(Exhibit)

Policy for Fulfilling Stewardship Responsibilities

1.

Basic Concepts-

Given the fact that the GPIF holds domestic equities over the long term, theGPIF as an ”institutional investor as an asset owner” under the Japan’s
Stewardship Code will fulfill the stewardship responsibilities by cooperating with
the External Asset Managers, acting to the extent possible by GPIF’s own as
set forth in 3 below, understanding implementation by the External AssetManagers as set forth in 2 below, and disclosing the outlines of implementation
every fiscal year.

-The GPIF will seek to enhance the medium- to long-term investment return for
the insured and endeavor to achieve the mission of contributing to the stabilityof the public pension scheme through various stewardship activities.

2.

Policy on Actions through External Asset Managers(1) Conducting hearings- The GPIF will conduct hearings with the External Asset Managers in selection ofsuch managers or annual evaluations, and will ask for explanations on andunderstand the implementation of the Code. The GPIF will also disclose theoutlines of implementation every fiscal year.
- The GPIF will require improvement from the External Asset Managers, whenproblems are recognized in fulfilling their stewardship responsibilities.

1(2) Viewpoints of hearings- The GPIF will clarify level of engagement activities, for respective External AssetManagers in advance, as such level differs by investment style of each manager.
However, regardless of the investment style, the common policy will apply to theexercise of voting rights.
- When evaluating the External Asset Managers’ engagement activities, the GPIF
appreciates the contents of engagement rather than superficial activities (suchas the number of meetings held with management).
Examples of contents of engagement: (1) content of business model that would
enhance corporate value (such as management philosophy/vision, specificbusiness strategy), (2) status of corporate governance (such as supervision by
the board of directors, etc. of business execution), (3) consideration of long-term
capital productivity, (4) response to risks (including risks related tosocial/environmental problems), (5) prevention of antisocial behaviors, etc.
(3) Evaluation of the External Asset Managers- Provided all other conditions are the same, the GPIF would more highly evaluate
an External Asset Manager that is considered to better fulfill their stewardship
responsibilities.
3.

Policy on Actions Taken by GPIF
- The GPIF will accumulate knowledge on stewardship responsibilities byconducting hearings on the status of exercise by the External Asset Managersof their stewardship responsibilities. The GPIF will discuss more appropriate
stewardship responsibilities in the process for enhancing the medium- to longterm investment return for the insured, and review the policies as necessary.
- From the viewpoint of fiduciary responsibility, the GPIF will consider thoseactivities that would serve to enhance long-term return in the equity market witha view to improving medium- to long-term investment return for the insured(including study/research on selection of benchmarks aimed at long-term
improvement of capital productivity, etc.).
2