Tokyu REIT : Notice Concerning Election of Director, Partial Amendment of the Articles of Incorporation and Change of Officers of Investment Management Company

June 23, 2022

Real Estate Investment Trust Unit Issuer:

TOKYU REIT, Inc.

1-12-1, Dogenzaka,

Shibuya-ku, Tokyo, 150-0043, Japan

Kazuyoshi Kashiwazaki

Executive Director

(Securities Code: 8957)

Investment Management Company:

Tokyu Real Estate Investment Management Inc.

Representative:

Kazuyoshi Kashiwazaki

Representative Director & President, Chief Executive Officer

Inquiries:

Yuji Shimizu

General Manager, Finance and IR

TEL: [phone]

Notice Concerning Election of Director, Partial Amendment of the Articles of Incorporation and Change of Officers of Investment Management Company

TOKYU REIT, Inc. ("TOKYU REIT") today announced details of a decision by its investment management company Tokyu Real Estate Investment Management Inc. ("Tokyu REIM"). Tokyu REIM passed a resolution at a meeting of its Board of Directors held today to submit a proposal to its shareholders concerning election of a director and partial amendment of the Articles of Incorporation to be conducted as of June 27, 2022, as agendas of the shareholders' meeting pursuant to Article 319, Paragraph 1 of the Companies Act, as well as change of its officers.

TOKYU REIT announces that Tokyu REIM is scheduled to submit a proposal on the change of its Representative Director and officers at a meeting of its Board of Directors to be held on June 27, 2022.

1. Election of Director

(1) Proposed Candidate for Appointment as Director (as of June 27, 2022)

Director (Executive)

Rie Tsuji

*A career summary is provided in the attached supplementary document.

(2) Retiring Director (as of June 27, 2022)
Director (Part-time)	Kazuya Suzuoki
Director (Part-time)	Takeru Osawa

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2. Partial Amendment of the Articles of Incorporation

Tokyu REIM will partially amend the provisions concerning representative directors and change the maximum number of representative directors from two to three with an aim to strengthen its management structure.

3. Change of Representative Director and Officers

(1) As of June 27, 2022

Name	New	Former	Detail of
change
		Director, Executive Officer	General Manager,
Rie Tsuji	and General Manager,
General Administration
		General Administration	Change of
		Executive Officer	General Manager,	position
Taisuke Inoue		and General Manager,
	Portfolio Management
		Portfolio Management
(2) As of July 1, 2022
Name	New	Former	Detail of
change
Yoshitaka Kimura		Representative Director	Director (Part-time)	Change of
	& Executive Vice President	position

*Career summaries are provided in the attached supplementary document.

Regarding the above 1., Tokyu REIM shall report to the Commissioner of the Financial Services Agency in accordance with rules and regulations relating to the Financial Instruments and Exchange Act, as well as to the Minister of Land, Infrastructure, Transport and Tourism in Japan and to the Governor of the Tokyo Metropolitan Government pursuant to regulations relating to the Real Estate Brokerage Act. Tokyu REIM shall also complete any other necessary procedures required by applicable laws and regulations.

Regarding the above 2., Tokyu REIM shall report to the Commissioner of the Financial Services Agency in accordance with rules and regulations relating to the Financial Instruments and Exchange Act. Tokyu REIM shall also complete any other necessary procedures required by applicable laws and regulations.

Regarding the above 3., Tokyu REIM shall report to the Commissioner of the Financial Services Agency in accordance with rules and regulations relating to the Financial Instruments and Exchange Act, as well as to the Minister of Land, Infrastructure, Transport and Tourism in Japan pursuant to regulations relating to the Real Estate Brokerage Act. Tokyu REIM shall also complete any other necessary procedures required by applicable laws and regulations.

