June 14, 2023
To All Concerned Parties
Investment Corporation
ESCON JAPAN REIT Investment Corporation
Representative:
Atsumu Sasaki, Executive Director(Securities Code: 2971)
Asset Manager
ES-CON ASSET MANAGEMENT Ltd.
Representative:
Wataru Orii
President and Representative Director
Inquiries:
Kenichi Tanaka
General Manager of the Department ofFinance and Control
TEL: +81- 3-6230-9338
Notice Concerning Organizational Changes and Abolition of Parts of Business (Type II Financial Instrument Business,
Investment Advisory and Agency Business, etc.) at the Asset Management Company and Decision to submit a
notification of change to the content or method of its business in connection with this organizational change
ES-CON ASSET MANAGEMENT Ltd. (hereinafter, the "Asset Manager"), to which ESCON JAPAN REIT Investment
Corporation (hereinafter, "ESCON REIT") entrusts the management of its assets, has resolved at a meeting of its Boardof Directors held today to change its organization and abolish parts of its business (Type II Financial Instruments Business,investment advisory and agency business, etc.), and to submit a notification of change to the content or method of its
business in connection with this organizational change as described below.
1．Details of Organizational Changes and Abolition of Parts of Business at the Asset Manager(1) Establishment of Investment Marketing Dept. (dated June 14, 2023)
The Asset Manager resolved the following two matters at a meeting of its Board of Directors held today, toachieve steady external growth through the ongoing acquisition of high-quality investment information bymaking maximum use of the Asset Manager’s proprietary network and the network of its sponsor support
companies. The first matter is to establish the Investment Marketing Dept. as of today. The second matter is totransfer operations previously handled by the Reit Asset Management Dept., such as gathering information on
investment targets, surveying the real estate transaction and rental markets, real estate investment research (duediligence), real estate price assessments (underwriting), and making decisions on the acquisition of assets undermanagement to this new department as of today.
The new Investment Marketing Dept., based on the recognition that the enhancement of the Asset Manager’sown property acquisition channels is the key to ESCON REIT’s steady external growth, will work to build andstrengthen information networks with brokers including leading real estate brokers, developers, financialinstitutions such as trust banks, and real estate investment fund managers, and will aim to acquire more andbetter-quality investment information.
The Investment Marketing Dept. is headed by Masahiro Tashima, who has extensive practical experience inproperty acquisition operations for REITs (real estate investment trusts) and private real estate funds. He
transferred from ES-CON JAPAN Ltd. as of January 30, 2023, to become a dedicated employee of the AssetManager.
His career summary is shown in Appendix 1.
The Reit Asset Management Dept. will continue to execute internal growth strategies and make sales decisions
with regard to assets under management, working to enhance the overall value of ESCON REIT’s portfolio.
In addition, as described in the "Notice Concerning Change in an Important Employee at the Asset Manager "dated September 26, 2022, Takashi Tetsuya, the general manager of the Reit Asset Management Dept., who
assumed his post on September 30, 2022, transferred from ES-CON JAPAN Ltd. and became a dedicated1

employee of the Asset Manager on January 30, 2023.
His career summary is shown in Appendix 1.
(2) Abolition of Type II Financial Instrument Business and Investment Advisory and Agency Business, etc., and Fund
Asset Management Dept. (dated June 14, 2023)
With the aim of specializing in the business of managing the assets of ESCON REIT, the Asset Manager resolved
at its Board of Directors meeting held today to abolish its Type II Financial Instruments Business and Investment
Advisory and Agency Business as of today, and to abolish the Fund Management Dept., which is in charge ofthese businesses.
In addition, in order to specialize in managing the assets of ESCON REIT same as above, the Asset Manager also
resolved to abolish, effective today, its notified businesses of providing advice on investment in real estate, andperforming clerical work related to the management of the organization which a special purpose company
entrusted. (hereinafter collectively referred to as “notified businesses”).
Furthermore, regarding the administrative work associated with the abolition of these operations, the Reit AssetManagement Dept. will take charge of the Fund Management Dept.’s operations following the abolition of thatdepartment. However, as of today, the Asset Manager has no assets under management based on the Type II
Financial Instruments Business or investment advisory and agency business, and there are no customers
associated with the notified businesses. Therefore, it is expected that there will be no impact on the business ofmanaging ESCON REIT’s assets.
Along with the abolition of the Fund Asset Management Dept., the criteria for allocating information on realestate-related assets, etc. at the Asset Manager will also be abolished, and going forward, information regarding
the future sale of real estate-related assets, etc. from third parties will only be considered and evaluated in relation
to the acquisition of properties by ESCON REIT.
(3) Division of Duties After Organizational Changes
The division of duties of the Investment Marketing Dept. and the Reit Asset Management Dept. after theorganizational changes described in (1) and (2) above are as follows.
The organizational chart of the Asset Manager after Organizational Changes is shown in Appendix 2.
 The division of duties of the Investment Marketing Dept. and the Reit Asset Management Dept. (dated June14, 2023)
Organization
Investment
MarketingDept.
(New)

