Fees and Risk Factors
１．Fees and Risks Associated with Fund of Funds（１） Fees and expenses
Customer investors shall pay fixed and performance fees, expenses, and other fees, assummarized below (the following fees and expenses include those paid out of fund assets,
as well as those paid directly by investors).
Fixed (management) fees：Rates of payment shall be determined based on eachfund-of-funds contract. Management fees are calculated by multiplying the value ofcommitted assets by the determined rate, which shall be up to 2% per annum (before tax).
Performance fees：Rates of performance fees can range to up to 20% (before tax) of the
return on the invested assets in the fund of funds vehicle.
Expenses：In addition to the management and performance fees, the cost of the fund offunds involves transaction fees and other expenses that are associated with the acquisitionand disposal of investments, costs for audits, and other expenses, which are charged by theunderlying funds. Such fees in connection with the underlying funds shall be borne on abasis of actually incurred costs, and hence, the maximum amount may not be specified. The
maximum amount may not be specified for the management and performance fees, asthese fees are determined through negotiation with the fund managers of the underlying
funds, and may vary among different funds. Other fees, including those associated with theacquisition and management of partnership assets, costs for audits, fees for attorneys andother experts, and expenses incurred in association with the management of the fund offunds and the underlying funds, shall be borne on a basis of actual incurred costs and theamounts may not be specified.
Please note that the fees and expenses listed above are intended for general fund-of-funds
products of AIC. Rates of fees are presented above at the maximum rates for each type offee collected for AIC’s fund of funds.

（２） Risks

Fund products provided by AIC are “fund of funds” products. Fund of funds products invest
assets from customers into other funds that then invest mainly in private equities and othersecurities.
AIC manages investors’ assets by investing them mainly in funds that are governed by theprovisions of Article 2.8.15 of the Financial Instruments and Exchange Act. The underlying
funds will invest the assets received by investors mainly into private equities and othersecurities, and incorporate them into the fund assets. Value of shares of the fund of funds
may fluctuate substantially in accordance with changes in the value of stocks and othersecurities incorporated into the assets in the underlying funds, changes in the business or
financial status of the issuers of securities, etc., and fluctuations of exchange rates wheresecurities in foreign currency are incorporated, as well as other factors. The assets invested
in the fund of funds, therefore, do not have a guarantee of safety of the principal capital
invested, and may fall below the invested amount (resulting in a loss of principal).
Investment in the fund of funds vehicle typically constitutes a long-term contract, which isvalid for a period of ten years or longer, and in principle can not be cancelled or dissolved
prior to maturity. As a result, there are restrictions to redemption during the contract period.
Transfer and resale of shares of the underlying funds may require approval of the operatorof the underlying fund. After receiving approval, redemption by transfer or resale may belimited due to absence of the market for trading shares of the underlying funds.

（３） Precautions
The descriptions above are intended for general fund of funds products of AIC. Fees andrisks associated with fund of funds transactions may vary among different types of fund offunds products in which investments can be made. Investors are advised to confirm theapplicable fees and expenses prior to investment.

２．Fees and Risks Associated with Discretionary
Investment Management Services（１） Fees and expenses
Customers shall pay management and performance fees, expenses, and other fees
associated with a discretionary investment management contract. Performance and otherfees incurred from a discretionary investment management contract shall be determined
individually through negotiation. Each customer’s contract asset amount, means ofmanagement, contents of service, and other circumstances will be considered. Calculation
methods and maximum amounts may not be specified in advance.
Expenses：In addition to the management and performance fees, the cost of the fund offunds includes transaction fees and other expenses associated with the acquisition anddisposal of the investments, costs for audits, and other expenses, which are charged by theunderlying funds. Such fees in connection with the underlying funds shall be borne on abasis of actual incurred costs; hence, maximum amounts may not be specified at a priortime. The maximum amount may not be specified for the management and performancefees, as these fees are determined through negotiation with the fund managers of theunderlying funds, and may vary among different funds. Other fees, including those
associated with setting up and managing a money trust, fees for attorneys and other experts,
and expenses incurred in association with discretionary investment management, shall beborne on a basis of actual incurred cost; hence, these amounts may not be specified inadvance.
Please note that the fees and expenses listed above are intended for general discretionary
investment management services of AIC.

