(Securities Code: 8986)
May 2, 2016

Dear Unitholders:
6-16-12 Shinbashi, Minato-ku, TokyoJapan Rental Housing Investments Inc.
Executive Director Yutaka Higashino
Convo cation Not ice o f the 1 1th Gene ra l M eeting o f Unith o lde rs
This is to inform you that the 11th General Meeting of Unitholders of Japan Rental Housing Investments Inc.
(“JRH”) will be held as described below. You are cordially invited to attend the General Meeting of Unitholders.
Please note that you may exercise your voting rights via the voting rights exercise form if you are unable to attend
the General Meeting of Unitholders in person. In such case, you are requested to carefully examine the attached“Reference Documents Concerning the General Meeting of Unitholders” and, after indicating your votes for or against
each proposal on the enclosed voting rights exercise form, to send such form to us, ensuring that the form reaches us by
no later than 5:30 p.m. on Thursday, May 19, 2016 that marks the close of business immediately preceding the date andtime of the General Meeting of Unitholders.
In accordance with Article 93, Paragraph 1 of the Law Concerning Investment Trusts and Investment Corporations,
JRH has set out the provisions concerning “Deemed Approval” in Article 24 of the current Articles of Incorporation.
Accordingly, please be aware that if you are not present at the General Meeting of Unitholders and do not exercise
your voting rights via the voting rights exercise form, your voting rights will be included in the number of voting rightsof the unitholders in attendance and JRH will deem that you have voted in favor of each proposal submitted to theGeneral Meeting of Unitholders.
(Extract from the Current Articles of Incorporation of JRH)
Article 24(Deemed Approval)
1. Any unitholder who does not attend a general meeting of unitholders and does not exercise his/her voting rights shall be deemed to
be in favor of any proposal submitted to such general meeting of unitholders (provided, however, that in cases where two or more
proposals are submitted and any such proposal is in conflict in its nature with another proposal, both of such proposals shall be
excluded from such deemed approval).
2. The number of voting rights owned by the unitholder deemed to be in favor of a proposal in accordance with the preceding paragraphshall be included in the number of voting rights of the unitholders in attendance.

Details1.
2.

Date and Time:
Place:

May 20, 2016 (Friday) at 10:00 a.m.
Aviation Building 7th Floor Large Hall
1-18-1 Shinbashi, Minato-ku, Tokyo(Please refer to the “Directions to the 11th General Meeting of Unitholders” at the end of this document.)

3.

Purpose of the General Meeting of Unitholders:R e s ol ut i on s
Resolution 1:
Amendments to the Articles of Incorporation
Resolution 2:
Appointment of One (1) Executive Director
Resolution 3:
Appointment of One (1) Substitute Executive Director
Resolution 4:
Appointment of Two (2) Supervisory Directors
END* If you attend the General Meeting of Unitholders in person, please submit the enclosed voting rights exercise form to the receptionist at the venue.
* If you choose to exercise your voting rights by proxy, you may appoint another unitholder with voting rights to attend the General Meeting of Unitholders
as your proxy. In such case, such proxy shall submit your voting rights exercise form together with a document certifying the status of the proxy.
* After the conclusion of the General Meeting of Unitholders, the “Session of Asset Management Report” will be held at the same venue by Mi-Casa AssetManagement Inc., the asset management company of JRH.
* Method of publicizing in the case of revision of the Reference Documents Concerning the General Meeting of Unitholders:
Please note that any revisions that are required to be made, by the date preceding the date of the General Meeting of Unitholders, to the matters included in
the Reference Documents Concerning the General Meeting of Unitholders will be posted on JRH’s Web Site (http://www.jrhi.co.jp/).

