Discl aim er
The following is an English translation of original Japanese documents, prepared solely forthe convenience of and reference by overseas investors. If there exist any discrepancies
between the original Japanese language and English translation, the Japanese language
will always prevail. Neither ADR nor AD Investment Management Co., Ltd shall be liable
for this translation or any loss or damage arising from the translation
October 13, 2011

To Our Unitholders
Advance Residence Investment Corporation
3-26 Kanda Nishiki-cho, Chiyoda-ku, Tokyo
Kenji Kousaka, Executive Director

Convocation Notice for 1st General Unitholders’ Meeting
Advance Residence Investment Corporation (“ADR”) extends its deepest condolences to all those affected by the Great East
Japan Earthquake that occurred in March 2011.

It is with pleasure that we invite you to attend the 1st General Unitholders’ Meeting of ADR, which will be held as set out
below.
If you are unable to attend, you may exercise your voting rights in writing, so please consider the Reference Materials
for General Unitholders’ Meeting set out below, indicate your approval or disapproval on the enclosed Form for
Exercising Voting Rights, and then return the form to ADR so that it arrives by no later than 5:00 P.M. on October 27,
2011 (Thursday).
In accordance with Article 93, Paragraph 1, of the Act on Investment Trusts and Investment Corporations (Act No. 198 of1951; as amended) (the “Investment Trusts Act”), ADR has made provision for ‘deemed approval’ in Article 14, Paragraph 1
and 2, of ADR’s current Articles of Incorporation as set out below. Please therefore note that if you are unable to attend
the General Unitholders’ Meeting and do not exercise your voting rights with the Form for Exercising Voting Rights, youwill be deemed to have approved each of the proposals being discussed at the meeting.

(Excerpt from ADR’s current Articles of Incorporation)
Article 141.

Deemed Approval

If a unitholder is not present at a general unitholders’ meeting and does not exercise his or her voting rights, theunitholder will be deemed to have approved the proposals submitted to the general unitholders’ meeting (excluding, if
more than one proposal is submitted and the import of two or more proposals conflict with each other, all such proposals
of conflicting import).

2

The number of voting rights represented by the unitholders who are deemed to have approved the proposals under thepreceding Paragraph are counted in the number of voting rights represented by the unitholders present.

1Meeting Details
1. Time and Date

October 28, 2011 (Friday) 10:00 AM

2. Location

Tokyo Station Conference
503, 5th Floor, Sapia Tower
1-7-12 Marunouchi, Chiyoda-ku, Tokyo(Please see the Map to General Unitholders’ Meeting at the end of this notice.)

3. Matters that are the Purpose of the General Unitholders’ Meeting
Matters for Resolution
Proposal No. 1 Changes in Part of Articles of Incorporation
Proposal No. 2 Appointment of 1 Executive Director
Proposal No. 3 Appointment of 1 Substitute Executive Director
Proposal No. 4 Appointment of 2 Supervisory Directors
Proposal No. 5 Appointment of 2 Substitute Supervisory Directors

NB◎ On the day of the meeting, please submit the enclosed Form for Exercising Voting Rights to venue’s reception.
◎ If a proxy will attend in your place, please submit the power of proxy together with the Form for Exercising
Voting Rights to venue’s reception. However, in accordance with Article 12, Paragraph 1, of ADR’s current
Articles of Incorporation, the proxy must be 1 other ADR unitholder with voting rights.
◎ After the closing of the General Unitholders’ Meeting on the day, holding of a Management Performance
Briefing by ADR’s asset management company AD Investment Management Co., Ltd. will follow at the same
venue. ADR asks that you also attend the briefing.
◎ How to find out about amendments to Reference Materials for General Unitholders’ Meeting
If it becomes necessary to amend matters that ought to be set out in the Reference Materials for General
Unitholders’ Meeting, the amended matters will be posted on ADR’s website at http://www.adr-reit.com/.

