Japanese Accelerated Return Fund II

Fund Objective

The objective of the Japanese Accelerated Return Fund II ("the Fund") is to provide investors with a geared exposure to rises in the Nikkei 225 Index ("the Index"), coupled with a high degree of capital protection.

The Fund has a 6 year life and provides 5 times the capital return of the Index up to a maximum growth of 180% over its duration. The starting level of this Index when the fund was launched was 15,957.57. If the Index rises to 18510.79, a rise of 16%, by December 2011, the shares will return growth of 80%.

The Fund provides investors with full capital protection providing the Index has not closed during the period down more than 50%, (a level of 7878.79).

If the Index does fall by more than 50% and finishes at the end of the Fund's life below the start level (15,957.57) the value of the Fund will also fall by an equivalent percentage amount. If the Index recovers to above its start level investors will still receive 5 times the growth in the Index to a maximum of 80%.