Investing in High Yield Bonds of Emerging Countries that Continue to Achieve High Growth

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1 Press Release November 22, 2010 Investing in High Yield Bonds of Emerging Countries that Continue to Achieve High Growth Emerging High Yield Bond Fund, Accept Applications at Sumitomo Mitsui Banking Corporation (Nikko AM) (Timothy F. McCarthy, Chairman and CEO) announced today that it will launch a new open-end investment trust with four funds under the name Emerging High Yield Bond Fund. They include the Japanese Yen Course, the 3 Natural Resources Currencies Course, the Brazilian Real Course and the Money Pool Fund. Management of the funds will begin on December 9. Sumitomo Mitsui Banking Corporation will accept applications from December 1. The Emerging High Yield Bond Fund Japanese Yen Course, 3 Natural Resources Currencies Course and Brazilian Real Course will invest primarily in high yield bonds of emerging countries. In the emerging countries that are currently the driving force behind the global economy, state-owned enterprises in various sectors continue to be privatized, as well as in the key industries of banking, electricity and telecommunications. It is expected that the bond markets of emerging nations will further expand in the future as financing becomes indispensable to private businesses looking to strengthen their competitive edge. The fund seeks relatively high yields and medium to long term growth of trust assets by investing in high yield bonds of emerging countries that continue to exhibit robust economic growth. In addition to high yields, another attractive feature of emerging country high yield bonds is that they are relatively sound financially and have low default ratios despite them having ratings equivalent to high yield bonds of developed countries. Up until now, domestic investment trusts that invest primarily in the high yield bond universe have generally focused on developed countries, however this fund will be Japan's first investment trust to solely target high yield bonds of emerging countries *1. Investors can choose from the three currency courses in line with their investment objectives. The Japanese Yen Course, the 3 Natural Resources Currencies Course and the Brazilian Real Course all have varied foreign exchange rate risk. The 3 Natural Resources Currencies Course, in principle, invests equally in the Brazilian real, the South African rand and the Australian dollar. Switching will be possible between courses and with the Money Pool Fund, which is offered specifically for switching purposes. In addition, the fund will seek to pay stable monthly dividends, in principle. The Japanese Yen Course, the 3 Natural Resources Currencies Course and the Brazilian Real Course of the Emerging High Yield Bond Fund will be actually managed by BlueBay Asset Management plc, a firm with a competitive advantage in credit bond management, including emerging country and high yield bonds. The London-based firm offers asset management to both institutional and individual investors around the globe and since its establishment in 2001 has steadily expanded its assets under management to approximately 40 billion US dollars (around 3.3 trillion yen *2 ) as of the end of September Nikko AM is committed to the continuous development of products that will contribute to investors wealth creation. *1 Domestic publicly placed investment trusts. Researched by Nikko AM. *2 Based on an exchange rate of USD1=JPY83.52 as of the end of September Registration Number: Director of the Kanto Local Financial Bureau (Financial instruments firms) No. 368 Member Associations: The Investment Trusts Association, Japan/Japan Securities Investment Advisers Association

