NIPPON GROWTH (UCITS) FUND

A SUB-FUND OF E.I. STURDZA FUNDS PLC. REGISTERED IN IRELAND.

JANUARY 2015 FACTSHEET (AS AT 31 DECEMBER 2014)

FUND KEY POINTS

Access to Mr. Yutaka Uda’s 40 years’ investment experience in Japanese equities. Top decile performance for the strategy within its peer group as defined by Morningstar over 15 years. Portfolio construction combines the long term macroeconomic view of the Investment Adviser with a bottom up perspective of stock research based on fundamental

FUND OBJECTIVE

The investment objective of the Fund is to achieve long-term capital growth through active sector allocation and stock selection resulting from changes in economic conditions.

FUND PERFORMANCE VERSUS BENCHMARK

400.00

Fund* Fund Strategy Nikkei 225 Index Topix TOPIX Strategy Nikkei 225 Index Topix

2014 YTD

2.19 7.12 8.08 * Data from 22.10.2009

Nikkei 225 100.00

-17.88% -21.50% 35.00

Apr 1996 Oct 1997 Apr 1999 Oct 2000 Apr 2002 Oct 2003 Apr 2005 Oct 2006 Apr 2008 Oct 2009 Apr 2011 Oct 2012 Apr 2014

CUMULATIVE PERFORMANCE

December 2014

-0.88 -0.05 -0.20

3 Months

3.51 7.90 6.12

PERFORMANCE BY CALENDAR YEAR

2013

53.99 57.82 52.48 (%)

1 Year

2.19 7.12 8.08 * During the period 1996 to 2001, the Portfolio Manager managed an internal account using the same strategy as used by the Fund. In 2001, the Nippon Growth Fund was authorised by the Guernsey Financial Services Commission as an open ended collective investment scheme. Performance since the 22.10.2009 is that of the Nippon Growth (UCITS) Fund. (%)

2012

24.38 22.55 18.39

3 Years

95.74 107.16 95.09

2011

-21.67 -18.57 -20.55

5 Years

61.64 64.04 53.68

2010

5.42 -2.76 -0.86 69.97 54.91 208.60%

Since Fund Inception Since Strategy Inception

61.02 208.60 -21.50 -17.88

2009*

-0.38 3.61 0.80

Annualised since Strategy Inception

6.22 -1.29 -1.05

PORTFOLIO MANAGER YUTAKA UDA

Tokyo University.

Yutaka Uda, the Founder, CIO and President of Tokyo based Evarich Asset Management acts as Portfolio Manager to the Nippon Growth (UCITS) Fund on behalf of E.I. Sturdza Strategic Management Limited. Uda was previously Managing Director and CIO of Nikko Asset Management and also enjoyed 15 years managing funds for Baring Asset Management in London and Tokyo. He started out as an analyst at Nikko Securities in 1971 after graduating from

MARKET CAPITAL ALLOCATION

Asset Classes

Large Cap. > JPY 500 bn.

Medium Cap. JPY 100 -500 bn.

Small Cap. < JPY 100 bn.

Cash

%

76.37 19.50 3.81 0.32

SECTOR ALLOCATION

Sector

Bank Commerce Construction Real Estate Machinery Transportation Equipment Chemicals Electricals Marine Transportation Services Securities Land Transportation Metal Products Steel Retail Air Transportation Nonferrous Metals Cash

%

20.42

12.98

11.18

11.10

8.76

7.74

6.14

6.06

3.05

2.45

2.27

2.21

1.38

1.08

1.03

0.98

0.85

0.32

INVESTOR INFORMATION

Assuming an initial investment of JPY 100 at inception of the strategy, the value of the holding would be worth JPY 308.6 as at 31.12.14, compared with JPY 82.12 if the same investment had been made to the TOPIX Index, therefore the Fund has offered a return of 3.8x compared with the Index.

CONTACT

E.I. Sturdza Strategic Management Limited Telephone +44 1481 722 322 Email [email protected]

Website eisturdza.com Page 1 of 2

NIPPON GROWTH (UCITS) FUND

JANUARY 2015 FACTSHEET (AS AT 31 DECEMBER 2014)

TOP FIVE HOLDINGS

No

1 2 3 4 5 3 4 5

No

1 2

No

1 2 3 4

Instrument

ITOCHU CORP MIZUHO FINANCIAL GROUP INC MITSUBISHI UFJ FINANCIAL GRO SUMITOMO MITSUI FINANCIAL GR 5 SUMITOMO MITSUI TRUST HOLDIN

Total Number of Holdings

TOP FIVE OVERWEIGHTINGS

Instrument

Bank Commerce Construction Real Estate Machinery

TOP FIVE UNDERWEIGHTINGS

Instrument

Electricals Communication Pharmaceuticals Transportation Equipment Foods (%) (%)

Sector

Commerce Bank Bank Bank Bank

Fund

20.42 12.98 11.18 11.10 8.76

Fund

6.06 - - 7.74 -

15 YEAR ANALYTICS*

Fund TOPIX Nikkei 225 Strategy

Alpha

4.33

2.11

Equity Exp %

99.68

Beta

1.22

1.00

1.03

No. Holdings

43

Std. Deviation

24.29

17.81

19.42

% Top 10

46.14 * Source: Morningstar Direct – using rolling year data from 01.09.2001.

