Expiration Date for Professional Investors system

This page is to inform you of the “Expiration Date” related to “opt to become Professional Investor” under Professional Investors system regarding Financial Instruments Exchange Act of Japan (“FIEA”).

FIEA regulates investments productrs but inconvenience is concerned for the investment activities with the investors when a uniform regulations apply to all the investors. Hence, a part of “softening” regulations for diversification of investments, “Professional Investors System” was set out for the investors who are considered manageable proper risks arised from financial transactions in light of his/her knowledge, experiences and state of property.

“Professional Investors System” is

to devide investors into “Professional Investors” and “customers other than Professional Investors (or “General Investors”) by following the standards set out in the FIEA. The Professional Investors are not applicable for various protected safeguards such as explanation duty with financial instruments dealers, which is applicable to General Investors.

You may be applicable to either of “Professional Investors” or “General Investors”. And if you meet certain ctiteria, you can opt to become “Professional Investors” or “General Investors” by following your application.

If you can opt to become a Professional Investor from General Investor”

After a proper process, “General Investors who can opt to become Professional Investors” can become a Professional Investor. However, transition period is set out up to 1 year under FIEA, and you will automatically become General Investor after such period. We, Akebono Asset Management Ltd., set our “Expiration Date” for “Professional Investors System” as the end of February every year. If you wish to keep your Profesisonal Investor status, you need to apply the process again.

If you opt to become a Professional Investor, you can apply to be treated back as General Investors whenever you apply after transition.

If you can opt to become a General Investor from Professional Investor

Professional Investors who can opt to become General Investors can also become General Investors after proper process. If you become General Investor after April 1, 2010, there is no expiration date for transition.

If you opt to become a General Investor, you can apply to be treated back as Professional Investors whenever you apply after transition.