Japan’s Stewardship Code

○Japan’s Stewardship Code was established in February 2014. It defines principles for institutional investors to fulfill their fiduciary responsibility and to promote the sustainable growth of investee companies.

○Investors’ Action based on this stewardship code will enhance both mid-to-long term corporate value and investment return, and will also contribute to the growth of the Japanese economy as a whole.

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○127 institutional investors announced their intention to accept the Code by the end of May 2014, including public pension funds, major insurance companies, and trust banks.

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