Governance Structure and Same-boat Principle

■Management of Conflict of Interest and Impartiality Operation Structure
TIF's asset manager appoints external experts for the investment management and the compliance division and requires attendances and approvals from compliance officer and external member in case of related party transaction.



■Integrating the interest of unitholders and the Sponsor
Takara Leben implements to own investment units of TIF in order to integrate the interests of themselves, as the sponsor, and shareholders of TIF. TIF believes that such measure contributes to maximizing shareholders ‘ value through achievement of sustainable and stable growth in middle to long term period which is led by continuous cooperative relationship to reinforce and support the business of both TIF and the Sponsor.