August 5, 2024
For Immediate Release
Real Estate Investment Trust Securities Issuer:
Advance Residence Investment Corporation(Securities Code：3269)
1-105 Kanda-Jinbocho, Chiyoda-ku, Tokyo
Representative: Wataru Higuchi, Executive Director
Asset Management Company:
ITOCHU REIT Management Co., Ltd.
Representative: Junichi Shoji, Representative Director,
Phoudent & CEO
Inquiries:
Isao Kudo, Executive Officer(TEL. +81-3-6821-5483)

Notice Concerning Execution of the Absorption-type Company Split Agreement
between Asset Management Company ITOCHU REIT Management Co., Ltd,and Mitsui Fudosan Logistics REIT Management Co., Ltd.
We announce that ITOCHU REIT Management Co., Ltd. (“IRM”), the asset management company to which
Advance Residence Investment Corporation (“ADR”) entrusts its asset management, at the Board of Directors’ Meeting
held today, respectively resolved to undertake an absorption-type company split as described below, with November 1,
2024 as the effective date of the absorption-type company split, whereby Mitsui Fudosan Logistics REIT ManagementCo., Ltd. (“MFLM”) the asset management company to which Mitsui Fudosan Logistics Park Inc. (“MFLP-REIT”)
entrusts its asset management, is to be the successor company in the absorption-type company split will take over theasset management business related to logistics facilities etc., which are entrusted to IRM by ADL, from IRM that is tobe the splitting company in the absorption-type company split (the “Company Split”), in alignment with the executionof the merger agreement between MFLP-REIT and Advance Logistics Investment Corporation (“ADL”), and MFLM
and IRM entered into a absorption-type company split agreement (the “Company Split Agreement”) today.
The Company Split pertains to MFLM and IRM. It does not pertain to either of the Investment Corporations thatentrust their asset management to MFLM or IRM.

1. Objective of the Company Split
The Company Split is to be implemented in alignment with the Merger that is scheduled to undertake anabsorption-type merger, with November 1, 2024 as the effective date of the merger, whereby MFLP-REIT will be thesurviving corporation and ADL will be the dissolving corporation in the merger (the “Merger”). As of the effective
date of the Merger and the Company Split, the asset management agreement between ADL and IRM will be takenover from ADL to MFLP-REIT upon the Merger, and from IRM to MFLM upon the Company Split.
As a result of the Merger and the Company Split, IRM will acquire MFLM’s shares as consideration for the company
split and become a shareholder of MFLM (with 23% voting rights), and MFLP-REIT (i.e., MFLP-REIT after theMerger of MFLP-REIT and ADL) will entrust its asset management to MFLM.
2. About conflicts of interest
As stated above, IRM will become MFLM’s shareholder after the Company Split. IRM is entrusted with asset
management by Advance Residence Investment Corporation (“ADR”), which is a listed investment corporation
whose main investment target is rental residence, and Advance Private Investment Corporation (“ADP”), which is a
[Provisional Translation Only]
English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

