[Respect for human rights]

We will act to uphold and respect the basic human rights of all people, including those of our customers, business partners, directors and employees.

[Observance of the law]

We understand that the observance of all laws and regulations, of course including those that relate to our business activities, is the very basis of corporate ethics.

[Environmental protection]

We will actively work to protect the global environment.

[Article 1 Acting to earn the trust of customers]

In addition to being committed to promoting frank and sincere communication with all people, we will endeavor to provide quality products and services and constantly do our utmost to satisfy our customers and earn their trust.

[Article 2 Building good relationships with suppliers, etc.]

We place importance on our partnerships with our suppliers and business partners, and will strive to maintain an appropriate and sound relationship with them.

[Article 3 Creating an employee-friendly workplace]

In addition to paying attention to health and safety issues, we will work to create a light and airy working environment that is easy to work in, and where staff are treated equally and with full respect for their human rights.

[Article 4 Enhancing moral values]

l provide a favorable living environment for employees and endeavor to ensure that each and every one of our employees exhibits a strong understanding of ethical principles and acts with a clear sense of right and wrong.

[Article 5 Fair competition]

We are working towards the sound development of the industry overall, in accordance with the principles of free and fair market competition.

[Article 6 Non-involvement with criminal organizations]

It is our firm resolution to avoid involvement with criminal organizations in our business activities under any and all circumstances.

[Article 7 Environmental efforts]

We will reduce the burden that our business activities, products and services place on the environment, for the preservation of nature on a global scale.

(Drawn Up) April 1, 2004
(Purpose) The purpose of the Company Code of Ethics is to clarify the fundamental conduct required in order to realize our business philosophies and policies, including our founding business philosophy or corporate creed, with a view to maintaining and enhancing society's confidence in the Group.
(Scope of application) This Corporate Code of Ethics applies to the Daiwa House Group.
(Role of top executives) The head of each of group company will be responsible for ensuring that this Code of Ethics is upheld by all employees and for maintaining the transparency and impartiality of business operations through leading by example.