May 18, 2007
For Immediate Release
LCP Investment Corporation
Nihon-bashi Nishikawa Bldg.,
1-5-3 Nihon-bashi, Chuo-ku, Tokyo
Shunji Miyazaki: Executive Officer(Securities Code: 8980)
The LCP REIT Advisors Co., Ltd.
Nihon-bashi Nishikawa Bldg.,
1-5-3 Nihon-bashi, Chuo-ku, Tokyo
Shunji Miyazaki: CEO
Inquiries:
The LCP REIT Advisors Co., Ltd.
Yuji Kubo: CFO
TEL: +81-3-3272-7311
Notice concerning Partial Amendment of the Articles of Incorporation
And
Election of the Executive Officer
LCP Investment Corporation (the “Investment Corporation”) announced that at the meeting of theboard of officers held today, the Investment Corporation has adopted a resolution that it shall be
discussed at the General Unitholders’ Meeting scheduled to be held on June 15, 2007 concerning thepartial amendment of the Articles of Incorporation and the election of the executive officer. The
matters shown below will be validated by resolutions at this General Unitholders’ Meeting.
1, Partial Amendments to the Articles of Incorporation(1) In accordance with the upgrading and amendments of the Law concerning Investment Trusts andInvestment Corporations (Act No. 198 of 1951, including the subsequent revisions, hereinafterreferred to as the “LITIC”), along with the implementation of the Corporate Code (Act No. 86 of2005, including the subsequent revisions) and the Law concerning Adjustment and Coordinationof Relevant Laws in association with the Enforcement of the Corporate Code (Act No. 87 of2005) on May 1, 2006, we propose necessary amendments across the board such as theestablishment of new provisions and amendments to certain terminology (Articles 3, 6, 7, 12, 31

and 33 of the current Articles of Incorporation).
(2) In accordance with the revision of listing rules provided for by the Tokyo Stock Exchange, limits
on holding of assets except real estate etc. included in the operating assets etc. of the Investment
Corporations have been liberalized. Accordingly, we propose amendments to the target ofoperating assets in order to enable us to invest flexibly in the assets recognized as necessary anduseful in line with the Investment Corporation’s basic policies of the investment management(Article 27, Paragraph 3 of the current Articles of Incorporation).
(3) Among the provisions which are required to be described in the Articles of Incorporation at theestablishment of the Investment Corporation, we propose that all unnecessary provisions aredeleted in order to simplify the Articles of Incorporation (Article 32 of the current Articles ofIncorporation).
(4) In line with the implementation of Laws for the Partial Revisions of the Securities and Exchange
Law of Japan and related regulations, it will be possible for investment corporations to issue
short-term investment corporate bonds. Owing to this, in order to allow for the Investment
Corporation’s flexible procurement of finances, certain provisions are proposed to be amended inaccordance with the requirements of the same law (Article 34 of the current Articles ofIncorporation and the amended supplemental provision).
(5) The applicable term of Article 67-15, Paragraph 9 of the “Special Taxation Measures Law” (ActNo. 26 of 1957, including the subsequent revisions), which prescribes exceptional tax treatmentin the case of the Investment Corporation’s acquisition of all preferred equity contribution
securities issued by special purpose companies based on the “Law concerning Asset Liquidity”(Act No. 105 of 1998, including the subsequent revisions), was terminated on March 31, 2007.
Accordingly, the provision to meet the requirements provided for by the above provision is notnecessary, therefore we propose that it is deleted (Article 26, Paragraph 5 of the current Articles
of Incorporation).
(6) In addition to the aforementioned matters, we propose that we establish a rule concerning theexercise of voting rights by electric method and that we add and delete other necessary rules,change the expressions and upgrade the number of articles, and in order to aim to be incompliance with the LITIC and other laws or ordinances, we propose partial amendments to the
Articles of Incorporation (Article 14 of the current Article of Incorporation and Article 13 of theamended Articles of Incorporation).
* Please refer to the Appendix “Notice concerning Convocation of the Third General Unitholders’ Meeting” for moredetails on the partial amendments to the Articles of Incorporation.

