Measures for Handling Complaints and Resolving Disputes

Nippon Value Investors KK has established the following measures for handling complaints and resolving disputes.

1. Measures to handle complaints

(1)	Nippon Value Investors KK responds with sincerity and speed to all complaints from clients. Our goal is to achieve the understanding of clients. For customer complaints and other statements, contact Nippon Value Investors KK’s chief compliance officer (Tel: 81-3-6551-2796). The employee of Nippon Value Investors KK will conduct the questioning and will propose the solution.
(2)	In addition to seeking to resolve complaints by using the method described above, Nippon Value Investors KK uses the Financial Instruments Mediation Assistance Center, a non-profit organization, to handle complaints. This center has been appointed by the Japan Investment Advisers Association, an organization in which Nippon Value Investors KK is a member, to provide services for resolving client complaints. Clients are asked to use the following contact information to use this center to handle a complaint. Financial Instruments Mediation Assistance Center (FINMAC) Address: Daini Shoken Kaikan, 2-1-1 Nihonbashi-Kayabacho, Chuo-ku, Tokyo 103-0025 Japan Telephone: 0120-64-5005 (toll free) Hours: 9AM to 5PM, Monday to Friday (except holidays, (including compensating holidays) and December 31 to January 3) Website: http://www.finmac.or.jp/ Please contact FINMAC directly for more information of their mediation services.

(1)

Nippon Value Investors KK responds with sincerity and speed to all complaints from clients. Our goal is to achieve the understanding of clients. For customer complaints and other statements, contact Nippon Value Investors KK’s chief compliance officer (Tel: 81-3-6551-2796). The employee of Nippon Value Investors KK will conduct the questioning and will propose the solution.

(2)

In addition to seeking to resolve complaints by using the method described above, Nippon Value Investors KK uses the Financial Instruments Mediation Assistance Center, a non-profit organization, to handle complaints. This center has been appointed by the Japan Investment Advisers Association, an organization in which Nippon Value Investors KK is a member, to provide services for resolving client complaints. Clients are asked to use the following contact information to use this center to handle a complaint.

Financial Instruments Mediation Assistance Center (FINMAC)
Address: Daini Shoken Kaikan, 2-1-1 Nihonbashi-Kayabacho, Chuo-ku, Tokyo 103-0025 Japan
Telephone: 0120-64-5005 (toll free)
Hours: 9AM to 5PM, Monday to Friday (except holidays, (including compensating holidays) and December 31 to January 3)
Website: http://www.finmac.or.jp/

Please contact FINMAC directly for more information of their mediation services.

2. Measures to resolve disputes
Nippon Value Investors KK uses the mediation services of the Financial Instruments Mediation Assistance Center to resolve disputes. This center has been appointed by the Japan Investment Advisers Association, an organization in which Nippon Value Investors KK is a member, to provide services for resolving client complaints. Mediators at the center perform the mediation activities. Clients are asked to contact the center as shown above in order to use this center to resolve a dispute with Nippon Value Investors KK. Please also contact the center for more information about their mediation services.