Notices Concerning Completion of Procedures for the Acquisition of RS Investments and Concerning
Business Alliance of Exclusive Operations in Japan with Victory Capital

For release August 1, 2016
Bayview Asset Management Co., Ltd.
Ken Yagi,President and CEO

This is to notify you that Bayview Asset Management Co., Ltd., (represented by Ken Yagi, President & CEO; hereinafter referred
to as "Bayview Asset Management") confirmed completion of the procedures for acquisition by Victory Capital Management Inc.
(hereinafter referred to as "Victory Capital") of the outstanding shares issued by RS Investments (hereinafter referred to as"RSIM")* and that Bayview Asset Management newly concluded the business alliance contract of exclusive operations(entrustment) in Japan with Victory Capital on July 29, 2016.

Victory Capital, a new partner of Bayview Asset Management, is based in Cleveland, Ohio. Victory Capital operates various asset
management boutiques specialized in tailored strategies to target each and every asset class and is ranked 25th in the "U.S. AssetManagement Companies Ranking" of Barron's in 2015, as one of the top independent multi-boutique asset management companies
in the United States. Bayview Asset Management had negotiated the business alliance with Victory Capital, led by the agreementon the transfer of the shares of RSIM to Victory Capital by Guardian Investor Services LLC, which had been the majority
shareholder of RSIM; RSIM had been one of the business partners of Bayview Asset Management since its founding. Additionally,Bayview Asset Management is delighted to announce that Bayview Asset Management reached the conclusion of a comprehensive
business alliance contract on all the asset management products of Victory Capital, aiming to provide their unique and innovative
products to investors in Japan.

The asset management boutiques of Victory Capital boast various attractive product lineups newly introduced into the market ofJapan, as represented by INCORE Capital Management with prominent strategies for U.S. bond investments and by CEMP withbreakthrough smart-beta patent-pending strategies. As for RSIM, the existing brand names and the operation systems remain as apart of the asset management boutiques of Victory Capital, so that the services for all the funds operated by RSIM, including
publicly-offered investment trusts in Japan, are maintained as heretofore.

Bayview Asset Management, as a pioneer and as a leader of the independent asset management companies specialized in active
management of investment assets, such as Japanese stocks, U.S. stocks, and multi-assets, has provided high-quality services for 18years since its founding. Highly regarded by the expanded client segment including individual investors and institutional investors,
such as pension funds, Bayview Asset Management has developed into one of the largest independent asset management companies
in Japan with aggregate contract assets amounting to about 270 billion yen (as of the end of March 2016). From now on, Bayview
Asset Management is determined to be Japan's first full-fledged multi-boutique asset management company by providing theproduct lineups offered by the independent investment franchises of Victory Capital and others in the United States, in addition tothe existing product lineups in the areas of stocks, bonds, and multi-assets based on the company's own business platform ofproviding high-quality client services.

Bayview Asset Management continues to contribute to innovations in the asset management business in Japan by exerting efforts
to provide investor-oriented products and services under its completely independent management structure that is free from thecontrols of any affiliates or parent companies (such as sales companies).

*As for the details of shareholder change of RSIM, please see the attached for Victory Capital's press release.

VICTORY CAPITAL ANNOUNCES CLOSE OF ACQUISITION OF RS INVESTMENTS
Cleveland, OH, July 29, 2016 - Victory Capital announced today that it has completed the previously announced acquisition of RS
Investments ('RS') from The Guardian Life Insurance Company of America. The acquisition expands Victory Capital's multiboutique model to include 11 distinct investment franchises with $50.7 billion in assets under management and advisement as ofJune 30, 2016.*'The addition of RS represents an important milestone for Victory Capital and our clients,' said David Brown, Chairman and Chief
Executive Officer of Victory Capital. 'It further diversifies our investment capabilities, enhances our distribution platform andbrings us the size and scale to continue to invest in our business in areas that meaningfully impact the service that we are able toprovide to our clients. We are thrilled to welcome the RS investment teams to our platform.'

The RS Growth, Value and Developed Markets equity teams, which are based in San Francisco, California, have retained the RS
Investments brand and are operating as an independent franchise within Victory Capital's multi-boutique model. Each of the teams
within the RS franchise continues to operate autonomously and employ its existing investment process and approach.
Victory Capital is committed to meaningful employee ownership as a means to ensure alignment with current and future clients.
Employees of the firm, including members of the RS Investments and Sophus Capital franchises, are material equity investors inthe firm and its investment products.

ABOUT VICTORY CAPITAL

Victory Capital is a multi-boutique asset management firm, headquartered in Cleveland, Ohio. As of June 30, 2016, the firm had
approximately $50.7 billion in assets under management and advisement.*

Victory Capital is comprised of 11 autonomous investment franchises, each with an independent culture and investment approach.
The franchises are supported by a robust distribution and operational platform, allowing them to focus solely on investment
management. Victory Capital provides investment advisory services to institutional clients including corporations, non-profits,
public funds, Taft-Hartley and sub-advisory clients through separate accounts and commingled funds. Through its intermediarychannel, Victory Capital also offers retail and retirement clients mutual funds and ETFs as well as separately managed accounts
through wrap fee programs and access to its investment models through unified managed accounts. For more information, please
visit www.vcm.com.

*Combined AUM for Victory Capital and RS Investments as of June 30, 2016, prior to the close of the acquisition. AUM figures
are not adjusted for assets of proprietary funds in other funds or client accounts.