Arcus Japan Fund A ACC JPY unhedged/  LU0243544235  /

The investment objectives of the Sub-Fund are to achieve long-term capital appreciation and to outperform the Tokyo Stock Exchange FirstSection Total Return Index (TOPIXTR) (the "Benchmark"). The Sub-Fund does not intend to track the Benchmark. The Sub-Fund is activelymanaged but uses its Benchmark as a performance measure. The Sub-Fund's portfolio may deviate significantly from the Benchmark but, inprinciple, the majority of the securities held in the Sub-Fund's portfolio are components of the Benchmark. The Sub-Fund will take long positions in securities the investment manager believes to be priced below fair value. The approach considerscriteria such as earnings yield, asset value, and estimates of future profitability. Investments will mainly be shares in large and medium sizedJapanese companies. Up to 15% of the Sub-Fund's net assets may be held in corporate bonds and up to 15% of the Sub-Fund's net assets maybe invested in securities (bonds and equities and related instruments) from issuers worldwide. However, no more than 15% of the Sub-Fund'snet assets will be invested in bonds or other fixed income instruments at any one time. About 95% of the Sub-Fund's net assets will be held inlong positions in shares and other equity-linked securities such as J-REITS (Japanese Real Estate Investment Trust), Exchange Traded Funds,Japanese closed-end investment trusts, convertible bonds, options and equity warrants. The remainder of the Sub-Fund's net assets will beheld in the form of cash and short-term money market instruments which will consist of up to 20% in cash sight deposits under normal marketcircumstances and can be up to 100% in cash and money market instruments in the event of adverse market conditions.

The investment objectives of the Sub-Fund are to achieve long-term capital appreciation and to outperform the Tokyo Stock Exchange FirstSection Total Return Index (TOPIXTR) (the "Benchmark"). The Sub-Fund does not intend to track the Benchmark. The Sub-Fund is activelymanaged but uses its Benchmark as a performance measure. The Sub-Fund's portfolio may deviate significantly from the Benchmark but, inprinciple, the majority of the securities held in the Sub-Fund's portfolio are components of the Benchmark.