SUMITOMO MITSUI TRUST INVESTMENT CO., LTD. (President: Norimasa Yoshida, hereinafter "the Company") announces that Sumitomo Mitsui Trust Bank, Ltd. ad_group (President: Kazuya Oyama, hereinafter "Sumitomo Mitsui Trust Bank") has decided to split its gatekeeper function ^(*1) and to integrate with the Company, aiming at enhancing asset management business (hereinafter "Split and Integration").
Sumitomo Mitsui Trust Bank has also adopted a similar basic policy and issued a news release^(*2).

1. Background

The Sumitomo Mitsui TRUST Group (hereinafter “SuMi TRUST Group”) is engaging to realize a virtuous circulation of funds, assets and capital by utilizing broad trust functions while creating a new value for society with setting "Trust for a flourishing future" as our Purpose.
Especially for our asset management business, we will focus on to create an additional value with consolidated knowledges and functions within and outside SuMi TRUST Group, and we believe it will make certain contribution to the achievement of Asset Management Nation that the Japanese government is aiming for, as an one of the largest asset management groups in Asian Pacific region. ^(*3)
The Gatekeeper business of the private asset investment (hereinafter the "Gatekeeper Business") is one of our strengthsin our asset management business with 6trillion Japanese yen of AUM and long term investment track record.

Strengths in this Gatekeeper Business

• check Strong performance and track record with diversified investments for our proprietary portfolio during more than three decades.
• check Broad network with more than 350 private asset fund managers, and commitment to approximately 1,000 funds.
• check Serving to approximately 270 institutional investor clients in Japan plus others as Gatekeeper.

We believe this Split and Integration will accelerate our growth strategy, as we expect an increasing demand and diversification of investor base (including individual investors) in private asset area.

2. Targets of New Management Companies

We are targeting to be an one of the largest private asset management companies in Asian Pacific region by enhancing competitive advantages and branding through this Split and Integration of the function.
In order to achieve this target, we will strengthen our competitiveness through the enhancement of our business infrastructure and investment capabilities, while maximizing the benefit of our investor clients with to meet their diversifying and advancing needs.

Growth Strategy through Split and Integration

• check To enhance the capacities for asset management business such as a globally standardized organizational system, professional personals, newer fund coverages, etc.
• check To lead the democracy of private asset investments and inbound of overseas investors through the further collaboration with affiliate and/or third party asset managers or their funds.
• check To define the new and attractive investment opportunities and (emerging) asset managers for the investor clients by leveraging the globally diversified network and collaborating with EMP^(*4) in SuMi TRUST Group.

3. Schedule for this Split and Integration

We will aim for integration during FY2025, subject to necessary resolutions of the board of directors and the shareholder of each company, and filings and approvals with the relevant Japanese authorities, those will be based on the furthermore detailed analyses and discussions.