Daiwa House Asset Management Co., Ltd.

Connecting Hearts　Daiwa House Asset Management Co., Ltd. is an asset manager of Daiwa House REIT Investment Corporation.

MESSAGE

Daiwa House Asset Management Co., Ltd. (the “Asset Manager”) is the asset manager of real estate funds including J-REIT. Established in September 2004, we have provided asset management to Daiwa House REIT Investment Corporation (securities code: 8984), which is a “diversified J-REIT” listed on the Tokyo Stock Exchange. We also provide investment management and advice to private funds using the know-how and human resources cultivated through J-REIT.

Daiwa House REIT Investment Corporation has worked towards establishing a compliance structure that emphasizes effectiveness and appropriate and timely disclosure that emphasizes transparency, while focusing on logistics, residential, retail, and hotel properties as the core asset classes by making full use of the comprehensive strengths of its sponsor, the Daiwa House Group, for planning, development, construction, tenant leasing, administration, and management.
We believe that including environmental, social, and governance (“ESG”) considerations in real estate investment management operations and advisory services contributes to ensuring stable revenue and steady growth of assets over the medium to long term. We will work to further increase the corporate value focusing on ESG through our businesses.

In our operational management going forward, by carefully paying attention to changes in the market environment and with the cooperation of the Daiwa House Group, we aim to secure steady growth in assets under management and stable profits over the medium- to long-term. In order to meet expectations of our unitholders and investors, as well as to contribute to the development of the real estate fund industry including J-REIT as a whole, we will make every effort for the development of our business.
We sincerely ask for your continued warm support and encouragement in the future.

Koichi TsuchidaPresident and CEO

Daiwa House Asset Management Co., Ltd.

CONCEPT

We carry out investment in and management of real estate, using the comprehensive strengths of the
Daiwa House Group, aiming for our ideal of continuous expansion in investment value of investors by ensuring stable revenue and steady growth of assets over the medium to long term.

PROFILE

Company Name	Daiwa House Asset Management Co., Ltd.
Address	7th Floor, Nissei Nagatacho Building, 2-4-8 Nagatacho, Chiyoda-ku, Tokyo 100-0014 MAP One minute walk from Tameike-sanno Station (Exit 8) TEL : +81-3-3595-1151
Founded	September 1, 2004
Paid-in Capital	300,000,000 yen
Shareholders	Daiwa House Industry Co., Ltd. 100%
Representative	Koichi Tsuchida, President and CEO
Registrations, licenses	Building Lots and Building Transaction Business License: No. (4) 83758, issued by Governor of Tokyo Discretionary Transaction Agent: No.32, issued by the Minister of Land, Infrastructure and Transport Financial Instruments Firm, Kanto Finance Bureau (registration): No. 409

As of September 1, 2016

ORGANIZATION

President and CEO Compliance Officer Compliance Department Investment Department Administration and Accounting Department Fund Management Department Asset Management Department Fund Management Department Asset Management Department Compliance Committee Daiwa House REIT Investment Management Committee Private Fund Investment Management Committee Management Finance Committee Sustainability Promotion Department Organization

