Announcement of Shift to New Management Setup

July 1st, 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
that changes of directors and the appointment of a new auditor have been resolved by the shareholders’ meeting held on June 30,
2014 and that a new executive officer has been appointed at the board of directors’ meeting.

BVAM, as one of the few independent asset management firms offering both discretionary investment and investment trust services,
has strived to build a solid investment platform that enables the Company to continuously provide asset management services ofhigh quality. As BVAM enter its 17th anniversary of foundation, the following personnel changes will be made in order to further
strengthen its internal structure.

1.

Mr. Naotaka Murasumi and Mr. Yuji Kudo will assume the post of director. (as of June 30, 2014)

2.

Mr. Susumu Takanohara and Mr. Ichiro Tsunoda will retire as director. (as of June 30, 2014)

3.

Mr. Tsuneo Suzuki will assume the post of auditor. (as of July 1, 2014)

4.

Mr. Hiroaki Iwata will assume the post of executive officer. (as of July 1, 2014)

Corporate Management
President and CEO

Mr. Ken Yagi

Director

Mr. Naotaka Murasumi (newly appointed)

DirectorMr. Yuji Kudo (newly appointed)

AuditorMr. Tsuneo Suzuki (newly appointed)

AuditorMr. Nobuaki Tomaru

Executive Officer

Mr. Yasuo Sakuma

Executive Officer

Ms. Rieko Shimojo

Executive Officer and CFO

Mr. Hiroaki Iwata (newly appointed)

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, 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.
Directors Mr. Takanohara and Mr. Tsunoda have directed and led BVAM for 12 years since they assumed their positions in 2002,
however, they will both retire voluntarily at this time as directors of BVAM. The two have contributed to building the foundationof BVAM in various ways, applying their rich experience in the industry from serving many executive positions at financial
institutions representing Japan, namely the Industrial Bank of Japan Ltd. (currently Mizuho Bank Ltd.), in the case of Mr.
Takanohara, and Nomura Securities Co., in the case of Mr. Tsunoda, and will now pass the torch to the new organization for thenext growth stage.

The newly appointed director Mr. Murasumi has enjoyed a successful career as an executive of Nomura Securities Co. over manyyears and has thorough knowledge of the financial business, as well as a broad network of personal contacts in the industry. Mr.
Murasumi has contributed to the development of BVAM’s business through the advice he gave as advisor, but now by becoming adirector, he will provide direct supervision and guidance in a closer manner, and the company looks forward to receiving practicalknow-how on corporate management.

Director Mr. Kudo, who is also newly appointed, became the first president and representative director of Schroder Investment
Management (Japan) Ltd. at a time when foreign capital asset management firms were just making their inroads in Japan in the
1980s. He claims a brilliant achievement as a pioneer who has elevated the status of Schroder, as well as foreign capital asset
management firms at the dawn of their history and paved the way that has led to today’s progress. His unique experience isextremely valuable for BVAM, aspiring to become the asset management company of the new generation.

Auditor Mr. Suzuki, after working for companies, including Yamaichi Securities Co., was responsible for the inspection of Japaneseand foreign financial institutions at the Financial Services Agency. He was the first person with a private industry background tobe appointed Chief Inspector of FSA’s Securities and Exchange Surveillance Commission, and he has thorough knowledge of theframeworks of internal management and financial business practices in particular. BVAM has acquired an assurance report oninternal control for its discretionary investment business from an independent external auditor in March 2013 and has been working
on enhancing and strengthening its compliance and governance systems. By welcoming a great expert like Mr. Suzuki, the company
will steadily advance towards summing up such efforts.

Furthermore, Mr. Hiroaki Iwata, who has been in the post of CFO at BVAM, will become an executive officer of the company. Mr.
Iwata joined the company in October 2004. Since then, he has served as general manager of the Investment Management Planning
Division, the Marketing Planning Division, the Investment Management Operations Division, and the Corporate Administrationand Operations Division. He was promoted to CFO in April 2011. With his detailed knowledge of our middle- and back-officedivisions, he is essential in supporting the company’s organization.

BVAM seeks to evolve from its founding days of employing people to form the company to its growth stage of cultivating talent
to nurture the company. The management reform at this time gives full consideration to the executives’ age composition with aperspective for the next generation and is part of a long-term commitment as an asset management firm. The company intends tomeet investors’ expectations with utmost effort as an asset management firm that provides services with a face and of truly highquality by continuing to make personnel and organizational changes as necessary and appropriate.

The career histories of the newly appointed executives are as follows.

Naotaka Murasumi: Director
Naotaka Murasumi became Advisor to Bayview Asset Management Co., Ltd. (BVAM) first in 2005 and then was reappointed inOctober 2012. He has been appointed director since June 2014. Naotaka started his career at Nomura Securities Co., Ltd. in 1963.
After serving as general manager of the Paymaster’s Office, general manager of the Overseas General Services Department, headof the System Development Office, general manager of the Human Resources and Training/Staff Department, head of theLegal/Management and Comprehensive Planning Office, and the general manager of the System Planning Department, he waspromoted to director in 1986, senior corporate managing director in 1988, executive vice president in 1990 and deputy president(representative director) in 1993. Since 1999, he has served as chairman and representative director of Japan Future Information
Technology & Systems Co., Director of CSK Corp. and director of Hitachi Transport System Ltd. After becoming advisor to BVAM,

he also served as director of Sparx Group Co. and director of Hitachi Plant Technologies Ltd. Naotaka received a B.A. in economics
from Hokkaido University in 1963.

Yuji Kudo: Director
Yuji Kudo joined Bayview Asset Management Co., Ltd. (BVAM) as director in June 2014. He started his career in 1967 when hejoined Nikko securities Co., Ltd. After receiving training in London and Hong Kong, he became engaged in asset management
operations, joining the Foreign Investment Advisory Office of Nikko Research Center Ltd. in July 1973 and being seconded to an
American Japan fund (specializing in investment in Japan) from 1976. Yuji became president and representative director ofSchroder Investment Management Ltd. in 1985. Since 2004, he was also the representative of y2e Consulting and advisor toHenderson Global Investors (Japan) Ltd. He also serves as a committee member on the Japan Investment Advisers Association
Discipline Committee, a director of the International Management Association and part-time lecturer at the universities of Waseda,
Kobe and Osaka. Yuji received a L.L.B. in law from Tohoku University in 1967.

Tsuneo Suzuki: Auditor
Tsuneo Suzuki joined Bayview Asset Management Co., Ltd. (BVAM) in June 2014 as an advisor, and was appointed as auditor in
the following month of July. In 1976, he started his career at Yamaichi Securities Co. where he became assistant manager ofMarketing Planning Division and the manager of the Machida, Kita Kyushu, and Ikebukuro branch offices, respectively. In 1998,
he moved to Commerzbank AG. After serving as the as general manager of the Marketing Division, in 2003, he joined E*TRADE
Japan K.K. where he supervised online and face-to-face sales as the general manager of the Marketing Planning Division. Following
this, in 2004, Tsuneo joined the Financial Services Agency (FSA) where he performed many inspections of financial institutions as
an inspector in the Inspection Division and Inspection Coordination Division of the Securities and Exchange SurveillanceCommission (SESC). He was promoted to become the first chief inspector with a private industry background in July 2011. Tsuneo
received a B.A. in economics from Fukushima University in 1976.

Hiroaki Iwata: Executive Officer and CFO
Hiroaki Iwata joined Bayview Asset Management Co., Ltd. (BVAM) as general manager of the Investment Management Planning
Division in October 2004, and was subsequently appointed as general manager of the Marketing Planning Division, the generalmanager of the Investment Management Operations Division, the general manager of the Investment Management Services
Division and the general manager of the Corporate Administrations & Operations. He was promoted to chief financial officer inApril 2011 and executive officer in July 2014. Prior to joining BVAM, he joined Yamaichi Securities in 1990 and assigned toYamaichi Securities Investment Trust Management Co. (current Mitsubishi UFJ Asset Management), where he was engaged in themanagement of investment trusts investing in Japanese equities, bonds and convertible bonds. Since 1993, he has been responsible
for active management type investment trusts investing mostly in Japanese equities as a fund manager. Thereafter, he took on
responsibilities from asset management product development, marketing to documentation at the Product Planning Division,
Product Marketing Division and Sales Planning Division. Hiroaki received a B.A. in science from Rikkyo University in 1990. Heis a Chartered Member of the Securities Analysts Association of Japan (CMA).