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April 12, 2019 For Immediate Release

REIT Issuer: Takara Leben Real Estate Investment Corporation Representative: Masayuki Ishihara, Executive Director (Securities Code:3492) Asset Manager: Takara PAG Real Estate Advisory Limited. Representative: Tetsuo Funamoto, Representative

Director and President Contact: Tetsu Kasuga, Managing Director and

CFO TEL: +81-3-6435-5264

Notice Concerning of the Pipeline Support Contract

Takara Leben Real Estate Investment Corporation (the “Investment Corporation”) announces that Takara PAG Real Estate Advisory Ltd. (the “Asset Management Company”), to which the Investment Corporation entrusts asset management, decided today entering into the pipeline support agreement with Kasumigaseki Capital Co,.Ltd (the “Support Company”) as fllows: 1． Prosess and reason for Conclusion of pipeline support contract

Since the Investment Corporation was listed on July 27, 2018, the Asset Management Company has implemented various initiatives in both internal and external growth with the aim of maximizing unitholder value. The Asset Management Company considers the development capabilities of the sponsor, Takara Leben Co., Ltd., and the sourcing capabilities of PAG Investment Management Co., Ltd. as the core of its external growth strategy, and has continued to search for potential support companies that can provide properties other than office and residencial buildings.

Currently, we believe that the Asset Management Company can strengthen the external growth potential of the Investment Corporation by entering into a pipeline support contract with the Support Company, which has various experiences and know-how in the real estate business, that fulfills the needs above . In addition to “maximizing unitholder value”, the Investment Corporation's basic philosophy represents

“Creating a sustainable environment” and “Contributing to communities and society”. Not only reinforcing the sourcing capabilities in office buildings, commercial facilities, residentials and other asset types,but the Support Company has track records of apartment hotel development projects that aim to "realize a nation of tourism", licensed nursery school development projects that aim to "zero waiting children", and development and revitalization projects of the shopping center business aiming for "local revitalization". As all of these businesses themes are in line with the basic philosophy of the Investment Corporation mentioned above, the conclusion of the pipeline support contract and the future expansion of acquisition opportunities will be attribute to the realization of the philosophy.

2． Overview of the Support Company

Under the managemeng philosophy of “regeneration of value”, The Support Company develops business in the natural energy, real estate consulting, and shopping center industry, where "growth potential" and "social significance" are integrated . The Support Company was listed on the Tokyo Stock Exchange Mothers on November 28, 2018 (ticker code: 3498). The Support company is expanding its business in the real estate consulting business, where “growth potential” and “social significance” are intersected, through development of rental properties (apartment, hotel, ryokan) and consulting related to real estate for effective use of land and new investment product composition from the perspective of investors. In addition to the rental property, the Support Company has also developed several rental nursery properties for licensed nursery

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schools as part of the business expansion.

Name Kasumigaseki Capital Co,.Ltd Access 3-2-1, Kasumigaseki, Chiyoda-ku, Tokyo Representative Koshiro Komoto Businesses Generation, management and supply business of natural electric power

Sales and purchase, brokerage, and management of real estate Management of shopping malletc.

Stated capital JPY373 million（As of November 30, 2018） Established September 6, 2011 Net Asset JPY919 million（As of November 30, 2018） Total Asset JPY3,685 million（As of November 30, 2018） Major shareholders and Shares（As of February 28, 2019）

Hiroyuki Ogawa 49.80% Koshiro Komoto 13.75% EEI Smart Energy Investment L.L.P. 6.14% Masato Kawaguchi 5.85%

Relationship with the Investment Corporation or the Asset Management Company

Capital relationship

There is no capital relationship to be stated between the Investment Corporation and the Asset Management Company and the Support Company.

Human relationship

There is no human relationship to be stated between the Investment Corporation and the Asset Management Company and the Support Company.

Business relationship

There is no business relationship to be stated between the Investment Corporation and the Asset Management Company and the Support Company.

3．Overview of the pipeline support

The outline of the pipeline support contract is as follows: (1) Prioritized provision of property information and preferential negotiation rights (2) Support for bridge fund formation (3) Consultation on provision of information from private placement funds etc. and equity contribution to private

placement funds etc. (4) Other collaborations (5) Providing market information

4．Future outlook

There is no impact of the contraction of the Pipeline Support on the operating results of the Investment Corporation.

This press release is an announcement concerning contraction of the Pipeline Support and has not been prepared for the purpose of solicitation for investment. The Investment Corporation’s website：https://takara-reit.co.jp/ This notice is the English translation of the Japanese announcement on April 12, 2019. However, no assurance or warranties are given for the completeness or accuracy of this English translation.

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(Reference information) Examples of projects currently being worked on by the Support Company The Investment Corporation has not decided to acquire it. ■Residential Hotel IKIDANE Machiya

Overview

Location Arakawa-ku, Tokyo

Usage Hotel（converted from residencial building）

Site area 388.1 ㎡

Total floor area 941.2 ㎡

Total units ／Door area 19 units／31.03～50.09 ㎡

Operation start time May 2018

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■Taito-ku Iriya Project

Overview

Location Taito-ku, Tokyo

Usage Hotel（conveted from residencial building）

Site area 180.89 ㎡

Total floor area 863.29 ㎡

Total units ／Door area 19 units／31.07～47.8 ㎡

Operation start time January 2020

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■Sakurasakumirai Iriya

Overview

Location Taito-ku, Tokyo

Usage Residence and Nursery school

Site area 487.15 ㎡

Total floor area 1,066.46 ㎡

Total units ／Door area 15units／487.22 ㎡（1～2F Nursery school） 28.70～31.10 ㎡（3～5F Residence）

Operation start time April 2019