diversified private REIT whose investment targets are not limited to real estate for specified uses. In addition, IRM is
entrusted with asset management and investment advisory operations by real estate private placement funds otherthan investment corporations (“IRM Private Placement Funds”; and collectively with ADR and ADP, “IRM
Fiduciary Funds, etc.”). Although the main investment targets of MFLP-REIT after the Merger, logistics facilities,
will be different from the main investment target of ADR, rental residence, there will be a competitive relationshipwith ADP and the IRM Private Placement Funds for investment targets. In addition, as IRM plans to hold shares ofMFLM after the Company Split, there is the possibility of a conflict of interest for property acquisitions, etc. withMFLP-REIT after the Merger. Therefore, MFLM and IRM will discuss the establishment of appropriate information
management systems at each of MFLM and IRM in order to ensure that information held by MFLM on the asset
management of MFLP-REIT and information held by IRM on the asset management and investment advice of ADPand IRM Private Placement Funds are used appropriately from the perspective of preventing such conflicts of interest.
In alignment with the Merger, MFLM has entered into an agreement related to preferential information provision
with each ITOCHU Corporation (“ITOCHU”), which is IRM’s parent company, as well as with ITOCHU PropertyDevelopment, Ltd. (“ITOCHU Property Development”), which is ITOCHU’s subsidiary company and IRM’sshareholder, with the Merger in effect as a condition precedent (for details about this agreement, please refer to “4.
Prospects / (6) Changes to agreements with sponsors and other parties”). Pursuant to this agreement, while ITOCHU
and ITOCHU Property Development will be providing information, etc. about properties to MFLP-REIT, ITOCHU
and ITOCHU Property Development will, in principle, provide MFLM with information, etc. on real estate thatmeets the investment targets in the MFLP-REIT's asset management guidelines and investment criteria set out
therein in preference to IRM Fiduciary Funds, etc.
Since IRM will not be providing information about properties to MFLM or MFLP-REIT, there will be no conflict ofinterest pertaining to the distribution of information about properties between MFLP-REIT and IRM Fiduciary Funds,etc. in IRM.
With their independence from each other maintained in their asset management, MFLM and IRM will prevent any
conflict of interest between MFLP-REIT and IRM Fiduciary Funds, etc. after the Merger and the Company Split asstated above.
3. Overview of the Company Split(1) Schedule of the Company Split
MFLM
Meeting of the Board of Directors to approve the CompanySplit
Date of execution of the Company Split Agreement
Date of shareholders’ approval of the Company Split
Agreement
Effective date of the Company Split
Date of registration of absorption-type company split
Date of notification submitted to Prime Minister
IRM
Meeting of the Board of Directors to approve the CompanySplit
Date of execution of the Company Split Agreement
Effective date of the Company Split
Date of registration of absorption-type company splitDate of notification submitted to Prime Minister(Note 1)
(Note 2)

August 5, 2024
August 23, 2024 (scheduled)
November 1, 2024 (scheduled)
Early November 2024 (scheduled)
Early November 2024 (scheduled)

August 5, 2024
November 1, 2024 (scheduled)
Early November 2024 (scheduled)
Early November 2024 (scheduled)

The schedule of the Company Split is subject to change based on agreement between MFLM and IRM if necessary, depending on
the progress of the procedures for the Company Split. Any change in the schedule will be announced as soon as it is made.
IRM plans to implement the Company Split using the simplified procedure for the absorption-type Company Split that does not
require approval by a resolution at a general meeting of shareholders pursuant to the provision of Article 784, paragraph (2) of theCompanies Act.

(2) How the Company Split is implemented and other details(i) How the Company Split is implemented
In the Company Split, IRM is to be the splitting company in the absorption-type company split and MFLM tobe the successor company in the absorption-type company split. To implement the Company Split, IRM plansto use the simplified procedure for the absorption-type company split that does not require approval by aresolution at a general meeting of shareholders pursuant to the provision of Article 784, paragraph (2) of the[Provisional Translation Only]
English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

Companies Act, and MFLM plans to receive approval for the Company Split Agreement by a resolution at thegeneral meeting of shareholders to be held on August 23, 2024 (including a resolution in writing pursuant tothe provision of Article 319, paragraph (1) of the Companies Act). The effective date will be November 1,2024.
(ii) Details of allotment pertaining to the Company Split
When the Company Split is implemented, MFLM is to issue 2,389 common shares, all of which will beallotted to IRM in exchange for the business MFLM is to take over through the Company Split.
(iii) Capital that is to increase/decrease due to the Company Split
The Company Split will not cause any increase or decrease in IRM’s capital.
(iv) Summary of the business, rights and obligations taken over by the succeeding company
MFLM is to take over from IRM the rights and obligations specified in the Company Split Agreement that areamong the assets, liabilities, agreements, and other rights and obligations related to the asset managementbusiness pertaining to logistics facilities etc., which are entrusted to IRM by ADL. IRM is to continue business
related to asset management for rental residence, etc. and other businesses after the Company Split.
(3) Profile of the parties to the Company SplitCompany Splitting(1) Name

ITOCHU REIT Management Co., Ltd.

Company Succeeding
Mitsui Fudosan Logistics REITManagement Co., Ltd.

