The ITOCHU Collaboration

ADR will achieve its basic strategy through multi-dimensional support such as the provision of properties, the sourcing of property information and property management by optimally applying the strong business foundation of the ITOCHU Group and its support companies.

The ITOCHU Corporation has been involved in domestic, import, export and overseas trading of fabrics, machinery, information and telecommunications-related products, as well as metals, petroleum and other areas related to energy, along with lifestyle materials and products, chemical products, food products and various other products since its founding in 1858, nearly 150 years ago. ITOCHU has evolved in the years since its founding to become a company involved in an even more opulent array of fields that invests in various businesses including general insurance, finance, construction, real estate, warehousing and incidental and related businesses, and it has continued to grow.

The real estate business of ITOCHU is broad in scope and encompasses the globe with aggressive business development in condominiums, residential land, office buildings, hotels, golf courses and industrial parks. This amazing breadth of experience and know-how has been applied to promote diverse businesses that meet the needs of today in a timely manner. These fields range from real estate consulting to securitization.

In residential related businesses, ITOCHU provides specialized services built around a nucleus of business corporations that deliver to the market everything from the development, construction and sale of housing to the management, rental and distribution of homes. In the area of real estate "solutions," ITOCHU provides traditional construction contracting and consulting services, but also has incorporated the latest real estate securitization and other recent financing techniques to develop retail facilities, and to originate and manage rental housing development funds. As such, ITOCHU is planning an array of construction projects, proposing various business structures and coordinating related parties in the commercialization of significant business projects.

Founded	1858
Incorporated	1949
Offices	17 in Japan and 133 overseas
Paid-in capital	202,241 mm yen
No. of employees	4,122
Listed stock markets	Tokyo, Osaka, Nagoya, Fukuoka and Sapporo
Website	http://www.itochu.co.jp/

	Collaboration with the ITOCHU Group

	Acquisition of Properties from ITOCHU Support Line Companies

ADR and its asset management company are fully utilizing ITOCHU support line companies to enable steady growth over the medium to long term. In particular, ADR emphasizes the securing of first options to acquire properties that have been planned and developed by ITOCHU support line companies boasting a wealth of experience in developing for-sale condominiums or through related SPCs (Note).

Note:

Related SPCs are SPCs for which ITOCHU support line companies conduct asset management, and in which they make silent partner investments.

We are convinced that this will enable ADR to secure opportunities to acquire new properties of sustained quality based on the condominium development know-how of ITOCHU support line companies. In addition to increasing the development of properties that meet the investment policy of ADR, we believe that the exchange of information on the rental market, debate on and examination of the commercial viability of rental housing issued between the asset manager and ITOCHU support line companies will generate even more opportunities for ADR to acquire properties.

From the perspective of "sustaining medium- to long-term competitiveness as rental apartments," the ITOCHU support line companies seek to leverage the ITOCHU Group's collective strength in housing operations and plan, develop and operate the "Artis" series based on the following three concepts.