DC 1

2012 4 6

DC 1

( ) 80 70 60 50 40 30 20 10 0 '97 '99 '01 '03 '05 '07 '09 '11 2

60 DC 3

DC 4

7% ( ) 35 6% 30 5% 25 4% 20 3% 15 2% 10 1% 5 0% 0 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 92 07 10 5

( ) 4,500 60 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 6

DC 7

16% ( ) 70 70% 14% 12% 60 50 60% 50% 10% 40 40% 8% 30% 6% 30 20% 4% 20 10% 2% 10 0% 0% '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 0 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11-10% Fundmark Fundmark 8

16% 60 16% ( ) 120 14% 14% 12% 10% 60 12% 10% 100 80 8% 8% 60 6% 6% 40 4% 4% 2% 2% 20 0% 0% 0 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 Key Indicators 2011 Morningstar Direct 60 World Population Prospects the 2010 Revision 9

4.0% 60 16% ( ) 450 3.5% 14% 400 3.0% 2.5% 60 12% 10% 350 300 2.0% 8% 250 200 1.5% 6% 150 1.0% 4% 100 0.5% 2% 50 0.0% 0% 0 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 Key Indicators 2011 Morningstar Direct 60 World Population Prospects the 2010 Revision 10

( ) 35 30 25 100% 90% 80% 70% 20 60% 50% 15 40% 10 30% 20% 5 10% 0 0% '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '01 '11 Fundmark Fundmark 11

( ) 10 9 8 7 6 5 4 3 2 1 0 '09/03 '09/06 '09/09 '09/12 '10/03 '10/06 '10/09 '10/12 '11/03 '11/06 '11/09 '11/12 '12/03 Fundmark 12

60% 400 50% 300 200 40% 100 30% 20% 10% ( 0% '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 ICIFundmark 0-100 -200-300 -400 '04 '05 '06 '07 '08 '09 '10 '11 1 Fundmark 13

16% 16,000 14% 12% 14,000 12,000 10% 8% 10,000 8,000 6% 6,000 4% 4,000 2% 2,000 0% 0 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 01/12 03/12 05/12 07/12 09/12 11/12 Fundmark Fundmark 14

20% 18% 16% ( ) 10 8 14% 12% 6 10% 4 8% 6% 2 4% 2% 0 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 0% '01 '03 '05 '07 '09 '11-2 Fundmark Fundmark 15

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 83.2% 58.5% 46.9% 17.4% 7.1% 1.7% 2011 11 16

DC 17

の の A B C の A C の 18

19

( 40 2011 9 35 30 25 20 15 10 5 0 Fundmark 20

70 70% 90% 60 50 60% 50% 80% 70% 60% 40 40% 50% 30 20 30% 20% 100% 40% 30% 20% 10% 10 10% 0 0% '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 Fundmark Fundmark 21 0% その バランス

2011 9 22

1.35% 1.30% 1.25% 1.20% 1.15% 1.10% 1.05% 1.00% 03 04 05 06 07 08 09 10 11 1.8% 1.6% 1.4% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% アクティブ FoF's201112 ) Fundmark 23 パッシブ パッシブ パッシブアクティブ アクティブ11 その 03 パッシブアクティブ ハイブリッド ハイブリッド

03 11 0.20% 0.00% 0.16% 0.04% 03 03 ) Fundmark 24

120 100 80 60 40 20 5%ile 23.4 95%ile 107.2 75%ile 64.7 42.4 25%ile 28.6 2011 )100 648 50 4,240 0 3,568 0 2009 16 10616 Fundmark 25 () ( のうち 500 450 400 350 300 250 200 150

26

( ) 70 70% 60 60% 50, 0.3 ETF), 2.7 50% 40 40% 30 ( ETF 21.4 30% 20 20% 10 22.3 10% 0 0% '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 27

10 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% '06 '07 '08 '09 '10 '11 2004 3 116 ( ) No.106 17% 7 2011 28

( ) 5 4 3 2 1 1.9 0 '02/03 '03/03 '04/03 '05/03 '06/03 '07/03 '08/03 '09/03 '10/03 '11/03 2007 3 2008 3 29

DC DC 2011 3 0% 20% 40% 60% 80% 100% DC 2011 3 86% 14% 0% 20% 40% 60% 80% 100% Funmark Funmark DC 2011 3 0% 20% 40% 60% 80% 100% DC TOPIX2011 3 DC 0.36% 0.59% Fundmark DC 09 10 11 DC 1.2% 0.9% 0.6% 33.1% 35.9% 39.6% Funmark Fundmark 30

2011 10 20 Fundmark 31

( ) 12,500 2.5% ( ) 4,500 4,000 9% 8% 10,000 2.0% 3,500 7% 7,500 1.5% 3,000 2,500 6% 5% 2,000 4% 5,000 1.0% 1,500 3% 2,500 0.5% 1,000 2% 500 1% 0 0.0% '09/03 '10/03 '11/03 '11/12 0 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 ) Fundmark 0% 32

アクティブ 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 03 04 05 06 07 08 09 10 11 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% パッシブ パッシブ パッシブ アクティブ11 その 03 アクティブハイブリッド ハイブリッドパッシブアクティブ 1112 ) Fundmark 33

DC 34

14% 12% 10% 8% 6% 4% 2% 0% 1997 2009 REIT 1997 2009 35

15% 10% 5% 60 50 40 30 20 0% 1997 2009 1997 2009 REIT 1997 2009 36

3 の 51 15 80 48 82 20 88 77 3 の 51 15 82 20 88 77 TOPIX TOPIX 10 10 TOPIX 10 10 TOPIX Fundmark 37

18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 '0110,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000-1,000 0-2,000 01/12 02/12 03/12 04/12 05/12 06/12 07/12 08/12 09/12 10/12 11/12 0 97 4 03 9 TOPIX -13.2% -4.7% -4.5% FundManagement 2004 84 02 S&P500 2.6% - 12.2% Quantitative Analysis of Investors Behavior 2003 Dalbar Fundmark 38

DC 39

ISA 40

41

42

43

Fundmark TOPIX 44