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Investment Targets

A. Specified assets as prime investment target

In accordance with its basic policy of asset management, GOR invests primarily in real estate and other assets. Additionally, GOR may invest in any of the assets listed below excluding real estate and other assets (hereinafter, the assets listed in 1. and 2. below (including real estate and other assets) will be collectively referred as "Real Estate-related Assets").

  1. Real estate and real estate equivalents
    1. (a) Real estate
    2. (b) Real estate leasehold
    3. (c) Surface rights
    4. (d) Easement
    5. (e) Trust beneficial interests in real estate, leasehold and surface rights, easement (including real estate-related money together with comprehensive agreements).
    6. (f) Trust beneficial interests in money claims for the purpose of investment in real estate, leasehold, surface rights, easement, or ownership interests in an undisclosed partnership relating to real estate as indicated below (g).
    7. (g) Ownership interests in an undisclosed partnership ("TK partnership") relating to real estate, among those stipulated in Article 3-8 of the Enforcement Order of the Law concerning Investment Trusts and Investment Corporations of Japan. This is defined as ownership interests relating to agreements under which one party to the agreement makes contributions for the purpose of investment in real estate set forth in the above (a) through (f) and where such an investment is to be performed by the other party to the agreement, such that the other party utilizes such contributions primarily to manage investments in such assets, and for the distribution of profits arising from such an investment.
  2. Securities with an amount exceeding 50% of assets backing such securities to be invested in real estate (the following assets from (a) through (d) are collectively referred to as "Securities Backed by Real Estate").
    1. (a) Preferred capital contribution certificates as defined in Article 2-9 of the Law Concerning Securitization of Assets.
    2. (b) Beneficial certificates as defined in Article 2-7 of the Law concerning Investment Trusts and Investment Corporations of Japan.
    3. (c) Investment securities ("Investment Securities") as defined in Article 2-15 of the Law concerning Investment Trusts and Investment Corporations of Japan.
    4. (d) Beneficial certificates of special purpose trusts as defined in Articles 2-13 and 2-15 of the Law concerning Securitization of Assets.

B. Other specified assets

  1. In addition to the specified assets identified above, GOR may invest in the following specified assets to contribute to the efficient management of surplus funds.
    1. (a) Bank deposits (including deposits in ordinary accounts, notice accounts, savings accounts, time deposits, time deposits with deregulated interest rates, and large time deposits).
    2. (b) Specified assets as defined in Article 2-1 of the Law concerning Investment Trusts and Investment Corporations of Japan (excluding real estate-related assets, stock certificates, and those special assets categorized under the following 2., 3. and 1.(h) of the following C. Other assets)) including securities as defined in Article 2-5 of the Law concerning Investment Trusts and Investment Corporations of Japan (excluding real estate-related assets) and monetary claims (including but not limited to negotiable certificates of deposit) as defined in Article 2-1 of the Law concerning Investment Trusts and Investment Corporations of Japan.
    3. (c) Ownership interests in a TK partnership as defined in Article 3-8 of the Enforcement Order of the Law concerning Investment Trusts and Investment Corporations of Japan (excluding ownership interests in TK partnerships as previously described in A. 1. (g)).
  2. GOR may invest in rights relating to financial derivative transactions ("Derivative Transactions")as defined in Article 3-2 of the Enforcement Order of the Law concerning Investment Trusts and Investment Corporations of Japan.
  3. In association with investments in real estate (including real estate in trust collateralizing trust beneficial interests in real estate) or in real estate trust beneficial interests, GOR may invest in the following specified assets in cases where the acquisition of such assets is considered appropriate in addition to the acquisition of the subject real estate or real estate trust beneficial interests, in light of the rules of the Tokyo Stock Exchange and other exchanges on which investment units issued by GOR are traded.
    1. (a) Stock certificates of the asset manager, etc., for real estate (including real estate in trust collateralizing trust beneficial interests in real estate).
    2. (b) Beneficial interests in stock certificates indicated above in (a), or beneficial interests in monetary claims (limited to the case with purpose of investing in the subject stock certificates).

C. Other assets

GOR may invest in the following assets in association with investments in real estate and real estate equivalents.

  1. In association with specified assets, i.e., real estate (including real estate in trust collateralizing beneficial interests in real estate) or beneficial interests in real estate, GOR may invest in the following assets in cases where the acquisition of such assets, in addition to the acquisition of the subject real estate or trust beneficial interests in real estate, is considered appropriate in light of the rules of the Tokyo Stock Exchange and other exchanges on which investment units issued by GOR are traded.
    1. (a) Trademark rights, etc. (trademark rights include trademark rights and exclusive or non-exclusive licenses to use trademarks) based on the Trademark Law.
    2. (b) Rights to use the sources of hot springs and facilities related to the said hot springs as stipulated in the Hot Springs Law.
    3. (c) Capital contribution of the asset manager, etc., and real estate (including real estate in trust collateralizing beneficial interests in real estate).
    4. (d) Movables under the Civil Code.
    5. (e) Copyrights as stipulated in the Copyright Law of Japan as well as moral rights (Article 17-1 of the Copyright Law of Japan) and rights related to copyrights (Article 89 of the Copyright Law of Japan).
    6. (f) Emission quotas and equivalents calculated and based on the Law Concerning the Promotion of Measures to Cope with Global Warming, or emission credit (including emission credit of greenhouse effect gases).
    7. (g) Assets which GOR is permitted to acquire under the Law concerning Investment Trusts and Investment Corporations of Japan and other laws.
    8. (h) Trust beneficial interests in the assets indicated in (a) through (g) above or trust beneficial interests in monetary claims (limited to the case with the purpose of investing in the assets as indicated in (a) through (g) above).
  2. Of the assets other than those owned by GOR for operation and management purposes, those that are owned in association with the management of the organization (trademark rights relating to the corporate name of GOR) and those that are considered appropriate in light of the rules of the Tokyo Stock Exchange and other exchanges on which investment units issued by GOR are traded.

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