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Notice regarding advertisements, etc. under the Financial Instruments and Exchange Law

Regarding fee and commission, etc.
1. Investment management business and investment advisory and agency business
(1) Our fee structure is based on the base fee derived from the total investment amount or the amount of total assets multiplied by a definite rate.
(2) Success fee is paid on an acquisition of a new property, disposition of a property, or refinancing. Performance fee is paid for the portion exceeding the target IRR multiplied by a definite rate.
(3) Detail fee structures are decided after consultation with our customers based on the contents of a concrete transaction and the relative contracts, etc.

2. Intermediary of trade or dealing of a private placement of securities (trust beneficiary interest over real estate, interest based on a tokumei kumiai (silent partnership) agreement, etc.)
Fees are decided after consultation with our customers based on the contents of a concrete product and the relative contracts, etc.

Note: Please confirm fees in respect of an individual product or our business by the documents provided to you prior to the contract related to an individual product or our business.

Regarding the risk
(1) The securities (trust beneficiary interest over real estate, etc., interest based on a tokumei kumiai (silent partnership) agreement for the purpose of investing real estate or trust beneficiary interest over real estate, etc.) that the Company deals with and the assets to be invested by the Company under a discretionary investment management agreement or investment advisory agreement mainly relate to the real estate.
(2) Real estates contain not only risks of decrease of net rent income or price caused by the exit of tenants, decrease of market rents, and / or increase of property management cost but also risks of damage of value resulted from natural disasters and loss caused by the defect of the property.
(3) Investment to the above-mentioned securities and investment under a discretionary investment management agreement or investment advisory agreement contain risks of liquidity (realization into money), fluctuation of foreign exchange, fluctuation of interest rate (in respect of borrowing from financial institutions, etc.), and change of taxes and other public charges in addition to the risks proper to real estate mentioned above.
(4)Besides these, there are a variety of risk factors such as the falling to less than the principal amount of the invested securities or failure to collect invested capital under a discretionary investment management agreement or investment advisory agreement. The customers will bear all the risks mentioned above.

Spring Investment Co., Ltd.
Financial Instruments Business Operator - Director General of the Kanto Local Finance Bureau (Kinsho) No. 2009
Type II Financial Instruments Business, Investment Advisory and Agency Business, Investment Management Business

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