Mizuho Real Estate Management Co., Ltd.’s Policies Regarding Mizuho’s Fiduciary Duties
-Commitment to Customer First (Client-oriented) Business Management-

As a member of the Mizuho Group, Mizuho Real Estate Management Co., Ltd. (the Company) adopts “Mizuho’s Corporate Identity” established by Mizuho Financial Group, Inc.
Mizuho Financial Group has established our ambition to continue being our customers’ most trusted long–term financial partner as the vision of Mizuho’s Corporate Identity. In working to achieve this vision, the Company’s employees share a common set of five central values–called the Mizuho Values–starting with putting customers first. As a team of finance professionals providing a broad range of financial services, the Company is committed to fulfilling our fiduciary duties* in providing the best, most appropriate solutions in response to customers’ diverse needs.

*Fiduciary duties is a general term for the broad range of various roles and responsibilities that fiduciaries are expected to fulfill when engaging in certain business activities in order to live up to the trust that is placed in them by their customers.

Based on the proposals from the outside experts of the Fiduciary Duty Advisory Committee and the implementation status of action plans of Mizuho Group, Mizuho Financial Group has revised the Policies Regarding Mizuho’s Fiduciary Duties for asset management-related business established and announced on February 2016 for further thorough implementation of business operations from the standpoint of customers. The Company will, as a member of Mizuho Group, continue to implement measures from the standpoint of customers based on the concerned policies. For details of the Company’s measures based on the revised policies, please refer to the action plan below.

Furthermore, the Company adopts all of the seven principles of Principles for Customer-Oriented Business Conduct, released by Japan’s Financial Services Agency on March 30, 2017.

For “Mizuho’s Corporate Identity” and Policies Regarding Mizuho’s Fiduciary Duties, please refer to the website of Mizuho Financial Group.

1. Enhancing Asset Management

(1) The Company will aim to provide added value of the highest standard to our customers by enhancing investment analysis and decision-making capabilities through further reinforcements to our personnel base and asset management foundations.
(2) To continue to provide optimal solutions to our customers’ asset management needs, the Company will continuously pursue improvements in existing asset management methods and new methods and investment opportunities.

Action Plan
● The Company will endeavor to expand its human resource base in order to continue providing high added value to investors.
● The Company will strive to practice appropriate business operation in order to continue providing high added value to investors.
2. Initiatives to Continuously Improve Product Quality and Develop New Products Based on Customers’ Needs

(1) Through appropriate risk management and monitoring of products, the Company will continuously improve the quality of its products and respond to changes in the market environment.
(2) With understanding of customers’ needs and expertise as asset management professionals, the Company will develop products which help customers, including ultimate beneficiaries, to steadily build their assets.
(3) Upon product development, in addition to identifying customers’ features, etc. according to location of risk for products and complexity, appropriate cooperation will be taken with sales companies and sales departments in order to provide products suitable for customers
In seeking to provide superior products at a reasonable cost, the Company will take a customer–oriented view and promote a high degree of transparency in setting management fees as well as providing appropriate information concerning such.

Action Plan
● The Company will endeavor to provide high-quality services by also utilizing external network, etc. in order to appropriately correspond to change of investment environment and investor needs.
3. Enhancing the Provision of Information and Services from the Customer’s Perspective

(1) In an effort to become our customers’ most trusted confidant, the Company will practice the highest quality of service.
(2) The Company will prioritize convenience and ease of understanding in providing customers with the most appropriate information.

Action Plan
● The Company will propose optimal investment plans and provide appropriate information to investors
4. Strengthening Corporate Governance

(1) In an effort to further strengthen its organizational structure in consideration of customers’ best interests, the Company will build a corporate governance system that is of the highest standard in the industry and ensure independence in asset management entities.
(2) Decisions pertaining to new product development will be made based on objective evaluations and highly transparent processes, which will include the involvement of compliance divisions.

Action Plan
● Decision making concerning investment decisions will be conducted with appropriate procedures in developing systems such as check by compliance divisions and committees, etc. including external experts so that profits of investors will not be impaired.
5. Group Management Policies, etc.
Action Plan
(1) Corporate Governance
● The Company will conduct management with appropriate conditions from the standpoint of protection of investor profit, including measures to prevent conflicts of interest in transactions with related parties.
● As an affiliate of Mizuho Financial Group, in addition to establishing and disclosing specific plans of action, the compliance departments shall report regularly to the board of directors and other relevant parties the state of compliance pursuant to the Policies Regarding Mizuho’s Fiduciary Duties.
(2) Evaluating Performance
● Evaluating the performance of the Company’s employees will be based on an appropriate performance review system as to whether customer needs are met and whether executed in the best interest of customers.
(3) The Rationality of Remuneration, Etc.
● The Company shall set remuneration according to the nature of the services provided to investors.
(4) Monitoring Conflicts of Interest
● Rules shall be set for monitoring conflicts of interest and will be managed according to its procedures.
(5) Establishing Corporate Culture
● By conducting training, the Company will establish a corporate culture where awareness and fiduciary duties are shared and practiced by all employees.

Revised January 1, 2018
Mizuho Real Estate Management Co., Ltd.