Index

9.05 4.17 2.72 3.06 5.28

Index

13.04 6.73 4.47 11.99 3.97

Sharpe Ratio

0.26

0.09

0.21

%

5.76 5.32 5.30 5.13 4.67

43 Overweighting

11.37 8.81 8.46 8.04 3.48

Underweighting

-6.98 -6.73 -4.47 -4.24 -3.97

Info. Ratio

0.24

0.37

FUND FACTS AND TERMS

Manager Adviser Portfolio Manager

Yutaka Uda

Structure

UCITS IV Compliant

Domicile Launch Date Benchmark

E.I. Sturdza Strategic Management Limited Evarich Asset Management Ireland 22 October 2009* TOPIX

AUM Currency Minimum Investment Liquidity Notification

JPY 21,318.49 million JPY, EUR, GBP A, B, C Class: JPY 500,000 D Inst. Class: JPY 300 million EUR Hedge: EUR 5,000 EUR/GBP Hedge Inst.: 3 million Weekly with daily pricing Two business days prior to the applicable valuation point

AMC Performance Fee

A, B, C, EUR Hedge: Inst: 1.0% 1.5% JPY D, EUR/GBP Hedge 20% of the relative outperformance of the benchmark index, subject to the High Water Mark

Placement Fee Registered for Sale Administrator

Up to 3% AT, CH, DE, ES, FI, FR, IT, NL, SE, UK HSBC Securities Services (Ireland) Limited

Custodian

HSBC Institutional Trust Services (Ireland) Limited * During the period 1996 to 2001, the Portfolio Manager managed an internal account using the same strategy as used by the Fund. In 2001, the Nippon Growth Fund was authorised by the Guernsey Financial Services Commission as an open ended collective investment scheme. Performance since the 22 October 2009 is that of the Nippon Growth (UCITS) Fund.

AWARDS

The Ratings are based on the Copyright “Morningstar UK Limited”.All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; 2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

WINNER OF BEST SMALL GROUP OVER THREE YEARS FOR OUR EQUITY FUND RANGE EUROPE GERMANY & AUSTRIA FUND AWARDS 2014

SHARE CLASSES / ISIN / NAV

Class

JPY A (Closed) JPY B JPY C JPY D Inst.

EUR Hedge

ISIN

IE00B45CFP81 IE00B563Q870 IE00B58VV065 IE00B97RRK58 IE00B991XL80 ¥ ¥ ¥

NAV

97,799 82,034 79,687 ¥ 52,869 € 1,068.64

EUR Hedge Inst. IE00B95WDX70 GBP Hedge Inst. IE00BGHQ9N82 € 1,251.45

£ 1,160.96

DISCLAIMER

This communication is issued in Guernsey by E.I. Sturdza Strategic Management Limited which is regulated by the Guernsey Financial Services Commission. Any investments or investment services mentioned on this communication are not intended for retail customers. Consequently, this communication is only made available to professional investors and eligible counterparties and should not be relied upon by any person that does not possess professional experience in relation to investments. If you are in any doubt as to whether you possess suitable experience in relation to investments please consult your financial adviser. Under no circumstances should this document be forwarded to anyone in the United Kingdom who is not a professional client or eligible counterparty as defined by the FCA. Further this communication is not an offer or an invitation to purchase financial instruments but intended as information. Further the information contained in this communication does not represent a research report. E.I. Sturdza Strategic Management Limited has not considered the suitability of investment against your individual needs and risk tolerance. Shares in the Fund should only be purchased by persons with professional experience and investors should refer to the Fund Prospectus and/or KIID for detailed information about potential risks involved in investing in financial instruments as well as the latest half-yearly report and unaudited accounts and/or annual report and audited accounts. The information contained herein is estimated, unaudited, may be subject to change and reflects the performance of the relevant fund offered by E.I. Sturdza Strategic Management Limited during the period indicated. Any opinions or estimates expressed herein are at the date of preparation and are subject to change without notice; however no such opinions or estimates constitute legal, investment, tax, or other advice. Individual performance of the Fund may vary and historical data is not an indication of future results. The value of the Fund and the income which may be generated from it can go down as well as up and therefore investors must be able to bear the risk of a substantial impairment or loss of their entire investment. The Swiss Representative and Swiss Paying Agent is Banque Baring Brothers Sturdza S.A, Rue du Rhône 112, P.O. Box 3024, CH-1211 Geneva 3. Copies of the Prospectus, KIID, articles of association, annual and semi-annual reports may be obtained free of charge at the seat of the Swiss representative. This document is intended for information purposes only and is not intended as an offer or recommendation to buy, sell or otherwise apply for shares in the Fund. E.I. Sturdza Strategic Management Limited, Sarnia House, Le Truchot, St Peter Port, Guernsey GY1 1GR. Part of the Sturdza Private Banking Group. Company Registration Number: 35985.

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