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4. Directors and Officers (as of July 1, 2022)

Title	Name
Representative Director & President, Chief Executive Officer	Kazuyoshi Kashiwazaki
Representative Director & Executive Vice President	Yoshitaka Kimura
Representative Director & Executive Vice President, Chief Financial Officer	Tatsumi Yamagami
Director, Executive Officer, Chief Investment Officer and	Yutaka Toriuchi
General Manager, Asset Transaction
Director, Executive Officer and General Manager, General Administration	Rie Tsuji
Director (Part-time)	Toshiaki Yamanari
Director (Part-time)	Kiyoshi Yamakawa
Auditor (Part-time)	Naohisa Akimoto
Auditor (Part-time)	Tomonaga Tsuchiya
Executive Officer and General Manager, Portfolio Management	Taisuke Inoue
Executive Officer, Chief Compliance Officer and	Masayuki Asaba
General Manager, Compliance Office, Executive Secretary to Statutory Auditors
General Manager, Business Planning & Development	Katsuhiko Takezawa
General Manager, Finance and IR	Yuji Shimizu

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Attachment

Title	Name		Career Summary
		April 1988	Entered Tokyu Corporation, Railway Operation
			Division, Railway Business Unit
		November 1988	Tokyu Corporation, Resort Headquarters
		September 1996 Transferred to K.K. Urabandai Kougen Tokyu Resort
		April 1997	Transferred to TOKYU RESEARCH INSTITUTE,
			INC.
		February 2002	Tokyu Corporation, Management Planning Division,
			Corporate Headquarters
		April 2005	Tokyu Corporation, Manager of Management
			Planning Division, Corporate Headquarters
		April 2009	Tokyu Corporation, Manager of Planning &
			Administration	Division,	Group	Companies
			Business Unit
		April 2011	Tokyu Corporation, General Manager of Planning &
			Administration	Division,	Group	Companies
Representative Director	Yoshitaka		Business Unit
& Executive Vice	June 2011	Tokyu REIM, Auditor (Part-time)
Kimura
President	July 2011	Tokyu Corporation, General Manager of Division I,
			Group Companies Business Unit
		April 2012	Tokyu Corporation, General Manager of Group
			Business Division, Group Companies Business Unit
		April 2014	Tokyu Corporation, General Manager of Business
			Strategy Division, Corporate Planning Unit
		October 2014	Tokyu REIM, Director (Part-time)
		April 2015	Tokyu Green System Co., Ltd., Representative
			Director & President
		April 2019	Tokyu Corporation, Deputy Executive General
			Manager of Corporate Planning Headquarters
		April 2020	Tokyu Corporation, Executive General Manager of
			Corporate Planning Headquarters (current position)
		April 2020	Tokyu REIM, Director (Part-time) (current position)
		July 2022	Transferred to Tokyu REIM, Representative Director
			& Executive Vice President (planned)

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Title	Name		Career Summary
		April 1998	Entered Tokyu Corporation, Railway Operation
			Division, Railway Business Unit
		September 1998	Tokyu Corporation, Personnel Division,
			Dispatched to Tokyu Cable Television Co., Ltd.
			(Renamed its communications Inc.)
		February 1999	Tokyu Corporation, Business Administration Division,
			Hotel Business Headquarters, Dispatched to Kanto
			Tokyu Inn Co., Ltd. (Renamed Kanto Tokyu Hotels
			Co., Ltd.)
		April 1999	Tokyu Corporation, Den-en-toshi Division,
			Urban Development Headquarters
		October 2001	Tokyu Corporation, Compliance Division, Corporate
			Headquarters
		April 2003	Tokyu Corporation, Compliance Division,
			Management Headquarters
		April 2003	Tokyu Corporation, Accounting, Group Strategy & IR
			Division, Group Management Planning Headquarters
Director,		April 2005	Tokyu Corporation, Group Management Planning
Executive Officer	Rie Tsuji		Division, Finance & Accounting Strategy Headquarters
and General Manager,	April 2008	Tokyu Corporation, Group Strategic Planning Division,
General Administration			Finance & Accounting Strategy Headquarters
		April 2009	Tokyu Corporation, Planning & Administration
			Division, Group Companies Business Unit
		July 2011	Tokyu Corporation, Division I, Group Companies
			Business Unit
		April 2012	Tokyu Corporation, Group Business Division, Group
			Companies Business Unit
		October 2013	Tokyu Corporation, Manager of Group Business
			Division, Group Companies Business Unit
		April 2014	Tokyu Corporation, Manager of Administrative
			Division, Management Strategy Division, Corporate
			Planning Headquarters
		April 2016	Transferred to Tokyu REIM, General Manager,
			Corporate Secretary
		August 2016	Tokyu REIM, General Manager, General
			Administration (current position)
		June 2022	Tokyu REIM, Director, Executive Officer and
			General Manager, General Administration (planned)

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