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Reference Documents Concerning the General Meeting of Unitholders
Resolution and Reference Items
Resolution 1: Amendments to the Articles of Incorporation
1. Reasons for Amending the Articles of Incorporation(1) With the amendment of the Ordinance for Enforcement of the Special Taxation Measures Law (Ordinance of the
Ministry of Finance No. 15 of 1957, as amended) deleting certain requirements to be eligible for application of
special provisions for taxation on investment corporations, JRH will delete the corresponding provisions(Article 10, Paragraph 7 of the current Articles of Incorporation).
(2) With the amendment of the Order for Enforcement of the Law Concerning Investment Trusts and Investment
Corporations (Cabinet Order No. 480 of 2000, as amended) adding renewable energy power generation facilities
to the types of specified assets, JRH will clarify that this is included in the investment targets of JRH (Article
11, Paragraph 3, Item 8 of the draft amendments; and Article 11, Paragraph 4, Item 5 of the current Articles ofIncorporation).
(3) Following the amendment of the taxation system pertaining to the issue of taxation burden in relation to taxation
and accounting discrepancies at investment corporations (including related laws and regulations), JRH will
clarify the details of the related provisions and also delete provisions that are no longer required (Article 15,
Item 2 and Item 4 of the current Articles of Incorporation).
(4) In connection with the amendment of the Law Concerning Investment Trusts and Investment Corporations (Law
No. 198 of 1951, as amended) (hereinafter referred to as the “Investment Trusts Law”) allowing investment
corporations to issue subscription rights to investment units, JRH will clarify that the allotment without
contribution and listing of subscription rights to investment units are at the expense of investment corporations(Article 40, Item 2 of the current Articles of Incorporation).
(5) In addition, JRH will amend and clarify certain expressions, revise wording, delete provisions that are no longer
required, etc. (Article 10, Paragraph 8 and Paragraph 9; Article 14, Paragraph 3; Article 40, Item 2; and Article
41 of the current Articles of Incorporation).
2. Details of the Amendments to the Articles of Incorporation
The details of the amendments are set forth below.
(Underlining indicates changed portions.)
Draft Amendments

Current Articles of Incorporation

CHAPTER III The Subjects, Plan andCalculation of Asset Management

CHAPTER III The Subjects, Plan andCalculation of Asset Management

Article 10 (Investment Plan)
Article 10 (Investment Plan)
1.~6. (Omitted)
1.~6. (Unchanged)
7. JRH shall maintain the ratio of the value of its real
(Deleted)
estate, etc. (meaning, in this paragraph, the realestate (meaning the assets as set forth in (a), (b)and (e) of Article 37, Paragraph 3, Item 2 of theOrdinance for the Account of the Investment Trust
Corporation (Cabinet Office Ordinance No. 47 of2006, as amended); hereinafter the same shallapply), leaseholds of real estate, assets as set forthin (f) of the said Item, surface rights and easements
and the beneficial interests of trusts formed by
entrustment of these assets) to the aggregate
amount of the assets held by JRH at not less than70%.
8. JRH may reinvest the proceeds from sale of assets
7. JRH may reinvest the proceeds from sale of assets
under management; dividends, redemption,
under management; dividends, redemption,interest, etc. on securities; distributions on silent
interest, etc. on securities; distributions on silent
partnership equity interests; and real estate rental
partnership equity interests; and real estate rental
revenues and other accounts receivable.
revenues and other accounts receivable.
9. Transactions other than those prescribed in
8. Transactions other than those prescribed in
Paragraph 2 through 4 and Paragraph 8 may be
Paragraph 2 through 4 and Paragraph 7 may be
conducted only when the transaction is possible in
conducted only when the transaction is possible inthe context of laws and regulations, rules of The
the context of laws and regulations, rules of The-2-

Current Articles of Incorporation
Investment Trusts Association, Japan which is a
general incorporated association (hereinafterreferred to as “The Investment Trusts Association,
Japan”), and the Articles of Incorporation andwhen the concerned transaction is judged to bebeneficial in the management of JRH’s assets.

Draft Amendments
Investment Trusts Association, Japan which is a
general incorporated association (hereinafterreferred to as “The Investment Trusts Association,
Japan”), and the Articles of Incorporation andwhen the concerned transaction is judged to bebeneficial in the management of JRH’s assets.

Article 11 (Assets Subject to Investment)
Article 11 (Assets Subject to Investment)
1.~2. (Omitted)
1.~2. (Unchanged)
3. In addition to real estate, etc. listed in the
3. In addition to real estate, etc. listed in thepreceding paragraph, JRH may invest in thepreceding paragraph, JRH may invest in thefollowing specified assets:
following specified assets:(1)~(7) (Omitted)(1)~(7) (Unchanged)(New Provision)(8) Renewable energy power generation facilities(refers to those prescribed in Article 3, Item 11of the Order for Enforcement of the Investment
Trusts Law; hereinafter the same shall apply)
4. JRH may invest in the following assets if
necessary:(1)~(4) (Omitted)(5) Movables under the Civil Code (this is limited
to facilities, equipment and other items
annexed to structures or for use on real estate)(6) (Omitted)
5. (Omitted)

4. JRH may invest in the following assets if
necessary:(1)~(4) (Unchanged)(5) Movables under the Civil Code (this is limited
to facilities, equipment and other items
annexed to structures or for use on real estate,
and excluding renewable energy power
generation facilities)(6) (Unchanged)
5. (Unchanged)