Division of duties(1) A draft of ESCON REIT’s Investment Policy (including basic policies related to the overall
portfolio, and excluding operations under the jurisdiction of the Reit Asset Management
Dept. and the Finance and Control Dept.) in Investment Guidelines and the AssetManagement Plan (as stipulated in the rules of the JITA, which, together with theManagement Guidelines, are hereinafter referred to as the "Management Guidelines, etc.")(2) Matters concerning ESCON REIT’s acquisition of real estate and other assets (hereinafter,"assets under management") and administrative matters related to these transactions(3) Decisions regarding maintenance, repair, leasing, etc. of ESCON REIT’s assets undermanagement (limited to those conducted in connection with the acquisition of assets undermanagement), and related matters(4) Matters pertaining to transactions related to the transfer of ESCON REIT’s assets undermanagement (not including determination of transfers)(5) Matters related to research on real estate transaction and leasing markets(6) Matters concerning the collection (sourcing) and management of information on real estatetransactions(7) Matters concerning real estate investment research (due diligence)(8) Matters concerning real estate appraisals (underwriting)(9) Matters concerning brokerage, agency, representation, etc. for the sale, purchase, and loanof assets under management (limited to those conducted in connection with the acquisitionof assets under management)(10) Matters related to each of the preceding items
2

Reit AssetManagement
Dept.

(1) Drafting of matters concerning the formulation and review of ESCON REIT’smanagement guidelines, etc., which mainly pertain to the management and transfer ofinvestment assets after acquisition (excluding those under the jurisdiction of theInvestment Marketing Dept. and the Finance and Control Dept.)(2) Decisions regarding the transfer of ESCON REIT’s assets under management and relatedmatters(3) Decisions regarding the maintenance, repair, leasing, etc. of ESCON REIT’s assets undermanagement (excluding those carried out in connection with the acquisition of the assets
under management) and related matters(4) Matters concerning the formulation of strategy, management plans and budgets, andperformance management related to ESCON REIT’s portfolio(5) Matters concerning research, evaluation, and performance analysis of ESCON
REIT’s portfolio(6) Matters concerning the operation of the Investment Management Committee(7) Matters concerning the handling of former business partners and internalmanagement related to the operations of the former Fund Management Dept.
(investment advisory business, Type II Financial Instruments Business,institutional management business, etc.)(8) Matters concerning brokerage, agency, and representation related to thelending and borrowing of assets under management (excluding those
conducted in connection with the acquisition of assets under management)(9) Matters related to each of the preceding items

2．Decision to submit a notification of change in accordance with the decision on the matters described in 1
In accordance with the decision on the matters described in 1 above, the Asset Manager has decided to submit a
notification of change regarding abolition of parts of business, organizational changes and the content or method of
the business in connection with organizational changes, in accordance with applicable laws and regulations.
In addition, on May 23, 2023, the Asset Manager filed an application for registration of change to abolish the Type II
Financial Instruments Business and Investment Advisory and Agency Business.
With regard to these organizational changes, the Asset Manager will take the necessary notification and otherprocedures in accordance with the Financial Instruments and Exchange Law, the Building Lots and Buildings
Transaction Business Law, and other applicable laws and regulations of Japan.
ESCON REIT: https://www.escon-reit.jp/en/index.html

