FINANCIAL
INSTRUMENTS

Risks Related to Entering into Financial Instrument Transaction Agreements

Beneficial interests in real estate trusts are subject to fluctuations in market conditions such as real estate prices, rental income, interest rates, and foreign exchange rates, since distributions and principal repayments are funded by the operational income of the underlying real estate, proceeds from its sale, and other trust assets.

Likewise, the income and value of anonymous partnership equity interests that directly or indirectly invest in such beneficial interests are also significantly affected by changes in market conditions, including real estate prices, rental income, interest rates, and foreign exchange rates. Accordingly, investors in financial products handled by our company should be aware that there is a risk of not receiving the expected distributions, as well as a risk of incurring losses that may exceed the initial principal, potentially resulting in impairment of the invested capital.

Accordingly, investors in financial products handled by our company should be aware that there is a risk of not receiving the expected distributions, as well as a risk of incurring losses that may exceed the initial principal, potentially resulting in impairment of the invested capital.

Fees, Remuneration and Other Considerations

Customers may be required to bear prescribed fees and other charges depending on the specific product. The amount of such fees and charges varies depending on the product, transaction amount, transaction method, and other contractual conditions. Due to the wide range of possible variations, it is not feasible to specify exact amounts or calculation methods in advance.