Announcement of New Japanese Equity Fund Manager and Organizational Change

July 1st, 2010
Bayview Asset Management Co., Ltd.
Ken Yagi,President and CEO

On June 22, 2010, the Board of Directors of Bayview Asset Management Co., Ltd.(BVAM), which is headed by Mr. Ken Yagi,President and CEO, formally approved the hiring of Ichiro Takamatsu, formerly of Alphex Investments Co., Ltd., and two of hisAlphex colleagues effective July 1, 2010. At the same meeting, the Board also passed a resolution establishing a new portfolio
management unit, Investment Management Group II, and authorizing Mr. Takamatsu's team to make a fresh start by incorporatinga new concept to the strategy with the Japanese equity long/short strategy that they were running at Alphex. Investment
Management Group I, headed by Yasuo Sakuma, and Investment Management Group II will operate as independent teams in a
spirit of friendly rivalry with each other, including with respect to fund governance.

Mr. Takamatsu has managed Japanese equity portfolios for 13 years. He managed money for major domestic and foreign
institutional investors, most notably pension funds, amid extremely challenging periods marked by the collapse of the IT bubble
and the recent financial crisis. He achieved a stellar performance record with multiple strategies, including long/short and traditional
long-only. With his motto "Always learning from the market," reflecting his belief that "A fund manager's job is to manage risk andtransform it into return", he has earned acclaim for his portfolio management acumen, particularly his ability to dynamically control
exposure. His approach is totally different from that of Mr. Sakuma, a pioneer among Japan's independent fund managers and thecenterpiece of BVAM's Japanese equity management team, in that Mr. Takamatsu focuses on investing in mid- to Small-cap stocks
and incorporates both bottom-up and top-down analytical approaches. Additionally, Mr. Takamatsu regards Taiwanese, Korean,
and other non-Japan Asian equities as alternatives to Japanese equity. BVAM plans to capitalize on his experience by offering
investors a long/short strategy based on recognition that analysis of such companies will become increasingly integral to Japaneseequity investment going forward.

Mr. Takamatsu decided to join BVAM for several reasons. First, with independent asset management companies undergoing a
shakeout in the wake of the recent financial crisis, Mr. Takamatsu found it increasingly difficult to serve as both a portfolio manager
and CEO. He accordingly decided that he must focus exclusively on portfolio management. Second, with financial authorities andinstitutional investors placing growing importance on investment fund compliance and governance, he felt it is essential for fundmanagers to be organized as an investment trust and investment discretionary asset management company instead of as a simplisticadvisory. Most importantly, Mr. Takamatsu and BVAM have had a collegial relationship for the past six years. During this time,
Mr. Takamatsu became well-acquainted with, and developed a high degree of trust in, BVAM. Upon the re-launch of the new fund,the New Alphex Long-Short Fund, BVAM will be investing its own proprietary capital alongside those of the fund's existing
investors.

In joining BVAM, Mr. Takamatsu brings with him senior analyst Koki Okahashi and senior trader Sanae Saga. Both are
indispensable personnel that have supported Mr. Takamatsu since Alphex Investments' founding and will continue to be core partof the portfolio management team. Mr. Okahashi, who is a certificate holder of US certified public accountant (CPA), will do so byidentifying promising long and short ideas from a financial accounting and tax accounting perspective. Ms. Saga will do so as abroadly experienced trader.

Bayview Asset Management was founded on January 7, 1998, as one of Japan's first independent asset management boutiques in
the aim of revolutionizing Japan's asset management industry. Specializing in active management of Japanese equity, US equity,and currency portfolios, BVAM is committed to providing its investors with the highest level of asset management service. As ofJuly 1, BVAM has 36 personnel and approximately USD2 billion of assets under management. By adding to its product line a new
high-quality investment fund managed by the Mr. Takamatsu-led Investment Management Group II, BVAM hopes to further
contribute to managing investors' assets and help revitalize Japan's long-beleaguered asset management industry.

Mr. Takamatsu's background is as follows.

Ichiro Takamatsu, Portfolio Manager, Investment Management Group IIMr. Takamatsu graduated from Kwansei Gakuin University's Faculty of Law in 1989. He joined Taiheiyo Securities (currentlyMitsubishi UFJ Morgan Stanley Securities) the same year. At Taiheiyo Securities, he worked as a sector analyst covering electricmachinery, precision equipment, and services sectors for four years before being reassigned to sales of securities, including
investment trusts. In 1997, he joined CIGNA International Investment Advisors as a Japanese equity portfolio manager of assets
for US pension funds, among other clients. In 2000, he was appointed as Head of CIGNA International Investment Advisors' equity
management team. In July 2004, he founded Alphex Investments, where he served as CIO and Representative Director for six years
while also managing Japanese equity hedge funds. In July 2010, he assumed his current position as Head of Investment
Management Group II at Bayview Asset Management. Mr. Takamatsu is a Chartered Member of the Securities Analysts Associationof Japan.

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Member of The Investment Trusts Association, Japan
Member of Japan Securities Investment Advisers Association
Press Contact:
Mr. Makoto Sawai, Corporate Administrations & Operations(makoto_sawai@bayview.co.jp)