アドバンス・レジデンス投資法人（3269） – Notice Concerning Various Changes Made at the New Merged Company

For Immediate Release Thursday, March 17, 2022 Advance Residence Investment Corporation Securities Code：3269 1-105 Kanda-Jinbocho, Chiyoda-ku, Tokyo Wataru Higuchi, Executive Director Asset Management Company: AD Investment Management Co., Ltd. Takeshi Takano, President Inquiries: Isao Kudo, Director TEL. +81-3-3518-0480 Notice Concerning Various Changes Made at the New Merged Company As stated in the Notice Concerning Execution of Merger Agreement by AD Investment Management Co., Ltd., Asset Management Company dated January 27, 2022 (“ADR Timely Disclosure dated January 27, 2022” hereinafter), AD Investment Management Co., Ltd. (“ADIM”), the asset management company to which Advance Residence Investment Corporation (“ADR”) entrusts the management of its assets, executed an absorption-type merger agreement with ITOCHU REIT Management Co., Ltd. (“IRM”) with ADIM as the surviving company (the “Merger,” with ADIM after the Merger to be referred to as the “New Merged Company”). The composition of corporate officers and decision-making process for the New Merged Company is as stated below. 1. Change of Directors (1) Candidate to be newly elected (Date: June 1, 2022) At the meeting of the board of directors held today, ADIM resolved to propose the following candidates as Corporate Directors to be newly elected at the General Shareholders’ Meeting scheduled on April 1, 2022. Representative Director Junichi Shoji *Scheduled to be appointed as the Representative Director at the Board of Directors meeting to be held on (Currently Representative Director, President & CEO of IRM) June 1, 2022. Corporate Director (non-executive) Kazuhito Akamatsu Please refer to the attachment for the candidates’ brief career summary. 1 (2) Candidates to resign (as of May 31, 2022) Corporate Director (executive) Corporate Director (executive) Corporate Director (executive) Hiroshi Kawakami (scheduled to be elected as Senior Executive Officer at the Board of Directors’ meeting on June 1, 2022) Tomoyuki Kimura (scheduled to be elected as Executive Officer at the Board of Directors meeting to be held on June 1, 2022) Isao Kudo (scheduled to be elected as Executive Officer at the Board of Directors meeting to be held on June 1, 2022) Yusuke Takasaka Corporate Director (non-executive) (3) Introduction of executive officer system and composition of officers at the New Merged Company The New Merged Company is scheduled to introduce an executive officer system which will separate management and business execution, and we aim to expedite decision-making and further enhance our governance with the new system. Composition of new corporate officers scheduled to be appointed as of June 1, 2022 is as follows. Name New Title Previous Title Junichi Shoji Representative Director, President & CEO IRM Representative Director, President & CEO Takeshi Takano ADIM President & CEO Director and Executive Vice President, and Executive Officer in charge of Residence Division and Engineering Division General Manager of Engineering Division Senior Managing Director and Executive Officer Logistics charge Division/Private Capital Division of in Managing Director and Executive Officer and in charge of General Affairs Management and Accounting Division General Manager of General Affairs and Management Division Division/Finance Kenji Kousaka Takashi Ogata Hiroshi Kawakami Senior Executive Officer in charge of Private Capital Division Tomoyuki Kimura Isao Kudo Executive Officer in charge of Logistics Division General Manager of Logistics Division and Logistics REIT Department Executive Officer in charge of Residence Division General Manager of Residence Division Senior Managing ADIM Director In charge of Investment and Asset Management Division II ADIM Managing Director General Manager of Corporate Management Division ADIM Managing Director General Manager of Human Resources & General Affairs in charge of Division and Investment Asset and Management Division II ADIM Director General Engineering Division Manager of ADIM Corporate Director General Investment Manager and of Asset 2 Kazuhito Akamatsu Corporate Director (non-executive) – Hironori Izumi Corporate Director (non-executive) Motomu Kurose Corporate Director (non-executive) Shoichi Suzuki Corporate Auditor (executive) Toshiki Kadono Corporate Auditor (non-executive) Kazuhiro Tsuchida Corporate Auditor (non-executive) Management Division I ADIM Corporate Director (non-executive) ADIM Corporate Director (non-executive) ADIM Corporate Auditor (executive) ADIM Corporate Auditor (non-executive) ADIM Corporate Auditor (non-executive) *Representative Directors and Executive Officers are scheduled to be appointed at the Board of Directors meeting to be held on June 1, 2022. [Organizational Chart for the New Merged Company (effective June 1, 2022, planned)] *Repost from ADR timely disclosure contents as of January 27, 2022 3 2. Investment management decision-making structure and flow related to compliance and interested parties, etc. stated below. In principle, ADIM’s decision-making flow and structure before the merger will be adopted as they are. The decision-making flow for asset management transactions, etc., by the New Merged Company is as Required filings and other procedures in relation to various changes associated with the Merger will be performed in compliance with applicable laws, ordinances, and regulations. *ADR’s website: https://www.adr-reit.com/en/ About Advance Residence Investment Corporation Advance Residence Investment Corporation is the largest residential J-REIT, investing in over 270 rental apartments located mostly in central Tokyo and in other major cities throughout Japan (AUM over 460 billion yen). ADR can be expected to have a stable dividend in the long term and can be considered as a defensive J-REIT, utilizing the stable income from residential assets and with the largest dividend reserve among J-REITs. ADR’s website: https://www.adr-reit.com/en/ End 4 [Appendix] Brief Career Summary of Candidates for Directors Name (Date of Birth) Junichi Shoji (June 26, 1965) Title Representative Director, President & CEO Brief Career History April 1988 Joined ITOCHU Corporation April 1999 Seconded to Century 21 Real Estate of Japan Ltd. (Tokyo) April 2002 April 2007 April 2009 April 2010 Appointed Manager of Osaka Construction & Realty Department No. 1, Osaka Construction & Realty Division of ITOCHU Corporation Appointed Chief Planning Manager of Construction & Realty Department Appointed Manager of Construction & Realty Department No. 1, Construction & Realty Division No. 1 Appointed Deputy General Manager of Construction & Realty Division No. 1 April 2012 Seconded to AD Investment Management Co., Ltd. Appointed to Senior Officer June 2012 October 2016 February 2017 Appointed Managing Director & Chief Financial Officer Appointed the Senior Officer Construction, Realty & Logistics Division, ITOCHU Corporation of Representative Appointed President & CEO, Management Co., Ltd. (current position) Director, ITOCHU REIT May 2018 Appointed Executive Director of IAL (current position) 5 Name (Date of Birth) Kazuhito Akamatsu (November 28, 1966) Title Corporate Director (non-executive) Brief Career History April 1991 Joined ITOCHU Corporation June 2007 April 2011 April 2012 April 2016 April 2019 April 2021 June 2021 July 2021 Seconded to AD Investment Management Co., Ltd. Director Appointed Head of Affiliate Administration Section, Construction & Realty Department No. 1, ITOCHU Corporation Planning & Appointed Manager, Administration Section, Construction & Finance Division Appointed Deputy General Manager, Construction & Realty Department No. 1 Appointed Deputy General Manager, Construction & Realty Department No. 2 Appointed Director (part-time), ITOPIA Asset Management Co., Ltd. (current position) Appointed Director Century 21 Real Estate of Japan Ltd. (current position) Appointed Director Mercuria Holdings Co., Ltd. (current position) (non-executive), (outside director), 6