#MajorShareholder

As of March 31, 2026, Capital Research and Management Company held 26,977,551 shares (11.55% voting rights), becoming the largest shareholder.

As of March 31, 2026, the voting rights ratio of The Master Trust Bank of Japan, Ltd. (Trust Account), a major shareholder, decreased from 10.81% to 7.54%, and GOLDMAN SACHS INTERNATIONAL's voting rights ratio also decreased from 10.60% to 5.62%.

As of March 31, 2026, the number of voting rights held by major shareholder Shinichi Kawabata increased from 1,850,000 shares to 1,941,500 shares, raising his voting rights ratio from 9.97% to 10.46%.

As of March 31, 2026, the number of voting rights held by Meiji Yasuda Life Insurance Company decreased from 3,960,200 shares to 3,636,800 shares, resulting in a voting rights ratio decline from 10.40% to 9.55%. However, the company continues to hold the position of largest shareholder.

Strategic Capital Co., Ltd.'s voting rights ownership ratio increased from 9.40% to 10.65% as of March 30, 2026, with the number of shares held rising from 2,600,000 shares to 2,944,600 shares.

As of March 31, 2026, Iris Ohyama Inc. holds 10.14% of the voting rights (5,261,300 shares) of our company, becoming the largest major shareholder.

As of April 16, 2026, Sumitomo Mitsui Financial Group, Inc. is expected to acquire 9,550,000 shares (10.00% voting rights) through a third-party allotment, becoming a major and the largest major shareholder.

FM Commercial Planning Co., Ltd. is an asset management company of an executive owning 26.35% of our voting rights, and the Company’s independence is retained.

Itochu Urban Development Corporation will transfer 1,200 shares (20.00%) of Itochu REIT Management Corporation it holds to Itochu Corporation as of April 1, 2026, resulting in a change in the major shareholder.

Discloses that the voting rights ownership ratios of Belleisle Japan Inc. and SON Financial LLC are each 22.44%, confirming the Company's independence.

As of March 18, 2026, the largest shareholder changed from Sony Group Corporation to Oasis Management Company Limited, increasing the voting rights ratio to 11.89%.

As of March 27, 2026, Daio Paper Corporation has changed to the largest major shareholder, holding 27,932,900 shares (voting rights ratio 17.59%).