Award

Mercer MPA (Japan) Award 2011

• Japanese Equity General Category / Domestic Equity Value Sub-Category

  Product : Japan Equity Fund No 204 (Value Specialty)

The Mercer MPA (Japan) Awards are based only on historical return obtained from investment managers and there is no relationship with Mercer's qualitative ratings or recommendation. Mercer gives no representations or warranties as to the accuracy of such information or method of calculation, and accepts no responsibility or liability (including for indirect, consequential or incidental damages) for any error, omission or inaccuracy in such information. In addition past performance cannot be relied upon as a guide to future performance. Only Mercer Investment Consulting in Japan gives this award to investment managers and no other Mercer offices are responsible for this award.

For further information on Mercer Investment Consulting, please visit http://www.mercer.co.jp

R&I Fund Award 2010

• Defined Benefit Pension / Global Bond Fund Category

  Product : International Bond Fund No 54 (GIPS BOND)

The R&I Fund Award is based on past data, and does not guarantee future fund performance. The Award is presented only to provide information that can be used as a reference, and it is not intended to encourage investors to buy, sell or hold the relevant fund. Furthermore, it has no relation with the qualitative information R&I provides to its clients. The Award is calculated by R&I based on information believed to be reliable; however, its accuracy and completeness are not necessarily guaranteed. The copyright and other related rights of this Award are the sole property of Rating and Investment Information, Inc. Copying, transfer, alteration, revision and/or addition of any part of or whole contents without prior written approval of R&I is strictly prohibited. The Award given to "Investment Trusts/Aggregate Category" is based on the average fund management performance of the relevant fund, and it does not indicate the performance of the manager's other individual funds. The base value of investment trusts, etc. is obtained from QUICK.

Eligible Funds

Funds eligible for the "Investment Trusts" and the "Investment Trusts/Aggregate" categories are Publicly Offered Open-type Stock Investment Trusts excluding defined contribution pension funds. "Defined Contribution Pension Funds" consist of Publicly Offered Open-type Stock Investment Trusts used in the defined contribution pension plan. "Defined Benefit Pension Funds" are funds registered in "R&I Pension Fund Data Service." All of them are in principle based on R&I's classifications. This year, "Investment Trusts" include the following funds: Japanese Equity Fund, Japanese Mid and Small Caps Equity Fund, Japanese Bond Fund, Global Equity Fund, Global Bond Fund, Japanese REIT Fund, Global REIT Fund, Chinese Equity Fund, Emerging Bond Fund and Japanese SRI Fund. "Defined Contribution Pension Funds" include Japanese Equity Fund, Japanese Bond Fund, Global Equity Fund, Global Bond Fund and Mixed Asset Fund. "Investment Trusts/Aggregate" include Japanese Equity Fund Aggregate, Global Equity Fund Aggregate, Global Bond Fund Aggregate and Mixed Asset Fund Aggregate. "Defined Benefit Pension Funds" include Japanese Core Equity Fund, Japanese Growth Equity Fund, Japanese Value Equity Fund, Japanese Mid and Small Caps Equity Fund, Japanese Bond Fund, Global Equity Fund, Global Bond Fund, Mixed Asset Fund, Emerging Equity Fund, Emerging Bond Fund and Japanese Equity Market Neutral Fund.

Selection Process

The funds nominated in the "Investment Trusts," "Defined Contribution Pension" and "Defined Benefit Pension" categories are those ranked in the top 75% of the annual quantitative evaluation for three consecutive years based on the actual performance data for one year ending in March 2008, 2009 and 2010 respectively. The winner is selected based on the ranking of quantitative evaluation for the three-year period ending in March 2010. The quantitative evaluation for the "Investment Trusts" and the "Defined Contribution Pension Funds" categories is based on "Sharpe Ratio," and nominees must satisfy the following conditions: (1) the fund has been set for three years or more and has one year or more left before maturity, (2) the fund has 1 billion yen or more outstanding and (3) the fund ranks among the top 75% in its category in terms of outstanding balance. For the Mixed Asset Fund in the "Defined Contribution Pension" category, conditions for nomination are as follows: (1) the fund ranks among the top 75% for three consecutive years based on the balance-weighted average "Sharp Ratio" of multiple funds comprising a life cycle fund (excluding passive funds in terms of both asset allocation and investment style of each asset class) for one year ending in March 2008, 2009, and 2010 respectively; (2) the fund has an average balance of 1 billion yen or more as of the end of March 2010; and, (3) the fund ranks among the top 75% in its category in terms of the average balance.