Article 14 (Method, Standards and Record Date of Asset Article 14 (Method, Standards and Record Date of Asset
Valuation)
Valuation)
1.~2. (Omitted)
1.~2. (Unchanged)
3. The record date of asset valuation shall, in
3. The record date of asset valuation shall, in
principle, be the settlement date as prescribed inprinciple, be the settlement date (as defined in
Article 16; provided, however, that it shall be theArticle 16; hereinafter the same shall apply);end of every month in the case of those assets out
provided, however, that it shall be the end of everyof the assets prescribed in Paragraph 1, Item 3 andmonth in the case of those assets out of the assets
Item 6 of which valuation can be made by theprescribed in Paragraph 1, Item 3 and Item 6 ofvalue based on market value.
which valuation can be made by the value basedon market value.
4. (Omitted)
4. (Unchanged)
Article 15 (Cash Distribution Policies)
Article 15 (Cash Distribution Policies)
JRH shall make distributions, in principle, in
JRH shall make distributions, in principle, in
accordance with the following policies:
accordance with the following policies:(1) (Omitted)(1) (Unchanged)(2) If monetary distribution is conducted with the limit(2) If monetary distribution is conducted with the limitof the amount of profit, distribution amounts shallof the amount of profit, distribution amounts shallbe determined by JRH and such distribution
be determined by JRH and such distribution
amounts shall exceed 90% of the profits available
amounts shall exceed 90% of the profits available
for distribution of JRH as provided for in Article
for distribution of JRH as provided for in Article
67-15 of the Special Taxation Measures Law (Law67-15 of the Special Taxation Measures Law (Law
No. 26 of 1957, as amended) (in case of any
No. 26 of 1957, as amended) (in case of any
change in calculation of such amounts due to anchange in calculation of such amounts due to anamendment to any laws and regulations, etc., theamendment to any laws and regulations, etc., thedistribution amounts after such change). JRH may
distribution amounts after such change). JRH may
accumulate reserves that are deemed to beaccumulate, retain or otherwise process reserves
necessary for maintaining assets underthat are deemed to be necessary for maintaining
management or improving the value thereof, such
assets under management or improving the value-3-

Current Articles of Incorporation
as the long-term reserve for maintenance, payment
reserve, reserve for distribution, and other similar
reserves and accounts.

Draft Amendments
thereof, such as the long-term reserve formaintenance, payment reserve, reserve for
distribution, reserve for reduction entry andreserve for temporary difference adjustment, andother similar reserves and accounts and othernecessary amounts from the distributable amount.

(3) (Omitted)(4) When JRH makes monetary distribution in excess
of profits, the distribution amount shall be limited
to the amount obtained by aggregating the amountof profit concerning the relevant settlement date
and the amount prescribed in the rules of The
Investment Trusts Association, Japan; provided,
however, that if such amount does not exceed 90%of the distributable amount set forth in Article 3932-3 of the Enforcement Order concerning Special
Taxation Measures Law (Cabinet Order No. 43 of1957, as amended), JRH may make monetary
distribution in excess of distributable amount, up
to the amount equivalent to 91% of the
distributable amount.
(5)~(7) (Omitted)(3) (Unchanged)(4) When JRH makes monetary distribution in excess
of profits, the distribution amount shall be limited
to the amount obtained by aggregating the amountof profit concerning the relevant settlement date
and the amount prescribed in the rules of The
Investment Trusts Association, Japan.

(5)~(7) (Unchanged)

Article 40 (Burden of Various Expenses)
Article 40 (Burden of Various Expenses)
JRH shall be liable for also the following expenses:
JRH shall be liable for also the following expenses:(1) (Omitted)(1) (Unchanged)(2) Expenses concerning issuance and listing of(2) Expenses concerning issuance of investment units
investment units
and investment corporation bonds, purchase oftreasury investment units, and allotment without
contribution and listing of subscription rights toinvestment units(3)~(15) (Omitted)(3)~(15) (Unchanged)

Chapter VIII

Supplementary Provision(Deleted)

Article 41 (Amendments Coming into Effect)
1. Amendments relating to newly added Article 6,
Paragraph 2 will be effective upon the date ofenforcement of the amendment to the Investment
Trust Act that approve JRH’s acquisition of its
investment units for value through agreement withunitholders.
2. Amendments relating to newly added Article 19,
Paragraph 2 and exceptional clause in Article 20
and revision to Article 25 will be effective upon
the date of enforcement of the amendment to theInvestment Trust Act that approve skipping public
notice from the convocation procedure of theGeneral Meeting of Unitholders.