2

Reference Materials for General Unitholders’ Meeting
Proposals and Matters for Reference

Proposal No. 1

Changes in Part of Articles of Incorporation

1. Reasons for Changes(1) Necessary changes shall be made in accordance with revision of the Act on Special Measures Concerning Taxation (Act No.
26 of 1957; as amended) (the “Special Taxation Measures Act”) leading to revision of the Order for Enforcement of the Act
on Special Measures Concerning Taxation (Cabinet Order No. 43 of 1957; as amended), which provides the requirement thatthe offering of investment units shall be mainly conducted in Japan as one of the requirements for application of special
provisions on taxation on investment corporations. Necessary changes shall also be made in line with change in thedefinition of lenders, which is one of the requirements for application of special provisions on taxation on investment
corporations, in accordance with revision of the Order for Enforcement of the Act on Special Measures Concerning Taxation.
(2) Necessary establishment of new provisions and changes in the wording, etc. shall be made in accordance with revision of theSpecial Taxation Measures Act changing the requirements for reduction of the tax rate for registration and license tax
pertaining to registration of transfer of ownership of real estate and establishing new requirements for application of special
provisions on taxation upon a merger of investment corporations.
(3) Additional provisions shall be made in the Articles of Incorporation concerning the period during which resolution on theappointment of substitute directors shall remain in force.
(4) The type of assets that are the targets of asset management shall be changed in order to allow investment to be made in assetsthat are recognized to be necessary or useful under ADR’s basic policy of asset management.
(5) Necessary changes in the wording, etc. shall be made in order to change the asset valuation method for investments in silent
partnership equity interests concerning real estate and other assets to a reasonable method.
(6) The Articles of Incorporation shall be simplified by deleting provisions that were made upon the establishment of ADR ofwhich the clauses are no longer necessary or the clauses have had the procedures completed, and other necessary changes forchanging the wording, revising expressions, realigning article numbers, etc. shall be made.

3

2. Content of Changes
The content of changes is as follows:(Changes are underlined)
Current Articles of Incorporation

Proposed Changes

Article 5

Total Number of Investment Units Authorized to be
Issued1.
(omitted)
2. The proportion of the aggregate amount representing theinvestment units issued by the Investment Corporation in Japan
shall exceed 50% of the total amount representing the investment
units issued by the Investment Corporation.
3.
(omitted)
Article 12 Voting by Proxy1.
(omitted)
2. In the event of the preceding Paragraph, the relevant unitholder
or proxy shall submit a document certifying the authority of theproxy to the Investment Corporation in advance for each generalunitholders’ meeting.
Article 18 Election and Term of Office of Directors
1.
(omitted)
2.
(omitted)(new)

Article 5

Total Number of Investment Units Authorized to be
Issued1.
(no change)
2. The proportion of the aggregate amount representing theinvestment units issued by the Investment Corporation in Japan
shall exceed 50% of the total amount representing the investment
units of the Investment Corporation.
3.
(no change)
Article 12 Voting by Proxy1.
(no change)
2. In the event of the preceding Paragraph, the relevant unitholder
or proxy shall submit a document certifying the authority of theproxy to the Investment Corporation for each generalunitholders’ meeting.
Article 18 Election and Term of Office of Directors
1.
(no change)
2.
(no change)
3. The period that a resolution on appointment of a substitutedirector remains in force shall be until the end of the term ofoffice of the director appointed at the general unitholders’meeting at which the concerned resolution was passed (where thedirector was not appointed at such general unitholders’ meeting,then the most recent general unitholders’ meeting at which thedirector was appointed); provided, however, that such period
shall not be precluded from being shortened by resolution of ageneral unitholders’ meeting.
Article 23 Minutes of Meeting of Board of Directors
The Investment Corporation shall prepare minutes containing asummary of the proceedings and the outcome of each meeting of theBoard of Directors and other matters prescribed by laws andregulations, and each Director present shall sign or affix a name andseal, or provide an electronic signature on the minutes.

Article 23 Minutes of Meeting of Board of Directors
The Investment Corporation shall prepare minutes containing asummary of the proceedings and the outcome of each meeting of theBoard of Directors and other matters prescribed by laws andregulations, and each Director present shall affix his name and seal orelectronic signature on the minutes.

4Current Articles of Incorporation

Proposed Changes

Article 30

Article 30

1.

1.

2.
3.
4.

Limit of Borrowing and Issue of Investment
Corporation Bonds, etc.
The Investment Corporation may borrow funds or issue
investment corporation bonds (including short-term investment
corporation bonds; the same applies throughout) in order toensure stable earnings and steady growth of the Managed Assets.
The Investment Corporation may borrow funds only from
qualified institutional investors as set out in Article 2, Paragraph
3, Item (1), of the Financial Instruments and Exchange Act (Law
No. 25 of 1948; as amended, the “Financial Instruments andExchange Act”) (but limited to those who are set out in Article
22-19, Paragraph 1, of the Ordinance for Enforcement of theSpecial Taxation Measures Act (Finance Ministry Order No. 15
of 1957; as amended, the “Ordinance for Enforcement of theSpecial Taxation Measures Act”).
(omitted)(omitted)(omitted)

2.
3.
4.

