Guidelines on Product Classification
Established on October 26, 2006
Revised on September 19, 2008
Revised on September 16, 2009
Revised on March 18, 2010
Revised on February 21, 2013

Purpose
These Guidelines are intended to provide guidelines for investors and beneficiaries to classify products in aneasy-to-understand manner and to state the classification on the cover page, etc. of the prospectus and otherdocuments in order to contribute to the use of the selection of products, such as the purchase of investment
trusts (which shall cover investment trust beneficiary certificates for public offering), and settlor companies
shall classify the products according to the methods stipulated below:

I. Product classification stated on the cover page of the prospectus, etc.
The product classification stated on the cover page of the prospectus, etc. shall be, in principle, the combinationof “1.,” “2.,” and “3.” below. In addition, if the classification listed in 4. is applicable, such classification shallbe indicated in addition to “1.,” “2.,” and “3.”

1. Categories of unit-type investment trusts and additional-type investment trusts(1) Unit-type investment trust: A fund in which the funds publicly offered are initially trusted as a unit, andno additional funds are established thereafter.
(2) Additional-type investment trust: A fund that is established once, but subsequently additionallyestablished and managed together with the existing trust property.

2. Categories by investment target area
(1) Domestic: A product for which the prospectus or the basic terms and conditions of the investment truststates that the principal investment income from incorporated assets is substantially derived fromdomestic assets.
(2) Overseas: A product for which the prospectus or the basic terms and conditions of the investment truststates that the principal investment income from incorporated assets is substantially derived fromoverseas assets.
(3) Domestic and overseas: A product for which the prospectus or the basic terms and conditions of theinvestment trust states that the investment income from domestic and overseas assets are substantiallythe source.

3. Categories by investment target assets(1) Shares: A product for which the prospectus or the basic terms and conditions of the investment truststates that the principal investment income from incorporated assets is substantially derived from shares.
－1－(2) Bonds: A product for which the prospectus or the basic terms and conditions of the investment truststates that the principal investment income from incorporated assets is substantially derived from bonds.
(3) Real estate investment trust (REIT): A product for which the prospectus or the basic terms andconditions of the investment trust states that the principal investment income from incorporated assets issubstantially derived from beneficiary certificates of real estate investment trusts and investment
certificates of real estate investment corporations.
(4) Other assets: Products for which the prospectus or the basic terms and conditions of the investment truststates that the principal investment income from incorporated assets is substantially derived from assets
other than those listed in (1) through (3) above. The name of the asset that is the specific source ofincome may also be stated together with other assets.
(5) Combined assets: A product for which the prospectus or the basic terms and conditions of the investment
trust states that the investment income from multiple assets among the assets listed in (1) through (4)above is substantially derived from the investment income.

4. Independent categories(1) MMF (Money Management Fund): MMFs stipulated in the Rules on Operation of MMFs, etc.
(2) MRF (Money Reserve Fund): MRFs stipulated in the Rules on Operation of MMFs, etc.
(3) ETF: Securities investment trusts stipulated in Article 12, item (i) and item (ii) of the Order for
Enforcement of the Act on Investment Trusts and Investment Corporations (Cabinet Order No. 480 of
2000) and listed securities investment trusts stipulated in Article 9-4-2 of the Act on Special Measures
Concerning Taxation (Act No. 26 of 1957).

II. Product classification used as a supplement to the cover page of the prospectus, etc.
If any of the following classification is applicable, such classification shall be stated on the cover page of theprospectus, etc. in addition to the product classification listed in “I”.

(1) Index type: A product for which the prospectus or the basic terms and conditions of the investment truststates that the company aims to achieve investment results linked to various indices.
(2) Special type: A product for which the prospectus or the basic terms and conditions of the investment
trust states a special mechanism or investment method that is deemed necessary to draw the attention of
investors. In the case of “conditional operation type” in the sub-classification of special types in theattribute category of “III.,” such sub-classification shall be appended in parentheses, and in the case ofother sub-classification, such sub-classification may be appended in parentheses.

