Distribution Policy

Japan Rental Housing Investments, Inc. (“the Investment Corporation”) shall in principle conduct distributions according to the following policy.

1. Distribution of Income

(1) Distributable amount from asset management of the Investment Corporation (“the Distributable Amount”) shall refer to the profit defined in the Article 136, Paragraph 1 of the Investment Trusts Law.

(2) If monetary distribution is conducted with the limit of the amount of profit, distribution amounts shall be determined by Investment Corporation and such distribution amounts shall exceed 90% of the profits available for distribution of Investment Corporation as provided for in Article 67-15 of the Special Taxation Measures Law (Law No. 26 of 1957, as amended) (in case of any change in calculation of such amounts due to an amendment to any laws and regulations, etc., the distribution amounts after such change). Investment Corporation may accumulate, retain or otherwise process reserves that are deemed to be necessary for maintaining assets under management or improving the value thereof, such as the long-term reserve for maintenance, payment reserve, reserve for distribution, reserve for reduction entry and reserve for temporary difference adjustment, and other similar reserves and accounts and other necessary amounts from the distributable amount.

2. Distribution in Excess of Income

When Investment Corporation makes monetary distribution in excess of profits, the distribution amount shall be limited to the amount obtained by aggregating the amount of profit concerning the relevant settlement date and the amount prescribed in the rules of The Investment Trusts Association, Japan.

The Investment Corporation emphasizes stable payment of cash distributions. However, with regards to distributions in excess of income, so long as personal unitholders are required to calculate transfer losses or profits as defined by the tax system every time the said individual receives such a payment, the Investment Corporation shall not distribute cash distributions which exceed income to unitholders. An exception is the case where the Board of Directors of the Investment Corporation judges that distributions in excess of income is necessary in order to fulfill requirements for the Investment Corporation to receive special tax treatment, it may at times distribute cash distributions exceeding income in accordance with the abovementioned distribution policy.

3. Distribution Method of Cash Distributions

Distributions of cash shall be made to unitholders. In principle, it shall be distributed within 3 months after the relevant fiscal period ends in accordance with the number of investment units held by unitholders or registered investment unit pledgees described or recorded in the final unitholder registry of the relevant fiscal period.

4.Statute of Limitation on the Right to Dividend Payment

If a full 3 years have passed since the start date of payment of cash distributions without a unitholder having received the said payment, the Investment Corporation shall no longer be obligated to pay those cash distributions. In addition, the Investment Corporation shall not add interest to unpaid distributions.

5. Other

Additionally, when conducting cash distribution, the Investment Corporation shall comply with the “Regulations Concerning Real Estate Investment Trusts and Real Estate Investment Corporations” stipulated by the Investment Trusts Association of Japan (enacted on March 16, 2001; including any amendments).

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