NIPPON INDIA Investment Unit Trust - Nippon India Small and Mid-Cap Equities Fund I JPY

Objectives The principle objective of the Sub-Fund is to provide a long term capital appreciation primarily through investment in equity and equity-related investments, of companies established in or operating in India. Investment policy The Sub-Fund seeks long-term capital growth through a well diversified portfolio of investments in shares of companies listed on a major stock exchange or any other regulated markets in India, as well as companies which carry out a substantial part of their business activities in India. The investment strategy shall focus on: Stocks which are fundamentally under-priced with reasonable growth expectations. Nippon Life India Asset Management (the "Investment Manager") will identify such stocks through a multi-faceted approach involving discussions with potential investee companies' management, review of broker research and information provided by independent consultants. The independent consultants shall have no discretion over the investment policy of the Sub-Fund. Companies with good earnings growth trajectory, high return on equity, good quality management and high operating leverage. Companies benefiting from the strong gross domestic product growth in India and elsewhere, managed by passionate and dynamic management. NS PARTNERS EUROPE S.A. (the "Manager") or the Investment Manager will not borrow monies for the account of the Sub-Fund for investment purposes. The Sub-Fund's exposure into other UCITS or UCIs, which will constitute alternative investment funds, will not exceed 10% of the Net Asset Value. The Sub-Fund may also invest, within the limits mentioned in the prospectus, in financial derivative instruments for the purposes of efficient portfolio management or hedging. Additional information Reference currency: USD The unit class currency: GBP Initial minimum subscription amount: GBP 10,000,000Subsequent minimum subscription amount: GBP 1,000,000 Business Day: Any day (except Saturdays, Sundays, public holidays and such other day as the directors of the Manager may determine) on which banks in Ireland and such other places as may be decided by the Manager from time to time, are open for normal business. Valuation Day: Every day of the week which falls on a Business Day in Ireland. Calculation Day: Every day of the week which falls on a Business Day in Ireland. Subscription and redemption: Requests must be received no later than 12:00 p.m. (noon), Ireland time, on the Valuation Day preceding such dealing day. Payment: Payment should be received for the account of the Sub-Fund as provided in the application form within 3 (three) Business Days following the dealing day. Typical Investor profile: The Sub-Fund is intended for investors with a medium to long term time horizon who wish to gain exposure to Indian equity markets and who recognise the risks of investing in a single emerging market country and who can tolerate the high degree of volatility of returns typical of such an investment. Dividends: The Unit Class is accumulating. For full investment objective and policy details please refer to the Prospectus and Supplement.