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To All Unitholders

Unitholders' Rights

1. Voting rights at unitholders' meetings

  1. A unitholder of INV has the right to cast a number of votes at unitholders’ meetings that is proportionate to the number of investment units held by the unitholder (Article 77, Paragraph 2, Item 3 and Article 94, Paragraph 1 of the Investment Trust Law; main clause of Article 308, Paragraph 1 of the Companies Act). The following matters shall be subject to the resolution of unitholders’ meetings:
    (a)  Appointment of executive directors, supervisory directors and accounting auditors (provided, however, that this shall exclude persons deemed to have been appointed upon establishment) and dismissal thereof (Article 96, Article 104 and Article 106 of the Investment Trust Law)
    (b)  Approval or consent for conclusion of an asset management services agreement with INV’s asset manager (provided, however, that this shall exclude conclusion of an asset management services agreement with INV’s asset manager that is to be concluded at the time of establishment as stated in the Articles of Incorporation of INV) and cancellation thereof (Article 198, Paragraph 2 and Article 206, Paragraph 1 of the Investment Trust Law)
    (c)  Consolidation of investment units (Article 81-2, Paragraph 2 of the Investment Trust Law; Article 180, Paragraph 2 of the Companies Act)
    (d)  Dissolution of the investment corporation (Article 143, Item 3 of the Investment Trust Law)
    (e)  Changes to the Articles of Incorporation of INV (Article 140 of the Investment Trust Law)
    (f)  Other matters provided in the Investment Trust Law or specified in the Articles of Incorporation of INV (Article 89 of the Investment Trust Law)
  2. The procedures for a unitholder to exercise his/her voting rights shall be as follows:
    (a)  Resolutions at the unitholders' meeting will, unless otherwise stipulated by laws or regulations or the Articles of Incorporation of INV, be adopted upon securing a majority of the voting rights of the unitholders in attendance (Article 21 of the Articles of Incorporation of INV).
    (b)  Resolutions of Article 140 of the Investment Trust Law will be adopted upon securing a two-thirds or greater majority of the voting rights of the unitholders in attendance, provided that the unitholders in attendance hold the majority of the total number of investment units outstanding (Article 93-2, Paragraph 2, Item 3 of the Investment Trust Law).
    (c)  A unitholder not in attendance at a unitholders' meeting (excluding unitholders who have a proxy attend) may exercise his/her voting rights in writing (Article 92, Paragraph 1 of the Investment Trust Law; Article 23, Paragraph 1 of the Articles of Incorporation of INV).
    (d)  The number of voting rights exercised in writing shall be included in the number of voting rights of the unitholders in attendance (Article 92, Paragraph 2 of the Investment Trust Law; Article 23, Paragraph 2 of the Articles of Incorporation of INV).
    (e)  By a resolution of the Board of Directors, INV may provide to the effect that a unitholder not in attendance at a unitholders' meeting may exercise his/her voting rights through an electromagnetic method (Article 92-2 of the Investment Trust Law; Article 24, Paragraph 1 of the Articles of Incorporation of INV).
    (f)  If a unitholder does not attend a unitholders' meeting and does not exercise his/her voting rights, the unitholder is deemed to be in favor of any proposal submitted to such unitholders' meeting (provided, however, that in cases where two or more proposals are submitted and any one of such proposals is by nature in conflict with any other proposal, all of such proposals shall be excluded from such deemed approval) (Article 93, Paragraph 1 of the Investment Trust Law; Article 25, Paragraph 1 of the Articles of Incorporation of INV).
    (g)  The number of voting rights held by the unitholders deemed to have agreed to the proposal under the provisions of f. above shall be included in the number of voting rights of the unitholders in attendance (Article 93, Paragraph 3 of the Investment Trust Law; Article 25, Paragraph 2 of the Articles of Incorporation of INV).
    (h)  By a resolution of the Board of Directors and upon giving prior public notice in accordance with laws and regulations, INV may deem any unitholder listed or recorded in the unitholder registry as of the record date to be the unitholder entitled to exercise his/her rights at the unitholders' meetings (Article 77-3, Paragraph 2 to Paragraph 4 of the Investment Trust Law; Article 124, Paragraph 2 and Paragraph 3 of the Companies Act; Article 26 of the Articles of Incorporation of INV).

