Japan Excellent : Notice Concerning Additional Acquisition of JEI's Investment Units

For Immediate Release

For Translation Purposes Only

August 18, 2022

Japan Excellent, Inc. (TSE: 8987)

Shuichiro Kayama, Executive Director

Asset Management Company:

Japan Excellent Asset Management Co., Ltd.

Representative:

Shuichiro Kayama, President

Contact:

Kazue Horikawa

General Manager, Corporate Planning Dept.

TEL: [phone]

Notice Concerning Additional Acquisition of JEI's Investment Units

by Nippon Steel Kowa Real Estate Co., Ltd.

Japan Excellent, Inc. (hereinafter "JEI") hereby announces that it has received from Nippon Steel Kowa Real Estate Co., Ltd. (hereinafter "Nippon Steel Kowa Real Estate"), the core sponsor of Japan Excellent Asset Management Co., Ltd. (hereinafter "JEAM"), to which JEI entrusts asset management, a notice outlining additional acquisition of investment units of JEI (hereinafter the "Acquisition") by Nippon Steel Kowa Real Estate.

1. Principal Details of theAcquisition Outlined in the Notice from Nippon Steel Kowa Real Estate

(1) Total number of investment units to be	A total of 62,867 units at maximum. However, if during the acquisition
acquired:	period, the investment unit price exceeds the initially set maximum
	price, the maximum number of units may not be acquired or the
	acquisition may not be conducted at all.
(2) Acquisition period:	Scheduled to be 190 business days at maximum fromAugust 22, 2022.
	However, the acquisition may be completed prior to the above period
	in case, for example, the number of units acquired reaches the
	maximum number.
(3) Method of acquisition:	Nippon Steel Kowa Real Estate will acquire JEI's investment units in
	accordance with the purchase and sale agreement to be concluded with
	a securities company.

2. Significance of the Acquisition

Since establishment, JEI has collaborated with and utilized the relationships with the sponsor companies to expand and enhance our portfolio.

TheAcquisition will serve to reaffirm the strong support by our core sponsor, Nippon Steel Kowa Real Estate. The additional acquisition of JEI's investment units by Nippon Kowa Real Estate will further align the interest of Nippon Kowa Real Estate with the interests of JEI's unitholders, and is expected to result in greater sponsor support that contributes to the medium- to long-term growth of JEI.

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3. Status of Nippon Steel Kowa Real Estate's Investment Unit Holding in JEI Prior and Subsequent to theAcquisition

	Before theAcquisition	At the Acquisition	After the Acquisition
		（at maximum）	（at maximum）
Number of investment units held by	71,560 units	62,867 units	134,427 units
Nippon Steel Kowa Real Estate
Percentage share	5.3％	4.7％	10.0％

(End)

Japan Excellent, Inc. Website: www.excellent-reit.co.jp/en/

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