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【Appendix 1】(1) General Manager of Investment Marketing Dept. (Important Employee)
NameCareer summary
Masahiro Tashima

April, 2007
June, 2012
October, 2013

GRACCHUS & ASSOCIATES, Inc.
Aetos Japan LLC
Ichigo Inc.
Ichigo Investment Advisors Inc.
Sales manager
August, 2020
CBRE K.K.
Associate Director of Asset Management Dept.
August, 2022
ES-CON JAPAN Ltd.
Manager of Strategic Business Division Corporate Planning Dept.
January, 2023
ES-CON ASSET MANAGEMENT Ltd.
Director of Reit Asset Management Dept.
June, 2023
General Manager of Investment Marketing Dept.
(Note) Masahiro Tashima transferred from ES-CON JAPAN Ltd. to the Asset Manager on January 30, 2023.
(2) General Manager of Reit Asset Management Dept. (Important Employee)
NameCareer summary
Kobayashi Yoko Co. Ltd.
Hashimoto Real Estate Appraisal Co. Ltd.
Joint Asset Management Co. Ltd.
Senior ManagerMarch, 2004
Pacific Residential Co., Ltd.
Senior ManagerOctober, 2005Pacific Commercial Co., Ltd.
Senior ManagerApril, 2011
MK Capital Management CorporationSenior Manager
January, 2013
CITYINDEX Co., Ltd.
Deputy General Manager
November, 2013 AD Investment Management Co., Ltd.
Team LeaderMarch, 2019
List Asset Management Co., Ltd.
Head of Investment
April, 2020
Refrel Co., Ltd.
Representative Director
September, 2022 ES-CON JAPAN Ltd.
ES-CON ASSET MANAGEMENT Ltd. (secondment)
AdvisorSeptember, 2023 Senior Executive Officer and General Manager of Reit AssetManagement Dept. (Current position)(Note) Takashi Tetsuya transferred from ES-CON JAPAN Ltd. to the Asset Manager on January 30, 2023.
Takashi Tetsuya

April,1995
December,1997
April, 2004

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(Reference)
General Manager of Finance and Control Dept. (Important Employee)
NameCareer summary
MAP KEIEI Inc.
Universal home Inc.
Pacific Management
Executive Officer in charge of Corporate Planning Division
Managing Executive Officer and Corporate Planning Division General
ManagerDecember, 2009 The Global Ltd.
April, 2011
Ichigo Inc.
General Manager of Planning and Accounting Department, Administration
Division
September, 2013 General Manager of Planning Department, Finance Division
Executive Officer, Finance Division Deputy Manager and Manager ofMarch, 2016
Planning Dept.
April, 2021
Executive Officer, Finance Division Deputy Manager and Manager ofBusiness Development Dept.
ES-CON JAPAN Ltd.
June, 2022
Director of Strategic Business Division Corporate Planning Dept. anddirector of Administration Division Finance & Accounting Dept.
November, 2022 ES-CON ASSET MANAGEMENT Ltd.
Executive Officer, General Manager of Finance and Control Dept.
(Current position)(Note) Kenichi Tanaka transferred from ES-CON JAPAN Ltd. to the Asset Manager on November 29, 2022.
Kenichi Tanaka

April, 1991
November, 1998
April, 2002
February, 2005
January, 20085

【Appendix 2】
The organizational chart of the Asset Manager(Previous)General Meeting of Shareholders

Audit and Supervisory
Committee

Audit and Supervisory
Committee RoomInternal Audit Dept.

Investment Committee

Board of Directors

Compliance Committee

President &Representative Director

Compliance Dept.

Fund Asset Management Dept.

Reit Asset Management Dept.

Finance and Control Dept.

(New)

General Meeting of Shareholders

Audit and Supervisory
Committee

Audit and Supervisory
Committee RoomInternal Audit Dept.

Investment Committee

Board of Directors

Compliance Committee

President &Representative Director

Compliance Dept.

Investment Marketing Dept.

Reit Asset Management Dept.

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Finance and Control Dept.