-4-Resolution 2: Appointment of One (1) Executive Director
The term of office of Executive Director Yutaka Higashino is set to expire on May 23, 2016, but because he hasrequested to resign at the conclusion of this General Meeting of Unitholders, JRH requests the new appointment of
one Executive Director. By application of the provisions of Article 99, Paragraph 2 of the Investment Trusts Law andthe proviso to the first sentence of Article 28, Paragraph 1 of the current Articles of Incorporation, the term of officeof the Executive Director under this resolution shall be from the appointment on May 20, 2016 until the conclusionof the General Meeting of Unitholders for the proposal of appointing Executive Directors held within 30 days fromthe day following the day on which two years have elapsed from the appointment.
This resolution is submitted based on the agreement of all Supervisory Directors of JRH at the meeting of theBoard of Directors held on April 12, 2016.
The candidate for Executive Director is as set forth below.
Name
Professional History(Date of Birth)
April 1976
Daiwa Securities Co. Ltd.
February 1996
Head of Osaka Branch Equity Department of Daiwa Securities Co. Ltd.
February 1997
Head of Osaka Branch Corporate Sales Department of Daiwa Securities Co.
Ltd.
May 1998
Head of Osaka Branch Corporate Sales Department (II) of Daiwa Securities
Co. Ltd.
February 1999
Head of Osaka Branch Corporate Institutions Department (II) of Daiwa
Securities Co. Ltd.
April 1999
Head of Osaka Branch Corporate Institutions Department (II) of Daiwa
Securities SB Capital Markets Co. Ltd.
February 2000
Head of Osaka Branch Corporate Sales Department of Daiwa Securities SB
Masaki Yamane
Capital Markets Co. Ltd.
January 19, 1954
April 2001
Head of Osaka Branch Corporate Sales Department of Daiwa Securities
SMBC Co. Ltd.
February 2002
Head of Equity Department of Daiwa Securities SMBC Co. Ltd.
May 2004
Senior Managing Director of Daiwa Securities SMBC Co. Ltd.
April 2006
Executive Managing Director of Daiwa Securities SMBC Co. Ltd.
April 2007
Representative Executive Managing Director of Daiwa Securities SMBC Co.
Ltd.
April 2008
Representative Senior Executive Managing Director of Daiwa Securities
SMBC Co. Ltd.
April 2009
Deputy President of Daiwa Asset Management Co. Ltd.
April 2014
Adviser of Daiwa Asset Management Co. Ltd.
March 2015
Retired from Adviser of Daiwa Asset Management Co. Ltd.
1. The above referenced candidate for Executive Director does not hold investment units of JRH.
2. There are no special interests between the above referenced candidate for Executive Director and JRH.

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Resolution 3: Appointment of One (1) Substitute Executive Director
To prepare for the case of a vacancy in the position of Executive Director or the case of a shortfall in the number
of Executive Directors as provided by laws and regulations, JRH requests the appointment of one substituteExecutive Director. The provisions of Article 99, Paragraph 2 of the Investment Trusts Law and the proviso to thefirst sentence of Article 28, Paragraph 1 of the current Articles of Incorporation shall apply to also the term of officein the case that the substitute Executive Director appointed under this resolution becomes Executive Director.
Under this resolution, the period that the resolution concerning the appointment of the substitute Executive
Director remains effective shall be until expiry of the term of office of the Executive Director under Resolution 2
pursuant to the provisions of Article 28, Paragraph 2 of the current Articles of Incorporation of JRH.
This resolution is submitted based on the agreement of all Supervisory Directors of JRH at the meeting of theBoard of Directors held on April 12, 2016.
The candidate for substitute Executive Director is as set forth below.
Name
Professional History, Significant Concurrent Positions, and(Date of Birth)
Position and Duties in Charge at JRH
April 1976
The Sanwa Bank, Ltd. (currently, The Bank of Tokyo-Mitsubishi UFJ, Ltd.)
August 1993
Deputy General Manager of New York Branch
October 1997
General Manager of Higashi Ebisu Branch
February 2000
General Manager of Structured Finance Department
January 2002
Seconded to Daikyo Incorporated (by the Sanwa Bank)
General Manager of Corporate Planning Department
July 2005
Seconded to NTN Corporation (by the UFJ Bank)
Deputy General Manager of Finance Department
Yutaka Higashino
March 2006
The Bank of Tokyo-Mitsubishi UFJ, Ltd. Deputy Director-GeneralNovember 6, 1953
July 2006
ORIX Real Estate Corporation
General Manager of Investment Planning Department
July 2007
Morgan Stanley Securities Co., Ltd.
Executive Director, Real Estate Investment Banking Department
Seconded to MS Real Estate Advisors K.K. (by Morgan Stanley)
President and CEO
August 2009
Mi-Casa Asset Management Inc. President and CEO (present)
May 2012
Japan Rental Housing Investments Inc. Executive Director (present)
1. The above referenced candidate for substitute Executive Director does not hold investment units of JRH.
2. The above referenced candidate for substitute Executive Director is currently Executive Director of JRH who is performing the general
operations of JRH.
3. The above referenced candidate for substitute Executive Director is the President and CEO of Mi-Casa Asset Management Inc., withwhich JRH has entered into an asset management services agreement.
4. There are no special interests between the above referenced candidate for substitute Executive Director and JRH other than 3. above.
5. There may be cases where the appointment of the above referenced candidate for substitute Executive Director is revoked by resolutionof the Board of Directors of JRH prior to assumption of office.

