ITOCHU Advance Logistics Investment : Notice Concerning Various Changes made at the New Merged Company

March 17, 2022

For immediate release

Real Estate Investment Trust Securities Issuer: ITOCHU Advance Logistics Investment Corporation 3-6-5 Kojimachi, Chiyoda-ku, Tokyo, Japan

Representative: Junichi Shoji, Executive Director (Securities Code: 3493)

Asset Management Company:

ITOCHU REIT Management Co., Ltd.

Representative:	Junichi Shoji, Representative Director,
	President & CEO
Inquiries:	Hiromu Shinoda, GM, Finance &Planning
	Department

TEL: [phone]

Notice Concerning Various Changes made at the New Merged Company

As stated in the "Notice Concerning Execution of Merger Agreement of ITOCHU REIT Management Co., Ltd. , Asset Management Company" dated January 27, 2022, ITOCHU REIT Management Co., Ltd. (hereinafter "IRM"), the asset management company to which ITOCHU Advance Logistics Investment Corporation (hereinafter "IAL") entrusts the management of its assets, has entered into a merger agreement with AD Investment Management Co., Ltd. (hereinafter "ADIM")(hereinafter the "Merger" and the new merged company "New Merged Company"), the asset management company to which Advance Residence Investment Corporation (hereinafter "ADR") entrusts the management of its assets as ADIM as the surviving company of the absorption-type merger. The composition of corporate officers and decision- making process for the New Merged Company is as stated below.

1. Change of Directors

1. Newly Appointed Directors (effective June 1, 2022)
   At the Board of Directors meeting of ADIM held today, a resolution was passed to submit a proposal to the General Meeting of Shareholders to be held on April 1, 2022, for the appointment of the following new directors.

Representative Director	Junichi Shoji	(currently Representative Director, President & CEO of IRM)
		*Scheduled to be appointed as the Representative Director at the Board of
		Directors meeting to be held on June 1, 2022.
Director (non-executive)	Kazuhito Akamatsu

Please refer to the attachment for the candidates' brief career summary.

(2) Candidates to resign (effective May 31, 2022)
Corporate Director (executive)	Hiroshi Kawakami
	(scheduled to be elected as Senior Executive Officer at the Board of
	Directors' meeting on June 1, 2022)
Corporate Director (executive)	Tomoyuki Kimura
	(scheduled to be elected as Executive Officer at the Board of
	Directors meeting to be held on June 1, 2022)
Corporate Director (executive)	Isao Kudo
	(scheduled to be elected as Executive Officer at the Board of
	Directors meeting to be held on June 1, 2022)
Corporate Director (non-executive)	Yusuke Takasaka

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(3) Introduction of executive officer system and composition of officers at the New Merged Company

The New Merged Company will 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

Director and Executive Vice President, and

Takeshi Takano

Executive Officer in charge of Residence

ADIM President & CEO

Division and Engineering Division

General Manager of Engineering Division

Senior Managing Director and Executive

ADIM

Senior

Managing

Director

Kenji Kousaka

Officer

in

charge

of

Logistics

In charge of Investment and

Division/Private Capital Division

Asset Management Division II

Managing Director and Executive Officer

in charge

of

General

Affairs

and

ADIM Managing Director

Management

Division/Finance

and

Takashi Ogata

General Manager of Corporate

Accounting Division

Management Division

General Manager of General Affairs and

Management Division

ADIM Managing Director

General

Manager

of

Human

Hiroshi Kawakami

Senior Executive

Officer

in charge

of

Resources

&

General Affairs

Private Capital Division

Division

and

in

charge

of

Investment

and

Asset

Management Division II

Executive

Officer

in charge of

Logistics

ADIM Director

Division

Tomoyuki Kimura

General

Manager

of

General Manager of Logistics Division and

Engineering Division

Logistics REIT Department

Executive Officer in charge of Residence

ADIM Corporate Director

General

Manager

of

Isao Kudo

Division

Investment

and

Asset

General Manager of Residence Division

Management Division I

Kazuhito Akamatsu

Corporate Director (non-executive)

-

Hironori Izumi

Corporate Director (non-executive)

ADIM

Corporate

Director

(non-executive)

Motomu Kurose

Corporate Director (non-executive)

ADIM

Corporate

Director

(non-executive)

Shoichi Suzuki

Corporate Auditor (executive)

ADIM

Corporate

Auditor

(executive)

Toshiki Kadono

Corporate Auditor (non-executive)

ADIM

Corporate

Auditor

(non-executive)

Kazuhiro Tsuchida

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.

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[Organization Chart of the New Company (as of June 1, 2022)] Reiteration of IAL Timely Disclosure dated January 27, 2022

2. Investment management decision-making structure and flow related to compliance and interested parties, etc.

In principle, the same decision-making flow and structure as that of ADIM before the merger will be adopted. The decision-making flow chart for IAL's asset management transactions, etc. in the New Company after the Merger is as follows.

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.

IAL's corporate website:https://www.ial-reit.com/en/

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[Appendix]

Brief Career Summary of Candidates for Directors

Title

Name

Brief Career History

(Date of Birth)

Representative

Junichi Shoji

April 1988

Joined ITOCHU Corporation

Director,

(June 26, 1965)

President &

Seconded

to

Century

21

Real

Estate

of

CEO

April 1999

Japan Ltd. (Tokyo)

Appointed Manager of Osaka Construction

& Realty Department No. 1, Osaka

April 2002

Construction & Realty Division of

ITOCHU Corporation

April 2007

Appointed

Chief

Planning

Manager

of

Construction & Realty Department

Appointed Manager of Construction &

April 2009

Realty Department No. 1, Construction &

Realty Division No. 1

April 2010

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

Appointed

Managing

Director

&

Chief

Financial Officer

Appointed Senior Officer of the

October 2016

Construction, Realty & Logistics Division,

ITOCHU Corporation

February

Appointed

Representative

Director,

President

&

CEO,

ITOCHU

REIT

2017

Management Co., Ltd. (current position)

May 2018

Appointed

Executive

Director

of

IAL

(current position)

Title

Name

Brief Career History

(Date of Birth)

Corporate

Kazuhito Akamatsu

April 1991

Joined ITOCHU Corporation

Director

(November 28, 1966)

(non-

Seconded to AD Investment Management

executive)

June 2007

Co., Ltd.

Director

Appointed Head of Affiliate Administration

April 2011

Section, Construction & Realty Department

No. 1, ITOCHU Corporation

Appointed

Manager,

Planning

&

April 2012

Administration Section,

Construction

&

Finance Division

April 2016

Appointed

Deputy

General

Manager,

Construction & Realty Department No. 1

April 2019

Appointed

Deputy

General

Manager,

Construction & Realty Department No. 2

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			Appointed Director (part-time), ITOPIA
		April 2021	Asset Management Co., Ltd. (current
			position)
			Appointed	Director	(outside director),
		June 2021	Century 21 Real Estate of Japan Ltd.
			(current position)
			Appointed	Director	(non-executive),
		July 2021	Mercuria Holdings Co., Ltd.
			(current position)

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