2, Election of the Executive Officer
The reason for this proposal is as follows.
(1) As Mr. Shunji Miyazaki, executive officer, resigns as the executive officer of the Investment
Corporation at the end of the General Unitholders’ Meeting, we propose that one (1) successor iselected as the executive officer.
The agenda to elect the successor of the executive officer was submitted by a resolution with theunanimous approval of all supervisory officers of the Investment Corporation at the Investment
Officer’s Meeting held today.
(2) As all supervisory officers resign as their positions of supervisory officers of the Investment
Corporation at the end of the General Unitholders’ Meeting in accordance with the resignation of
Mr. Shunji Miyazaki, executive officer, we propose that two (2) supervisory officers are elected.
* Please refer to the Appendix “Notice concerning Convocation of the Third General Unitholders’ Meeting” for moredetails on the election of the officers.

3, Schedule of General Unitholders’ Meeting
May 18, 2007: The Meeting of the Board of Officers approving the agenda for the General
Unitholders’ Meeting
May 30, 2007: Dispatch of the notification concerning the convocation of the General Unitholders’Meeting” (Scheduled)
June 15, 2007: Holding of the General Unitholders’ Meeting (Scheduled)* This document is being distributed today to the Kabuto Club (the press club of the TSE) as well as to the press clubfor the Ministry of Land, Infrastructure and Transport and to the press club for specialty construction newspapers at
the Ministry of Land, Infrastructure and Transport.
* Website of the Investment Corporation: http://www.lcp-reit.co.jp* This English language notice is a translation of the Japanese language notice issued on the same day and was
prepared solely for the convenience of, and reference by, overseas investors. LCP Investment Corporation makes nowarranties as to its accuracy or completeness.

Notice concerning the Convocation of
The Third General Unitholders’ Meeting
May 30, 2007
Executive Officer: Shunji Miyazaki
LCP Investment Corporation
1-5-3 Nihonbashi, Chuo-ku, Tokyo
To Unitholders:
LCP Investment Corporation (the “Investment Corporation”) hereby gives notification of andrequests your attendance at its Third General Unitholders’ Meeting (the “Meeting”) to be held asdetailed below.
In the case where you are not able to attend the Meeting, we request you study the attached reference
documents and exercise your voting rights by indicating your approval or disapproval of the items ofbusiness on the enclosed voting rights exercise form, and return such form by June 14, 2007
(Thursday). In accordance with Article 93, Paragraph 1 of the Law concerning Investment Trusts andInvestment Corporations (Act No. 198 of 1951, including the subsequent revisions), the Investment
Corporation determined in Article 13 of its Articles of Incorporation that unitholders who are notpresent at the general unitholders’ meeting and do not exercise their voting rights are deemed toapprove proposals submitted to the general unitholders’ meeting (excluding proposals that contradict
each other when there are several proposals). Accordingly, please be aware that unitholders who are
not present at the Meeting and do not exercise their voting rights through the voting rights exercise
form are deemed to approve proposals submitted to the Meeting. Also please be aware that the
number of voting rights held by non-attending unitholders is included in the number of voting rightsof unitholders in attendance.
1. Date: June 15, 2007 (Friday) at 10:00 a.m.
2. Place: “Primavera I,” 4th Floor, Dai-Ichi Hotel, Tokyo
1-2-6, Shinbashi, Minato-ku, Tokyo
3. Agenda: Matters to be resolvedFirst Item: Partial amendments to the Articles of Incorporation
An outline of the proposal is provided in the General Unitholder’s Meeting
Reference Documents (from page 3 to page 12)
Second Item: Election of the executive officer
Third Item: Election of two supervisory officers

Notes :1. If you attend the Meeting, we request that you return the enclosed voting rights exercise form to
the reception desk.
2. A Unitholder may exercise its voting rights by proxy by another unitholder who has voting rights.
If voting by proxy, we request that your proxy submit a document certifying his or her authority
with your voting rights.
3. If you make diverse exercise of voting rights, you shall notify the Investment Corporation inwriting in which you mention the reason that you shall make diverse exercise of voting rights
three days before the Meeting (i.e. by June 12, 2007).
4. When the duplicate voting rights are exercised with the voting rights exercise form, the last form
will be valid as the voting rights exercise.
5. After the conclusion of the Meeting, The LCP REIT Advisors Co., Ltd (“LCPRA”), our asset
manager whom we consign to manage our assets and investments, will hold a “Management status
meeting” in the same room and on the same day.
6. Any revisions that are required to be made to the General Unitholders’ Meeting Reference
Document will be posted on the Investment Corporation Web Site (http://www.lcp-reit.co.jp) after
the revisions have been made.

