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General Meeting of Unitholders

According to the provisions of the Investment Trust and Investment Corporation Law, certain items concerning Frontier Real Estate Investment Corporation ("FRI"), such as amendments to the Articles of Incorporation or the appointment or dismissal of executive directors or supervisory directors, are to be determined at the General Meeting of Unitholders composed of FRI's investors.

Under the Articles of Incorporation, FRI is to hold the General Meeting of Unitholders at a location within the wards of Tokyo.

At the Fourth General Meeting of Unitholders held on March 23, 2012, every item to be voted on was approved as originally proposed.

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