The S&P Japan Emerging Stock 100 Index is an Index calculated by the adjusted total market values of floating stocks for the top 100 issues representative of Japan's emerging markets. These markets are the JASDAQ Securities Exchange, Inc. (including NEO), Tokyo Stock Exchange Mothers, Osaka Securities Exchange Hercules, Nagoya Stock Exchange Centrex, Sapporo Securities Exchange Ambitious and Fukuoka Stock Exchange Q-Board. The 100 issues are selected from all the issues listed with Japan's emerging equity markets from the perspective of total market value and liquidity after flotation adjustments. The computation method used sets 14 September 2000 (closing price) as the base time with a total market value of 1,000 and then the subsequent total market value is indexed.

The continuity of the Index is secured by adjusting the total market value in order not to be influenced by paid capital increases, new listings and delistings, which are not true factors of market conditions. The S&P Japan Emerging Stock 100 Index is a representative Index of Japan's emerging equity markets that Standard & Poor's has released to the public.

Copyright

Standard & Poor's® and S&P® are registered trademarks of the McGraw-Hill Companies, used under license. Nikko Asset Management (Nikko AM) uses these trademarks under license. Standard & Poor's does not support, recommend, sell or promote the Listed Index Fund S&P Japan Emerging Equity 100. Standard & Poor’s makes no expression, guarantee or condition of any suitability for investment with the Listed Index Fund S&P Japan Emerging Equity 100.

This product is not supported, guaranteed, sold or promoted by Standard & Poor's (S&P) or its affiliates. S&P makes no explicit or implicit expression, condition or guarantee regarding marketable securities in general, investment in this product or the capability of the S&P Japan Emerging Equity 100 Index to keep pace with the performance of the market in general to the owners of this product or to the general public. S&P’s only relationship with Nikko AM is in the provision of the license for the use of the trademarks S&P and S&P Japan Emerging Stock 100 Index. When making decisions regarding, creating and calculating the S&P Japan Emerging Stock 100 Index, S&P makes no allowance for requests of Nikko AM and/or owners of this product. S&P bears no responsibility for making decisions concerning the timing and price of the sale of this product, nor does it make decisions concerning or have any involvement in, the method applied to converting this product into cash, or that of its computation. S&P assumes no obligation regarding, nor does it take any responsibility for management, marketing, or trading of this product whatsoever.

S&P does not guarantee the accuracy or completeness of the computations of the S&P Japan Emerging Stock 100 Index, or its basic data. S&P does not take responsibility for any error, lack or fault included in the S&P Japan Emerging Stock 100 Index. S&P makes no explicit or implicit guarantee of the results of outcomes that affect Nikko AM, owners of this product, other people or organizations using the S&P Japan Emerging Stock 100 Index or the data contained in it. S&P expresses clearly that it does not make any guarantee of merchantability or suitability in terms of the data contained in the S&P Japan Emerging Stock 100 Index, and that S&P does not explicitly or implicitly make any guarantees in this regard. Notwithstanding the aforementioned disclaimers, even if the possibility of a specific punitive regulation, indirect or consequential damage (including loss of profits) is supposedly noticed in advance, S&P does not take responsibility for these circumstances.