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Resolution 4: Appointment of Two (2) Supervisory Directors
The term of office of Supervisory Directors Kouhei Yabuta, Jun Nagamine and Danforth Thomas is set to expire
on May 23, 2016, but because they have requested to resign at the conclusion of this General Meeting of Unitholders,
JRH requests that, of them, Kouhei Yabuta and Jun Nagamine be appointed again as Supervisory Directors as of May
20, 2016. By application of the provisions of Article 99, Paragraph 2 of the Investment Trusts Law and the proviso to
the first sentence of Article 28, Paragraph 1 of the current Articles of Incorporation, the term of office of theSupervisory Directors under this resolution shall be from the appointment on May 20, 2016 until the conclusion of
the General Meeting of Unitholders for the proposal of appointing Supervisory Directors held within 30 days fromthe day following the day on which two years have elapsed from the appointment.
The candidates for Supervisory Director are as set forth below.
Candidate
NameProfessional History, Significant Concurrent Positions, andnumber(Date of Birth)
Position and Duties in Charge at JRH
March 1991
Completed the Legal Research and Training Institute of theSupreme Court of Japan (the 43rd term)
April 1991
Bar admission (Daiichi Tokyo Bar Association)
Kouhei Yabuta
Joined the Hashidate Law Office1
December 24, 1961
April 1997
Partner attorney at the Hashidate Law Office (present)
January 2006
Re-Plus Residential Investment Inc. (currently, Japan Rental
Housing Investments Inc.) Supervisory Director (present)
April 2016
Tokyo District Court Civil Conciliation Commissioner (present)
September 1980
Tohmatsu Awoki & Co.
September 1983
Tohmatsu Touche Ross Consulting Co., Ltd.
September 1987
Registered as a certified public accountant
September 1987
Bankers Trust Company
September 1989
Opened Nagamine Accounting Office Representative
Jun Nagamine
February 1990
Registered as a certified public tax accountant
2
March 10, 1957
October 2001
TPI Limited Co. (currently, JC Accounting KK)
President and CEO (present)
March 2008
GCA Savvian Group Corp. Auditor
January 2009
Japan Rental Housing Investments Inc.
Supervisory Director (present)
April 2009
Nagamine Mishima Accounting Office Partner (present)
1. None of the above referenced candidates for Supervisory Director hold investment units of JRH.
2. The above referenced candidates for Supervisory Director are all currently Supervisory Directors of JRH who are supervising thegeneral operations of JRH.
3. There are no special interests between the above referenced candidates for Supervisory Director and JRH.

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Reference Items
In cases where two or more proposals are submitted to the General Meeting of Unitholders and any such proposal isin conflict in its nature with another proposal, both of such proposals shall be excluded from “deemed approval”
prescribed in Article 24 of the current Articles of Incorporation pursuant to Article 93, Paragraph 1 of the Law
Concerning Investment Trusts and Investment Corporations.
With respect to Resolution 1 through Resolution 4 above, none fall under the category of conflicting proposal.
END

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Directions to the 11th General Meeting of Unitholders
Venue:
Telephone:

AccessAviation Building (Large Conference Room on the 7th Floor)
18-1, Shimbashi 1-chome, Minato-ku, Tokyo
03-3501-1272

JR Shimbashi Station
Hibiya Exit
Toei Mita Line Uchisaiwaicho Station
A2 ExitTokyo Metro Ginza Line Shimbashi Station 7 Exit
Toei Asakusa Line Shimbashi Station
7 Exit5-minute walk
1-minute walk
5-minute walk
5-minute walkNote There is no parking available. We kindly ask you not to come by your car.