Unitholders' Meeting

Important matters relating to Japan Excellent, Inc. are to be determined based on resolutions at the Unitholders' Meeting. Defined under the Law Concerning Investment Trusts and Investment Corporations and the Investment Corporation's Articles of Incorporation, these important matters include changes to the Articles of Incorporation and appointment or dismissal of the executive directors and supervisory directors, as well as policies, targets and other items pertaining to the Investment Corporation's asset management.

The Unitholders' Meeting shall be held in one of Tokyo's 23 Wards, at least once every two years. The next Unitholders' Meeting will be held on October 20, 2011.

Unitholders' Meeting held to date

Held on	Proposals
Oct. 22, 2009	Partial Amendment of the Articles of Incorporation Appointment of an Executive Director Appointment of Deputy Executive Director Appointment of Three Supervisory Directors
Oct. 5, 2007	Partial Amendment of the Articles of Incorporation Appointment of an Executive Director Appointment of Deputy Executive Director Appointment of Three Supervisory Directors Appointment of Accounting Auditor

Number of Properties

23

Asset Size

215,406 million yen

as of December 20, 2011

Occupancy Rate

93.8%

as of December 31, 2011