2. Other common beneficial rights

  1. The right to file a derivative suit (Article 204, Article 116 and Article 119 of the Investment Trust Law; Article 847, Paragraph 1 and Paragraph 3 of the Companies Act)
    A unitholder who has held INV investment unit(s) for the past six months may, in writing, request INV to file a suit against INV's asset manager, administrative agent, executive directors, supervisory directors or accounting auditors to pursue their responsibilities. If INV does not file a complaint within 60 days from the date on which the unitholder has made a request, the unitholder that made the request may file the complaint on behalf of INV.
  2. The right to request the rescission of a resolution at unitholders' meeting (Article 94, Paragraph 2 of the Investment Trust Law; Article 831 of the Companies Act)
    In relation to unitholders' meetings, a unitholder may file a suit with a claim to rescind a resolution adopted at a unitholders' meeting within three months from the date of the adoption of the resolution, if (1) the procedures for convocation of the meeting or method of adopting resolutions are in breach of laws or regulations or the Articles of Incorporation of INV or are grossly unfair; (2) the details of the resolution are in breach of the Articles of Incorporation of INV, or (3) a grossly unfair resolution is adopted because of the exercise of voting rights by persons who have special interests regarding the resolution. In the event that a resolution does not exist or the content of a resolution is in breach of laws or regulations, a unitholder may file a complaint to confirm the non-existence or nullification of a resolution of unitholders' meeting.
  3. The right to request an injunction against illegal acts by executive directors, etc. (Article 109, Paragraph 5 and Article 153-3, Paragraph 2 of the Investment Trust Law; Article 360, Paragraph 1 of the Companies Act)
    In the event that an executive director engages in an act that is not within the scope of the purpose of INV or other acts that are in breach of laws or regulations or the Articles of Incorporation of INV, if such act is likely to cause irreparable detriment to INV, a unitholder who has held INV investment unit(s) for the past six months may request the executive director to stop him/her engaging in such acts on behalf of INV. If INV has entered into a liquidation process, the same shall apply with regard to liquidators.
  4. The right to file a suit seeking nullification of new issuance of investment units (Article 84, Paragraph 2 of the Investment Trust Law; Article 828, Paragraph 1, Item 2 and Paragraph 2, Item 2 of the Companies Act)
    A unitholder may file a suit against INV with a claim to nullify issuance of new investment units within six months from the date on which the issuance of investment units has taken effect, if a material breach of laws or regulations or the Articles of Incorporation of INV has occurred in the issuance of investment units.
  5. The right to file a suit seeking nullification of merger (Article 150 of the Investment Trust Law; Article 828, Paragraph 1, Item 7 and Item 8 and Paragraph 2, Item 7 and Item 8 of the Companies Act)
    A unitholder may file a suit against INV with a claim to nullify a merger within six months from the date on which the merger has taken effect, if a material defect exists in the merger procedures.
  6. The unitholder's right to bring up proposals (Article 94, Paragraph 1 of the Investment Trust Law; Article 303, Paragraph 2 and main clause of Article 305, Paragraph 1 of the Companies Act)
    A unitholder who has held at least one percent of the total investment units outstanding (limited to a unitholder who has held the investment unit(s) for the past six months) may request in writing, up until eight weeks before the date of unitholders' meeting, the executive directors of INV to (1) include certain matters in the purpose of the unitholders’ meeting and (2) specify in the notice of convocation of unitholders’ meeting a summary of the proposals which such unitholder intends to submit with respect to the matters that are the purpose of the unitholders’ meeting.
  7. The right to request convocation of unitholders' meetings (Article 90, Paragraph 3 of the Investment Trust Law; Article 297, Paragraph 1 and Paragraph 4 of the Companies Act)
    A unitholder who has held at least three percent of the total investment units outstanding (limited to a unitholder who has held the investment unit(s) for the past six months) may request the executive directors of INV to convene a unitholders' meeting by submitting in writing the matters to be taken up at the meeting and reasons for convening the meeting. Further, the unitholder may convene the meeting by obtaining an approval from the Prime Minister, if the procedures for convening the meeting do not begin promptly.
  8. The right to request appointment of inspector (Article 94, Paragraph 1 of the Investment Trust Law; Article 306, Paragraph 1 of the Companies Act; Article 110 of the Investment Trust Law)
    A unitholder who has held at least one percent of the total investment units outstanding (limited to a unitholder who has held the investment unit(s) for the past six months) may before a unitholders' meeting request the Prime Minister to appoint an inspector to investigate the procedures for convening a unitholders' meeting and the method for adopting resolutions. A unitholder who has held at least three percent of the total investment units outstanding may request the Prime Minister to appoint an inspector to investigate the operations and financial standing of INV.
  9. Right to request dismissal of executive directors, etc. (Article 104, Paragraph 1 and Paragraph 3 of the Investment Trust Law; Article 854, Paragraph 1, Item 2 of the Companies Act)
    A unitholder who has held at least three percent of the total investment units outstanding (limited to a unitholder who has held the investment unit(s) for the past six months) may request dismissal of executive directors or supervisory directors by filing a suit within 30 days after the date of unitholders' meeting in the event that a resolution to dismiss the executive directors or supervisory directors fails to be adopted at a unitholders' meeting, even if a fraudulent act or material fact that is in breach of laws or regulations or the Articles of Incorporation of INV involving the performance of duties of the executive directors or supervisory directors exists.
  10. The right to request dissolution (Article 143-3 of the Investment Trust Law)
    A unitholder who has held at least ten percent of the total investment units outstanding may request dissolution with the court in the event that INV is in an extremely difficult situation in the execution of operations and such is causing or is likely to cause irreparable detriment to INV, or when the management and disposal of assets of INV is extremely unfair to the extent that it threatens the existence of INV.