General Meeting of Unitholders Reference Document
Agenda Item and References
First Item: Partial Amendments to the Articles of Incorporation
1. Resolution Procedures and Reasons for Amendments(1) In accordance with the upgrading and amendments of the Law concerning Investment Trusts andInvestment Corporations (Act No. 198 of 1951, including the subsequent revisions, hereinafterreferred to as the “LITIC”), along with the implementation of the Corporate Code (Act No. 86 of2005, including the subsequent revisions) and the Law concerning Adjustment and Coordinationof Relevant Laws in association with the Enforcement of the Corporate Code (Act No. 87 of2005) on May 1, 2006, we propose necessary amendments across the board such as theestablishment of new provisions and amendments to certain terminology (Articles 3, 6, 7, 12, 31
and 33 of the current Articles of Incorporation).
(2) In accordance with the revision of listing rules provided for by the Tokyo Stock Exchange, limits
on holding of assets except real estate etc. included in the operating assets etc. of the Investment
Corporations have been liberalized. Accordingly, we propose amendments to the target ofoperating assets in order to enable us to invest flexibly in the assets recognized as necessary anduseful in line with the Investment Corporation’s basic policies of the investment management(Article 27, Paragraph 3 of the current Articles of Incorporation).
(3) Among the provisions which are required to be described in the Articles of Incorporation at theestablishment of the Investment Corporation, we propose that all unnecessary provisions bedeleted in order to simplify the Articles of Incorporation (Article 32 of the current Articles ofIncorporation).
(4) In line with the implementation of Laws for the Partial Revisions of the Securities and Exchange
Law of Japan and related regulations, it will be possible for investment corporations to issue
short-term investment corporate bonds. Owing to this, in order to allow for the Investment
Corporation’s flexible procurement of finances, certain provisions are proposed to be amended inaccordance with the requirements of the same law (Article 34 of the current Articles ofIncorporation and the amended supplemental provision).
(5) The applicable term of Article 67-15, Paragraph 9 of the “Special Taxation Measures Law” (ActNo. 26 of 1957, including the subsequent revisions), which prescribes exceptional tax treatmentin the case of the Investment Corporation’s acquisition of all preferred equity contribution
securities issued by special purpose companies based on the “Law concerning Asset Liquidity”(Act No. 105 of 1998, including the subsequent revisions), was terminated on March 31, 2007.

Accordingly, the provision to meet the requirements provided for by the above provision is notnecessary, therefore we propose that it be deleted (Article 26, Paragraph 5 of the current Articles
of Incorporation).
(6) In addition to the aforementioned matters, we propose that we establish a rule concerning theexercise of voting rights by electric method and that we add and delete other necessary rules,change the expressions and upgrade the number of articles, and in order to aim to be incompliance with the LITIC and other laws or ordinances, we propose partial amendments to the
Articles of Incorporation (Article 14 of the current Article of Incorporation and Article 13 of theamended Articles of Incorporation).
2. Details of Amendments
Proposed partial amendments are as follows.
(The parts to be amended are underlined.)
Current Articles

Articles after Amendments

Article 3 (Place where the Head Office is located)

Article 3 (Location of the Head Office)(Omitted)(No change)

Article 6 (Total Number of Investment Units to be

Article 6 (Total Number of Authorized Investment

Issued)Units)

1. The total number of authorized investment units shall

1. The total unit number of authorized investment units

be two million (2,000,000).

shall be two million (2,000,000).

2. (Omitted)

2. (No change)

3. The Investment Corporation shall issue additional

3. The Investment Corporation shall issue additional

investment units within the total number of authorized

investment units within the total unit number ofinvestment units prescribed in Paragraph 1 and inauthorized investment units prescribed in Paragraph 1

accordance with resolutions of the Investment Officer’s

and in accordance with resolutions of the Investment

Meeting. The issue amount per unit at the additional

Officer’s Meeting. The price paid per offered investment

issuance of investment units shall be a fair amountunit at the additional issuance of investment units shallapproved by resolutions of the Investment Officers’

be a fair price approved by resolutions of the Investment

Meeting in view of the characteristics of the assets

Officers’ Meeting in view of the characteristics of thewhichassetsbelongtotheInvestment

Corporation

held

by

the

Investment

Corporation(“management assets”).

