One REIT : Notice concerning Change of Directors at Asset Management Company

Translation Purposes Only

March 31, 2022

To All Concerned Parties

Name of REIT Issuer

One REIT, Inc.

2-1-3 Nihonbashi, Chuo-ku, Tokyo, Japan Hirofumi Nabeyama, Executive Director (TSE Code: 3290)

Contact:

Asset Management Company

Mizuho REIT Management Co., Ltd. Hirofumi Nabeyama, Chief Executive Officer Contact Person: Takeshi Akimoto,

Managing Director Finance & Administration Division TEL: [phone]

Notice concerning Change of Directors at Asset Management Company

One REIT, Inc. (hereinafter referred to as "One REIT") announced that Mizuho REIT Management Co., Ltd., the asset management company to which One REIT entrusts management of its assets (hereinafter referred to as the "Asset Management Company"), decided at its board of directors' meeting held today to appoint the following persons as candidates for director, and that the decision on appointment was approved at the extraordinary shareholders meeting held on the same day. It also announced that one of the directors at the Asst Management Company would retire today.

1. Appointed Directors (scheduled to be appointed on April 1, 2022)

Director (full-time)

Director (part-time)Takeshi Akimoto Satoshi Imanishi

2. Retired Director (retired on March 31, 2022)

Director (part-time)Kazuma OheOne REIT will complete required procedures in regard to the above pursuant to requirements stipulated in the Financial Instruments and Exchange Act, Building Lots and Buildings Transaction Business Act, and other applicable laws and regulations.

The career summaries of the new directors are as attached.

One REIT corporate website:https://one-reit.com/en/

ATTACHMENT

Career Summaries of New Directors

Post	Name	Career Highlights
Director (full-time) Managing Director Finance & Administration Division	Takeshi Akimoto	April 1991 Joined Meiji Life Insurance Company (currently: Meiji Yasuda Life Insurance Company) August 1999 Joined Ernst & Young Global Financial Service Co., Ltd. May 2000 Joined The Industrial Bank of Japan, Limited (currently: Mizuho Bank, Ltd.) August 2001 Joined ShinNihon Audit Corporation (currently: Ernst & Young ShinNihon LLC) May 2006 Joined (Former) Simplex Investment Advisors Inc. (Note 1) January 2008 Manager of Principal Investment Division of (Former) Simplex Investment Advisors Inc. June 2008 Manager of Financial Planning Division of (Former) Simplex Investment Advisors Inc. June 2009 Manager of Finance Division of (Former) Simplex Investment Advisors Inc. April 2011 Manager of Planning & Administration Division of (Former) Simplex Investment Advisors Inc. November 2012 Manager of Planning & Administration Division of Simplex Real Estate Management Inc. (concurrently) March 2013 Simplex REIT Partners Inc. (concurrently) November 2015 Transferred to Simplex REIT Partners Inc. Manager of Planning & Administration Division of Simplex Real Estate Management Inc. (concurrently) February 2016 Transferred to Simplex Investment Advisors Inc. Manager of Planning & Administration Division of Simplex Investment Advisors Inc. Manager of Planning & Administration Division of Simplex Real Estate Management Inc. (concurrently) Simplex REIT Partners Inc. (concurrently)April 2016 Manager of Management and Planning Department of Simplex Investment Advisors Inc. Manager of Management and Planning Department of Simplex Real Estate Management Inc. (concurrently) Simplex REIT Partners Inc. (concurrently)April 2017 Seconded to Simplex REIT Partners Inc. (currently: Mizuho REIT Management Co., Ltd.) Head of Finance & Administration Division of Simplex REIT Partners Inc. (current) December 2020 Executive Director of One Private REIT, Inc. April 2022 Schedule to be appointed Executive Officer of Mizuho Realty One Co., Ltd. Schedule to be appointed Director of Mizuho REIT Management Co., Ltd.

(Note 1) The sponsor of One REIT was changed to Mizuho Trust & Banking Co., Ltd. on November 30, 2015, and the parent company of the Asset Management Company before the date of change was Simplex Investment Advisors Inc. However, the company and Simplex Investment Advisors Inc., which became the parent company of the Asset ManagementCompany after the change of the sponsor (and changed its name to Mizuho Realty One Co., Ltd. on January 1, 2018), are different companies. In the career highlights, the parent company of the Asset Management Company before the change of the sponsor is stated as "(Former) Simplex Investment Advisors Inc."

(Note 2) Simplex REIT Partners Inc., Simplex Investment Advisors Inc. and Simplex Real Estate Management Inc. changed their trade names to Mizuho REIT Management Co., Ltd., Mizuho Realty One Co., Ltd. and Mizuho Real Estate Management

Co., Ltd., respectively, on January 1, 2018. The description of new trade names is omitted except for the description of current positions in the career summaries.

Post	Name	Career Highlights
Director (part-time)	Satoshi Imanishi	April 1991 Joined Yasuda Trust and Banking Co., Ltd. (currently: Mizuho Trust & Banking Co., Ltd.) August 2006 Deputy General Manager of Real Estate Investment Advisory Department of Mizuho Trust & Banking Co., Ltd. May 2010 General Manager of Planning and Coordination Office, Corporate Planning Department of Mizuho Trust & Banking Co., Ltd. April 2013 Deputy General Manager of Real Estate Finance Department of Mizuho Corporate Bank, Ltd. (currently: Mizuho Bank, Ltd.)November 2015 Vice General Manager of Real Estate Finance Department of Mizuho Bank, Ltd. and Mizuho Trust & Banking Co., Ltd. October 2016 Senior Manager in charge of Trust Companies Association of Japan, Corporate Planning Department of Mizuho Trust & Banking Co., Ltd. April 2018 General Manager of Legal/Trust Credit Department of Mizuho Trust & Banking Co., Ltd. April 2020 General Manager of Real Estate Finance Department of Mizuho Bank, Ltd. and Mizuho Trust & Banking Co., Ltd. April 2022 Schedule to be appointed General Manager for Real Estate Business Unit of Mizuho Trust & Banking Co., Ltd. Scheduled to be seconded to Mizuho Realty One Co., Ltd. and appointed President and Representative Director of Mizuho Realty One Co., Ltd. Scheduled to be appointed President and Representative Director of Mizuho Real Estate Management Co., Ltd. Scheduled to be appointed Director of Mizuho REIT Management Co., Ltd.