The quantitative evaluation for "Defined Benefit Pension Funds" is in principle based on "Information Ratio" and funds with a positive Information Ratio or equivalent are eligible for nomination. For the "Investment Trusts" and "Defined Contribution Pension" categories, R&I gives the first prize to one fund and the second prize to about two funds. For the "Defined Benefit Pension Funds," there are no prize levels. Eligible for the "Investment Trusts/Aggregate" category, are fund managers that have three funds or more with a balance of 1 billion yen or more each as of the end of March 2010. The first and second prizes are given to one fund manager each based on the ranking by balance-weighted average "Sharpe Ratio" of funds during the last three years.

Mercer MPA (Japan) Award 2010

• Japanese Fixed Income General Category

  Product : Japan Bond Fund No 12 (Interest Rate Forecasting)

• Japanese Equity General Category / Domestic Equity Value Sub-Category

  Product : Japan Equity Fund No 204 (Value Specialty)

The Mercer MPA (Japan) Awards are based only on historical return obtained from investment managers and there is no relationship with Mercer's qualitative ratings or recommendation. Mercer gives no representations or warranties as to the accuracy of such information or method of calculation, and accepts no responsibility or liability (including for indirect, consequential or incidental damages) for any error, omission or inaccuracy in such information. In addition past performance cannot be relied upon as a guide to future performance. Only Mercer Investment Consulting in Japan gives this award to investment managers and no other Mercer offices are responsible for this award.

For further information on Mercer Investment Consulting, please visit http://www.mercer.co.jp

R&I Fund Award 2009

• Defined Benefit Pension / Japanese Bond Fund Category

  Product: Japan Bond Fund No 12 (Interest Rate Forecasting)

• Defined Benefit Pension / Global Bond Fund Category

  Product: International Bond Fund No 54 (GIPS BOND)

R&I Fund Award is based on past data, and does not guarantee future fund performance. The Award is presented only to provide information that can be used as a reference, and it is not intended to encourage investors to buy, sell or hold the relevant fund. Furthermore, it has no relation with the qualitative information R&I provides to its clients. The Award is calculated by R&I based on information believed to be reliable, however, its accuracy and completeness are not necessarily guaranteed. The copyright and other related rights of this Award are the sole property of Rating and Investment Information, Inc. Copying, transfer, alteration, revision and/or addition of any part of or whole contents without prior written approval of R&I is strictly prohibited.

Nominees

Nominees of the "Investment Trusts" and the "Investment Trusts/Aggregate Category" are Publicly Offered Open-type Stock Investment Trusts excluding defined contribution pension funds. "Defined Contribution Pension Funds" are Publicly Offered Open-type Stock Investment Trusts used in the defined contribution pension plan. "Defined Benefit Pension Funds" are funds registered in "R&I Pension Fund Data Service." All of them basically conform to the R&I's classifications. This year, "Investment Trusts" includes the following funds: Japanese Equity Fund, Japanese Mid and Small Caps Equity Fund, Japanese Bond Fund, Global Equity Fund, Global Bond Fund, Japanese REIT Fund, Global REIT Fund, Chinese Equity Fund, Emerging Bond Fund and Japanese SRI Fund. "Defined Contribution Pension Funds" includes Japanese Equity Fund, Japanese Bond Fund and Global Bond Fund. "Defined Benefit Pension Funds" includes Japanese Equity Fund, Japanese Bond Fund, Global Equity Fund, Global Bond Fund and Mixed Asset Fund. Furthermore, the "Investment Trusts/Aggregate Category" includes Japanese Equity Fund Aggregate, Global Equity Fund Aggregate, Global Bond Fund Aggregate and Mixed Asset Fund Aggregate.

Selection Process

The funds nominated in the "Investment Trusts," "Defined Contribution Pension Funds" and "Defined Benefit Pension Funds" categories are those ranked in the top 75% of the annual quantitative evaluation based on the actual performance data for one year ending in March 2007, 2008 and 2009, respectively. The winner is selected based on the ranking of quantitative evaluation for the three-year period ending in March 2009. The quantitative evaluation for the "Investment Trusts" and the "Defined Contribution Pension Funds" is based on the "Sharpe Ratio," and the winner must satisfy the following conditions: (1) the fund is set for more than three years and has more than one year left before maturity; (2) the fund has more than 1 billion yen outstanding; and, (3) the fund ranks among the top 75% in its category. On the other hand, the quantitative evaluation for "Defined Benefit Pension Funds" is based on the "Information Ratio." R&I gives the first prize to one "Investment Trusts" and one "Defined Contribution Pension Funds," respectively, and gives the second prizes to two funds trailing the fund awarded as the best fund. In the "Defined Benefit Pension Funds," there are no categories in prizes. In the "Investment Trusts/Aggregate Category," the winners are fund managers that have set more than three funds with an outstanding balance of over 1 billion yen each as of the end of March 2009. The prize is given to fund managers based on the ranking obtained by multiplying the "Sharpe Ratio" during the last three years to the weighted average of outstanding funds. R&I gives the first and second prizes to one fund manager each.

