Mi-Casa Asset Management Inc. has its following policies.

• Invest in 3 categories of rental apartments(Studio, Family, Premium)
• Invest on a nationwide basis
• Target proportion of investment

We focus on the facts that the manner of using a rental apartment differs depending on the user's household structure, income, age and other factors, and that the demand trend also differs by the class of users. Based on that acknowledgment, we make investment judgments by considering changes in the household structure, changes in individual user’s views toward housing, the disparity between generations, regional characteristics and other factors and by understanding the diversified needs of users. It is our policy to conduct investment by selecting real estate that will create a stable income and to combine the properties based on the following investment ratio. The selection is made from three categories of rental apartments in Japan that we have defined based on user characteristics.

	Studios	Family Units	Premium Units
Household Type	Singles	Households with children	Households with relatively high income levels, DINK households, etc.
No. of Residents	1 person	2-4 persons	1-4 persons
Layout	Studios or 1-bedroom units	Units with 2 or more bedrooms	Compact units less than 100m2 in size; Luxury units at least 100m2 in size
Location/Living Environment	As a rule, within a 5-minute walking distance from major mass transit facilities, etc.	As a rule, within a 12-minute walking distance from major mass transit facilities or with a certain number of parking spots, etc.	Centrally located in major metropolitan areas, or near work with an excellent living environment
Investment Area	Nationwide	Nationwide	Central areas of major metropolises

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Rental apartments are located nationwide based on the population distribution. We make nationwide investments in order to take advantage of steady demand for rental apartments in regions other than Kanto area, to benefit from existing earning opportunities in these cities and to lower the risk of concentrated investments in any one specific area.

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(Note 1) Investment ratios are based on acquisition prices (Note 2) The seven wards of central Tokyo mean Chiyoda,Chuo,Minato,Shinjuku,Shibuya,Setagaya,and Meguro wards. (Note 3) The three major metropolitan areas mean Kanto metropolitan area,excluding the seven wards of central Tokyo, Chukyo metropolitan area,and Keihanshin metropolitan area. (Note 4) Other major cities mean Sapporo , Sendai , Hiroshima, and Kitakyushu and Fukuoka metropolitan areas and cities with a population of 300,000 or more.