(“management assets”).

Article 7 (Investment Unit Handling Regulations)

Article 7 ( Investment Unit Handling Regulations)

The type of investment securities to be issued by the

The type of investment securities to be issued by theInvestment Corporation, the registration of transfers ofInvestment Corporation, the entry and record of theinvestment units (including the entry and record in theregister of unitholders (including the register ofregister of beneficial unitholders; hereinafter the same

beneficial unitholders: hereinafter the same shall apply),

shall apply), the registration or cancellation of pledges,

the reissue of investment securities and any otherthe reissue of investment securities and any otherprocedures relating to the handling of investment units

procedures and commissions thereof shall be governed

and investment securities and commissions thereof shallby laws and ordinances, the Articles of Incorporation

be governed by laws and ordinances, the Articles ofand handling regulations established by the Investment

Incorporation and handling regulations established by

Officers’ Meeting.

the Investment Officers’ Meeting.

Article 12 (Voting in Writing)

Article 12 (Voting in Writing)

1. Unitholders who do not attend General Unitholders’

1. If the votes are exercised in writing, they shall be

Meetings may exercise their voting rights in writing.

exercised by entering the voting rights exercise form
with the necessary matters and submitting it to theInvestment Corporation by no later than the timeprescribed by the applicable laws and ordinances.
2. (No change)

2. (Omitted)[Newly established]

Article 13 (Voting by Electromagnetic Method)
1. If votes are exercised by an electromagnetic method,they shall be exercised by providing matters to beentered on the voting rights exercise form to theInvestment Corporation by an electromagnetic method,with the approval of the Investment Corporation, by nolater than the time prescribed by the applicable laws andordinances in accordance with the applicable laws andordinances.
2. The number of voting rights exercised by anelectromagnetic method shall be included in the numberof voting rights of the unitholders who are present at themeeting.

Article 13 (Deemed Approval)

Article 14 (Deemed Approval)

1. When unitholders do not attend General Investors’

1. When unitholders do not attend General Investors’Meetings and do not exercise their voting rights, it is

Meetings and do not exercise their voting rights, it isregarded that such unitholders have approved theregarded that such unitholders approve the Agenda

Agenda submitted to General Unitholders’ Meetings

submitted(excluding proposals that contradict each other when(excluding proposals that contradict each other whentoGeneralUnitholders’Meetings

there are several proposals).

there are several proposals).
2. (Omitted)

2. (No change)

Article 14 (Record Date etc)

Article 15 (Record Date etc)

1. The unitholders who exercise rights at General

1. The unitholders who exercise rights at General

Unitholders’ Meetings shall be the unitholders stated

Unitholders’ Meetings shall be unitholders stated orin the register of unitholders (including the register

recorded in the register of unitholders as of the recordof beneficial unitholders; hereinafter the same shalldate which is set by giving previous notice inapply) as of the record date which is set by giving

accordance with the applicable laws and ordinances

previous notice in accordance with the applicable

after resolutions of the Investment Officers’ Meeting.

laws and ordinances after resolutions of theInvestment Officers’ Meeting.
From 2. to 3. (Omitted)

From 2. to 3. (No change)

Article 15 (Number of Executive Officers andArticle 16 (Number of Executive Officers andSupervisory Officers)

Supervisory Officers)(Omitted)(No change)

Article 16 (Election and Term of Executive Officers

Article 17 (Election and Term of Executive Officers

and Supervisory Officers)

and Supervisory Officers)

From 1. to 2. (Omitted)

From 1. to 2. (No change)

Article 17 (Criteria concerning Remuneration

ArticlePayment to Executive Officers and Supervisory

Payment to Executive Officers and Supervisory

Officers)

Officers)(Omitted)(No change)

From (1) to (2) (Omitted)

From (1) to (2) (No change)

Article18(Responsibility totheInvestment

Article18

19(Criteria

concerning(ResponsibilitytoRemuneration

theInvestment

Corporation of Executive Officers, Supervisory

Corporation of Executive Officers, Supervisory

Officers and Auditors)

Officers and Auditors)(Omitted)(No change)

Article 19 (Convocation)

Article 20 (Convocation)

From 1. to 3. (Omitted )From 1. to 3. (No change)

Article 20 (Resolution etc)

Article 21 (Resolution etc)

