Manager Entry System (Selection of Investment Managers)

In the investment of pension assets, it is the policy of Pension Fund Association ("PFA") to select the most suitable investment managers, while striving for diverse investment styles and approaches for each asset class, based on the policy asset mix. To that end, we have adopted a Manager Entry System for the purposes of conducting extensive research of information about investment institutions and ongoing, efficient evaluation of managers. When commissioning investments of pension assets, we select investment managers from among those institutions that have registered with PFA, based on PFA's own evaluation.
Registration on the Manager Entry System has previously been conducted by prospective managers undertaking the necessary procedures via the PFA website and providing PFA with the specified required information on a regular basis. However, to improve the efficiency of these procedures and further expand the product universe covered by our research, from April 2024, we have deemed products registered with Nasdaq eVestment to be products registered with the Manager Entry System and made such products subject to our evaluation.

Products covered by the Manager Entry System (subject to evaluation)

• Products registered with Nasdaq eVestment
  Please inquire with Nasdaq eVestment directly regarding product registration.
  E-mail：PFAmanagerentry@nasdaq.com
• In addition to the above, the following products are also subject to evaluation.

1. Products recommended by any of Towers Watson Investment Services K.K., Russell Investments Japan Co., Ltd., or Mercer Japan Ltd.
2. Alternative investment^＊products

＊Products other than those that invest in the four traditional assets (domestic bonds, domestic equities, foreign bonds, foreign equities) and that are managed with traditional investment methods. E.g., private equity, hedge funds, real estate-related products, infrastructure, private debt, etc.

Meetings (briefings and presentations of investment products)

• Based on PFA's research and evaluation, we may request meetings (briefings and presentations) about the products entered into the system.
• In principle, PFA will not grant investment managers' requests for meetings (briefings and presentations) regarding the management of the four traditional assets.
• For alternative investments, PFA may grant investment managers' requests for meetings (briefings and presentations).