Financial Policy

1. Basic Policy

We borrow money or issue investment corporation bonds to be used for the acquisition of operating assets, for construction work costs and operating funds related to the operating assets, or for the repayment of liabilities, with a view toward an efficient asset operation and an agile and stable operation. When borrowing funds or issuing investment corporation bonds, we consider the following: a) combination of short- and long-term funding arrangements; b) diversification of the dates of repayment and maturity; and c) balance between fixed and floating rate. The limit on borrowings or bond issuances is JPY 1 trillion, and the aggregate amount of debt financing is up to JPY 1 trillion Lenders are limited to qualified institutional investors set out in Article 2, Paragraph 3, Item 1 of Japan's Financial Instruments and Exchange Law (limited to those listed under Article 22-19, Paragraph 1 of the Special Taxation Measures Law Enforcement Order).

2. Debt Ratio

The upper limit of the loan to value (hereinafter referred to as “LTV”) of the money borrowed (including investment corporation bonds) over the total amount of assets owned by the Investment Corporation shall be 60%. The limit may, however, temporarily exceed the above figure due to the acquisition status of assets or the timing of additional issuance of investment units.

3. Issuance of Investment Corporation Bonds

We may issue investment corporation bonds as a stable means of raising funds.

4. Borrowing Conditions

As for borrowing conditions, we take conditions that can be judged as generally the most optimum after negotiating, with two or more lenders, conditions such as the borrowing term, interest, detailed financial covenants and whether or not to set security.

5. Commitment Line

We aim at a stable and long-term growth of our assets with consideration of a commitment line contract and revolving line of credit setting contract, or set a borrowing limit, aiming at agile fund raising related to additional acquisition of operating assets.

6. Additional Issuance of Investment Units

Aiming at a stable and long-term growth of our assets, additional issuance is conducted after considering the financial market and taking care of the value of investment units not to be diluted.

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