3. The right to request distribution (Article 77, Paragraph 2, Item 1 and Article 137 of the Investment Trust Law; Article 17 of the Articles of Incorporation of INV)

Unitholders have the right to receive a cash distribution as specified in the cash distribution statement prepared in accordance with the method of cash distribution as set forth under the Investment Trust Law or Articles of Incorporation of INV. Distributions shall be paid based on the number of investment units held to unitholders who are listed or recorded in the registry of unitholders on the closing date of each fiscal period or to registered pledgees of investment units.
Concerning book-entry transfer investment units of INV, even for distributions of cash that INV mistakenly makes for book-entry transfer investment units that may not be duly asserted against INV, INV may not demand for a return of the amount of such distributions. In this case, INV acquires the right to request liability for damages from unitholders’ account manager up to the amount of such distributions (Article 228 and Article 149 of the Act on Book-Entry Transfer of Company Bonds, Shares, etc.).

4. The right to request distribution of remaining assets (Article 77, Paragraph 2, Item 2 and Article 158 of the Investment Trust Law)

Unitholders have the right to receive the distribution of the remaining assets based on the number of investment units held, if INV is disbanded or liquidated.

5. The right to refund (Article 5 of the Articles of Incorporation of INV)

Unitholders do not have the right to request a refund of investment units (closed end).