III. Attribute categories of products
In the product description of the main text of the prospectus, etc. (meaning anything except the cover page;
provided, however, that the sub-classification of special types may be stated on the cover page), efforts shall be－2－

made to explain by using the following attribute categories and their definitions in addition to the classificationof “I.” and “II.” In addition, this does not preclude each company’s own fund explanation:

1. Attribute categories by investment target assets: Attribute categories shall be stated for the incorporated
assets themselves, not for the assets that are the source of income as defined in “I.” If the assets that are thesource of income differ from incorporated assets, the company shall clearly state such difference and shallendeavor to refer to the difference from those stated on the cover page based on the definition of “I.”
(1) Shares:[1] General: Any shares not applicable to the following attributes of large-cap stocks and medium- tosmall-cap stocks:[2] Large-cap stocks: Those for which the prospectus or the basic terms and conditions of the investment
trust states that the investment will be made mainly in large-cap stocks.
[3] Medium- to small-cap stocks: Those for which the prospectus or the basic terms and conditions of theinvestment trust states that the investment will be made mainly in medium- to small-cap stocks.
(2) Bonds:[1] General: Any bonds not applicable to the following attributes of public bonds, corporate bonds, andother bonds:[2] Public bonds: Bonds for which the prospectus or the basic terms and conditions of the investment
trust states that the investment will be made mainly in government bonds issued by the governmentof Japan or other countries (including local government bonds, government guaranteed bonds,
government agency bonds, and international agency bonds; the same shall apply hereinafter).
[3] Corporate bonds: Bonds for which the prospectus or the basic terms and conditions of the investment
trust states that the investment will be made mainly in corporate bonds issued by companies, etc.
[4] Other bonds: Bonds for which the prospectus or the basic terms and conditions of the investment truststates that the investment will be made mainly in bonds other than public bonds or corporate bonds.
[5] Attributes by credit such as grading: In the prospectus or the basic terms and conditions of theinvestment trust, in addition to the categories by the “issuer” of [1] through [4] above, if there is aclear statement with respect to credit in particular, it is also permissible to include “high-gradebonds,” “low-grade bonds,” and others in addition to the categories listed in [1] through [4] above.
(3) Real estate investment trust: No further detailed classification shall be made.
(4) Other assets: The assets incorporated shall be stated.
(5) Combined assets: If any of the following sub-classification applies, such sub-classification may also be
included:[1] Asset allocation fixed type: A product for which the prospectus or the basic terms and conditions of
the investment trust states that multiple assets are to be the investment target and that the rate ofincorporation is to be fixed. The incorporated assets shall be listed.
[2] Asset allocation change type: A product for which the prospectus or the basic terms and conditions of
the investment trust states that multiple assets are to be the investment target and that the rate ofincorporation is to be flexibly changed or do not state that the same is to be fixed. The incorporated－3－

assets shall be listed.

2. Attribute categories by settlement frequency[1] Once a year: A product for which the prospectus or the basic terms and conditions of the investment
trust states that the account is settled once a year.
[2] Twice a year: A product for which the prospectus or the basic terms and conditions of the investment
trust states that the account is settled twice a year.
[3] Four times a year: A product for which the prospectus or the basic terms and conditions of theinvestment trust states that the account is settled four times a year.
[4] Six times a year (bimonthly): A product for which the prospectus or the basic terms and conditions of
the investment trust states that the account is settled six times a year.
[5] Twelve times a year (monthly): A product for which the prospectus or the basic terms and conditionsof the investment trust states that the account is settled twelve times a year (monthly).
[6] On a daily basis: A product for which the prospectus or the basic terms and conditions of theinvestment trust states that the account is settled on a daily basis.
[7] Others: All products that do not apply to the above attributes.

3. Attribute categories by investment target area: (Multiple use possible)[1] Global: A product for which the prospectus or the basic terms and conditions of the investment truststates that the investment income from incorporated assets is derived from global assets. Whether“Japan” is included or not in “global assets” shall be clearly stated.
[2] Japan: A product for which the prospectus or the basic terms and conditions of the investment truststates that the investment income from incorporated assets is derived from assets in Japan.
[3] North America: A product for which the prospectus or the basic terms and conditions of theinvestment trust states that the investment income from incorporated assets is derived from assets in
the North American region.
[4] Europe: A product for which the prospectus or the basic terms and conditions of the investment truststates that the investment income from incorporated assets is derived from assets in the European
region.
[5] Asia: A product for which the prospectus or the basic terms and conditions of the investment truststates that the investment income from incorporated assets is derived from assets in the Asian region
excluding Japan.
[6] Oceania: A product for which the prospectus or the basic terms and conditions of the investment truststates that the investment income from incorporated assets is derived from assets in the Oceania
region.
[7] Latin America: A product for which the prospectus or the basic terms and conditions of theinvestment trust states that the investment income from incorporated assets is derived from assets in
the Latin America region.
[8] Africa: A product for which the prospectus or the basic terms and conditions of the investment trust－4－states that the investment income from incorporated assets is derived from assets in the Africa region.
[9] Middle and Near East (Middle East): A product for which the prospectus or the basic terms andconditions of the investment trust states that the investment income from incorporated assets isderived from assets in the Middle and Near East region.
[10] Emerging: A product for which the prospectus or the basic terms and conditions of the investment
trust states that the investment income from incorporated assets is derived from assets in theemerging region (emerging growth countries (regions)).

4. Attribute categories by investment form
[1] Family funds: A product for which the prospectus or the basic terms and conditions of the investment
trust states that investments are made with the mother investment trust (excluding those invested onlyin the fund of funds) as an investment target.
[2] Fund of funds: Fund of funds stipulated in Article 2 of the Rules on Management of Investment
Trusts, etc.

5. Attribute categories by currency hedge[1] With currency hedge: A product for which the prospectus or the basic terms and conditions of theinvestment trust states that a full currency hedge or a currency hedge on some assets will be
conducted.
[2] No currency hedge: A product for which the prospectus or the basic terms and conditions of theinvestment trust states that the currency exchange will not be hedged or for which there is nostatement to the effect that the currency exchange will be hedged.

6. Attribute categories by target index in index funds[1] Nikkei 225[2] TOPIX[3] Other indices: Any item that does not apply to the above indices.

7. Special type[1] Bull-bear type: A product for which the prospectus or the basic terms and conditions of theinvestment trust states that derivative instruments are used for purposes other than hedging, actively
invested, and that it is aimed at linking or backlinking to various indices, assets, etc. (including fixed
doubling of linkage or backward linkage).
[2] Conditional operation type: A product for which the prospectus or the basic terms and conditions of
the investment trust states that the target investment results (base value, redemption value, profit
distribution, etc.), the trust termination date, etc. are determined by certain conditions that are
determined based on the value of an explicit index, etc. by investing in structured bonds or using
other special mechanisms.
[3] Long/short type/Absolute profit seeking type: A product for which the prospectus or the basic terms－5－and conditions of the investment trust states that it aims to pursue profits that are less susceptible tospecific markets, or that it aims to pursue profits through a long/short strategy.
[4] Other types: Products for which the prospectus or the basic terms and conditions of the investment
trust states special mechanisms or investment methods that do not fall under any of the attributes
listed in [1] through [3] above.

IV. Precautions when stating product classification and attribute categories
The product classification listed on the cover page of the prospectus (meaning the classification of “I.” and “II.”,and if the sub-classification of the special type of “III.” is stated on the cover page, the sub-classification ofsuch special type shall be included; the same shall apply hereinafter), and for attribute categories used in themain text of the prospectus, each list and its definition shall be stated in such prospectus with reference to theexamples separately stipulated. With regard to the classification not used on the cover page of the prospectus
and the definition of the attribute categories not used in the main text, it is permissible to state a method that
contributes to the convenience of investors, such as stating the website address, etc. of the Association insteadof stating the same in the prospectus. In addition, the product classification, the attribute categories of products,
and others stated in the prospectus shall also be stated in the securities registration statement.

V. Special provisions on the prospectus for delivery
With regard to the prospectus for delivery, the phrase “each list and its definition shall be stated in suchprospectus with reference to the examples separately stipulated” in “IV.” above shall be applied by replacing
the phrase “shall be stated in the form stipulated in Article 2 of the By-laws for the Rules for Preparation of
Prospectus for Delivery based on Article 2, Item 9 of the Rules for Preparation of Prospectus for Delivery.”Supplementary Provisions
1. This resolution of the board of directors shall come into force on the date separately stipulated and shallapply to newly established funds on or after the effective date.
2. Any fund established prior to the date of implementation of this resolution of the board of directors shallapply from the date on which one (1) year has elapsed from the effective date; provided, however, that thisshall not preclude the application of the provisions of this resolution of the board of directors during theperiod up to the date on which one (1) year has elapsed.

Note:

The Effective Date of the Guidelines on Product Classification, etc. (Board of Directors on May 16,2008) stipulates that the Guidelines on Product Classification (Board of Directors resolution dated October
26, 2006) shall come into force on January 1, 2009.
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Supplementary Provisions
This resolution of the Board of Directors shall come into force on January 1, 2009.

Supplementary Provisions
This amendment shall come into force on September 16, 2009.