2 Note: This material is an English translation of a Japanese announcement made on November 22, Although Nikko AM intended to faithfully translate the Japanese document into English, the accuracy and correctness of this translation are not guaranteed and thus you are encouraged to refer to the original Japanese document. Please note that you cannot purchase any products mentioned in this press release if you are not a Japanese resident or if you hold nationality of a country where there are legal restrictions on their ownership. The information referred to in this press release is for Japanese residents only. The information provided is designed for use by Japanese residents only and should not be relied on by residents of any other jurisdiction. The Emerging High Yield Bond Fund Japanese Yen Course, 3 Natural Resources Currencies Course, Brazilian Real Course and the Money Pool Fund may be referred to, respectively, as the Japanese Yen Course, 3 Natural Resources Currencies Course, Brazilian Real Course and the Money Pool Fund. Purchase Memo Product Type Open-end investment trust/overseas/bond [Money Pool Fund] Open-end investment trust / Domestic / Bond Please contact the distributor or management company for information on purchase units. Purchase Unit * The Money Pool Fund is a dedicated switching fund and cannot be purchased directly. Initial application period: 1 yen per unit Purchase Price Subsequent purchase period: NAV as of the business day following the application date Initial application period: From December 1 to 8, 2010 Purchase Day * Applications will be accepted after the initial application period as well. Days when Applications for purchase (including switching) cannot be accepted when the application date falls Purchase is on a holiday for banks in London, New York or on December 24. Please contact the distributor for Unavailable details. Trust Period Until August 20, 2020 (Launch date: December 9, 2010) The 20th day of each month (or the next business day if the 20th is a holiday). Except for the first closing date Closing Date on January 20, [Money Pool Fund] February 20 and August 20 of each year (or the next business day if the Dividend s Redemption Price Days when Redemption is Unavailable Payment of Redemption Proceeds Tax Implications February 20 or August 20 is a holiday) At every settlement period the amount of dividends will be decided by the management company, and in principle stable dividends will be paid consistently. The management company will decide the dividend payment amount based on the Fund s dividend policy, but the management company may decide not to pay dividends. [Money Pool Fund] At every settlement period, the amount of dividends will be decided by the management company based on factors including the NAV and market movements. There may be circumstances in which a dividend will not be paid if the amount that would be paid is small. NAV as of the business day following the redemption application date. Redemption applications (including switching) cannot be accepted when the redemption application date falls on a holiday for banks in London, New York or on December 24. Please contact the distributor for details. In principle, payment after 7 business days following the day of receiving the application for redemption In principle, the amount of normal dividends received as well as the marginal profit made at the time of redemption or maturity shall be taxable. * The fund will be treated as an equity investment trust for tax purposes. * For more detail, please refer to the investment trust explanatory document (prospectus distributed in advance of purchase).

3 Outline of Fees, etc. Investors must bear the following expenses: <Fee charged directly at the time of purchase and redemption> Purchase Application Fees: [Japanese Yen Course] [3 Natural Resources Currencies Course] [Brazilian Real Course] An application fee of no higher than % (3.5% before tax) shall be set by the distributor and charged at the time of application. * For investors who choose the dividend reinvestment course, no purchase application fee will apply to units purchased through reinvestment of investment gains. [Money Pool Fund] Not applicable (only for switching from the Japanese Yen Course, the 3 Natural Resources Currencies Course, or the Brazilian Real Course). Redemption Fees: Not applicable Amount Retained in Trust Assets: Not applicable Switching fees: Not applicable <Fees and expenses charged indirectly through the trust assets (i.e. paid from the Fund)> Trust Fees: The trust fee is calculated by multiplying the total net asset value by approximately % per annum (1.75% before tax). The trust fee rate consists of % per annum (1.03% before tax) for this Fund and around 0.72% for the invested classes of the Cayman Islands yen denominated foreign investment trust EM Sub IG High Income Corp Bond Subtrust. The actual annual rate of trust fees paid by beneficiaries varies depending on the percentage of invested investment trust securities, changes to such investment trust securities and other factors. Please see the prospectus (prospectus distributed in advance of application) for details. [Money Pool Fund] The trust fee is calculated by multiplying the total net asset value by up to % per annum (0.550% before tax). Other Expenses: Brokerage commissions with respect to securities held in the portfolio, audit fees, interest on borrowing and advances, etc. * The rate or maximum amounts applicable to other fees and expenses cannot be disclosed in advance because the actual amount will vary depending on the state of the assets managed. * The total amount of fees charged to the Fund will vary depending on the length of investment period and other factors. Therefore, we cannot give a specific total. * For more detail, please refer to the investment trust explanatory document (prospectus distributed in advance of purchase). Management Company and Other Related Companies Management Company: Trustee: The Sumitomo Trust and Banking Co., Ltd. (Sub-Trustee: Japan Trustee Services Bank, Ltd.) Distributor: Please contact below to inquire about distributors. Website: Call Center: (9 a.m. - 5 p.m. Closed Saturdays, Sundays, and holidays)

