In order to realize customer-oriented business operations, we have been making efforts to ensure the penetration and thoroughness of this policy throughout the company.
We have verified the status of our efforts in FY 2021, and would like to report the results as follows.

The Investment Committee has met 35 times in FY 2021 (as of the end of March 2022) to implement internal growth and realize stable profit distribution.

We have identified 16 transactions with interested parties that pose a high risk of conflict of interest in FY 2021 (as of the end of March 2022). The Legal Compliance and Risk Management Committee met eight times in FY 2021 (as of the end of March 2022) to confirm that there were no transactions involving conflicts of interest.
In addition, we have been operating the management system appropriately based on the internal rules.

We have been making efforts to provide our Customers with appropriate information about the details of the handling fees such as the management fees we receive from our Customers.

We have been making efforts to provide and disclose important information that may affect investment decisions to our Customers in an accurate and fair manner.

We have been striving to understand the transaction purposes and needs of our Customers including MPR's unitholders, to conduct asset management in line with such purposes and needs, and to focus on IR activities so that the status of such asset management can be communicated to our Customers in an easy-to-understand way.

We recognize the importance of maximizing our Customers' profits by carrying out our business operations with integrity and fairness based on high ethical standards and by providing high quality services supported by high levels of specialized knowledge. To accomplish these tasks and to ensure that our employees are able to achieve high levels of expertise and standards, we have continuously provided education and training to our employees. In addition, in accordance with the compliance program approved by our Board of Directors, we have provided compliance training for all employees on a regular and continuous basis with the aim of improving the governance structure.

(1) IR
　・Held a total of 85 IR meetings in the 14th MPR FP (from Feb. 1, 2021 to Jul. 31, 2021) with MPR institutional investors.
　・ Held a total of 61 IR meetings in the 15th MPR FP (from Aug. 1, 2021 to Jan. 31, 2022) with MPR institutional investors.
(2) Legal Compliance and Risk Management Committee: Hold eight meetings a year.
(3) Investment Committee: Hold 35 meetings a year.
(4) Internal Audits: Conduct internal audits by external experts once a year.

In order to above evaluate the degree to which this policy has taken root, we have established the following KPI in FY 2022.
(1) IR: Hold a total of about 50 IR meetings per term with MPR institutional investors.
(2) Legal Compliance and Risk Management Committee: Hold at least four meetings per year.
(3) Investment Committee: Hold at least 12 meetings per year.
(4) Internal Audits: Conduct internal audits by external experts at least once a year.