From 1. to 3. (Omitted )From 1. to 3. (No change)

Article 21 (Rules of Investment Offices’ Meetings)

Article 22 (Rules of Investment Officers’ Meetings)(Omitted)(No change)

Article 22 (Election of Auditors)

Article 23 (Election of Auditors)(Omitted)(No change)

Article 23 (Term of Auditors)

Article 24 (Term of Auditors)

From 1. to 2. (Omitted)

From 1. to 2. (No change)

Article 24 (Criteria concerning Remuneration

Article 25. (Criteria concerning Remuneration

Payments to Auditors)

Payments to Auditors)(Omitted)(No change)

Article 25 (Basic Policy of Asset Management)

Article 26 (Basic Policy of Asset Management)(Omitted)(No change)

Article 26 (Investment Posture)

Article 27 (Investment Posture)

1. The Investment Corporation shall invest primarily in

1. The Investment Corporation shall invest primarily inreal estate etc. (defined in Article 27, Paragraph 1,

real estate etc. (defined in Article 28, Paragraph 1,

Item 2) and asset-backed securities related to real

Item 2) and asset-backed securities related to realestate (defined in Article 27, Paragraph 1, Item 3)

estate (defined in Article 28, Paragraph 1, Item 3)(collectively hereinafter referred to as “Real Estate(collectively hereinafter referred to as “Real Estate

related Assets”).

related Assets”).

From 2. to 4. (Omitted)

From 2. to 4. (No change)

5. The allocation ratio of the assets that the Investment

5. The Investment Corporation shall manage the assets

Corporation acquires shall adhere to policy (i) andto keep the ratio of the total value of specified real(ii) shown below.

estate (real estate, real estate leasing rights, land
surface rights or trust beneficiary rights in real estate,land leasing rights and land surface rights to beacquired by the Investment Corporation) to the total
value of specified assets held by the Investment
Corporation to be 75% or more.

(i)A ratio of the total value of specified real

estate (real estate, real estate leasing rights,
land surface rights or trust beneficiary rights
in real estate, land leasing rights and land
surface rights to be acquired by theInvestment Corporation) to the total value of
specifies assets held by the Investment
Corporation shall be 75% or more.
(ii)[Deleted]

The ratio prescribed by the ordinances of the
Ministry of Finance as the ratio of the valueof real estate etc. prescribed by Article 67,
Paragraph 15, Item 9 of the Special Taxation
Measures Law (Act No. 26 of 1957,
includingthesubsequent

revisions,

hereinafter referred to as the “STML”) shallbe 75% or more.

Article 27 (Type, Purpose and Scope of Specified
Assets for Investment)

Article 28 (Type, Purpose and Scope of Specified
Assets for Investment)

1. The Investment Corporation shall invest primarily in

1. The Investment Corporation shall invest primarily in

specified assets shown below in accordance with thespecified assets shown below in accordance with thebasic policy provided for by Article 25.

basic policy provided for by Article 26.

From (1) to (3) (Omitted)

From (1) to (3) (No change)

2. (Omitted)

2. (No change)

3. The Investment Corporation may invest in the assets

3. The Investment Corporation may invest in the assets

shown below other than specified assets provided forshown below other than specified assets provided forby Paragraph 1 and Paragraph 2 in the case where

by Paragraph 1 and Paragraph 2 in the case where thethe Investment Corporation substantially aims to

Investment Corporation substantially aims to invest ininvest in real estate etc. or where such investment isreal estate etc. or where such investment is contingent

contingent with investment in real estate etc.

with investment in real estate etc.

From (1) to (6) (Omitted)

From (1) to (6) (No change)(7) “Real Estate related Assets” provided for by the(7) Other rights required to be acquired incidental to the“Special Treatment of marketable Securities Listing

investment of real estate etc. other than theRegulation concerning Securities for Real Estate

aforementioned items of (1) through (6)Investment Trust” other than the aforementioned itemsof (1) through (6)Article 28 (Investment Limitation)

Article 29 (Investment Limitation)

From 1. to 2. (Omitted)

From 1. to 2. (No change)

Article 29 (Purpose and Scope of Asset Portfolio

Article 30 (Purpose and Scope of Asset Portfolio

Leasing)

Leasing)

From 1. to 3. (Omitted)

From 1. to 3. (No change)

Article 30 (Principles of Asset Valuation)

Article 31 (Principles of Asset Valuation)

From 1. to 3. (Omitted)

From 1. to 3. (No change)

Article 31 (Asset Valuation Methods, Standards andArticle 32 (Asset Valuation Methods, Standards andReference Dates)

Reference Dates)

1. Asset valuation methods of the Investment

1.

