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Basic Policy on Customer-first Operations

Basic Policy on Customer-first Operations

1. Formulation and publication of policies
Mi-Casa Asset Management Inc. strives to achieve operations that put the customer first, and periodically publish the state of these efforts based on the "Principles for Customer-Oriented Business Conduct" announced by the Financial Services Agency on March 30, 2017, "Basic Policy on Customer-first Operations" announced by Daiwa Securities Group Inc., the parent company of Mi-Casa Asset Management, on June 8, 2017 and this policy formulated specializing in the business field of the company.
In addition, we periodically revise the policy to continuously improve operations.
2. Seeking the best interests of customers
We maintain corporate ethics and independence and conduct businesses for customers in a sincere and fair manner as an asset management company of Japan Rental Housing Investments Inc. (hereafter referred to as the "Investment Corporation"), which is a listed REIT. In addition, we seek the best interests of customers through operation and risk management based on a high level of expertise and skills.
3. Appropriate management of conflicts of interest
We established the "Rules on Dealings with Interested Parties" as voluntary rules in addition to restrictions on transactions with interested parties, etc., defined in the Law Concerning Investment Trusts and Investment Corporations (hereinafter referred to as the "Investment Trusts Law") and manage transactions, etc., that are likely to cause conflicts of interest.
4. Clarification of fees, etc.
We disclose the calculation method and amount of asset management fees on the Investment Corporation's website and in disclosure materials such as securities reports in a readily understandable way.
5. Provision of important information in a manner that is easy to understand
We provide various information on the Investment Corporation's website as needed, as well as proactively conduct individual IR activities for domestic and overseas institutional investors and briefing sessions for individual investors to ensure that customers understand the management status and policies of the Investment Corporation.
6. Provision of services suited to customers
We aim to enrich the information provided on the Investment Corporation's website and are also proactively holding IR meetings for investors to ensure that customers deeply understand and empathize with our management.
7. Framework for appropriately motivating employees, etc.
We aim to clarify and achieve our management policy as an asset management company in order to continuously improve customer-first operations. We have maintained the performance evaluation system linked to the increase and decrease in distributions per unit of the Investment Corporation. In addition, we conduct compliance training and recommend obtaining various qualifications to foster employees with integrity and a high level of expertise.

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Efforts on Customer-first Operations (2017)

Mi-Casa Asset Management is making the following efforts concerning customer-first operations.

(Appropriate management of conflicts of interest)

We make appropriate and reasonable judgements based on the Investment Trusts Law and the Rules on Dealings with Interested Parties, which are voluntary rules, when conducting transactions that are likely to cause conflicts of interest with the Investment Corporation. Furthermore, important transactions are examined at the compliance committee that require the approval of an outside expert (lawyer) and are checked by a third party.
Please also refer to the Investment Corporation's securities report and "Report on the Management Structure and System of the Issuer of Real Estate Investment Trust Units and Related Parties" submitted to the Tokyo Stock Exchange by the Investment Corporation for the efforts on dealing with conflicts of interest and the status of transactions with an interested party, etc.
●Securities Report "Part II [Detailed Information on the Investment Corporation] 3. [Management and Operation] 2 [Restrictions on Transactions with Interested Parties]"
(Japanese only) http://www.jrhi.co.jp/ja_cms/ir/doc.html

●Report on the Management Structure and System of the Issuer of Real Estate Investment Trust Units and Related Parties "2. Management Structure and System of the Investment Corporation and Asset Management Company (3) Efforts on Conflict of Interest Transactions, etc., 3. Transactions with Sponsor Companies, etc."
(Japanese only) http://www.jrhi.co.jp/site/file/tmp-NjUps.pdf

(Clarification of fees, etc.)

Please refer to the following websites for the asset management fee which Mi-Casa Asset Management has received from the Investment Corporation.
●Calculation method: Articles of Incorporation of the Investment Corporation Attachment 1 "Asset Management Fee for the Asset Management Company"
(Japanese only) http://www.jrhi.co.jp/site/file/tmp-znetk.pdf

●Amount: Semi-annual Report “IV. Statement of Operations”
http://www.jrhi.co.jp/en_cms/ir/doc.html

(Provision of important information in a manner that is easy to understand)

The status of IR activities conducted from January to December 2017 to ensure that customers understand the management status of the Investment Corporation is as follows
Financial results briefing for domestic institutional investors, analysts, etc. Twice (May 16 and November 16, 2017)
One-on-one meetings with domestic institutional investors 115
One-on-one meetings with overseas institutional investors (Australia, Asia, Europe and U.S.) 47
Participation in presentations for retail investors arranged by securities companies, etc. 6 times
Holding the fiscal period performance update presentations for JRH unitholders in Tokyo, Nagoya, Osaka and Fukuoka twice
Please refer to the "IR Policy," etc., posted on the Investment Corporation's website for the efforts on information disclosure.
(Japanese only) http://www.jrhi.co.jp/ir/ir-policy.html

(Framework of officers and employees)

We conduct compliance training every month and enhance awareness of fiduciary duties among officers and employees to improve their integrity and expertise.
We recommend officers and employees to obtain qualifications such as "Real Estate Notary" which is deeply related to our business and "ARES Certified Master" of the Association for Real Estate Securitization (ARES) to improve their expertise.
●Number of people holding qualifications as of the end of December 2017 Real Estate Notary 23
ARES Certified Master 7
   
We proactively promote work-life balance to ensure that officers and employees can demonstrate their skills
●Percentage of employees who took paid holidays in fiscal 2016 (April 2016 to March 2017) 54.7%

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