4 Risk Information These Funds will invest mainly in bonds. As a result, its NAV may drop due to falls in the prices of bonds or deterioration in the financial conditions and performance of the organizations that issue bonds, thereby causing losses to investors. In addition, if the Fund invests in assets denominated in foreign currencies, a loss may be incurred due to foreign exchange fluctuations. Accordingly, the investment principal is not guaranteed and may incur losses and fall below the initial amount due to a fall in the NAV. Any profit or loss derived from management of investment trusts belongs to all the beneficiaries. The principal risks for the investment trust securities, which are the investment outlet, are as follows. [Price Fluctuation Risk] [Liquidity Risk] [Credit Risk] [Foreign Currency Risk] [Country Risk] [Derivative Risk] [Money Pool Fund] This Fund will invest mainly in bonds. As a result, its NAV may drop due to falls in the prices of bonds or deterioration in the financial conditions and performance of the organizations that issue bonds, thereby causing losses to investors. Accordingly, the investment principal is not guaranteed and may incur losses and fall below the initial amount due to a fall in the NAV. Any profit or loss derived from management of investment trusts belongs to all the beneficiaries. The principal risks are as follows. [Price Fluctuation Risk] [Liquidity Risk] [Credit Risk] * Factors for NAV fluctuations are not limited to those explained above. Other Matters to Consider These materials were prepared as a supplement to the prospectus (distributed in advance of purchase) for the Emerging High Yield Bond Fund Japanese Yen Course / 3 Natural Resources Currencies Course / Brazilian Real Course / (Money Pool Fund) offered by Nikko AM and to promote investors understanding of this Fund. Unlike bank deposits or insurance policies, investment trusts are not protected by the Deposit Insurance Corporation or the Insurance Policyholders Protection Corporations. Nor are investment trusts protected by Investor Protection Funds when purchased at banks or other registered financial institutions. In accordance with the provisions of Article 5 of the Financial Instruments and Exchange Law (Act No. 25 of 1948), Nikko AM filed a security registration statement with the Head of the Kanto Local Finance Bureau on November 15, 2010 and it will become effective as of December 1, The content of the statement may be subject to change before becoming effective. Any profit or loss derived from the management of investment trusts belongs to all the beneficiaries. When purchasing to these funds, distributor will provide you with an investment trust explanatory document (or prospectus distributed in advance of application) beforehand, so please be sure to verify the details and make your own decision whether or not to invest.

5 About Nikko Asset Management Registration Number: Director of the Kanto Local Finance Bureau (Financial instruments firms) No. 368 Member Associations: The Investment Trusts Association Japan Securities Investment Advisers Association Nikko Asset Management (Nikko AM) is a leading Japan-based asset management group. Since its establishment 50 years ago, Nikko AM has been offering a full lineup of retail funds to individual investors and high value-added advisory services to institutional investors. Its products are distributed through a network of around 200 distributor institutions including banks, securities companies, and Japan Post Bank. The firm offers investors access to both Nikko AM funds that invest mainly in Japanese equities, fixed income, and REITs and, through its independently developed World Series Fund Platform, opportunities to strategically utilize a global range of top-performing, independent asset managers over a diverse range of asset classes. In 1999, Nikko AM became the first Japanese firm to establish a Socially Responsible Investment (SRI) fund, and in 2001 broke new ground for a Japanese asset management firm by acquiring ISO certification (world-class environmental management standard). In these and other ways, Nikko AM actively involves itself in socially responsible activities. Furthermore, since autumn 2010, Nikko AM has positioned itself as a Fund Manufacturer and is currently engaged in activities to inform its customers in an easy-to-understand way about the roles of asset management companies and how retail funds can be utilized. Nikko AM has moved to enhance its expertise in the asset management business by clarifying the responsibilities of fund managers, reinforcing collaboration between research and management sections, and refining risk management capability. In recognition of these accomplishments, Nikko AM has been awarded several prestigious fund awards, such as the Lipper Japan Award, Asian Investor s Award, and R&I Fund Award. The Nikko AM Group1 has assets totaling 9.8 trillion yen under management as of September 30, , and has overseas offices in London, New York, and Singapore. Note 1: Nikko AM Group stands for and its group companies. Note 2: Consolidated assets (including advised assets) of and its overseas subsidiaries.

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