5

Limit of Borrowing and Issue of Investment
Corporation Bonds, etc.
The Investment Corporation may borrow funds or issue
investment corporation bonds (including short-term investment
corporation bonds; the same applies throughout) in order toensure stable earnings and steady growth of the Managed Assets.
The Investment Corporation may borrow funds only from
qualified institutional investors as set out in Article 2, Paragraph
3, Item (1), of the Financial Instruments and Exchange Act (Law
No. 25 of 1948; as amended, the “Financial Instruments andExchange Act”) (but limited to institutional investors set out in
Article 67-15 of the Act on Special Measures Concerning
Taxation (Act No. 26 of 1957; as amended) (the “Special
Taxation Measures Act”).
(no change)(no change)(no change)Current Articles of Incorporation

Proposed Changes

Article 32 Policy on Cash Distribution
In principle, the Investment Corporation shall make distributions inaccordance with the following policy.
(1) Distribution of profits(i)(omitted)(ii) In principle, the amount of distribution is the amountdetermined by the Investment Corporation that exceeds 90%of the amount of profit available for dividend of theInvestment Corporation as set out in Article 67-15, Paragraph
1, of the Special Taxation Measures Act (Law No.26 of 1957;
as amended) (the “Amount of Profit Available for
Dividend”).
The Investment Corporation may accumulate a long-term
repair reserve, payment reserve, dividend reserve, and anyother similar reserve and allowance considered necessary forthe maintenance or improvement of Managed Assets out of
the Distributable Amount.
XI
INITIAL ASSET MANAGEMENT COMPANY,
CUSTODIAN, AND ADMINISTRATION AGENT
Article 35 Names and Addresses of Initial Asset Management
Company, Custodian, and Administration Agent;
Outline of Contracts to be Executed among Those
Companies
The names and addresses of the entities to be the initial AssetManagement Company, custodian, and administration agent of theInvestment Corporation and an outline of the contracts to be enteredinto with them is set out in Attachment 4, which forms a part of this
Articles of Incorporation.

Article 32 Policy on Cash Distribution
In principle, the Investment Corporation shall make distributions inaccordance with the following policy.
(1) Distribution of profits(i)(no change)(ii) In principle, the amount of distribution is the amountdetermined by the Investment Corporation that exceeds 90%of the amount of profit available for dividend of theInvestment Corporation as set out in Article 67-15, Paragraph
1, of the Special Taxation Measures Act (the “Amount ofProfit Available for Dividend”).
The Investment Corporation may accumulate a long-term
repair reserve, payment reserve, dividend reserve, and anyother similar reserve and allowance considered necessary forthe maintenance or improvement of Managed Assets out of
the Distributable Amount.
(deleted)(deleted)

6

Current Articles of Incorporation

Proposed Changes

XII SUPPLEMENTARY PROVISIONS
Article 36 Consumption Tax and Local Consumption Tax(omitted)
Attachment 1
Targets and Policies of Asset Management
Basic Policy of Asset Management(omitted)
Targets of Asset Management
The primary investment targets of the Investment Corporation are thefollowing types of real estate, etc., and real-estate-backed securities:
1. Real estate, etc. (which means the following assets; the same
applies throughout)(1)~(7)(omitted)
2.
(omitted)
3.
(omitted)
4. In investing in real estate, etc., the Investment Corporation may
invest in the following assets if necessary.
(1)~(2)(omitted)(new)

XI
SUPPLEMENTARY PROVISIONS
Article 35 Consumption Tax and Local Consumption Tax(no change)
Attachment 1
Targets and Policies of Asset Management
Basic Policy of Asset Management(no change)
Targets of Asset Management
The primary investment targets of the Investment Corporation are thefollowing types of real estate, etc., and real-estate-backed securities:
1. Real estate, etc. (which means the following assets; the same
applies throughout)(1)~(7)(no change)
2.
(no change)
3.
(no change)
4. In investing in real estate, etc., the Investment Corporation may
invest in the following assets if necessary.
(1)~(2)(no change)(3) copyrights, etc. under the Copyright Act (Act No. 48 of 1970;
as amended)(4) specified equities as provided in Article 2, Paragraph 6, of the
Act on Securitization of Assets(5) servitudes(6) movables as provided under the Civil Code (Act No. 89 of
1896; as amended) (limited to those added to facilities, fixturesand other real estate in terms of structure or use)
(7) other rights of which acquisition is necessary or useful inassociation with investment in real estate, etc. orreal-estate-backed securities)

(new)
(new)
(new)
(new)

7

Current Articles of Incorporation

Proposed Changes

(new)

5.

