We understand that on or around October 22, 2014, all financial instruments business operators registered with the Kanto Local Finance Bureau of Japan (the “KLFB”) to engage in an “investment advisory and agency business” (an “IAA”) received a questionnaire from the KLFB by e-mail requesting information concerning the business activities of the IAA (including details with regarding its revenue and number of clients). As noted in the KLFB’s cover mail accompanying the questionnaire, the purpose of this inquiry is to facilitate the better understanding of the KLFB with respect to the current activities of IAAs and the nature of their operations and businesses.

The results, including any views expressed in the responses to the questionnaire as well as any industry requests reflected in such responses, will be utilized for the future supervision of IAA businesses. In addition, all specific information provided by each IAA will be treated as confidential by the KLFB.

The issuance of these types of questionnaires is not uncommon in Japan and in the past, the KLFB has used inquiries in this form to gather information regarding the activities of registered financial instruments business operators and prevailing industry practices.

While the KLFB has indicated that responding to the questionnaire is on a voluntary basis, and that there are no explicit consequences for IAAs as a result of not responding to this questionnaire, it is our experience that most financial instruments business operators accommodate the KLFB by providing a response within the specified time frame. Thus, we would generally recommend that all recipients of this questionnaire cooperate with the KLFB by responding to the questionnaire.