Keihanshin Real Estate's Corporate philosophy is:

• 1. To provide valuable commercial space to customers so as to contribute to the community through the advancement of customers' and our businesses.
• 2. To earn and value our customers', shareholders' and employees' trust by operating our company according to quality-first values.
• 3. To act efficiently, evolve, and create a vital corporate atmosphere.

Based on this corporate philosophy, Keihanshin Real Estate undertakes to comply with the following code of conduct.

Code of Conduct

1. The customer comes first

We will earn our customers' trust, meet their needs and provide them with safe, high-quality environments and services.

2. Adherence to laws

We will always adhere strictly to laws and regulations, and act with a high standard of morals and sound social sense.

3. Fair trade

We will conduct business fairly, transparently and appropriately, through free competition; and we will maintain healthy and normal relationships with political and administrative persons and organizations.

4. Resistance to undesirable elements

We will have nothing to do with anti-social forces and organizations that adversely influence social safety and order and healthy corporate activities.

5. Fostering social development

We will build and maintain good relations with our local communities, and, as an upstanding corporate citizen, will contribute proactively to the advancement of society.

6. Disclosure of information

We will communicate openly not only with our shareholders, but also with the community widely, and disclose corporate information timely, accurately, and properly.

7. Protecting the environment

We will maintain our awareness that environmental protection is an important facet of business management, and will serve to be proactive in protecting the natural environment in a positive manner.

8. Respect for the individual

We will maintain our safe and comfortable workplaces in a manner that inspires employees in their work and encourages their self-actualization; and we will appropriately respect each employee's individuality and personality.

Officers of Keihanshin Real Estate must be fully aware that it is their role to ensure the spirit of this code of conduct is adhered to, and shall lead by example in doing so, ensuring that all employees and other pertinent people adhere to the code. Officers must also be open to opinions from within and without the company at all times, and shall use these to further the company's and employees' performance of their moral obligations.

If an officer learns of any breach of this code, the officer shall take it upon himself to remedy the situation, identify its root cause, prevent it from recurring, and, having clarified each party's responsibility and authority, strictly punish all appropriate parties-even if that means the officer himself.