Rights to be indicated on securities as set out in Article 2,
Paragraph 2, of the Financial Instruments and Exchange Act
shall, when securities indicating these rights have not been
issued, be deemed as securities indicating these rights, and therights listed in 1. through 4. above shall apply.
Investment Stance(1)~(4)(no change)(5) The Investment Corporation aims for the total amount ofspecified real estate (which means specified assets that theInvestment Corporation acquires that are real estate, leasehold
rights in real estate, or surface rights; or beneficiary interests intrusts under which ownership of real estate, leasehold rights inland, or surface rights have been placed in trust) to constitute
75% or more of the total amount of specified assets held by theInvestment Corporation.
(6) The Investment Corporation aims for the amount of real estate,etc. (which, in this paragraph, means real estate (which means
assets listed in Article 37, Paragraph 3, Item 2 (a), (b) and (e),of the Regulations Concerning Accounting of Investment
Corporations (Cabinet Office Ordinance No. 47 of 2006; asamended); the same applies throughout this paragraph),leasehold rights in real estate, assets listed in (f) of said Item,
surface rights, and servitudes; and beneficiary interests in trusts
under which such assets have been placed in trust) to constitute
70% or more of the amount of specified assets held by theInvestment Corporation.

Investment Stance(1)~(4)(omitted)(5) The Investment Corporation aims for the total amount ofspecified real estate (which means specified assets that theInvestment Corporation acquires that are real estate, leasehold
rights in real estate, or surface rights or beneficiary interests intrusts under which real estate, leasehold rights in land, or
surface rights have been placed in trust) to constitute 75% ormore of the total amount of specified assets held by theInvestment Corporation.
(new)

8

Current Articles of Incorporation

Proposed Changes

Purpose and Scope of Loaning of Assets Acquired(omitted)
Attachment 2
Methods, Criteria, and Reference Dates for Valuating Assets
1. The Investment Corporation’s methods and criteria for valuating
assets are as follows depending on the type of assets targeted forinvestment:(1)~(5)(omitted)(6) Securities
If the securities are traded, the Investment Corporation will
valuate these assets based on the market price. If they are nottraded, the Investment Corporation will valuate them based ona reasonably calculated value.

Purpose and Scope of Loaning of Assets Acquired(no change)
Attachment 2
Methods, Criteria, and Reference Dates for Valuating Assets
1. The Investment Corporation’s methods and criteria for valuating
assets are as follows depending on the type of assets targeted forinvestment:(1)~(5)(no change)(6) Securities
If the securities are traded, the Investment Corporation will
valuate these assets based on the market price. If they are nottraded, the Investment Corporation will valuate them based ona reasonably calculated value; provided, however, that if there
is no value calculated by a reasonable method, the Investment
Corporation shall be able to valuate them based on theacquisition value.
(7)~(10)(no change)
2. If the Investment Corporation is to make a valuation by a method
different from any method set out in section 1 above for the
purpose of indicating a value into an asset management report or
the like, it shall make the valuation as follows:(1)(no change)(7)~(10)(omitted)
2. If the Investment Corporation is to make a valuation by a method
different from any method set out in section 1 above for the
purpose of indicating a value into an asset management report or
the like, it shall make the valuation as follows:(1)(omitted)9

Current Articles of Incorporation(2)

3.

Proposed Changes

Beneficiary interests in trust under which real estate, leasehold
rights in real estate, and surface rights have been placed intrust; and equity interests in silent partnership which invests inreal estate
The Investment Corporation will valuate these assets based on
the value determined by first:• if the assets constituting the trust or the silent partnership are
the assets described in paragraph 1 above—valuating thembased on the same paragraph; or• if the assets constituting the trust or the silent partnership arefinancial assets—valuating them in accordance withgenerally accepted accounting standards, and then:subtracting from those total amounts the amount of liabilitiesof the trust or the silent partnership, and calculating the
proportionate amount of beneficiary interests in the trust or
equity interests in the silent partnership.

(omitted)

(2)

3.