Corporation are set with respect to each type ofCorporation are set with respect to each type ofmanagement assets as follows in accordance withmanagement assets as follows in accordance withregulations concerning balance sheets, P/L sheets, asset

regulations concerning calculation of the Investment

management reporting, cash distribution statements andCorporation,

supplementary

Investment

investment trusts and real estate investment corporations
and other regulations established by the Investment

statements

of

the

Corporation,

regulations

concerning

real

investment

trustsreal

investment

andestateestateAssetvaluation

methods

regulations

of

the

concerning

Investment

realestateTrusts Association and GAAP.

corporations and other regulations established by theInvestment Trusts Association and GAAP.
(1) Real estate, real estate leasing rights and real estate(1) Real estate, real estate leasing rights and real estate

surface rights (herein provided in Article 27,

surface rights (herein provided in Article 28,

Paragraph 1, Item 1, Item 2 (i) or (ii))

Paragraph 1, Item 1, Item 2 (i) or (ii))(Omitted)(No change)(2) Trust beneficiary rights in real estate, land leasing(2) Trust beneficiary interests in real estate, land leasing

rights and land surface rights (herein provided inrights and land surface rights (herein provided in

Article 27, Paragraph 1, Item 2 (iii))

Article 28, Paragraph 1, Item 2 (iii))(Omitted)(No change)(3) Money trust beneficiary rights aiming to manage(3) Money trust beneficiary interests aiming to manage

trust property mainly as investment to real estate,

trust property mainly as investment to real estate,real estate leasing rights and real estate surface

real estate leasing rights and real estate surface rights

rights (herein provided in Article 27, Paragraph 1,(herein provided in Article 28, Paragraph 1, Item 2

Item 2 (iv))(iv))(Omitted)(No change)

(4) Equity interests in Tokumei Kumiai concerning real

(4) Equity interests in Tokumei Kumiai concerning realestate (herein provided in Article 27, Paragraph 1,

estate (herein provided in Article 28, Paragraph 1,

Item 2 (v))

Item 2 (v))(Omitted)(No change)(5) Money trust beneficiary rights aiming to manage(5) Money trust beneficiary interests aiming to manage

investment to equity interests in Tokumei Kumiai

investment to equity interests in Tokumei Kumiai

concerning real estate (herein provided in Article

concerning real estate (herein provided in Article

27, Paragraph 1, Item 2 (vi))

28, Paragraph 1, Item 2 (vi))（Omitted）(No change)(6) Marketable securities (herein provided in Article 27,(6) Marketable Securities (herein provided in Article 28,

Paragraph 1, Item 3, Paragraph 2, Item 1 (iii))

Paragraph 1, Item 3, Paragraph 2, Item 1 (iii))(Omitted)(No change)(7) Monetary claims (herein provided in Article 27,(7) Monetary claims (herein provided in Article 28,

Paragraph 2, Item 1 (iv))

Paragraph 2, Item 1 (iv))(Omitted)(No change)(8) Beneficiary rights in monetary trusts (herein(8) Beneficiary rights in monetary trusts (herein

provided in Article 27, Paragraph 2, Item 1 (v))

provided in Article 28, Paragraph 2, Item 1 (v))(Omitted)(No change)(9) Rights in financial derivative transactions (herein(9) Rights in financial derivative transactions (herein

provided in Article 27, Paragraph 2, Item 2)provided in Article 28, Paragraph 2, Item 2)

From (i) to (ii) (Omitted)

From (i) to (ii) (No change)(iii) Hedge accounting is applicable to transactions(iii) Hedge accounting is applicable to transactions

judged as hedging by GAAP.

judged as hedging by GAAP. Regarding transactions
which meet the requirements of special treatment ofinterest rate swaps prescribed by accounting standards
for financial instruments, special treatment of interest
swaps may apply.

(10) (Omitted)(10) (No change)

2. The following valuations method shall be used in the

2. The following valuations method shall be used in thecase where different valuation methods from previous

case where different valuation methods from previous

paragraphs are used to present values in asset

paragraphs are used to present values in asset

management reports etc.

management reporting etc.

