Unitholders’ Capital

As of October 31, 2025

Unitholders’ capital, total number of authorized investment units and total number of investment units issued and outstanding as of October 31, 2025 are as follows:

Unitholders’ Capital	41,450 million yen
Total Number of Authorized Investment Units	10,000,000 units
Total Number of Investment Units Issued and Outstanding	376,455 units

Changes in unitholders’ capital and total number of units issued and outstanding of Tosei Reit since its incorporation are as follows:

Date	Type of Issue	Unitholders’ Capital (million yen)		Total Number of Units Issued and Outstanding (units)
		Increase	Balance	Increase	Balance
September 04, 2014	Private placement for incorporation	960	960	9,600	9,600
November 26, 2014	Public offering	8,565	9,525	86,400	96,000
November 16, 2015	Public offering	6,662	16,187	61,900	157,900
December 16, 2015	Third-Party Allotment	333	16,521	3,100	161,000
November 01, 2016	Public offering	2,224	18,745	22,200	183,200
November 01, 2017	Public offering	5,161	23,907	51,200	234,400
November 01, 2018	Public offering	4,858	28,766	46,300	280,700
November 28, 2018	Third-Party Allotment	242	29,009	2,315	283,015
November 01, 2019	Public offering	6,890	35,899	52,000	335,015
November 27, 2019	Third-Party Allotment	197	36,097	1,490	336,505
June 25, 2020	Third-Party Allotment	419	36,516	4,000	340,505
December 23, 2021	Third-Party Allotment	2,878	39,395	21,000	361,505
June 28, 2023	Third-Party Allotment	407	39,802	3,100	364,605
January 29, 2024	Third-Party Allotment	1,648	41,450	11,850	376,455

Major Unitholders