10

Beneficiary interests in trust under which real estate, leasehold
rights in real estate, and surface rights have been placed intrust; and equity interests in silent partnership which invests inreal estate
If the assets constituting the trust are the assets described inparagraph 1 above, the Investment Corporation will valuate
these assets based on the same paragraph.
If the assets constituting the equity interests in silent
partnership are the assets described in paragraph 1 above, theInvestment Corporation will valuate these assets on such basesas the amount valuated as appropriate under the Valuation
Rules of the Investment Trusts Association, Japan.
If the assets constituting the trust or the silent partnership arefinancial assets, the Investment Corporation will valuate theseassets:• first in accordance with generally accepted accounting
standards, and• then subtracting from those total amounts the amount ofliabilities of the trust or the silent partnership, and calculating
the proportionate amount of beneficiary interests in the trustor equity interests in the silent partnership.
(no change)Current Articles of Incorporation

Proposed Changes

Attachment 3
Fees for Asset Management Company(omitted)
Base FeeThe Investment Corporation will, within 2 months after the end of
accounting term, pay an amount up to a maximum of the amount(calculated pro rata based on the actual number of days in the relevant
accounting term, taking one year as being 365 days; the same applies
to calculations of the base fee below) calculated by multiplying by
0.40% p.a. to the total asset value set out in the Investment
Corporation’s balance sheet (limited to one that has been approved
under Article 131, Paragraph 2 of the Investment Trusts Act; “Balance
Sheet”) dated as of the closing of the latest accounting term.
However, for the Investment Corporation’s first accounting term, thebase fee for the term starting on the date of incorporation of theInvestment Corporation and ending on July 31, 2010, is to be paid bySeptember 30, 2010, in an amount not exceeding the amountcalculated by multiplying 0.40% p.a. to the total asset value set out in
the Investment Corporation’s trial balance sheet (of totals andbalances) as of the incorporation of the Investment Corporation, andthe base fee for the term starting on August 1, 2010, and ending on theend of the Investment Corporation’s first accounting term is to be paid
within 2 months of that ending date in an amount not exceeding theamount calculated by multiplying by 0.40% p.a. to the total asset
value set out in the Investment Corporation’s trial balance sheet (oftotals and balances) as of July 31, 2010.
Acquisition Fee(omitted)
Disposal Fee(omitted)
Incentive Fee(omitted)

Attachment 3
Fees for Asset Management Company(no change)
Base FeeThe Investment Corporation will, within 2 months after the end of
accounting term, pay an amount up to a maximum of the amount(calculated pro rata based on the actual number of days in the relevant
accounting term, taking one year as being 365 days; the same applies
to calculations of the base fee below) calculated by multiplying by
0.40% p.a. to the total asset value set out in the Investment
Corporation’s balance sheet (limited to one that has been approved
under Article 131, Paragraph 2 of the Investment Trusts Act; “Balance
Sheet”) dated as of the closing of the latest accounting term.

Acquisition Fee(no change)
Disposal Fee(no change)
Incentive Fee(no change)

11Current Articles of Incorporation

Proposed Changes

Attachment 4
Names and Addresses of Initial Asset Management Company,
Custodian, and Administration Agent; Outlines of Agreements to
be Executed
1. Name and Address of Initial Asset Management Company(the “Asset Management Company”); Outlines ofAgreements to be Executed
2. Name and Address of Initial Custodian (the “Custodian”);
Outline of Agreement to be Executed
3. Name and Address of Initial Administration Agent to
Perform Services Relating to Management of Organs,
Services Relating to Accounting, and Other Such Services(the “Administration Agent”); Outline of Agreement to be
Executed
4. Name and Address of Initial Administration Agent to
Prepare and Keep Register of Unitholders and to Perform
Other Services Relating to the Register of Unitholders andIssuance of Units (Excluding Account Management Services
for Special Accounts Associated with Book-entry Units) (the“Registration Agent (for Units)”); Outline of Agreement to
be Executed
5. Name and Address of Initial Administration Agent to
Prepare and Keep Register of Unitholders and to Perform
Other Services Relating to Register of Unitholders andIssuance of Units (Limited to Account Management Services
for Special Accounts for Book-entry Units) (the“Registration Agent (for Special Account)”); Outline ofAgreement to be Executed
6. Name and Address of Administration Agents to Prepare andKeep Bond Registers and Perform Other Such Services
Relating to Bond Registers; Outline of Agreements to be
Executed(deleted)(deleted)(deleted)(deleted)(deleted)(deleted)(deleted)(deleted)12

Proposal No. 2

Appointment of 1 Executive Director

Executive Director Kenji Kousaka has submitted a request expressing the intention to once resign from the position of
executive director of ADR at the closing of the General Unitholders’ Meeting.
appointed.