From (1) to (2) (Omitted)

From (1) to (2) (No change)

3. The reference date of asset valuation is each Term

3. The reference date of asset valuation is each Term forfor settlement of accounts as set forth in the next

settlement of accounts as set forth in the next article.

article. Provided, however, that regarding the assets

Provided, however, that regarding the assets valuedvalued based on the market price among the assets

based on the market price among the assets provided forprovided for by Article 27, Paragraph 1. Item 3 andby Article 28, Paragraph 1 Item 3 and Paragraph 2, it isParagraph 2, it is set at the end of every month.

set at the end of every month.

Article 32 (Term for Settlement of Accounts)

Article 33 (Term for Settlement of Accounts)

The business term of the Investment Corporation is the

The business term of the Investment Corporation is theterm from March 1 to the end of August and fromterm from March 1 to the end of August and from

September 1 to the end of the following February every

September 1 to the end of the following February every

year (hereinafter, the end of the business term isyear (hereinafter, the end of the business term is referredreferred to as the “Term for settlement accounts”).

to as the “Term for settlement accounts”).

Provided, however, that the first business term of theInvestment Corporation is from the incorporation dateof the Investment Corporation to the end of August
2006.

Article 33 (Cash Distribution Policy)

Article 34 (Cash Distribution Policy)

1. In principle, the Investment Corporation shall make

1. In principle, the Investment Corporation shall makecash distributions in accordance with the following

cash distributions in accordance with the following

rules.

rules.

From (1) to (4) (Omitted)

From (1) to (4) (No change)(5) Method of cash distributions(5) Method of cash distributions

Distributions shall be distributed in cash according toDistributions shall be distributed in cash according to

the number of units held by unitholders, in principle,

the number of units held by unitholders, in principle,

within three months from the Term for settlement

within three months from the Term for settlement

accounts to unitholders or registered pledgees stated inaccounts to unitholders or registered pledgees ofthe final register of unitholders at the Term forinvestment units stated in the final register ofsettlement accounts.

unitholders at the Term for settlement accounts.

(6) (Omitted)(6) (No change)

2. (Omitted)

2. (No change)

Article 34 (Maximum Amount of Debt Financing

Article 35 (Maximum Amount of Debt Financing andand Investment Corporate Bond Issuance)

Investment Corporate Bond Issuance)

1. In order to contribute to the stable growth of

1. In order to contribute to the stable growth ofmanagement

management

assets,effective

management

andassets,effective

management

andmanagement stability, the Investment Corporation may

management stability, the Investment Corporation may

engage in debt financing (including cases through theengage in debt financing (including cases through thecall market) and issue investment corporate bonds withcall market) and issue investment corporate bonds withthe purpose of financing the acquisition of assets,

the purpose of financing the acquisition of assets,

payment of repairs and distributions, costs related to

payment of repairs and distributions, costs related to thethe management of the Investment Corporation, or debt

management of the Investment Corporation, or debt

repayment (including repayment of deposits/guarantee

repayment (including repayment of deposits/guaranteemoney, debt financing and investment corporate

money, debt financing and investment corporate bonds

bonds). The debt financing shall be from qualified(including short-term investment corporate bonds,

institutional buyers as defined in the Securities andhereafter the same shall apply). The debt financing shallExchange Law of Japan.

be from qualified institutional buyers as defined in the
Securities and Exchange Law of Japan.

From 2. to 3. (Omitted)

From 2. to 3. (No change)

Article 35 (Criteria concerning the Payment of

Article 36 (Criteria concerning the Payment ofManagement Fees to Investment Trust Entrusted

Management Fees to Investment Trust Entrusted

Companies)

Companies)(Omitted)(No change)

From (1) to (3) (Omitted)

From (1) to (3) (No change)

Article 36 (Attribution to Profit/ Loss)

Article 37 (Attribution to Profit/ Loss)(Omitted)(No change)

Article 37 (Burden of the Cost)

Article 38 (Burden of the Cost)

From 1. to 2. (Omitted)

From 1. to 2. (No change)

Article38(Consumption

Tax

and

Local

Article39(Consumption

Tax

and

Local

Consumption Tax)

Consumption Tax)

(Omitted)(No change)

Article 39 (Management and Custody of Assets, andArticle 40 (Management and Custody of Assets, andTrust of Other Operations and Business)

Trust of Other Operations and Business)

From 1. to 2. (Omitted)

From 1. to 2. (No change)

Supplementary Provision

Supplementary Provision

Amendment of Articles 6, 14, 18, 19, 20 and 33,

A part related to short-term investment corporate bonds

Paragraph 1, Item 5 will come into effect from thewill come into effect from the enforcement date ofenforcement date of the Law concerning Adjustment

Article 5 of the Law for the partial revision of theand Coordination of Relevant Laws in association with

Securities and Exchange Law of Japan (Act No. 65 of

the enforcement of the Corporate Code.