（２） Risks
AIC shall, based on entrustment of customers, manage assets by investing them mainly infunds that are governed by the provisions of Article 2.8.15 of the Financial Instruments andExchange Act. Value of assets under discretionary investment management may fluctuatein accordance with changes to the value of private equities and other securities incorporated
into the assets in the underlying funds, changes in the business or financial status of theissuers of securities, etc., and fluctuations of exchange rates where securities in foreign
currency are incorporated, as well as other factors. The assets invested under discretionary
investment management do not have a guarantee of safety of the principal capital invested,and may fall below the invested amount (resulting in a loss of principal).
Investment in underlying funds typically constitutes a long-term contract, and in principle
cannot be dissolved or cancelled prior to maturity, restricting redemption during the contract
period. Transfer and resale of shares of the underlying funds may require approval of theoperator of the underlying fund. After receiving approval, redemption by transfer or resale
may be limited due to the absence of the market for trading shares of the underlying funds.

（３） Precaution

Fees and risks associated with the discretionary investment management services may varyaccording to details of individual contracts. Customers are advised to confirm the applicable
fees and expenses prior to entering into a contract.

３．Fees and Risks Associated with Investment
Advisory Services（１） Fees and expenses
Customers shall pay service fees and other expenses associated with an investment
advisory contract. Service fees incurred from an investment advisory contract shall be
determined individually through negotiation with customers. Calculation methods andmaximum amounts may not be specified in advance.
Expenses：Investment advisory services may incur expenses borne by the customers. Suchexpenses, however, shall be based on actual incurred costs, and hence, the maximum
amount may not be specified.

（２） Risks
AIC shall provide advice on investments mainly in funds that are governed by the provisionsof Article 2.8.15 of the Financial Instruments and Exchange Act. Value of the invested
assets may fluctuate in accordance with changes to the value of private equities and othersecurities incorporated into the assets in underlying funds, changes in the business or
financial status of the issuers of securities, etc., and fluctuations of exchange rates wheresecurities in foreign currency are incorporated, as well as other factors. The assets invested
in such underlying funds on which advice is offered, therefore, do not have a guarantee ofthe safety of the principal, and may fall below the invested amount (resulting in a loss ofprincipal).
Investment in underlying funds typically constitutes a long-term contract, and in principle
cannot be dissolved or cancelled prior to maturity, restricting redemption during the contract
period. Transfer and resale of shares of the underlying funds may require approval of theoperator of the underlying fund. After receiving approval, redemption by transfer or resale
may be limited due to the absence of the market for trading shares of the underlying funds.

（３） Precaution

The descriptions above are intended for general investment advisory services of AIC. Fees
and risks associated with investment advisory services may vary according to details ofindividual contracts. Customers are advised to confirm applicable fees and expenses prior
to entering into a contract.

４．Fees and Risks Associated with Type II Financial
Instruments Business（１） Fees and expenses
Customers shall pay service fees and other expenses associated with an offer or solicitation
services. Service fees incurred from an offer or solicitation services shall be determined
individually through negotiation with customers. Calculation methods and maximum
amounts may not be specified in advance.
Expenses：Investment advisory services may incur expenses borne by the customers. Suchexpenses, however, shall be based on actual incurred costs, and hence, the maximum
amount may not be specified.

（２） Risks
AIC shall provide advice on investments mainly in funds that are governed by the provisionsof Article 2.8.15 of the Financial Instruments and Exchange Act. Value of the invested
assets may fluctuate in accordance with changes to the value of private equities and othersecurities incorporated into the assets in underlying funds, changes in the business or
financial status of the issuers of securities, etc., and fluctuations of exchange rates wheresecurities in foreign currency are incorporated, as well as other factors. The assets invested
in such underlying funds on which advice is offered, therefore, do not have a guarantee ofthe safety of the principal, and may fall below the invested amount (resulting in a loss ofprincipal). Investment in underlying funds typically constitutes a long-term contract, and inprinciple cannot be dissolved or cancelled prior to maturity, restricting redemption during thecontract period. Transfer and resale of shares of the underlying funds may require approvalof the operator of the underlying fund. After receiving approval, redemption by transfer orresale may be limited due to the absence of the market for trading shares of the underlying
funds.

（３） Precaution
The descriptions above are intended for general offer or solicitation services of AIC. Fees
and risks associated with offer or solicitation services may vary according to details ofindividual contracts. Customers are advised to confirm applicable fees and expenses prior
to entering into a contract.