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  2. Greetings

Greetings

Mi-Casa Asset Management Inc. was established in February 2005 as the asset manager for Japan Rental Housing Investments Inc. (listed on Tokyo Stock Exchange in June 2006, Securities Code: 8986, hereafter referred to as "JRH"). JRH, a real estate investment trust (REIT) specialized in rental apartment , has a diversified portfolio in the greater Tokyo area and other major cities (Sapporo, Sendai, Nagoya, Osaka, Fukuoka and such) across Japan.

Since the merger with Prospect Reit Investment Corporation in July 2010, we have realized improvement's in JRH's distributions through measures such as proactive acquisition of new properties and disposition of existing properties, fundamental reinforcement of operations (achieving high occupancy rates) and various cost-reduction initiatives.

Daiwa Securities Group Inc. acquired additional 68.1% shares of Mi-Casa. Mi-Casa became a 98.1% shares owned subsidiary of Daiwa Securities Group Inc. and executed a support agreement with Daiwa Securities Group Inc. to support a sustainable growth of JRH in December 2015.

"Mi Casa" means "my house" in Spanish and we regard "Mi Casa (my house)" as a place to facilitate communication with our investors. We will make further efforts to improve the management and operations in JRH portfolio properties.

Yutaka Higashino President and CEO Mi-Casa Asset Management Inc.

Going forward, all of us at Mi-Casa are resolved to make our best efforts to broadly contribute to society to gain further trust from all of our stakeholders through realizing stable distribution of profits by making much of fiduciary duty over the medium to long term.

We sincerely appreciate your continued support.

Yutaka Higashino President & CEO Mi-Casa Asset Management Inc.

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