October, 2007
Bayview Asset Management Co., Ltd. ("BVAM") in its recognition of the importance of protection of personal information and privacy of individuals in the investment management and investment trust management businesses and in its pursuit of social responsibility as an established business entity, hereby adopts the corporate Privacy Policy. BVAM is committed to the protection of personal information, put top priority in implementing the Private Policy and make sure to have its management members and all personnel honor the Policy.

Ken Yagi
President & Chief Executive Officer
Bayview Asset Management Co., Ltd.

1. Purpose and means of collecting personal information

   BVAM makes clear the purpose of collecting personal information at the time of obtaining them and makes use of such information in a fair and legitimate manner within the range of stated purposes and only to pursue its proper business purposes.

2. Maintenance of the personal information

   BVAM maintains the accuracy of the personal information it collects and the security of them to protect the information from the illegal access or theft with suitable protection measure and from any loss damage, manipulation or disclosure by error.

3. Compliance of the Personal Information Protection Laws and other related regulations

   BVAM strives to comply with the Personal Information Protection Law, its related regulations and orders and the bylaws of the associations it is affiliated to.

4. Honoring the right of personal information protection and privacy

   BVAM recognizes the right of the person the personal information is about and will respond promptly to the request to disclose, correct, refrain from its use or delete the related information as long as they are not extraordinary or unreasonable.

5. Organization and structure to protect the personal information

   BVAM appoints the officer in charge of the protection of personal information and exercises the appropriate handling of such information it collects.

   BVAM maintains the training program of its personal information protection measures for its management and all personnel to enforce the proper handling of the personal information in their day-to-day business operations.

6. Adoption of the Personal Information Protection Program

   In order to properly enforce the Privacy Policy, BVAM adopts the Personal Information Protection Program that includes the Privacy Policy, the company bylaws and other rules and other measures necessary for its implementation.

7. Providing the personal information to the third party

   BVAM will not disclose the personal information without the consent except for the cases allowed by the Law and other related regulations.

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For any queries or complaints, please contact below.

Personal Information Inquiry Desk

Bayview Asset Management Co., Ltd.
Personal Information Inquiry Desk c/o the Compliance Office. (Office hours 9:00 to 17:00)
Bancho-House, 29-1 Ichibancho, Chiyoda-ku, Tokyo 102-0082 Japan
Tel +813-5210-3342

Please note that we are a member of the following two associations authorized by the government.

The name of the authorized association and its inquiry desk

Japan Securities Investment Advisers Association (Inquiry and Claim Desk +813-3663-0505)
The Investment Trusts Association, Japan (Investors Inquiry Desk +813-5614-8440)

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Purposes of collecting personal information

1. To introduce and to solicit BVAM's investment products and other services.
2. To introduce and to solicit the investment products and other related services of BVAM's affiliated companies and partners.
3. To judge the suitability of particular products to be offered in light of suitability test required.
4. To confirm the identity of clients and/or their attorney in fact.
5. To report the details of clients' portfolio and the result of investment management.
6. To carry out the operational procedure to maintain clients' account.
7. To fulfill the obligation and responsibility imposed by the contract with clients and by the laws and other related regulations.
8. To conduct the market research and analysis of clients' information and replies to questionnaires.
9. In case of accepting the delegation of duties of processing personal information, to perform the duties delegated by other investment mangers properly.
10. To maintain good and smooth relationship with the clients.