Notice Concerning Establishment of CEMP/AAA U.S. High Dividend Equity Dynamic Hedge Fundand CEMP/AAA Japan High Dividend Equity Dynamic Hedge FundAugust 10, 2017
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 "BVAM") has newly established on August 9 and 10, 2017, privately placed investment trusts, the CEMP/AAA U.S. HighDividend Equity Dynamic Hedge Fund and the CEMP/AAA Japan High Dividend Equity Dynamic Hedge Fund, respectively,
which combine the equity smart-beta strategy adopted by CEMP, a boutique of Victory Capital Management Inc. (hereinafterreferred to as "Victory Capital") with which BVAM has an exclusive and comprehensive business alliance contract of investment
management, and the quantitative strategy by BVAM's Global Investment Management Department.

The abovementioned two funds will be managed jointly by a team of experts in Japan and the United States by taking advantage
of BVAM's and Victory Capital's strength as multi-boutique asset management companies. CEMP will be responsible for managing
the investments in U.S. and Japanese equities based on its proprietary smart-beta strategy, while BVAM will make agile adjustments
to equity exposures through U.S. and Japanese stock price index futures trading based on its proprietary quantitative strategy
adopted in its Active Asset Allocation Fund series (hereinafter referred to as" AAA"). The aim is to dramatically improve
performance and mitigate drawdowns through the abovementioned joint investment management. BVAM believes that these funds,
which target income gains from high dividend paying equities, as well as stable capital gains with reduced risk levels, are attractive
investment products for various investors, including financial institutions and pension funds.

The CEMP smart-beta strategy was developed for the purpose of providing solutions to excessive risk concentration in top holdings,
which is a common challenge for traditional capitalization-weighted indexes, such as the TOPIX or S&P 500. Based on the strategic
design to return to the basics of the portfolio theory of aiming to maximize risk diversification, the CEMP strategies weight holdings
based on the contribution of the respective components to the overall risk of the index so that they become equal on a risk adjusted
basis (volatility weighting). CEMP has achieved returns significantly outperforming the various market capitalization weighted
stock indexes for many years.

Meanwhile, the quantitative strategy by BVAM's Global Investment Management Department, which is distinctively different fromthe standard econometric model that is purely based on past data, is developed with the goal of providing investment management
based on a creative and sound model that reflects real market trends and takes into account the various events behind market
fluctuation. AAA, which adopts this strategy, has an excellent track record since its establishment in 2013 as absolute return funds
investing in Japanese, U.S., and European equities, bonds, and currencies.

BVAM, as a pioneer and as a leader of the independent asset management companies specialized in active management of theassets, such as Japanese stocks, U.S. stocks, and multi-assets, has provided high-quality services for 19 years since its foundation.
Highly regarded by the expanded client segment, including individual investors and institutional investors, such as pension funds,
BVAM has developed into one of the largest independent asset management companies in Japan with aggregate contract assets
amounting to about 330 billion yen (as of the end of March 2017). BVAM aims to become the first full-fledged multi-boutiqueasset management company in Japan by providing product lineups through Victory Capital and other high-grade U.S. asset
management boutiques in stocks, bonds, and other multi assets, in addition to its own products, by consolidating its unique platformof high-quality client services.