Announcement of Japanese Equity Investment Advisory Service in Korea

December 16th, 2011
Bayview Asset Management Co., Ltd.
Ken Yagi,President and CEO

Bayview Asset Management Co., Ltd. (BVAM), which is headed by Mr. Ken Yagi, President and CEO, has become the firstJapanese asset management firm to advise on Japanese equity investment by wrap account for retail investors in Korea, effective
December 16, 2011. BVAM's Investment Management Group II led by Ichiro Takamatsu (age 46), who joined BVAM in July, 2010
with long-term track records of managing Japanese Mid/Small-cap equity, is in charge of the new mandate seeking for excellent
performance for Korean investors.

The Korean wrap market as of the end of June 2011 has a size of KRW 46 trillion (approximately JPY 3.2 trillion or USD 4.0billion), which is about 6 times larger than Japanese counterpart (approximately JPY 580 billion or USD 4.0 billion). In Korea, thebalance of wrap account, which is popular among retail investors, equals to 15.4% of the mutual fund market, while it is only 0.6%
in Japan. In addition, the Korean wrap market has grown more than four times during the recent three years from 2008 to 2011,and wrap products are expected to continue to lead the growth of the entire Korean retail investment community. (Data Source:Japan Securities Investment Advisers Association, The Investment Trust Association, Japan, and Korea Financial Investment
Association).

In the fast growing Korean wrap market, BVAM has been appointed to advise on "Samsung POP Golden Wrap (global equity)," awrap product managed and marketed by Korea's largest security company Samsung Securities. Launched in October 2010, it is a
first wrap to invest in global (non-Korean) equity (individual stocks). Currently, the wrap lineup includes those that invest in
Chinese and US equities (started in October 2010 and January 2011, respectively); Chinese largest asset manager China AssetManagement Ltd. and the world's leading asset management company AllianceBernstein LP have been appointed as theirinvestment advisers. Samsung Securities, having thoroughly researched asset managers in the world with Japanese stock-picking
capability, has chosen BVAM, a fully-licensed boutique asset management, which is very rare in Japan, and its highly skilled fundmanager.

Japanese Mid/Small-cap equity, which is the main focus of the new wrap account, is considered most undervalued among theworld's major stock markets. However, there are many companies that are uniquely-positioned with huge growth potential in the
midst of drastic changes in the industrial structure in Japan. Furthermore, Japanese Mid/Small-cap equity offer attractive investment
opportunities that cannot be obtained from Korean stocks; those companies produce the world's greatest manufacturing equipment
and parts/components for automobiles, electronics, and machinery, thus serve as "secret heroes behind economic growth" who
support the world-wide supply chain. Samsung Securities has picked up this field to highlight in their wrap.

Bayview Asset Management (BVAM) was founded on January 7, 1998 as a pioneer of the independent boutique house in Japan, ora specialized asset management company in the aim of revolutionizing Japan's asset management industry. Specializing in active
management of Japanese and US equities as well as currency, BVAM is committed to providing its investors with the highest level
asset management services. Going through the financial crisis, Japan's asset management industry is facing with big changes.
BVAM is determined to actively expand its business into new fields, aiming to deliver original and high quality asset management

services, which can be provided only by independent boutique house. The investment advisory service for Samsung Securities
marks one of them.