6. The right to dispose of investment units (Article 78, Paragraph 1 and Paragraph 3 of the Investment Trust Law)

Unitholders, at their own option, may transfer investment units through delivery of the investment securities.
Concerning book-entry transfer investment units of INV, unitholders file an application for book-entry transfer with the account manager, based on which a book-entry transfer of book-entry transfer investment units of INV from the transferor’s account to the transferee’s account (refers to an increase in the number of investment units in the unitholdings column for the transferee’s account; the same shall apply hereinafter) will take place (Article 228 and Article 140 of the Act on Book-Entry Transfer of Company Bonds, Shares, etc.). However, the transfer of book-entry transfer investment units of INV shall not be duly asserted against INV unless the name or corporate name of the unitholder of the party that has acquired the book-entry transfer investment units of INV is stated or recorded in the registry of unitholders (Article 79, Paragraph 1 of the Investment Trust Law). Description or record under the registry of unitholders shall be made by a notice of all unitholders (a notice by a depository transfer agent to INV stating the name or corporate name of unitholders, number of investment units held, record date, etc.) to INV (Article 228 and Article 152, Paragraph 1 of the Act on Book-Entry Transfer of Company Bonds, Shares, etc.).

7. The right to request delivery or non-delivery of investment securities (Article 85, Paragraph 1 and Paragraph 3 of the Investment Trust Law; Article 217 of the Companies Act)

Unitholders may request and receive delivery of investment securities without delay after the establishment of INV (when investment units are to be issued after the establishment, then the due date for payment thereof) by INV. Unitholders may also request non-delivery of investment securities.
Concerning book-entry transfer investment units of INV, INV may not issue investment securities (Article 227, Paragraph 1 of the Act on Book-Entry Transfer of Company Bonds, Shares, etc.); provided, however, that when a depository transfer agent has had its designation as transfer agent revoked or has lost the effect of the designation and no successor exists to take over the transfer business of the depository transfer agent, or the transfer agent no longer handles book-entry transfer investment units of INV, unitholders may request INV to issue investment securities (Article 227, Paragraph 2 of the Act on Book-Entry Transfer of Company Bonds, Shares, etc.).

8. The right to request review of accounting books (Article 128-3, Paragraph 1 of the Investment Trust Law)

Unitholders may, in writing to executive directors with the reason, request to review or receive a copy of the accounting books or other documents.

9. Procedures for executing the right of minority unitholders (Article 228 and Article 154 of the Act on Book-Entry Transfer of Company Bonds, Shares, etc.)

The exercise of the right of minority unitholder whose investment units are held under a transfer account is verified by the description or record in a transfer account book, not through the description or record under the registry of unitholders. Accordingly, if a unitholder intends to exercise the right of a minority unitholder, such unitholder may request the account manager with which the unitholder has opened his/her account to deliver an individual unitholder notice (a notice by a depository transfer agent to INV stating the name or corporate name of the unitholder and number of investment units held by the unitholder, etc.) to INV. The unitholder may exercise his/her right of a minority unitholder for four weeks after such notice of the individual unitholder is delivered to INV.

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Taxation

The following general tax requirements apply to investment corporations and their unitholders who are residents in Japan or Japanese corporations. The content of the information below may be modified due to reform of taxation laws, or changes to interpretation or operation of taxation laws by the taxing authority or other authority. Different treatment of taxation may apply depending on the specific situations of individual unitholders.

