Announcement of Shift to New Investment Management Structure

July 14, 2014
Bayview Asset Management Co., Ltd.
Ken Yagi,President and CEO

Bayview Asset Management Co., Ltd. (BVAM), which is headed by Mr. Ken Yagi, president and CEO, would like to announce thatthe consolidation of its investment management groups with the aim of strengthening its investment management structure has
been resolved by the board of directors on June 30, 2014 and that a new fund manager has been appointed, and that the company
made the transition to the new investment management structure as of July 14, 2014.

BVAM has, as one of Japan’s few independent asset management companies that provide both discretionary investment andinvestment trust services, strived to build a solid investment management platform under which high quality asset management
services are provided continuously. As announced in our press release “Announcement of New Japanese Equity Fund Manager”
dated July 1, BVAM recruited Mr. Hiroshi Misu to join the Investment Management Group I as a first step towards strengthening
our capabilities of investing in Japanese equities. Today, BVAM will consolidate Investment Management Group I and Investment
Management Group II to establish the Equity Investment Management Team. The company believes that this consolidation will
promote organic information sharing within the team and provide an environment that enables the best selection of stocks andsmooth execution of investment decisions under the respective investment management strategies.

In the stock market, as the presence of short-term oriented investors besides active fund managers that take the bottom-up approachthat focuses on fundamentals, such as individual investors and hedge funds that engage in high frequency trading, is rising, thesupply/demand of stocks and political events are having drastic impacts on the market, and there are notably more and more cases
in which prices are formed without correlation to the fundamentals of the individual companies. Under such circumstances, it has
become increasingly important to not only rely on bottom-up research of the individual companies when selecting stocks, but toalso be aware of the market trend from a top-down perspective with a clear picture of the macro situation. By having fund managers
with different investment skills share information of high value, the investment management team will seek a structure that would
detect investment opportunities that have not been seized and risks that have previously been difficult to capture.

In light of this consolidation and establishment of the new investment management team, the fund manager for the New Alphex
Long Short Fund (launched March 3, 2005, Cayman-registered foreign-registered investment trust) and the Highly Selective Japan
Mid/Small-cap Equity Fund (launched September 1, 2011, Japan-registered investment trust) will change from Mr. Ichiro
Takamatsu to Mr. Koki Okahashi. Mr. Okahashi has been collaborating with Mr. Takamatsu in managing the Alphex Japan Long
Short Fund (currently New Alphex Long Short Fund) since its launch in 2005 and moved to BVAM in 2010 together with the fund,seeking a stable platform. Thereafter, he has been responsible for stock selection essential to the management of these funds.

Mr. Okahashi joined a major trading house upon graduating from university. After being engaged in the business of accounting andtax matters in the accounting division, he decided he wanted to be a member of the society who could survive not by being reliant
on his company’s name but with his own abilities and moved to a venture company providing financial consulting services in 2001.
While he worked on establishing a housing loan company and the due diligence for a corporate acquisition, he faced the risk of hiscompany going bust due to the burst of the IT bubble. In 2005, having overcome such hardships of a businessman, he plunged intothe world of equity investment management upon being invited to found an independent asset management company. From thenon, Mr. Okahashi has identified many promising stocks as an analyst of the Japanese equitiy long/short fund, the source of excess
return (alpha) for which is Mid/Small-cap equity investment, and played an active role as the driving force to keep the investment
management team afloat through the Live Door shock in 2006 and the Lehman Shock in 2008. Meanwhile, many institutional
investors specializing in Mid/Small-cap stocks disappeared one after the other, making Mr. Okahashi one of the very few experts
in this field.

Mr. Okahashi’s strength is his broad perspective acquired from being involved in various businesses other than finance in a largecompany and venture firm. With such experience as his advantage, Mr. Okahashi will take on the new challenge with a strong will
to identify excellent Mid/Small-cap companies upholding the Japanese economy before anyone else and to generate alphaexceeding domestic and overseas managers,

Bayview Asset Management was founded on January 7, 1998, as an independent boutique asset management firm, that is to say, apioneer in specialized asset management, with the idea to innovate Japan’s asset management industry. The company has been
devoted to bringing the highest level of asset management services to investors over the years. As a result, BVAM is honored tohave received tremendous support, mainly from institutional and individual investors both domestic and abroad, and the company
has steadily grown to become one of the best boutique asset management firms in Japan with a focus on Japanese and U.S. equities
investment. BVAM intends to continue to strive in developing new products and enhancing its management structure even further
as part of giving its best as an asset management firm that is visible and offers services of truly high quality, in order to answer theexpectations of investors.

New Organization

The background of Mr. Okahashi, the new fund manager, is as follows.

Koki Okahashi

Koki Okahashi joined Bayview Asset Management Co., Ltd., (BVAM) in July 2010 from Alphex Investments Co. when the latter’s
funds under management and management team were transferred to the former. He was promoted to head the Investment
Management Group II in March 2014, and then was assigned as fund manager when the Equity Investment Management Team wasestablished. At Alphex, Koki was responsible for corporate research as an analyst for the Japanese equity long/short strategy, aposition which he held since the founding of the company in 2005. Koki had started his career in 1995, joining Sumitomo
Corporation where he was assigned to the accounting division to support the company’s overseas infrastructure projects and theautomobile, media, and electronics businesses with accounting and tax matters. In 2001, he joined a venture company founded bya group of former employees of the Industrial Bank of Japan Ltd. (currently Mizuho Bank Ltd.) to set up Japan’s first mortgage
bank, Mortgage Corporation of Japan Ltd., where he engaged in the due diligence of a Japanese company buying out a Chinese
steel maker, as well as in the financial advisory operation of PFI projects of municipal governments. Koki received B.A. in businessand commerce from Keio University in 1995.