(j3.2006) Is the target of a pointer component a subobject?

[Van Snyder]

Subclause 1.3.141 of 14-007 says that a subobject is a

        portion of data object that can be referenced, and if it is a
        variable defined, independently of any other portion

Is the target of a pointer component of an object of derived type a
"portion" of that data object, and therefore a subobject thereof?