2006).

This supplementary provision will be deleted after theThis supplementary provision will be deleted after theeffective date of the aforementioned amendments.

effective date of the aforementioned amendments.

Second Item: Election of the Executive Officer
1. Resolution Procedures and Reasons for Amendments
As Mr. Shunji Miyazaki, executive officer, resigns as the executive officer of the Investment
Corporation at the end of the General Unitholders’ Meeting, we propose that one (1) successor iselected as the executive officer.
2. The Candidate for the Executive Officer
The candidate for the executive officer is as follows.
Name (Date of Birth)

Career Summary
April 1971: Entered The Mitsui Trust Banking Company, Limited
July 1988: Temporary Transfer to Europe Mitsui Trust Banking Company, Limited as a Executive
Vice-President
July 1991: Assistant Director of International Planning Department, The Mitsui Trust Banking Company,

Masayoshi Takahashi(July 15, 1948)

LimitedMay 1994: Temporary Transfer to Europe Mitsui Trust Banking Company, Limited as a President
August 1998: Temporary Transfer to Sanshin Investment Advisor Co., Ltd as a Director
July 2000: Director, Chuo Mitsui Asset Management Company, Limited
April 2004: Entered Prospect Co., Ltd as a Compliance Officer
June 2004: Director of Management Control Department, Prospect Co., Ltd
September 2004: Director and Compliance Officer, Prospect Residential Advisors Co., Ltd
April 2005: Representative Director, Prospect Residential Advisors Co., Ltd
September 2006: President, PREFS Adviser Company Limited (Present Post)

The above candidate for executive officer does not have any special interest relationships with theInvestment Corporation and does not own units of the Investment Corporation.
Additionally, the above candidate is currently the Representative Director and President of PREFS
Advisor Company Limited. However, he is scheduled to resign as his present post on June 30, 2007.
This proposal for the nomination of executive officer was submitted after the resolution with theunanimous approval of all supervisory officers at the Investment Officers’ Meeting held on May 18,
2007.

Third Item: Election of Two Supervisory Officers
1. Resolution Procedures and Reasons for Amendments
As all supervisory officers resign as their positions of supervisory officers of the Investment
Corporation at the end of the General Unit holders’ Meeting in accordance with the resignation of
Mr. Shunji Miyazaki, executive officer, we propose that two (2) supervisory officers are elected.
2. The Candidates for Supervisory Officers
The candidates for supervisory officers are as follows.
Candidate Number

Name (Date of Birth )Career Summary
April 1981: Lawyer/ Registered with the Tokyo Bar Association
Entered Ohara Law Office1

Masashi Hiraiwa(December 4, 1952)

January 1989: CA-US
LILLICK & McHOSE Law Office
April 1991: Re-entered Ohara Law Office (Present Post)
September 2005: Supervisory Officer of LCP Investment Corporation(Present Post)
October 1996: Entered Deloitte Touche Tohmatsu, Japan
April 1999: Registered as a Certified Public Accountant

2

Hiroyuki Fujimoto

August 2001: Open the CPA Fujimoto Office (Present Post)(March 31, 1970)

December 2004: Registered as a Certified Tax Accountant
September 2005: Supervisory Officer of LCP Investment Corporation(Present post)

Both of the above candidates for supervisory officers are currently supervisory officers of theInvestment Corporation, do not have any special interest relationships with the Investment
Corporation and do not own units of the Investment Corporation.

Reference Information:
In the event that there are conflicting proposals submitted to the General Unitholders’ Meeting,“deemed approval” as stated in Article 13 of the Articles of Incorporation of the Investment
Corporation shall not apply to either proposal. In addition, the proposals in the First Item through theThird Item above do not conflict with each other.