Daiwa House Residential Investment Corporation ("DHI") recognizes the importance of personal information and shall handle all personal information it receives in accordance with the Act on the Protection of Personal Information (the "Personal Information Protection Act") and other laws and regulations and the guidelines from competent authorities related to the protection of personal information.
DHI shall also appropriately handle, protect and manage personal information in accordance with the following policy (Privacy Policy):

1. Basic Policy regarding the Protection of Personal Information
   DHI has a strong awareness of the importance of the protection of personal information. Accordingly, DHI complies with the Personal Information Protection Act and other laws and regulations and the guidelines from competent authorities related to the protection of personal information, and endeavors to appropriately handle and protect personal information.
   
   In handling personal information, DHI complies with the following matters:
   
   1. DHI shall not obtain personal information through deception or other wrongful means;
   2. DHI shall not, without your consent, handle any personal information it has obtained beyond the scope of the purposes of use specified in advance, unless permitted by law;
   3. DHI shall not, without your consent, provide to any third party any personal information it has obtained, unless permitted by law;
   4. DHI shall make efforts to keep personal information it has obtained accurate and current to the extent necessary to achieve the purposes of use; and
   5. DHI shall take necessary and appropriate measures to prevent divulgence, loss, or damage of personal information it has obtained and to manage the safety of personal information.
2. Obtaining Personal Information
   DHI shall obtain personal information in a legal and appropriate manner to the extent necessary to achieve the purposes of use described in Item 3 below. Further, prior to obtaining personal information, DHI shall state the purposes of use of that personal information on its website or by other means and if DHI receives personal information directly from you in writing or through a webpage or other means, DHI shall specify the purposes of use of that personal information in advance. If, however, the purposes of use of personal information are obvious from the circumstances at the time that personal information is obtained or are otherwise pursuant to laws and regulations, DHI may omit to specify the purposes of use of that personal information.
   
3. Purposes of Use of Personal Information
   DHI shall handle personal information only to the extent necessary for the following purposes of use. DHI shall promptly state the details of any change to the purpose of use:
   
   1. To exercise rights and perform obligations under the Act on Investment Trusts and Investment Corporations (the "Investment Trust Act") and other laws and regulations and other rules applicable to DHI;
   2. For DHI's acquisition, sale, leasing and management of properties (including real estate pertaining to trust beneficiary interests; the same hereafter) and the examination, consideration, etc. concerning such (including identification, credit check, rights relations research, etc.);
   3. To collect rent, repay leasehold deposits and engage in other leasing services for the properties that are or were held by DHI;
   4. To provide information on business operations to DHI's unitholders (the "Unitholders");
   5. To handle businesses concerning the exercise of the rights of the Unitholders and performance of the obligations of DHI prescribed in the laws and regulations and other rules applicable to DHI, such as sending asset management reports, convocation notices of general meetings of unitholders, and dividend payment notices to the Unitholders;
   6. To prepare unitholders registry and other data pursuant to the Investment Trust Act and other laws, regulations and rules applicable to DHI and to manage Unitholders by using the prepared unitholders registry and other data of DHI;
   7. To respond to inquiries or requests for documents, etc. from potential purchasers of the securities issued by DHI;
   8. To issue investment corporation bonds and offer investment units of DHI;
   9. To borrow funds on behalf of DHI;
   10. To respond to inquiries from the Unitholders;
   11. To carry out account settlements and other businesses pertaining to accounting and tax matters of DHI; and
   12. To carry out any services incidental or related to any of the above items.
4. Provision and Disclosure of Personal Information to Third Parties
   DHI shall not provide or disclose to any third party any personal information it holds unless:
   
   1. You consent to that provision or disclosure in writing;
   2. It is required to provide or disclose personal information by laws and regulations;
   3. It is necessary to provide or disclose personal information for the purpose of protecting life, body or property and it is difficult to obtain your consent;
   4. It is particularly necessary to provide or disclose personal information for the purpose of improvement of public health or promotion of sound development of children and it is difficult to obtain your consent;
   5. It is necessary to cooperate with a national governmental organ or a local government or its delegate which performs the affairs stipulated by laws and regulations, and it is likely to impede the performance of affairs to obtain your consent;
   6. DHI provides personal information to the service providers (including Daiwa House Asset Management Co., Ltd.) under the supervision of DHI to the extent reasonably necessary to achieve the purposes of use;
   7. DHI provides or discloses personal information in a condition such as statistical data in which it is impossible to identify you; or
   8. Otherwise permitted to provide or disclose personal information under the Personal Information Protection Act.
5. Proper Management of Personal Information
   DHI shall endeavor to keep personal information it has obtained accurate and current to the extent possible, and shall endeavor to properly manage personal information by taking necessary and appropriate measures to prevent divulgence, loss, damage, destruction, misuse, modification, etc. of personal information and to manage safety of personal information. Further, as a registered investment corporation, DHI delegates asset management services and general administration services under the Investment Trust Act, but DHI shall conduct necessary and appropriate supervision of its service providers by striving to make strict safety management measures a requirement of its service providers and taking other measures to prevent divulgence, loss, damage, destruction, misuse, modification, etc. of personal information that you provide.
   
6. Disclosure, etc. of Personal Information
   If you make any request concerning personal information, DHI shall first confirm your identity in accordance with prescribed procedures before responding to any request for disclosure, correction, addition, deletion, suspension of use, elimination or suspension of provision to third parties pursuant to laws and regulations (collectively the "Disclosure, etc."). If, however, you wish to make a correction, addition or deletion of any registered matter in the unitholders registry, please contact the unitholder registration operator provided at the end of this Privacy Policy.
   

7. Contact Details
   If you have any question regarding the details of this Privacy Policy or any request for the disclosure, etc., please contact the following. You will be instructed on all necessary procedures.
   Inquiries are accepted from 9 am to 6 pm on weekdays.

   Name	Daiwa House Asset Management Co., Ltd., Administration & Accounting Department (The asset manager of DHI)
   Address	7th Floor, Nissei Nagatacho Building, 2-4-8 Nagatacho, Chiyoda-ku, Tokyo 100-0014
   Tel	+81-3-3595-1151

   For inquiries regarding matters registered in the unitholders registry and administrative matters, please contact the unitholder registration operator provided below.

   Name	Sumitomo Mitsui Trust Bank, Limited Stock Transfer Agency Department
   Address	2-8-4 Izumi, Suginami-ku, Tokyo
   Tel	0120-782-031 (toll-free within Japan only) (9 am to 5 pm on weekdays)

8. Ongoing Improvement of Framework for the Protection of Personal Information
   DHI will strive to revise this Privacy Policy in the event of amendment or elimination of laws, regulations, etc. or otherwise as necessary to enhance and improve its initiatives for the protection of personal information.