Disclaimer

This web site is solely intended for use by institutional investors and institutional investment industry consultants.

The Sumitomo Mitsui Trust Bank, Limited is licensed and registered in Japan. Outside of Japan.

The Sumitomo Mitsui Trust Bank, Limited is registered as an Investment Manager in the Republic of Ireland only.

This web site is not for soliciting any action, but for providing reference information that might help your investment strategies or investment decisions, etc. with regard to a discretionary investment or investment advisory agreement with us. You may neither be forced to adopt the investment stance based on this web site nor suffer any business disadvantage by rejecting it.

This web site contains our subjective judgment as well as objective information, and we shall advise you to make your final investment decision at your own risk, referring to detailed information relating to the products. Any contents of this web site including performances, investment objective, and distribution charts showing risk/return of the products does not guarantee that the performance will go up. Furthermore, please be fully aware of all preconditions as data showing simulation and back test is created under certain conditions.

It is necessary for you to make the final investment decision on your own after careful examination of the product details. The information provided on this web site, including the data from simulation and back-test, past performances, product maps, etc., does not guarantee future performances.

Part of the data is based upon information from sources that we believe to be reliable. However we do not represent as to its accuracy or completeness. This web site is based upon the information available at creation date and the information on this web site may be changed reflecting the changes in the financial situation and/or social conditions.

All copyrights on this web site belong to The Sumitomo Mitsui Trust Bank, Limited excluding the parts quoted from the web sites of other companies. We do not allow the use or copying of any part or all of this web site without our permission.

Should you have any questions as to this web site, please address them to our marketing department.

The Sumitomo Mitsui Trust Bank, Limited

No.649 Kanto Finance Bureau of the Ministry of Finance

Japan Securities Dealers Association, Japan Investment Advisers Association, and The Financial Futures Association of Japan

Basically, the management fee is calculated on the basis of the operating amount. However, the individual calculation is determined depending on each client's needs for investment guidelines (policy of asset mix, managed account, commingled account, etc.), and varies from case to case.

When entering into the discretionary investment and/or investment advisory agreement, the client is required to check the calculation method of the management fee with us.

The commission incurred in line with the trades of securities, etc. will be deducted from the assets under management. When investing in investment trust products organized and operated by other institutions, fees for the institutions concerned may be charged. In this case, please refer to the content of this web site for information.

The entrusted asset value may fluctuate due to changes in interest rates, foreign exchange rates, securities, and the credit status of the underlying assets (e.g. changes in the issuer's business conditions and financial status, and in the external evaluation of the issuer).

A loss in principal may occur if the value of short-term financial assets, such as cash deposits, call loans, commercial papers, certificates of deposits falls below the original purchase price due to the deterioration of the financial conditions of the counter-party of trades.

The Investment Manager may choose the proprietary banking account as a counter-party in domestic currency, foreign currency trade, foreign currency forwards, currency / interest rate futures, index futures, option trades, and swap trades on currencies and interest rates if such trades were judged to be beneficial for the fiduciary assets in terms of investment management.

The fiduciary assets are held in escrow by the custody bank by a contract with the custody bank. Therefore, there is no risk of loss in principal due to changes, such as the financial conditions of the Investment Manager.

This concludes the Matters of Representation based on Article 37 of the Financial Instruments and Exchange Law in Japan.