Department	Allocation of Duties
President and CEO	General management of the execution of overall businesses of the Asset Manager
Compliance Officer	Planning, drafting and promotion of general compliance Verification of compliance with laws and regulations and risk management with respect to overall businesses Verification of appropriateness of handling of complaints, etc. Verification of appropriateness of management of information General management of internal auditing General management of business execution of the Compliance Department Other matters attendant upon or related to the above items
Compliance Department	Verification and supervisory guidance of compliance with laws, regulations, and internal company rules, etc. Drawing up policies and plans for internal auditing, and carrying out internal auditing Matters related to compliance policy Matters related to laying out and revising compliance manuals Matters related to implementation of compliance-related in-house training Matters related to drawing up and enforcing a structure to eliminate antisocial forces Matters related to litigation actions and execution and preservation actions Matters related to verification of the state of risk management Screening of advertisements and appropriateness of disclosed information Other matters attendant upon or related to the above items
Sustainability Promotion Department	Matters related to sustainability-related policy, strategy development, and planning Matters related to sustainability-related research and analysis Matters related to sustainability-related disclosure Matters related to global environmental issues such as climate change Matters related to membership and signatures to environmental organizations, etc. Matters related to obtaining and responding to sustainability-related evaluations Matters related to overall sustainability-related management of the portfolio of DHR and individual funds (the “Private Fund”) for which the Asset Manager has entered into investment advisory or discretionary investment management agreements and the Asset Manager Matters related to obtaining and responding to environmental certifications and other environmental measures of the assets held by DHR and the Private Fund Matters related to implementation of sustainability-related in-house training and other activities Matters related to operations of the Sustainability Committee Other matters attendant upon or related to the above items
Investment Department	Matters related to acquisition and disposition of properties related to the investment management business and investment advisory business Research and analysis of real estate transaction market Collection and analysis of investment information Other matters attendant upon or related to the above items
Fund Management Department Daiwa House REIT Division	Matters related to DHR’s management planning Matters related to DHR’s capital policy, finance strategy, and fund raising Matters related to developing and planning of DHR’s portfolio strategy Matters related to overall management of DHR’s portfolio Matters related to DHR’s dividend policy and earnings distribution Matters related to DHR’s advertising, marketing, and public relations activities Matters related to DHR’s timely disclosure of information of DHR Research and analysis of real estate market, financial and capital markets, and real estate investment trust market Other matters attendant upon or related to the above items
Asset Management Department Daiwa House REIT Division	Matters related to management of assets of DHR Matters related to overall operation and management of DHR’s portfolio assets Matters related to additional investment in DHR’s portfolio assets Other matters attendant upon or related to the above items
Fund Management Department Private Fund Division	Matters related to strategy development and planning of the Private Fund Matters related to fund raising of the Private Fund Matters related to account settlement of the Private Fund Other matters attendant upon or related to the above items
Asset Management Department Private Fund Division	Matters related to advisory service regarding acquisition, disposition, and investment management of assets under the investment advisory agreements, or executory service regarding acquisition, disposition, and investment management under the discretionary investment agreements, and other ancillary services Matters related to advisory service or executory service regarding overall operation and management of portfolio assets of the Private Fund that a customer acquires through an investment advisory agreement or discretionary investment agreement Matters related to advisory service or executory service regarding additional investment to portfolio assets of the Private Fund that a customer acquires through an investment advisory agreement or discretionary investment agreement Other matters attendant upon or related to the above items
Administration and Accounting Department	Matters related to management planning Matters related to general affairs, human resources, public relations, and accounting Matters related to accounting of DHR Matters related to information security Managing corporate-related information to prevent insider trading Matters related to information systems Matters related to personal information Receipt of complaints, etc. Matters related to filings with public authorities Matters related to dealing with unitholders and general unitholders meetings Matters related to operations of general shareholders meetings and board of directors meetings Matters related to execution, termination, and amendment of the asset management agreements Acting as a contact point for industry groups and other parties Matters related to documentation and management of account books and reports as the department responsible for organizing documents Other matters attendant upon or related to the above items
Compliance Committee	Deliberations and resolutions on transactions with interested parties (defined in the “Interested - Party Transaction Rules”) in the investment management business and investment advisory business Deliberations or resolutions on compliance with respect to matters for resolutions at board of directors meetings other than those matters set out in the preceding item Deliberations or resolutions on compliance of other matters that the Compliance Officer requires deliberations or resolutions at meetings of the Compliance Committee Verification of risks and risk management concerning asset management pertaining to the investment management business and investment advisory business Other deliberations or resolutions related to matters attendant upon or related to the above items
Sustainability Committee	Deliberations and resolutions on sustainability-related policy and strategy development Deliberations and resolutions on execution of sustainability-related operations Other deliberations or resolutions related to matters attendant upon or related to the above items
Daiwa House REIT Investment Management Committee	Deliberations and resolutions on basic matters of DHR Deliberations and resolutions regarding DHR’s investment policy Deliberations and resolutions regarding the acquisition, disposition, and investment management of DHR’s assets Deliberations and resolutions, etc. on important matters concerning management planning, finance, accounting, and IR of DHR Other deliberations or resolutions related to matters attendant upon or related to the above items
Private Fund Investment Management Committee	Deliberations and resolutions regarding strategy development of the Private Fund Deliberations and resolutions regarding advisory service for acquisition, disposition, and investment management of assets under the investment advisory agreements, or executory service for acquisition, disposition, and investment management under the discretionary investment agreements, and other ancillary services. Deliberations and resolutions regarding fund raising of the Private Fund Deliberations and resolutions regarding other matters attendant upon or related to the above items

(note) “DHR” shall mean Daiwa House REIT Investment Corporation, with which the Asset Manager has an asset management agreement. The same hereinafter.