1-105 Kanda-Jinbocho, Chiyoda-ku,
6-8-7 Ginza, Chuo-ku, TokyoTokyo
Name and official position Junichi Shoji, President and Chief
Shinobu Sakanoshita, President and Chief(3)
of representative
Executive Officer
Executive Officer(4) Business
Investment management business etc.
Investment management business(5) Capital
300 million yen
200 million yen(6) EstablishedFebruary 2, 2005
August 24, 2015
3,599 million yen
2,779 million yen(7) Net assets(as of March 31, 2024)(as of March 31, 2024)
5,143 million yen
3,226 million yen(8) Total assets(as of March 31, 2024)(as of March 31, 2024)
ITOCHU Corporation (80%)
Major shareholders and(9)ITOCHU Property Development, Ltd.
Mitsui Fudosan Co., Ltd. (100%)
Shareholding ratio(20%)(10) Relationships between the parties to the Company Split
Capital relationship
There is no capital relationship between the parties to the Company Split
Personal relationship
There is no personal relationship between the parties to the Company Split
Business relationship
There is no business relationship between the parties to the Company Split
Applicability to related
There is no applicability to related parties between the parties to the Company Splitparties(11) Operating results and financial status over the last one year
Fiscal year-end
March 2024
March 2024
Net assets
3,599 million yen
2,779 million yen
Total assets
5,143 million yen
3,226 million yen
Net sales
5,121 million yen
2,377 million yen
Operating income
2,505 million yen
1,756 million yen
Ordinary income
2,517 million yen
1,759 million yen
Net income
1,758 million yen1,222 million yen(2) Address(millions of yen, unless otherwise noted)[Provisional Translation Only]
English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

(4) Post-split state of the asset management company
The profile of IRM after the Company Split is as shown below.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)

Name
Address
Name and official
position of representative
BusinessCapitalNet assets
Total assets
Fiscal year-endITOCHU REIT Management Co., Ltd.
1-105 Kanda-Jinbocho, Chiyoda-ku, Tokyo
Junichi Shoji, President and Chief Executive Officer
Investment management business etc.
300 million yen
TBD
TBD
March

4. Prospects(1) Changes to the investment corporations’ asset management agreements
No amendment to the current asset management agreements in force between ADR and IRM is scheduled prior tothe termination.
(2) Changes in the organizations of the asset management company
Before the Company Split takes effect, IRM plans to determine changes to make in the organizations of itselfafter the Company Split. Specific details of such changes will be announced as soon as they are determined.
(3) Changes in the decision-making body for investment management
Changes will be announced, if any, as soon as they are determined.
(4) Changes in rules about compliance and stakeholders, etc.
There are no scheduled to change the rules about compliance and stakeholders, etc. because of the CompanySplit.
(5) Changes in the investment policy
There is no change in ADR's investment policy because of the Company Split.
(6) Changes to agreements with sponsors
The existing sponsor agreements that ADL and IRM have entered into with their sponsors, namely ITOCHU andITOCHU Property Development, as of the date this document is published, will be terminated on the effective
date of the Merger, on the condition that the Merger be in effect.
There is no scheduled change to the agreements that ADR and IRM have with its sponsors, etc. as of the date thisdocument is published.
(7) Future plans and others
For the Company Split, we will complete the procedures, including required notifications, in accordance with theFinancial Instruments and Exchange Act (Act No. 25 of 1948, including any revisions thereafter), the Real Estate
Brokerage Act (Act No. 176 of 1952, including any revisions thereafter), and the Act on Investment Trusts andInvestment Corporations (Act No. 198 of 1951, including any revisions thereafter), and other applicable laws andregulations as well as rules. Of the matters that have not been determined at the present moment, those that must
be disclosed will be disclosed as soon as they are determined.

About Advance Residence Investment Corporation
Advance Residence Investment Corporation is the largest J-REIT specializing in residential properties and is managed by ITOCHU REITManagement Co., Ltd. (IRM), the asset management company of the ITOCHU Group, investing in over 280 rental apartments located mostly incentral Tokyo and in other major cities throughout Japan (AUM over 490 billion yen). ADR can be expected have a stable dividend in thelong-term and can be considered as a defensive J-REIT, on back of the stable income from residential assets and with the largest dividend reserve
among J-REITs.
"Advance" is the common brand name of the real estate investment corporation managed by ITOCHU REIT Management Co., Ltd.
ADR’s website: https://www.adr-reit.com/en/
IRM’s website : https://www.itc-rm.co.jp/en/[Provisional Translation Only]
English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.