Dear CII members,

This is the second email to let you know that your investment in Japanese equities hit highest record of 30.8% for the first time in our corporate history.

Hiroshi

-----Original Message-----
From: komori0115@kjb.biglobe.ne.jp [mailto:komori0115@kjb.biglobe.ne.jp]
Sent: Friday, June 20, 2014 10:05 AM
To: KOMO 小森 博司 代コン
Subject: Shareownership Suevey 2013 by TSE (Hiroshi Komori of SuMi TRUST)

Dear all,

I am still in Amsterdam thinking how I can stay longer here not to get back to Tokyo in a peak AGM week from next Monday.

Tokyo Stock Exchange (TSE) released "Shareownership Survey 2013" which covered one year from April 2013 to March 2014 as the latest statistics of each shareholder category's ownership on 3,525 companies in Japan.

Thanks to net overpurchase of USD95billion by foreigners in the same period, you hit the highest record of 30.8% with increase of 2.8% from last year. This was the first time you surpassed 30% in our history. Instead, as I predicted, Commercial Banks went down from 3.8% to 3.6%, Life Insurance down from 4.1% to 3.7%, Non life Insurance from 1.6% to 1.4% and Corporations from 21.7% down to 21.3% on unstoppable trend of unwinding of cross shareholdings. Retailers also sold down from 20.2% to 18.7%. When it comes to trust bank, it is hard to grasp exact figure of domestic institutional investors' position because it contains a small portion of cross shareholding by trust banks. However, I believe it was also on a same trend with decrease to 17.2% from 17.7%. You are the largest shareowner group for Japanese companies now.

<TSE's website in English(pages 2 and 3)>
http://www.tse.or.jp/english/market/data/shareownership/index.html

<TSE's website in Japanese>
http://www.tse.or.jp/market/data/examination/distribute/index.html

Again, the World Cup. It became very hard for Japan to clear the Group League. We need to win Colombia, but with a condition that the Ivory Coast won't beat Greece. Colombia is far strong in Group C but we should not give up yet.

Kind regards,

Hiroshi Komori
Sumitomo Mitsui Trust Bank