1. Taxation of individual unitholder

  1. Taxation on distribution of profit
    The tax system treats the distribution of profit that individual unitholders receive from an investment corporation as income from dividends. In principle, the income tax due on the dividend is withheld at source at 20% in principle, and afterwards the dividend is included in the aggregate income when calculating personal income tax. Tax credits for dividends do not apply to this type of profit distribution. In addition, the special reconstruction income tax equivalent to 2.1% of income tax will be separately imposed for the period between January 1, 2013 and December 31, 2037. The distribution of profits from the listed units of INV, except for individual unitholders with major holdings (5% or more of the total investment units issued), is treated as a special case for dividends of listed stocks or other sources as described below:
    (i)  The tax rate for withholding the distribution of profit under this special case is 10% (7% income tax and 3% residential tax) for distribution of profit received until December 31, 2013 and 20% (15% income tax and 5% inhabitant tax) for distribution of profit received on and after January 1, 2014 (The special reconstruction income tax equivalent to 2.1% of income tax will be separately imposed for the period between January 1, 2013 and December 31, 2037.).
    (ii)  It is possible to nominate to only have the tax withheld at source regardless of the amount and not include this in the personal final tax return.
    (iii)  For the personal tax return, there is the option to declare dividend income separately under "separate withholding taxation" instead of including it in aggregate income. If a loss occurs on transfer of listed stocks or other sources, in accordance with certain fixed conditions, you may elect to file separate withholding taxation and deduct the amount of losses from dividend income of listed stocks or other sources. The tax rate for separate withholding taxation is 10% (7% income tax and 3% inhabitant tax) until December 31, 2013, and 20% (15% income tax and 5% inhabitant tax) on and after January 1, 2014 (The special reconstruction income tax equivalent to 2.1% of income tax will be separately imposed for the period between January 1, 2013 and December 31, 2037.).
    (iv)  Dividends of listed stocks or other sources can be received in a specified account (account for withholding at source) (for the method of receiving dividends, the form of allocation that is proportionate to the number of shares will need to be selected).
    (v)  Based on the tax-free account system for small-amount listed stocks and other sources (annual new investment amount of no more than 1 million yen over a three-year period beginning 2014 and ending 2016) that is to be implemented from 2014, income tax and inhabitant tax will not be imposed on those dividends of listed stocks and other sources that are managed in tax-free accounts opened by securities companies and other financial instruments business operators, etc. and are to be paid within ten years of January 1 of the year that the tax-free account is opened.
  2. Taxation on distributions of cash that exceeds profit
    A distribution of cash in excess of profits that an individual unitholder receives from INV is considered to be a refund of investment contribution and treated as deemed dividend or deemed transfer income.
    (i)  Deemed dividend
    INV will give notice of the amount of deemed dividend to unitholders. The deemed dividend is subject to the same taxation rules as the distribution of profit described above in A.
    (ii)  Deemed transfer income
    The amount other than deemed dividend of the refund of investment contribution is regarded as income on transfer of investment units, etc. Each unitholder assesses the transfer cost (Note 1) corresponding to this transfer income amount and calculates the unit transfer income (gain/loss) (Note 2). The taxation of this transfer income (gain/loss) follows, in principle, the same method as taxation as the unit transfers as described in C below. The adjustment (reduction) is to be made to the purchase price of investment units (Note 3).
    (Note 1)
    Transfer cost = Original purchase price × Percentage of reduction in net worth*
    * The percentage of reduction in net worth will be announced by INV.
    (Note 2)
    Amount of transfer gain or loss = Amount of deemed transfer income - Amount of transfer cost
    (Note 3)
    Purchase price after adjustment = Original purchase price - Amount of transfer cost
  3. Taxation of transfer of investment units
    When a transfer of an investment unit is made by an individual unitholder, the profit of that transfer is, in principle, segregated from other income and separate withholding taxation is applied at a standard rate of 20% (15% income tax, 5% inhabitant tax) as the taxation on transfer of shares, etc. If a transfer loss occurs, setting off this loss against transfer income etc. from other shares or other sources is acceptable tax practice, but it is not possible to offset this loss against other income. In addition, the special reconstruction income tax equivalent to 2.1% of income tax will be separately imposed for the period between January 1, 2013 and December 31, 2037. Note that if a transfer of the investment units of INV is carried out via securities companies and other financial instruments business operators, etc., the following special case will apply.
    (i)  The tax rate of 20% mentioned in the above for separate withholding taxation is reduced to 10% (7% income tax, 3% residential tax) for transfers executed up until December 31, 2013 (The special reconstruction income tax equivalent to 2.1% of income tax will be separately imposed for the period between January 1, 2013 and December 31, 2037.).
    (ii)  If a loss occurs as a result of the transfer of listed stocks or from other sources, in accordance with certain fixed conditions, you may elect to file separate withholding taxation and deduct the amount of losses from dividend income of listed stocks or other sources.
    (iii)  If a loss occurs as a result of the transfer of listed stocks or from other sources and the aggregate total of transfer income from stocks or other sources results in loss because of a restriction on deductions from amounts such as the transfer income from stocks or other sources for the year in which this transfer date belongs, it is possible when filing an annual tax return to execute, in accordance with certain fixed conditions, a carried-forward deduction from the amounts of transfer income from stocks or other sources as well as the dividend income of listed stocks or other sources for which separate withholding taxation is elected, over a three-year period beginning the year after the year of loss.
    (iv)  If transfer income of listed stocks or other sources exists under a specified account (nominated account with the option of tax withholding at source selected) of a securities company, it is acceptable to not declare this income on the grounds that tax has already been withheld at source. The withholding tax rate is 10% (7% income tax, 3% inhabitant tax) for transfers up until December 31, 2013, and 20% (15% income tax, 5% inhabitant tax) for transfers on or after January 1, 2014 (The special reconstruction income tax equivalent to 2.1% of income tax will be separately imposed for the period between January 1, 2013 and December 31, 2037.).
    (v)  When the option of receiving dividend income of listed stocks or other sources through a specified account (nominated account with the option of tax withholding at source selected) of a securities company is selected, and if a loss occurs as a result of transfer of listed stocks or other sources under the nominated account with the option of tax withholding at source, income tax rate is calculated by applying a withholding tax rate corresponding to the amount derived by deducting the amount of transfer loss from the amount of dividends, etc.
    (vi)  Based on the tax-free account system for small-amount listed stocks and other sources that is to be implemented from 2014, if listed stocks and other sources that are managed in tax-free accounts opened by securities companies and other financial instruments business operators, etc. are to be transferred within ten years of January 1 of the year that the tax-free account is opened, the transfer income, etc. will be exempt from income tax and inhabitant tax.

