Investor Presentaiton

Establishing the Japan Presence - Staffing All of the FIBO registrations require certain levels of staffing by Japan-resident personnel • The number of personnel varies, depending on the particular FIBO registration being obtained • Typically, the Type 1 FIBO (which markets only funds managed by its affiliates) and (DIM FIBO (which sub- . delegate major part of the authority to manage assets) registrations require six or more Japan hires, with at least one full-time compliance officer • The Type 2 FIBO and JIAA FIBO registrations can be done with fewer personnel, and a full-time Japan-resident compliance officer may not be necessary, as part-time or regional compliance officers with the requisite knowledge of Japanese requirements may be acceptable to the regulators • The first hires are typically the representative in Japan (Japan branch of a foreign corporation) or the representative director (Japanese corporation), and/or the compliance officer Other personnel may be staffed more gradually depending on the registration being sought and the registrant's particular business model, but must be employed before the formal submission of the application Morgan Lewis 29

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