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The Investment Corporation will distribute money, in proportion to the number of units held, to the unitholders or registered unit pledgees entered in the register of unitholders (including the register of beneficial unitholders; hereinafter the same) as at the end of the accounting period (last day of February and August in each year) according to the number of units which had already been issued in the immediately preceding accounting period or the number of units issued during the current accounting period, in principal, pursuant to the following money distribution policies. The distribution of money will, in principle, be made within 3 months from the end of accounting period and after any necessary deduction of taxes.

1. Of the total amount of monies to be distributed to unitholders, profit (hereinafter referred to as “distributable amount”) shall be calculated by deducting the total contribution, investment surplus (total contribution, etc.) and the sum of valuation and translation difference, etc. from the amount of net assets calculated by deducting the total amount of liabilities from the total amount of assets for the business term.
2. The Investment Corporation shall pay distributions an amount larger than the amount (the amount after the change if there is a change in the said amount due to revisions in laws and regulations, etc. and the same shall apply hereafter) equivalent to 90 percent of the amount of distributable profit of the Investment Corporation (hereinafter referred to as the “amount of distributable profit”) as stipulated in Paragraph 1, Article 67-15 of the Act on Special Measures Concerning Taxation.

1. If the distributable amount is equivalent to or less than 90 percent of the amount of distributable profit or if the Investment Corporation determines it appropriate, the Investment Corporation shall be allowed to distribute money to unitholders within the range set by laws and regulations (including Regulations of the Investment Trusts Association, Japan, etc.) and up to the sum of the profit and the amount equivalent to depreciation and amortization of fixed assets posted for the business year under review. Note, however, that when the amount of distribution is still equivalent to or less than 90 percent of the distributable profit or the Investment Corporation determines it appropriate, the Investment Corporation shall be allowed to determine the amount of money to be distributed. Distributions paid to unitholders in the amount larger than profit shall be deducted from investment surplus first, and then from the total contribution when the amount is too large to deduct from investment surplus.

1. If the tax law permits money distribution to be calculated as part of the losses, the Investment Corporation must distribute money to the unitholders to satisfy the terms set forth by the tax law to permit such calculation.

1. The Investment Corporation will pay the distribution of money, equivalent to the number of units held, to the unitholders or registered unit pledgees entered in the register of unitholders as at the end of accounting period. Such payment will, in principle, be made within 3 months from the end of accounting period and after any necessary deduction of taxes.

1. If the distribution of money fails to be paid to the unitholders and 3 full years have passed since the payment date, the Investment Corporation will be exempted from the payment obligation. Unpaid money distribution will not accrue interest.