The Investment Corporation shall make cash distributions to unitholders and registered investment unit pledgees whose names are listed or recorded as such on the registry of unitholders as of the last day of each fiscal period in accordance with the following distribution policies:

(For details, please refer to "Cash Distributions" page.)

1. Distribution of the Investment Corporation's Profit
   1. (a) Of the total amount of the cash distributions payable to unitholders, the amount of profits shall refer to the amount of total assets less total liabilities (net assets) for the fiscal period, less net unitholders’ capital and capital surplus (unitholders’ capital, etc.), less total valuation and translation adjustment. The amount of profits shall be calculated in accordance with generally accepted accounting principles in Japan. (Article 35, Paragraph 1 of the Articles of Incorporation)
   2. (b) The Investment Corporation shall, in principle, distribute the amount that exceeds 90% of the Investment Corporation's distributable profit as stipulated in Article 67-15, Paragraph 1 of the Act on Special Measures Concerning Taxation. (Article 35, Paragraph 1 of the Articles of Incorporation)
2. Distribution in Excess of Profits
   In the case where the Investment Corporation deems appropriate in consideration of the circumstances and trends in the real estate market and other factors, the Investment Corporation may distribute an amount in excess of its distributable profits, provided that such amount does not exceed the amount of depreciation for the relevant business term, to the extent stipulated by law. Even in the case, if the amount of cash distribution does not satisfy the requirements of special tax treatments for Investment Corporations, the Investment Corporation may distribute the amount that the Investment Corporation decides to distribute in order to satisfy such requirements. (Article 35, Paragraph 2 of the Articles of Incorporation)
   While the Investment Corporation shall make every effort to ensure stable cash distributions, it shall not make any distribution exceeding the profits as long as the applicable tax law requires unitholders to individually calculate capital gains and losses each time they receive cash distributions exceeding the profits. However, when the Board of Directors of the Investment Corporation decides that distributions exceeding the profits are required in order to satisfy the requirements for special tax treatment or other requisite conditions, cash distributions in excess of the profits are allowed according to the aforementioned cash distribution policies.
3. Method of Cash Distribution
   Distributions shall be paid in cash and, in principle, within three months from the last day of each fiscal period to unitholders and registered investment unit pledgees whose names are listed or recorded as such on the registry of unitholders as of the last day of each fiscal period in proportion to the number of investment units held or the number of investment units for registered investment unit pledge. (Article 35, Paragraph 3 of the Articles of Incorporation)
4. Extinctive Prescription for Cash Distributions
   The Investment Corporation shall be discharged from the obligation to pay the distributions to unitholders or registered investment unit pledgees after the elapse of not less than three years from the date of commencement of payment of any such distribution. The unpaid cash distributions shall not bear interest. (Article 35, Paragraph 4 of the Articles of Incorporation)
5. Rules of the Investment Trusts Association of Japan
   In addition to the distribution policies set out above, the Investment Corporation shall comply with the relevant rules of the Investment Trusts Association of Japan. (Article 35, Paragraph 5 of the Articles of Incorporation)

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