We thus ask that an executive director be newly

Pursuant to the provisions of ADR’s Articles of Incorporation, the term of office shall be two years from the date of

appointment on October 28, 2011.
This proposal is a proposal that was submitted with the unanimous consent of the supervisory directors at the board of
directors’ meeting held on September 14, 2011.
The candidate for executive director is as follows.

Name(Date of Birth)

Brief Personal History
April 1988
April 1994
April 1999
July 2001
October 2002
April 2004

Kenji Kousaka(July 5, 1965)

June 2005
February 2008
March 2008
April 2008
March 2010
March 2010
April 2011

Joined ITOCHU Corporation
Assigned to Osaka Construction & Realty Department No. 2
Assigned to Osaka Construction & Realty Department
Assigned to Real Estate Business Development Department
Appointed Deputy Manager of Osaka Construction Section No. 4, Osaka Construction & Realty
Department
Appointed Deputy Manager of Construction Section No. 3, Construction & Realty Department
Appointed Manager of Construction Section No. 2, Construction & Realty Department andGeneral Manager of Investment Advisory Office, Construction and Real Estate
Seconded to AD Investment Management Co., Ltd.
Appointed Managing Director and General Manager of Acquisition Department
Appointed President and General Manager of Acquisition Department
Appointed Executive Director of Advance Residence Investment Corporation
Appointed President and Representative Director of AD Investment Management Co., Ltd.
Appointed Executive Director of ADR (currently serving)
Joined AD Investment Management Co., Ltd.
Appointed President and Representative Director & Manager of Internal Auditing OfficeAppointed President and Representative Director, Manager of Internal Auditing Office & CFO(currently serving)• The candidate for executive director does not hold any investment units of ADR.
• The candidate for executive director concurrently serves as president of AD Investment Management Co., Ltd. with which
ADR has entered into an asset management agreement (the “Asset Management Company”).
The Commissioner of the Financial Services Agency was notified of the concurrent holding of positions on March 5, 2008
pursuant to the provisions of Article 31-4, Paragraph 4, of the Financial Instruments and Exchange Act (Act No. 25 of 1948; asamended) (the “Financial Instruments and Exchange Act”) prior to revision by the provisions of Article 1 of the Act for Partial
Revision of the Financial Instruments and Exchange Act (Act No. 65 of 2008) (Article 31-4, Paragraph 1, of the Financial
Instruments and Exchange Act as of the date of this document).
• Other than the above, there is no particular vested interest between the candidate for executive director and ADR.

13

Proposal No. 3

Appointment of 1 Substitute Executive Director

In case a vacancy arises in the office of executive director or the number of executive directors falls below the quorum
provided for under laws and regulations, we ask that one substitute executive director be appointed.
This proposal is a proposal that was submitted with the unanimous consent of the supervisory directors at the board of
directors’ meeting held on September 14, 2011.
The candidate for substitute executive director is as follows.

Name(Date of Birth)

Brief Personal History
January 1985
November 1996
May 2001

Takeshi Takano(June 19, 1963)

June 2004
February 2008
March 2010

Joined Musashi-Fuchu Aoiro Incorporated Association
Joined Yamato Glass Co., Ltd. (currently, Yamato Material Co., Ltd.)
Joined Pacific Management Corporation (presently, Pacific Holdings, Inc. (company underreorganization))
Appointed Director of Pacific Investment Advisors Corporation
Appointed President and Chairman of the Board
Appointed Executive Director and General Manager of Investment & Asset Management
Department of AD Investment Management Co., Ltd. (currently serving)• The candidate for substitute executive director does not hold any investment units of ADR.
• The candidate for substitute executive director is an executive director of the Asset Management Company.
• Other than the above, there is no particular vested interest between the candidate for substitute executive director and ADR.
• In the event of appointment as executive director of ADR, notification shall be made to that effect without delay pursuant to
the provisions of Article 31-4, Paragraph 1, of the Financial Instruments and Exchange Act.

