The purpose of the "Management Policy for Conflict of Interest" is to appropriately manage transactions that may cause conflicts of interest throughout the Group to avoid unreasonable harm to the interests of customers of Daiwa Securities Group companies (hereinafter referred to as "Group companies").

The Daiwa Securities Group manages transactions conducted by Daiwa Securities Group Inc. (hereinafter referred to as the "Company") and Group companies that fall under the following.

• Daiwa Securities Co. Ltd.
• Daiwa Asset Management Co. Ltd.
• Daiwa Institute of Research Ltd.
• Daiwa Next Bank, Ltd.
• Daiwa Corporate Investment Co., Ltd.
• Daiwa PI Partners Co. Ltd.
• Daiwa Energy & Infrastructure Co. Ltd.

(Other companies that operate financial product transactions, advisory services, banking services, investment management services, or investment services, etc. belonging to the Group, including overseas)

The major types of "conflict of interest" that the Daiwa Securities Group specifies as subjects of management are as follows.

1. 1. Transactions in which the interests of customers of Group companies may conflict with those of other customers
2. 2. Transactions in which the interests of customers of Group companies may conflict with those of customers of other Group companies
3. 3. Transactions in which the interests of the customer may conflict with those of the Daiwa Securities Group
4. 4. In addition, when there is a risk that the customer's interests will be unreasonably harmed due to a transaction between the customer and the Daiwa Securities Group

The Daiwa Securities Group manages conflicts of interest in transactions that require management using the following methods or combinations thereof.

1. 1. Method of dividing information and blocking information in Groups such as division of departments and prohibition of receiving and providing information related to transactions between Group companies and between the Company and Group companies
2. 2. Method of changing the transaction conditions or method
3. 3. Method of canceling the transaction
4. 4. Method of disclosing that the customer's interests may be unreasonably harmed
5. 5. Other methods

The Daiwa Securities Group has established a Conflicts of Interest Management Department to manage transactions that may cause conflicts of interest, and systems for appropriately managing conflicts of interest at the Group companies stipulated in Article 2. We will endeavor to centrally manage transactions with conflicts of interest for the entire Group, such as by checking the status of operation of this department and these systems.