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The representation based on Article 37 of the Financial Instruments and Exchange Law in Japan

1. Company Name:
   Mizuho Trust & Banking Co., Ltd.
2. Registered Financial Institution Registration Number:
   No.34 Director-General of the Kanto Local Finance Bureau of Ministry of Finance
3. Memberships:
   Japan Securities Dealers Association
   The Financial Futures Association of Japan
   Japan Investment Advisers Association
4. Fees and Costs:
   The trust fee is calculated by multiplying the prescribed rate by the trust amount, and is collected from the asset under management. The prescribed rate is determined individually depending on the client's needs, the investment policies and the trust amount, and such rate varies from case to case. If the commission amount is shown before tax, the consumption tax will be added to it.
   Transactions of commingled accounts require a prescribed amount of retention money for the trust assets (the amount of retention money varies depending on the investment strategy).
   Indirect fees payable include the brokerage commission (the commission on futures transactions or option transactions is included) and its tax equivalent, a custody fee for assets in foreign currencies, a trust fee concerning the beneficiary's right of investment trust and other commissions (these commissions vary depending on the investment strategy or the amount of the assets under management due to differences in the investment situation or custody conditions).
   In the case of a commingled account which includes stock lending transactions, the prescribed handling commissions will be received after lending commissions are deducted. In addition, taxes and other public charges associated with stock lending transactions and fees required for trust operations will be deducted from the assets under management or be paid by the trustors.
   Also, when investing in Hedge Fund (HF) or Fund of Hedge Funds (FOHF), constitutional expenses of the fund and/or trust fees etc. (the kinds of these commissions are wide-ranging and varied depending on the investment strategy or the amount of the assets under management due to differences in the investment situation or custody conditions) may be charged.
5. Risk on Loss of Principal:
   Since the investment strategies listed on this site mainly involve investment in financial products (e.g., equities, fixed income, currencies, real estate in investment trusts and commodities etc.), investment in these strategies involves many risks (e.g., fluctuation risk in stock prices, fluctuation risk in bond prices, fluctuation risk in yields, currency risk,credit risk, counterparty risk, country risk, risks of futures trading, fluctuation risk of the real estate market, fluctuation risk of the commodity market, risk of impossibility of collecting of lending securities and risk of re-investment of cash collateral) and thus the relevant value of the principal may be diminished.
   In addition, in cases where the investment strategy involves a benchmark, the relevant value of the principal may be diminished because of fluctuations of the index price.
6. Other Significant Matters:
   The investment strategies mentioned in this document may be subject to a significant reduction in assets under management which may negatively affect investment efficiency and, as a result, it may become impossible or difficult to achieve the purpose of the trust.
   FOHF or a fund with a similar investment strategy may require a long period of time from when they receive a cancellation notice to when the investor may obtain their cash. If the amount subject to the cancellation notice accounts for a certain weight of the fund itself (i.e. over 10% of the fund), the cancellation will be limited and the investment will be converted to cash on or after the next payment date. Moreover, the times at which investments can be made in FOHF may be limited.
   In general, there are no limitations on investment or cancellation except for the funds following investment strategies mentioned above. However, a certain period of time may be necessary for cancellation in some cases due to unavoidable reasons. If the cancellation amount requested accounts for a considerable percentage of the total amount of the fund, the cancellation may be divided into parts (e.g., in two or three parts) considering the trading volumes on the market. In such case, it may take around a month for completion of cancellation (cancellation will require longer periods of time where it exerts considerable influence on the fund).