Yuki Mizuho Umbrella Fund 31 March 2010 Yuki Mizuho Value Select Fund Page 1 of 2

Fund Profile Fund Facts

Objective Long term capital appreciation mainly through investment in Market Coverage Japanese Equities Japanese equities of companies with potential for significant capital appreciation Currency Japanese Yen Approach Intensive bottom-up research (company visits, interviews and fundamental analysis) with utilisation of proprietary data base of over 4,000 companies Inception Date 27 October 2005

Suitability Institutional investors with a long-term view Reporting Year End January

Legal Classification Unit Trust Authorised by Fund Managers Comment Irish Financial Regulator Review Stock markets have not performed well in February, due to China’s monetary tightening Listed Irish Stock Exchange policy, Greece’s financial crisis, lack of improvement in the US employment situation, and foreign investors lack of confidence over the Bank of Japan’s monetary policy Subscription/Redemption Daily stance. In the near future, investors’ caution towards risk assets will continue due to shrinkage of risk money; however, economic recovery is undeniable. There are positive Minimum Investment 1000 Units signs in the medium and long term; exports in particular are leading to a significant economic recovery, and corporate performances can also expect a great improvement. The strength in the export industries is gradually showing signs of extending to other NAV Calculations Daily sectors. Therefore, in the medium and long term, stock prices are expected to rise due YMS Management to significant improvement in corporate performances, and now is the time to stock up. Manager Services Ltd In response to the above, the Fund will build its portfolio using the following strategies: Dublin 1. PC related companies expecting profit turnaround and growth, due to the launch of Windows 7 and benefiting from postponed renewal demands etc., e.g. and Trustee State Street Custodial ; Services (Ireland) Ltd 2. LCD TV related stocks which benefit from the fiscal policies in some countries, and Dublin the accelerating popularity of flat-screen TV in emerging countries, particularly, LCD panel components manufacturers who enjoy their secured profit margins by the tight supply and demand, e.g. Nitto Denko and Asahi Glass; Investment Manager Yuki Management & 3. Companies capturing the economic growth overseas such as the emerging Research Co. Ltd countries; which can expect improvement and growth in revenues and operating Tokyo margins, e.g. and Komatsu. Administrator State Street Fund Services (Ireland) Ltd Dublin

Recent Positives Recent Negatives Auditor PricewaterhouseCoopers Dublin Asahi Glass Co Ltd Inc Canon Inc Softbank Corp International Placing Agent Yuki International Ltd Nidec Corp Namura Shipbuilding Co Ltd London Nitto Denko Corp Haseko Corp NHK Spring Co Ltd Co Ltd Contacts

Performance Chart For Fund Prospectus & Application Form Transfer Agent State Street Fund Services (Ireland) Ltd

Tel: +353 1 853 8213 e-mail: [email protected]

For Further Fund Information International Placing Agent Roger Seymour Yuki International Limited 1 Bell Yard London WC2A 2JR, UK

Tel: +44 (0)20 7269 0203 e-mail: [email protected] Yuki Mizuho Umbrella Fund Yuki Mizuho Japan Value Select Fund Page 2 of 2

Fund Managers Comment Fund Facts

Fees Outlook Management 0.09% - 0.03% The performance gap between companies is becoming more obvious. We will identify Investment Manager 1.20% and include companies which can expect growth in our investment portfolio by focusing Trustee 0.02% on companies which adopt further reduction in fixed costs and productivity rebuild, etc. Performance up to 0.60% into their next fiscal year strategies. We will also favour companies which are able to Sales Charge up to 3.00% capture the growth in overseas markets by, for example, improving product/brand, and Redemption up to 1.00% those that can create new domestic markets. Furthermore, companies that are able to maintain and develop their market positions worldwide; those with strong market share and which have technological ability are also our favourites. ISIN Code IE00B0L53M62

Bloomberg Code YMJPVAL:ID

Total Net Asset ¥1,694 Million

Unit NAV ¥6,027

Performance Data

Performance Data as at 31 March 2010

YTD 1M 3M 6M 1Y 3Y INCEPTION

Fund 6.7% 10.4% 6.7% 7.5% 28.6% -44.4% -36.5%

Topix 7.8% 9.5% 7.8% 7.6% 26.5% -42.9% -31.3%

Top Holdings Sector Breakdown

1 Honda Motor Co Ltd 3.7% Nitto Denko Corp 3.5% 2 Electric 3 Asahi Glass Co Ltd 3.4% Appliances

4 Canon Inc 3.3% Chemicals 5 Mitsubishi Corp 3.3% 6 Sumitomo Electric Industries Ltd 2.9% Transportation Equipment 7 Inc 2.6% 8 Nidec Corp 2.5% Wholesale Trade 9 Fujitsu Ltd 2.5% Glass & Ceramics 10 Co Ltd 2.5% Products Total 30.3%

Disclaimer

This material is intended to report solely on the investment strategies and opportunities identified by Yuki. Additional information is available upon request. Information herein is believed to be reliable but Yuki does not warrant its completeness or accuracy. Opinions and estimates constitute Yuki's judgement and are subject to change without notice. Past performance is not indicative of future results. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Yuki and/or its affiliates and employees may hold a position or act as advisor to such issuer. The investments and strategies discussed herein may not be suitable for all investors; if you have any doubts you should consult your own advisor or broker. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. You should consult your tax or legal adviser about the issues discussed herein. The investments discussed may fluctuate in price or value. Investors may get back less than they invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments.