

For release April 1, 2008
Bayview Asset Management Co., Ltd. (BVAM), which is headed by Mr. Ken Yagi, President and CEO, would like to announce that it will implement changes in personnel and organizational structure effective April 1st, 2008, following the board of directors' resolution on March 25th, 2008.
BVAM was founded in January 1998, having its start as a pioneer in boutique asset management in Japan with the idea of bringing about innovative changes to the industry. Specializing in active investment in Japanese and US equities as well as currency, we have focused on delivering high quality services to investors. In January last year, BVAM changed its company name from RS Asset Management Japan Co., Ltd. and, as part of its continuing efforts to reinforce the business foundation, the following changes have been made:

| President and CEO | Ken Yagi |
|---|---|
| Director | Susumu Takanohara |
| Director | Ichiro Tsunoda |
| Auditor | Nobuaki Tomaru |
| Chief Investment Officer | Yasuo Sakuma |
| Executive Officer | Masayuki Bunya |
| Executive Officer | Tetsuya Takasu (newly appointed) |
| Executive Officer | Yasuhito Doi (newly appointed) |
As we celebrate our 10th anniversary this year, we would like to sincerely thank our clients and US investment management partners, for supporting us to mark a decade in the highly competitive asset management business, having entrusted us with approximately ¥300 billion ($3 billion) in total asset.
The new structure should allow our staff to unite in pursuing our goal even more earnestly so as to continue offering investors superior performance and timely, detailed investment disclosure.
The biography of the two newly appointed Executive Officers is as follows:
Tetsuya Takasu joined BVAM as Head of Investment Management Operations Division in April 2002, and was promoted to Executive Officer in April 2008. Prior to joining BVAM, he was with Asahi Life Asset Management, participating in the launch of investment trust business by the firm, and he took charge of investment management administrations and operations. Tetsuya started his carrier at Cosmo Securities and took part in designing and developing domestic and international securities trading systems, position/risk management systems, and UNIX-based operating systems. In 1993, Tetsuya was seconded to Cosmo Investment Management, where he took the role of investment management operations, with focus on pensions and special money trust management. Tetsuya received a B.A. from Shibaura Institute of Technology in 1988.
Yasuhito Doi joined BVAM as Head of Marketing Division in March 2008, and was promoted to Executive Officer in April 2008. Prior to joining BVAM, he was with Lombard Odier Darier Hentsch Japan (Japanese subsidiary for the Swiss private bank) since 2000, where he was promoted to Executive Managing Director in 2007. Yasuhito started his career at Sumitomo Trust Bank in 1987, and was assigned to research, capital markets, and public fund management divisions. In public fund management, he took responsibilities in investment strategy planning and asset allocation. He then joined Watson Wyatt in 1998, where he worked as a consultant to corporate pension fund management. Yasuhito graduated from the University of Chicago with an M.B.A in 1992. He received a B.A. majoring in law from the University of Tokyo in 1987.