value based on direct capitalization
method(1) Operating revenue

1,990,000

2,000,000

Summary, etc.
In light of the characteristics of each method andthe degree of equilibrium between the two values
based on income approach, estimated bycorrelation of the value based on the direct
capitalization method with the value based on the
DCF method
Assessed as the standardized net income
recognized as being stable over the medium tolong term, discounted by the capitalization rate

162,951① Potential gross income

173,434② Vacancy loss, etc.

10,483(2) Operating expenses
a. Maintenance andmanagement expenses

48,173b. Water and utility fees

2,224

c. Repair costs

8,293

d. Property management fee

4,272

e. Tenant solicitation
expenses, etc.

3,345

f. Taxes and other publiccharges

12,189g. Non-life insurance
premiums

644

h. Other expenses

2,780

Recorded after taking into account the medium- tolong-term competitiveness of the subject real
property, based on the current rent levels, the
new rent levels for similar real property within thesame supply and demand area and their trends
Assessed taking into consideration the occupancy
status of the subject real property and the future
supply and demand trends
Assessed referring to the actual amounts and thelevels for similar real property
Assessed referring to the actual amounts and thelevels for similar real property
Recorded costs for restoration to original
condition for exclusive area portions, in addition
to 30% of the 12-year average amount of repair
and renewal costs in the engineering report
Assessed at 3.0% of effective gross income
Assessed referring to the agreement details, theactual results and the levels for similar real
property
Assessed based on the materials related to taxes
and other public charges
Assessed based on the standard premium rate
assumed from insurance premiums for similar real
property, etc.
Assessed referring to the actual results in pastfiscal years and the levels for similar real property

14,423(3) Net operating income (NOI)(4) Revenue from investment oflump sum payments

114,777(5) Capital expenditures

15,440Net income (NCF)

99,823

Assessed investment income using an investment
yield of 1.0%
Assessed at 70% of the 12-year average amount of
repair and renewal costs in the engineering report

486

Assessed using discount rate analysis as a premise,incorporating the prospects for net income thatare not factored into the discount rate, etc., andreferring to the yield of similar real property

Capitalization rate

5.0%

Value based on DCF method

1,970,000

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

33

Discount rate

4.8%

Terminal capitalization rate

5.2%

Cost method value
Land ratio
Building ratio
Other matters taken into considerationby the appraisal agency when
performing the appraisal

Assessed by combining the method of calculatingby incorporating the individual characteristics ofthe real property into the yield of financial assets
and the method of calculating from a comparisonof cases of transaction of similar real property
Assessed by identifying the risks of comparison
with capitalization rate from the characteristics ofthe real estate market, potential of the subject
real property, etc.

1,070,000
61.1%
38.9%
No applicable matters.

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

34

Summary of Appraisal Statements
Ikeshita ES Building
1,150 million yen
Japan Valuers Co., Ltd.
December 1, 2021
Details (Unit: thousand yen)
Summary, etc.
In light of the characteristics of each method andthe degree of equilibrium between the two values
based on income approach, estimated by
Value based on income approach
1,150,000
correlation of the value based on the direct
capitalization method with the value based on the
DCF method
Assessed as the standardized net income
Value based on direct capitalization
1,150,000
recognized as being stable over the medium tomethodlong term, discounted by the capitalization rate(1) Operating revenue
98,051
Recorded after taking into account the medium- tolong-term competitiveness of the subject real
① Potential gross income
102,025
property, based on the current rent levels, the
new rent levels for similar real property within thesame supply and demand area and their trends
Recorded taking into consideration thecompetitiveness of the subject real property, etc.,② Vacancy loss, etc.
3,974
based on the actual vacancy rate and the standard
vacancy rate of similar real property(2) Operating expenses
37,914
Assessed after taking into consideration
a. Maintenance andmaintenance and management expenses assessed
6,008
management expenses
based on the projected amounts and the levels for
similar real property
Assessed based on the actual amounts and theb. Water and utility fees
17,851levels of water and utility fees for similar real
property
Assessed at 30% of the 12-year average amount ofc. Repair costs
3,342
repair and renewal costs in the engineering reportd. Property management fee
1,378
Assessed at 1.6% of effective gross income
Assessed after taking into consideration tenante. Tenant solicitation
1,000
solicitation expenses assessed based on the levels
expenses, etc.
for similar real property, etc.
Assessed based on the materials related to taxes
f. Taxes and other public
7,214
and other public charges and the levels for similar
chargesreal property
Assessed based on the standard premium rate
g. Non-life insurance
457
assumed from insurance premiums for similar real
premiums
property, etc.
Assessed based on the levels of expenses forh. Other expenses
660
similar real property, etc.
(3) Net operating income (NOI)
60,136(4) Revenue from investment ofAssessed investment income using an investment
429
lump sum payments
yield of 1.0%
Assessed at 70% of the 12-year average amount of(5) Capital expenditures
7,799
repair and renewal costs in the engineering report
Net income (NCF)
52,767
Assessed using discount rate analysis as a premise,incorporating the prospects for net income that
Capitalization rate
4.6%
are not factored into the discount rate, etc., andreferring to the yield of similar real property
Value based on DCF method
1,140,000
Property nameAppraisal value
Name of appraisal agency
Date of value
Items

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

35

Discount rate

4.4%

Terminal capitalization rate

4.8%

Cost method value
Land ratio
Building ratio
Other matters taken into considerationby the appraisal agency when
performing the appraisal

Assessed by combining the method of calculatingby incorporating the individual characteristics ofthe real property into the yield of financial assets
and the method of calculating from a comparisonof cases of transaction of similar real property
Assessed by identifying the risks of comparison
with capitalization rate from the characteristics ofthe real estate market, potential of the subject
real property, etc.

1,100,000
88.2%
11.8%
No applicable matters.

* Website of marimo REIT: https://www.marimo-reit.co.jp/en/

Disclaimer: This press release is a document for making a public announcement concerning acquisition of domestic real estate trust
beneficiary rights and accompanying commencement of leasing of marimo REIT, and has not been prepared for the purpose ofsoliciting investment. Investors should ensure that they have read the prospectus for the issuance of new investment units andsecondary offering of investment units, as well as any amendments thereto, prepared by marimo REIT before investing and makeinvestment decisions at their own discretion.

36