Committee Resolution on Guidelines on Product Classification
Established on September 11, 2008

This Committee Resolution stipulates matters to be noted in the operation of the Guidelines on ProductClassification.
1. With regard to “Categories by investment target assets,” the points of “principal” shall be categorized bypaying attention to the following matters:(1) It means cases where it is clear that the principal investment income from incorporated assets issubstantially derived from XX, such as when the prospectus or the basic terms and conditions of theinvestment trust clearly state wording such as “based on the full investment management at XX” or “basedon the incorporation of XX at a high level,” which means that investment will be conducted approximately
100% or similar thereto. The term “XX” shall include the statement of any single asset class of any one of“shares,” “bonds,” “real estate investment trusts,” or “other assets.”(2) It means cases where it can be confirmed by the settlor company that the prospectus or the basic terms andconditions of the investment trust states that the main investment target is a single asset class, either“shares,” “bonds,” “real estate investment trusts,” or “other assets,” and that the content is equivalent tothe standards in (1).
(3) It means cases where “combined assets” means any case other than (1) and (2) in which the prospectus or
the basic terms and conditions of the investment trust clearly states the wording substantially “majorinvestment targets are multiple asset classes” or the like.
2. With regard to “Categories by investment target area,” the points of “principal” shall be categorized bypaying attention to the following matters:(1) In cases where it is clear that the principal investment income from incorporated assets is substantiallyderived from domestic assets, such as cases where the prospectus or the basic terms and conditions of theinvestment trust clearly states that “‘overseas’ assets shall be kept at approximately 10% or less” or“‘overseas’ assets shall be kept at approximately 10%,” or other wording, such cases shall be categorizedas “domestic.” (including those for which the settlor company can confirm that the content is equivalent)(2) In cases where it is clear that the principal investment income from incorporated assets is substantiallyderived from overseas assets, such as cases where the prospectus or the basic terms and conditions of theinvestment trust clearly states that “‘domestic’ assets shall be kept at approximately 10% or less” or“‘domestic’ assets shall be kept at approximately 10%,” or other wording, such cases shall be categorized
as “overseas.” (including those for which the settlor company can confirm that the content is equivalent)(3) “Domestic and overseas” shall be categorized as other than (1) and (2) above.
3. With regard to “Categories by investment target area,” the investment target area shall be categorized basedon the judgment criteria of “country in which the issuer is located” if the principal investment target asset is－1－

“shares,” and “currency” if the principal investment target asset is “bonds”; provided, however, that thisshall not apply to “bonds” where it is appropriate to use the “country in which the issuer is located” as thejudgment criteria in consideration of credit risk, etc. In the case of “structured bonds” with underlying assetsthat are the source of profits, such as “ products” and “shares,” they shall be categorized based on thejudgment criteria of the “country in which the issuer is located” of the underlying assets that are the source ofprofits.
4. With regard to the attribute category by “investment target assets” of family funds or fund of funds shall be
categorized as “other assets (investment trust securities)” based on the concept that “the attribute category
for assets themselves shall be stated” of the Guidelines on Product Classification; provided, however, thatfrom the viewpoint of clarifying the real investment target assets of “other assets (investment trustsecurities),” it is possible to also include the real investment target assets.

Supplementary Provisions
1. This Sub-committee Resolution shall come into force on 1 January, 2009.
2. As from October 1, 2008, the “Sub-committee Resolution on Guidelines on Product Classification” shall be
replaced by the “Committee Resolution on Product Classification.”－2－