Mercer MPA (Japan) Award 2009

• Japanese Fixed Income General Category

  Product: Japan Bond Fund No 12 (Interest Rate Forecasting)

  Product: Japan Bond Fund No 15 (Multi-Strategy)

• Japanese Equity General Category / Domestic Equity Value Sub-Category

  Product: Japan Equity Fund No 204 (Value Specialty)

• International Fixed Income General Category

  Product: Japan Bond Fund No 54 (GIPS Bond)

The Mercer MPA (Japan) Awards are based only on historical return obtained from investment managers and there is no relationship with Mercer's qualitative ratings or recommendation. Mercer gives no representations or warranties as to the accuracy of such information or method of calculation, and accepts no responsibility or liability (including for indirect, consequential or incidental damages) for any error, omission or inaccuracy in such information. In addition past performance cannot be relied upon as a guide to future performance. Only Mercer Investment Consulting in Japan gives this award to investment managers and no other Mercer offices are responsible for this award.

For further information on Mercer Investment Consulting, please visit http://www.mercer.co.jp

AsianInvestor 2009 Investment Performance Awards

• Japan Fixed Income Category

  Product: Japan Bond Fund No 10 (Spread (Yield Curve))

Second R&I Fund Award 2008

• Defined Benefit Pension / Japanese Bond Category

  Product: Japan Bond Fund No 10 (Spread (Yield Curve))

  Product: Japan Bond Fund No 12 (Interest Rate Forecasting)

• Defined Benefit Pension / Global Bond Category

  Product: International Bond Fund No 54 (GIPS BOND)

• Defined Benefit Pension / Global Equity Category

  Product: International Equity Fund No 47 (Value)

The R&I Fund Award is based on past data, and does not guarantee future fund performance. The Award is presented only to provide information that can be used as a reference, and it is not intended to encourage investors to buy, sell or hold the relevant fund. Furthermore, it has no relation with the qualitative information R&I provides to its clients. The Award is calculated by R&I based on information believed to be reliable; however, its accuracy and completeness are not necessarily guaranteed. The copyright and other related rights of this Award are the sole property of Rating and Investment Information, Inc. Copying, transfer, alteration, revision and/or addition of any part of or whole contents without prior written approval of R&I is strictly prohibited.

Mercer MPA (Japan) Award 2008

• Japanese Fixed Income Category

  Product: Japan Bond Fund No 10 (Spread (Yield Curve))

  Product: Japan Bond Fund No 12 (Interest Rate Forecasting)

• International Fixed Income Category

  Product: Japan Bond Fund No 54 (GIPS BOND)

• International Equity Category

  Product: International Equity Fund No 51 (Value Momentum)

The Mercer MPA (Japan) Awards are based only on historical return obtained from investment managers and there is no relationship with Mercer's qualitative ratings or recommendation. Mercer gives no representations or warranties as to the accuracy of such information or method of calculation, and accepts no responsibility or liability (including for indirect, consequential or incidental damages) for any error, omission or inaccuracy in such information. In addition past performance cannot be relied upon as a guide to future performance. Only Mercer Investment Consulting in Japan gives this award to investment managers and no other Mercer offices are responsible for this award.

For further information on Mercer Investment Consulting, please visit http://www.mercer.co.jp

Mercer MPA (Japan) Award 2007

• Japanese Fixed Income General Category

  Product: Japan Bond Fund No 10 (Spread (Yield Curve))

• Japanese Equity Growth Sub-Category

  Product: Japan Equity Fund No 8 (GARP)

The Mercer MPA (Japan) Awards are based only on historical return obtained from investment managers and there is no relationship with Mercer's qualitative ratings or recommendation. Mercer gives no representations or warranties as to the accuracy of such information or method of calculation, and accepts no responsibility or liability (including for indirect, consequential or incidental damages) for any error, omission or inaccuracy in such information. In addition past performance cannot be relied upon as a guide to future performance. Only Mercer Investment Consulting in Japan gives this award to investment managers and no other Mercer offices are responsible for this award.

For further information on Mercer Investment Consulting, please visit http://www.mercer.co.jp

AsianInvestor 2007 Investment Performance Awards

• Japan Fixed Income, One Year Performance Category

  Product: Japan Bond Fund No 12 (Multi-Strategy)