Decision-Making Process at the Asset Management Company for Transactions Between Interested Parties

Concerning certain transactions between an interested party and EII (transaction between interested parties), the Asset Management Company is, pursuant to the interested party transaction rules, required to make a deliberation and resolution by its Board of Directors after obtaining confirmation and approval from its compliance officer in advance, going through a deliberation and resolution at its Compliance Risk Management Committee and Investment Committee and then completing a deliberation and resolution at the Board of Directors of EII. As described, strict procedure has been set forth requiring multi-layered deliberation and resolution by several organizations. Furthermore, for a resolution to be passed at the Compliance Risk Management Committee and Investment Committee, the compliance officer and external experts must be present, and attendance of two-thirds or more of committee members with voting rights as well as their unanimous approval is required.

● Decision-Making Flow of the Asset Management Company for Transactions Between Interested Parties