14

Proposal No. 4

Appointment of 2 Supervisory Directors

Supervisory Directors Shujiro Matsuda and Yoshiki Oshima have each submitted a request expressing the intention to once
resign from the position of supervisory director of ADR at the closing of the General Unitholders’ Meeting.

We thus ask that

two supervisory directors be newly appointed. Pursuant to the provisions of ADR’s Articles of Incorporation, the term ofoffice shall be two years from the date of appointment on October 28, 2011.
The candidates for supervisory director are as follows.

Candidate
No.

1

2

Name
(Date of Birth)

Shujiro Matsuda(April 17, 1938)

Yoshiki Oshima(February 28, 1946)

Brief Personal History
June 1964
December 1964
April 1969
June 1969
March 1971
May 1981
July 1981
November 1984
December 1992
October 1999
June 2001
March 2005
September 2005
June 2006
March 2010
October 1967
April 1970
April 1978
September 2005
March 2010

Joined Eisuke Ito Certified Accounting Offices
Joined PWC Accounting Offices
Opened Shujiro Matsuda CPA Office as President (currently serving)
Joined IBM Japan, Ltd.
Joined Tohmatsu Awoki & Co. (presently, Deloitte Touche Tohmatsu)
Joined Dow Chemical Japan Ltd. as Budget Management General Manager
Joined Triumph International (Japan) Ltd. as Director and CFO
Joined Nihon AMP Kabushiki Kaisha as CFO
Joined Molex Japan Co., Ltd. as Financial Director in charge of North Asia and
CFO
Joined TYO as Auditor (currently serving)
Appointed Auditor of Kao Corporation
Appointed Part-Time Director of DREAMUSIC Inc.
Appointed Supervisory Director of Advance Residence Investment Corporation
Appointed Part-Time Auditor of Akebono Brake Industry Co., Ltd.
Appointed Supervisory Director of ADR (currently serving)
Passed bar exam
Registered as a practicing lawyer
Opened Akasaka Law Office L.P.C. as President (currently serving)
Appointed Supervisory Director of Advance Residence Investment Corporation
Appointed Supervisory Director of ADR (currently serving)• Neither candidate for supervisory director holds any investment units of ADR.
• There is no particular vested interest between neither candidate for supervisory director and ADR.

15

Proposal No. 5

Appointment of 2 Substitute Supervisory Directors

In case a vacancy arises in the office of supervisory director or the number of supervisory directors falls below the quorum
provided for under laws and regulations, we ask that two substitute supervisory directors be appointed.
The candidates for substitute supervisory director are as follows.

Candidate
No.

Name(Date of Birth)

Brief Personal History
September 1979
March 1984
March 1986

1

Kesao Endo
(November 28, 1951)

2

Satoru Kobayashi(December 14, 1956)

December 1989
January 2000
May 2006
November 1982
April 1985
October 2005

Joined Coopers & Lybrand, Certified Public Accountants
Joined PriceWaterhouse Consulting
Joined Deloitte & Touche, Certified Public Accountants
Assigned to Los Angeles Office
Assigned to New York OfficeAppointed Partner of Kasumigaseki Audit Corporation (currently serving)
Appointed Outside Corporate Auditor of Akebono Brake Industry Co., Ltd.
(currently serving)
Passed bar exam
Registered as a practicing lawyer
Opened Satoru Kobayashi Law Office as President (currently serving)• Neither candidate for substitute supervisory director holds any investment units of ADR.
• There is no particular vested interest between neither candidate for substitute supervisory director and ADR.

Matter for Reference

If among the proposals submitted at the General Unitholders’ Meeting there is a proposal the import of which conflicts withthat of another proposal, the provisions governing “deemed approval” provided for in Article 93, Paragraph 1, of the Investment
Trusts Act and Article 14 of ADR’s Articles of Incorporation will not apply to either proposal.
None of the proposals set out above as Proposal No. 1, Proposal No. 2, Proposal No. 3, Proposal No. 4, and Proposal No. 5
correspond to such a proposal of conflicting import.

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Map to Location of General Unitholders’ Meeting
Time and Date

October 28, 2011 (Friday) 10:00 AM

Location

Tokyo Station Conference
503, 5th Floor, Sapia Tower
1-7-12 Marunouchi, Chiyoda-ku, Tokyo

Transportation
JR LineTwo minute walk from JR Tokyo Station North Exit (Ticket Gate)
One minute walk from JR Tokyo Station Nihonbashi Exit

SubwayTokyo Metro Otemachi Station B7 Exit17