Voting Instruction Guidelines

In order to faithfully fulfill our responsibilities as asset managers, our company has established the "Guidelines for Instruction on the Exercise of Voting Rights, etc." and the "Regulations for Instruction on the Exercise of Voting Rights, etc." These documents define the decision-making procedures, criteria for judgment, and internal systems related to instructions on the exercise of voting rights, aiming for an organized and consistent approach to exercising voting rights.

The basic approach to issuing instructions is as follows: 

１．Instructions for the exercise of voting rights, etc., will be given solely for the purpose of serving the best interests of the client, fulfilling our responsibility to act in 　　the client's best interest.

２．In making decisions regarding the exercise of voting rights on individual securities, each proposal will be carefully examined in accordance with the guidelines, and 　　if it is deemed contrary to the client's interests, a vote of "against" will be cast.

３．Instructions for the exercise of voting rights will not be made for the purpose of benefiting any third party other than the client.

４．When exercising voting rights, external expert advice will be sought as necessary.

５．In cases where a conflict of interest may arise, independent third-party advice will be utilized.

６．Instructions for the exercise of voting rights will either be "in favor" or "against" each proposal, and "blank proxy" voting will not be utilized.

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