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Mission & Approach _ Investment Team

To achieve superior performance, an asset management firm needs talented investment professionals - portfolio managers, analysts, and traders - who are supported by dedicated staff throughout the organization. Nikko AM is proud to say that it employs such talent, with an investment team that offers diverse industry experience and a track record of success.

Employees also need a work environment that allows them to focus on what is most important: producing positive and meaningful investment results. Nikko AM will continue to make every effort to ensure a corporate structure that allows our investment professionals to focus on the management of our clients' assets.

Our goal is to produce the best performance possible. We will therefore continue to review our investment processes and practices so that we can stay ahead of the curve, and ahead of our competitors.

Please see the Corporate Data section to learn more about our investment team.

Accountable

We select our investment professionals based on their individual performance and potential, and they are empowered to do what is best for the portfolios and the investor. Each understands their respective roles and responsibilities, and is fully accountable for the success or failure of their investment decisions.

Independent

We encourage independent thinking among our investment professionals. Each team has created its own unique investment philosophy and investment process tailored to the type of portfolio it is managing.

Compensation

Compensation in line with global industry standards, including performance related bonuses and the awarding of stock options.

Bill Wilder

Bill Wilder, President and Chief Investment Officer joined Nikko AM in July 2004 from Fidelity Investments Japan where he was President and Representative Director from 1995 to 2004. During that time, Wilder established Fidelity's successful retail fund business, amassing the most local assets among major foreign firms that started selling their funds in Japan upon financial deregulation in 1996.

Prior to assuming the role of President at Fidelity, Wilder held various investment roles between 1992 and 1995, including director of Japanese equity research and fund manager. He also served as Director of Japanese Equity Research at Schroder Securities in Tokyo from 1986 to 1992. Having lived and worked in Japan for almost 30 years, he is fluent in Japanese and has extensive experience with local business and culture.

Wilder has served as a trustee of the Japan Securities Investment Advisers Association, the vice chairman of the Financial Services Asset Management sub committee of the American Chamber of Commerce in Japan, and a trustee of the American School in Japan.

Masayuki Ishihara, Chief Operations Officer of Investment and Head of Investment Support & Planning Department, has been with Nikko AM since 1998, serving in a variety of roles in fixed income investment. Prior to joining Nikko AM, Ishihara worked with The Nikko Securities Co., where he was involved in a spectrum of fixed income trading activities. Now he is heading global strategic initiatives in the investment area in Nikko AM. Ishihara is a former member of Japan's Ministry of Finance study group on Asian bond and also taught finance in School of Economics, Musashi University in Tokyo. He has translated and published papers related to investment management. He is a chartered member of the Security Analysts Association of Japan and is a Chartered Financial Analyst. He has an MBA with honors from Boston University and a BA in Engineering from Waseda University in Tokyo.

Stuart Kinnersley, Chief Investment Officer, Nikko Asset Management Europe Ltd, is responsible for global accounts managed within Nikko AM. As CIO of the Nikko AM UK office, he leads the London-based Investment team. He has 18 years' experience in portfolio management, with over 9 years with Nikko Asset Management. Prior to joining Nikko AM, Kinnersley was with LTCB Foreign & Colonial, where he served as Managing Director and Chief Investment Director. Kinnersley has his Bsc in Economics from the London School of Economics and Political Science.

Soo Nam Ng, Chief Investment Officer, joined Nikko Asset Management Singapore Limited in August 2007, bringing with him a career in asset management that spans more than a decade. Prior to joining Nikko AM group, Soo Nam was Chief Investment Officer for Mirae Asset Global Investment Management (Asia), which he helped to found in Singapore and where he led the investment team for Asia ex Japan and Korea from November 2004 to May 2007. Previously, he worked at Schroder Investment Management (Singapore) Ltd., joining in 1995 as an investment analyst and over the subsequent nine years rose to become Director (Fund Management). He graduated with First Class Honors in Economics at the University of Adelaide, Australia, and holds CFA certification.

Lawrence Prager, Head of Equity Research joined Nikko AM in April 2005, continuing a 20-year career in Japanese equity-related investment research. Prager joined Nikko AM from Nikko Citigroup, where he was Joint Head of Equity Research and Managing Director. Prior to joining Nikko Citigroup in 1999, he served for two years as Joint Head of Equity Research and director at the Nikko Research Center in Tokyo. Prager previously worked at Nikko Securities, which he joined in 1985. This included a stint at Nikko's European subsidiary from 1991 to 1997, during which he worked on Japanese equity strategy and European equity research. Prager has a BA with major in Economics and a BA with major in Political Science and Asian Studies from the University of California Santa Barbara and a MBA with concentration in Finance from UCLA. Prior to joining Nikko, Prager studied at Keio University from 1983-85 under scholarship from Japan's Ministry of Education.

Kiyokazu Toyoshima, General Manager of Equity Investments, has over 20 years experience in the investments field. His previous roles include General Manager of the Equity Investment Advisory department and Chief Fund Manager for the equity growth strategy. Prior to joining Nikko AM he gained extensive Japan equities experience with Mercantile Mutual Insurance and Nikko Securities. Toyoshima holds a B.A. in Economics from Rikkyo University and is a chartered member of the Security Analysts Association of Japan.

Hiroki Tsujimura, Global Head of Alternative Investments, CIO Alternative Investments (NY) of Nikko Asset Management Americas, Inc., Nikko AM's subsidiary in NY devoted to alternative products. Prior to joining Nikko AM, Tsujimura served as Executive Vice President of The Nikko Securities Co. International, Inc and a managed hedge fund. Tsujimura has over 19 years experience in the industry, including serving as head of the equity trading division of The Nikko Securities Co. International, Inc. in New York and establishing the proprietary trading desk. In the period he worked for Nikko Securities, Tsujimura formed a joint venture company with Knight Trading Group and served as Executive Vice President and Chief Operating Officer of Knight Securities Japan. He holds a Bachelor's degree in Business from Keio University in Tokyo.