Matsumotokiyoshi Holdings Co., Ltd.

Templeton Investment Counsel's equity strategies seek to identify stocks that are significantly undervalued in markets across the globe. By combining fundamental analysis with original research, they search for companies that meet their criteria of quality and valuation. When choosing equity investments for the strategies, the firm applies a bottom-up, value-oriented, long-term approach, focusing on the market price of a company's securities relative to the firm's evaluation of the company's long-term earnings, asset value and cash flow potential. Based on these research results, managers construct individual portfolios within established parameters for the mandate as well as diversification. Portfolio managers continually review portfolios to assess sector and industry risk exposure in response to changing market conditions. The Templeton Global Equity Group manages global, regional and single country equity products. The group has a flat management structure and is led by the Chief Investment Officer, who is responsible for all aspects of the Global Equity Group; the Director of Portfolio Management, who coordinates the global portfolio management activities of the group; and the Director of Research, who is responsible for the equity research process.

SIM-JP is a long-term manager which follows a research-based, bottom-up investment process to invest in Japanese equity and debt across market-caps. They aim for diversification through asset allocation based on in-depth local economic analysis. The firm offers various investment strategies such as liquid alternative, alpha stock, credit, emerging market investment, income, and multi-asset operation solution.

IGIM-HK is an active, long-term, GARP-oriented manager which constructs diversified portfolios, aiming to lessen stock-specific and sector risks. They follow a bottom-up approach, driven by an intensive program of company visits, and compare them within the universe of Chinese companies and industry peers. Portfolio managers use financial databases to screen companies, looking for growth at a reasonable price.The firm's Greater China Fund aims to provide long-term capital growth by investing primarily in equity securities of companies located in China, Hong Kong, Taiwan and Singapore and in companies that derive a significant portion of their revenues fromthe Greater China region. Their sell discipline is largely based on valuations.