Unveiling First REIT 2.0: Our New Growth Strategy

TRANSACTION RATIONALE In-line with First REIT's 2.0 strategy 1 Strategic Entry into Attractive Japan Nursing Home Market 2 Enlarged and Diversified Portfolio Positioned for Long-term Growth 3 DPU Accretive Acquisition Hikari Heights Varus Kotoni 8 and other lots, 24ken 4jo 1-chome, Nishi-ku, Sapporo City, Hokkaido Prefecture 13 4 Consistent with First REIT 2.0 Strategy and Reflects the Sponsor's Commitment to First REIT 5 Positions First REIT Competitively to Peer Varus Cuore Sapporo-Kita Annex 3-1 and other lots, Tonden 8jo 9-chome, Kita-ku, Sapporo City, Hokkaido Prefecture Hikari Heights Varus Fujino 240-1 and other lots, Fujino 3jo 11-chome, Minamiku, Sapporo City, Hokkaido Prefecture

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