Listed Index Fund International Developed Countries Equity (MSCI-KOKUSAI)

Investors are not guaranteed the investment principal that they commit. Investors may incur a loss and the value of their investment principal may fall below par as the result of a decline in market price or NAV. All profits and losses arising from investments in the Fund belong to the investors (beneficiaries). This fund is different from saving deposit.

The Fund invests primarily in equities. The NAV of the Fund may fall and investors may incur a loss for reasons such as a drop in the price of equities or deterioration in the financial conditions and business performance of an issuer of the equities. Losses may also be incurred due to exchange rate fluctuation when investing in assets denominated in foreign currencies.

Major risks are as follows:

1. Price Fluctuation Risk Stock prices fluctuate as they are affected by information on the company's growth rate and profitability as well as changes in such information. They also fluctuate as they are affected by economic and political conditions in Japan and abroad. There is a risk that the Fund will suffer material losses if unexpected changes occur in stock price movements or liquidity.

Corporate and government bonds generally have a price fluctuation risk arising from changes in interest rates. Generally, their prices go down when interest rates rise, causing the NAV of the funds to fall. The degree of price fluctuation varies depending on the remaining time to maturity and the terms of issue in question.

2. Liquidity Risk Where the market size or trading volume is small, buying and selling prices for securities may be largely affected. This results in the risk that securities cannot be traded at the expected prices, sold at the appraised prices, or that trading volume is limited regardless of prices. This creates the risk of unexpected losses.

3. Credit Risk There is a risk that the Fund will incur material losses in the event of a serious crisis that directly or indirectly affects the business of a corporation in which the Fund invests. The prices of stocks of issuers may substantially decrease (possibly to zero) due to fears of default or corporate bankruptcy, which can contribute to a decline in the Fund's NAV.

If a default has occurred or is expected to occur, for issues of public and corporate bonds or short-term financial assets, the prices of such public and corporate bonds or short-term financial assets decline (the value could even fall to zero). This results in a decline of the Fund's NAV. In addition, if default in fact occurs, there is a high possibility of being unable to collect investment funds.

4. Currency Fluctuation Risk For foreign-currency-denominated assets, in general, if the yen is stronger than the currencies of such assets, the Fund's NAV will decline.

Risk of Discrepancies in yen-converted MSCI-KOKUSAI Index and NAV

This Fund seeks to ensure that its NAV has the same volatility as the yen-converted MSCI-KOKUSAI Index; however, we cannot always guarantee that the Fund will have the same volatility as the Index due to the following factors attributable to this Fund and to the investment trust securities invested in by this Fund:

• Lag in the timing of fund inflows and to the purchase of investment trust securities;
• The potential investment on selected issues other than MSCI-KOKUSAI Index, when portfolio adjustments are made due to changes in selected issues on the MSCI-KOKUSAI Index or capital transfers, potential market impact from the trading, etc. of individual issues or expenses from trust fees, brokerage commission, audit costs, etc.
• The management fee from lending securities or dividends of incorporated issues.
• When derivative transactions such as futures are conducted, discrepancies in price movements between such transaction and part or all of the constituent issues of the MSCI-KOKUSAI Index.

Discrepancies between the market prices at which bonds are traded on the exchange and the NAV This Fund is listed on and will be publicly traded on the Tokyo Stock Exchange; however, the market price of the units will depend mainly on the demand for the Fund, its investment performance, and how attractive it is to investors in comparison to alternative investments, etc. We cannot predict whether this fund will be treated at a market value below or above its NAV.
*The prices of securities targeted for investment of this Fund will fluctuate due to the aforementioned risks. Therefore, please note that this Fund itself has these risks as well.
*The factors that contribute to fluctuations in the NAV are not limited to those listed above.

Additional Considerations

• This sales promotional material produced by Amova Asset Management is primarily intended to provide information on the Listed Index Fund International Developed Countries Equity (MSCI-KOKUSAI). It has also been prepared to deepen the understanding of investors about this Fund.
• The provisions stipulated in Article 37-6 of the Financial Instruments and Exchange Act (''cooling-off period'') are not applicable to Fund transactions.
• This Fund differs from deposits or insurance policies in that it is not protected by the Deposit Insurance Corporation of Japan or the Policyholders Protection Corporation of Japan. Furthermore, units purchased from registered financial institutions, such as banks, are exempted from compensation by the Japan Investor Protection Fund.
• When the Fund faces big redemption causing short term cash requirement or sudden change in the main trading market condition, there can be temporal decline in the liquidity of holding assets, resulting in the risks that Fund unable to trade securities at the expected market prices or appraised prices, or encounters limitation in trading volume. This may result in the negative influence on NAV, suspension of redemption applications, or delay in making payment of redemption.
• When applying for this Fund, investors should fully read documents handed over prior to the conclusion of contracts.