2. Taxation on corporate unitholders

  1. Taxation on distribution of profit
    The distribution of profit that corporate unitholders receive from INV is treated as dividend received and, in principle, taxed at a standard rate of 20% and withheld at source. Any provision that excludes received dividends etc. from being included in gross profit does not apply here. In addition, the special reconstruction income tax equivalent to 2.1% of income tax will be separately imposed for the period between January 1, 2013 and December 31, 2037. Note that the distribution of profit on the listed units of INV is treated as a special case. The withholding tax rate for the income tax on income earned is 7% if received on or before December 31, 2013 and 15% if received on or after January 1, 2014 (The special reconstruction income tax equivalent to 2.1% of income tax will be separately imposed for the period between January 1, 2013 and December 31, 2037.). The portion of this withholding tax is applicable to income tax deductions as prepayment of income tax (The special reconstruction income tax imposed on dividends received by corporate unitholders may be exempt from the special reconstruction corporation tax.).
  2. Taxation on distribution of cash that exceeds profit
    A distribution of cash in excess of profits that a corporate unitholder receives from INV is considered to be a refund of investment contribution and treated as being comprised of deemed dividend or deemed transfer income.
    (i)  Deemed dividend
    (1) INV will notify the amount of deemed dividend to unitholders. The deemed dividend is subject to the same taxation rules as the distribution of profit described above in A.
    (ii)  The amount other than deemed dividend of the refund of investment contribution is regarded as income on transfer of investment units, etc. Each unitholder assesses the transfer cost corresponding to this transfer income amount and calculates the unit transfer income (gain/loss). The adjustment (reduction) is to be made to the purchase price of investment units. The method of calculation of transfer cost, transfer income and adjustment (reduction) in purchase price is the same as for individual unitholders.
  3. Taxation on transfer of investment units
    Transfer income (gain/loss) that has been gained/incurred by a corporate unitholder through the investment unit transfer is, in principle, accounted for as a transfer of marketable securities in the fiscal year in which the transfer date belongs.

3. Taxation on investment corporations

  1. Deduction for profit distribution received etc.
    Under the "Special provision on taxation for investment corporations" of tax law, investment corporations are, if certain fixed conditions are met, allowed to post distribution of profits as loss so as to avoid double taxation on investment corporations and unitholders. The major requirements (conduit requirements) for the distribution of profits to be qualified as allowable loss are as follows:
    (a)  The amount of dividends is over 90% of distributable amount. (Or the amount of cash distribution is over 90% of distributable amount.)
    (b)  The investment corporation does not hold 50% or more of the stocks or a 50% or more stake in other corporations.
    (c)  The investment corporation has not borrowed funds from any lenders other than institutional investors (as stipulated in Article 67-15, Paragraph 1, Item 1-2 (2) of the Act on Special Measures Concerning Taxation)
    (d)  The investment corporation is not a family company in which a single unitholder and its specially related party (or parties) holds over 50% of total investment units issued or of total voting rights at the end of the fiscal year.
    (e)  The Articles of Incorporation of the investment corporation stipulate that over 50% of the total value of investment units will be subscribed in Japan.
    (f)  The investment units issued are held by at least 50 unitholders at the end of the fiscal year.
  2. Relief measure of real estate transaction tax
    (i)  Registration and license tax
    For registration of ownership transfer upon acquisition of real property, in principle, a 2% tax on the standard taxable amount is assessed as registration and license tax. For land, however, the tax rate is 1.3% from April 1, 2011 to March 31, 2012, and 1.5% from April 1, 2012 to March 31, 2013. However, the tax rate for registration and licensing is reduced to 1.1% from April 1, 2011 to March 31, 2012, and 1.3% from April 1, 2012 to March 31, 2013 in accordance with the special provision for properties other than warehouses, etc., if an investment corporation's articles of incorporation stipulates as its asset management policy that the percentage of the total value of specified real estate (real estate, leaseholds of real estate or surface rights, or trust beneficiary rights in trust of real estate, leaseholds of real estate or surface rights) shall be 75% or more of the total value of specified assets (referred to as the "percentage of specified real estate" in (ii) below) and other requirements are met.
    (ii)  Real estate acquisition tax
    When a piece of real estate is acquired, in principle, a 4% tax on the standard taxable amount is assessed as real estate acquisition tax. For land and residential buildings, the tax rate is reduced to 3% until March 31, 2012.
    However, the tax rate is assessed as two-fifth of the standard taxable amount of real estate acquisition tax in accordance with special provisions for the certain properties purchased until March 31, 2013 if an investment corporation's articles of incorporation stipulates as its asset management policy that the percentage of specified real estate shall be 75% or more and other requirements are met. (This applies only those buildings with total lot size of 50m2 or more, in case of residential land and buildings.)

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Information for Unitholders

Administrator of Unitholder Registry Sumitomo Mitsui Trust Bank, Limited
1-4-1, Marunouchi, Chiyoda-ku, Tokyo, Japan
Handling Office
(For mail and inquiries)
Transfer Agent Division		 Sumitomo Mitsui Trust Bank, Limited
2-8-4, Izumi, Suginami-ku, Tokyo 168-0063, Japan
Tel. 0120-782-031 (Toll Free within Japan only)
Corporate website
http://www.smtb.jp/personal/agency/
Contact points: All Branches of Sumitomo Mitsui Trust Bank, Limited in Japan
Account Administrator of Special Accounts
(For mail and inquiries)		 Unitholders of former TGR Investment Inc. who hold a special account
Corporate Agency Division
Mitsubishi UFJ Trust and Banking Corporation
7-10-11 Higashi-Suna, Koto-ku, Tokyo 137-8081
<Telephone center>
Tel. 0120-232-711 (Toll Free within Japan only)
<Automated answering for request of forms>
Tel. 0120-244-479 (Toll Free within Japan only)
Unitholders of former LCP Investment Corporation who hold a special account
Transfer Agent Division
Sumitomo Mitsui Trust Bank, Limited
2-8-4, Izumi, Suginami-ku, Tokyo 168-0063, Japan
Tel. 0120-782-031 (Toll Free within Japan only)