Supplementary Provisions
This amendment shall come into force on July 1, 2010.
Provided, however, that this amendment shall apply from the prospectus for delivery of the securities
registration statement newly submitted on or after the effective date.
Supplementary Provisions
1. This amendment shall come into force on February 21, 2013 and shall apply to those who have submitted a
new securities registration statement on or after the effective date.
2. Notwithstanding the foregoing “1.,” Full Members shall not be precluded from operating based on theprovisions after the amendment until the date of such application.

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Example
Form of the list of product classification and attribute categories, and points to consider in writing

Product classification table
Investment
target area

Unit type/additional type

Investment target assets(source of income)Independent
category

Supplementary
classification

SharesDomestic

MMF

Unit type

Bond
Overseas

Index type

Real estate investment trust

MRF

Other assets
(
)

ETF

Additional type
Domestic andoverseas

Special typeCombined assets

Note: The product classification applicable to the Fund is indicated by shading.

Attribute category table
Investment
target assets

Settlement
frequency

Investment
target area

SharesGeneralLarge-cap
stocksMedium- tosmall-cap
stocksOnce a year

GlobalTwice a year

Japan

Four times a
year

North
America

Six times ayear(bimonthly)

EuropeTwelve times
a year(monthly)

Oceania

Bond
GeneralPublic bonds
Corporate
bonds
Other bonds
Creditattributes()
Real estate
investment
trust

Investment
form

Currencyhedge

On a daily
basis
Others()

Special type

Bull-bear type
Nikkei 225
Family Funds

Yes
(

)

Asia

Latin America

Target index

Conditional
operation type
TOPIX

Fund of funds

None
Others()

AfricaMiddle andNear East(Middle East)

Long/short
type/Absolute
profit seeking
type

Others()

Emerging
Other assets()
Combined
assets()
Asset
allocation
fixed type
Asset
allocation
change type

Note: The attribute categories applicable to the Fund are indicated by shading.

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(Points to Consider in Writing)

1. Appropriate product classification and attribute categories shall be indicated by shading. In addition, for the
shaded classification or attribute category, the definition shall be stated in such a way that investors caneasily understand it based on the Guidelines on Product Classification (Board of Directors resolution).
2. The columns for “Independent category,” “Supplemental classification,” in the product classification table
and the columns for “Investment form,” “Target index,” and “Special type” in the attribute category tableshall be indicated only when there is an applicable attribute category, and if there is no applicable category,the column shall be omitted. In addition, the “Currency hedge” column shall be indicated only wheninvesting in assets denominated in foreign currencies.
3. In parentheses of “Other assets” in the column “Investment target assets (source of income),” the types of“products,” “beneficial interest in trust,” and others shall be included. In addition, in the column of theparentheses of “Combined assets” in the attribute category table, for example, the incorporated assets such as“shares and bonds” shall be included, and in the case where the “Asset allocation fixed type” and “Asset
allocation change type” are not included in the main text of the prospectus, etc., they may be deleted from theattribute category table.
4. In the parentheses of “Credit attributes” in the “Investment target assets” column, state “high-grade bonds,”“low-grade bonds,” and others. In addition, the parentheses of “Other assets” shall be included in “beneficial
interest in trust,” “beneficial interest in loan trust,” and others.
5. In the column “Investment target assets” in the attribute category table, “Other assets (investment trust
securities)” shall be stated in the case of a family fund or a fund of funds. The real investment target assets
beyond the investment trust securities may also be included, and if such assets are stated, for example,
incorporated assets such as “other assets (investment trust securities (shares))” shall be stated.
6. In the parentheses of “Others” in the “Settlement frequency” column, the appropriate settlement frequency
shall be included.
7. In the “Currency hedge” column stated in the attribute category, state whether or not hedges are applied
against exchange risk against the yen.
8. In the parentheses of “With currency hedge“in the “Currency hedge“ column, state “full hedge,” “partial
hedge,” “timely hedge,” and others for currency hedge against the yen.
9. In the parentheses of “Others” in the “Target index” column, state the name of the index to be targeted.

－9－10. For the “Long/short type/Absolute profit seeking type” in the “Special type” column, only the attributecategory corresponding to either the long/short type or the absolute profit seeking type shall be stated. In
addition, in the parentheses of “Other types,” state the appropriate names indicating the nature of themechanism, investment method, etc.
11. In the parentheses of “3.” through “10.” above, the references may be stated in the main text of theprospectus, instead of stating in such parentheses.

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