For professional and institutional investors only. Not for retail investors.

ON THE PLANET TO PERFORM

Dan Carter, CFA

Fund Manager

Mitesh Patel, CFA

Assistant Fund Manager

September 2018

Jupiter Japan Select

JUPITER JAPAN FUNDS –DARING TO BE D IFFERENT

For professional and institutional investors only. Not for retail investors.

1

Topics

What is the

Jupiter Japan

Select?

1 2 3

Why invest in

Japan now?

How is the

Jupiter Japan

Select fund

different?

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For professional and institutional investors only. Not for retail investors.

2

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Jupiter Japan team

*Years of industry experience as at 30.06.18.

Mitesh Patel, CFAAssistant Fund Manager

12 years’ experience*

UK domiciled Unit Trust

Jupiter Japan Select

Jupiter 2016 – present

Barings 2009 – 2016

Blackrock 2006 – 2009

Dan Carter, CFAFund Manager

15 years’ experience*

UK domiciled Unit Trust

Jupiter Japan Select

Jupiter 2008 – present

Odey 2006 – 2008

Baillie Gifford 2003 – 2006

● Global Equities

● Stuart Cox

● Global Value

● Ben Whitmore, Dermot Murphy

● Global Financials

● Guy de Blonay

● Absolute Return

● James Clunie, Ivan Kralj

● Environment & Sustainability

● Charles Thomas, Abbie Llewellyn-Waters,

Jon Wallace, Mark Evans

Cross-team collaboration

For professional and institutional investors only. Not for retail investors.

3

Top 10 active positions*Active sector weightings**Multi-cap strategy*

Jupiter Japan Select – Overview

Stock examples are for illustrative purposes only and are not a recommendation to buy or sell.

*Source: FactSet, 30.06.18. **Source: Jupiter, as at 30.06.18. Numbers may not add to 100% due to bankers rounding. ***Source : Jupiter, 30.06.18.

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-15%

-10%

-5%

0%

5%

10%

15%

Tele

co

ms,

IT,

Serv

ice

Co

nstr

uc

tio

n,

Re

al E

sta

te,

RE

ITs

Fin

an

cia

ls

Au

tos

& P

art

s

Ph

arm

a &

He

alt

hcare

Ch

em

icals

Re

tail &

Fo

od

Ba

sic

Serv

ices

Ma

ch

inery

,E

lectr

on

ics,

Pre

cis

ion

Ba

sic

Pro

du

cts

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Active share c.87%***, typically 40-45 positions

33%

22%

34%

9%

3%

£20bn+ £5-20bn £1-5bn

£<1bn Cash

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Stock %

KDDI CORP 4.4

SMFG 3.9

TECHNOPRO HOLDIN 3.5

ORIX CORP 3.2

NIPPON TELEGRAPH 3.0

TOYOTA MOTOR 2.9

SEKISUI CHEM CO 2.8

TATERU INC 2.7

TOKIO MARINE HD 2.7

NISSAN CHEMICAL 2.7

For professional and institutional investors only. Not for retail investors.

4

Clear, simple criteria, applied rigorously every time

Investment process

Seeking companies with the ability and willingness to grow payouts

Investable Universe = c.1200 companies

Portfolio = c.40-45 companies

Financial Stability = c.800 companies

Management Quality = c.500 companies

Competitive Advantage = c.300 companies

Growth = c.200 companies

Valuation = c.100 companies

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For professional and institutional investors only. Not for retail investors.

5

Key portfolio characteristics which match the manager’s philosophy and process

Process

Yields quoted are not guaranteed and may change in the future.*Three-year historic, two years prospective EBITDA. **Gross of fees – this is the simple weighted average of the yield of underlying stocks in the portfolios.

Source: Mizuho, 31.07.18.

7,5

14,7

2,4

8,8

6,0

11,6

2,1

5,0

15,3

1,6

0,0

14,9

1,40,3

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0x

2x

4x

6x

8x

10x

12x

14x

16x

18x

20x

Earningsgrowth*(5 year)

ROE(1 year)

Dividendyield**

Dividendgrowth(5 year)

P/E P/B Net debt /equity

Jupiter Japan Select SICAV TOPIX

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6

Major investment themes and categories in the current portfolios

Fund composition

Any stock examples are used for illustrative purposes only and should not be viewed as investment advice.

Long-Term

Compounders

Sekisui Chem

Nissan ChemDon Quijote

Sho-Bond

Tokio Marine

Daifuku

Asahi

Intecc

En-Japan

Iriso

Koito

Single-Stock Ideas

Zenkoku

Hosho

Tokyo

Electron

Nomura Co

Aucnet

Governance

Lasertec

Orix

Hazama Ando

Katitas

Baycurrent

Rohm

Prestige

Mabuchi Motor

Sekisui

House

FFG

Toyota

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NRI

Marui

Nitta

Sosei

Star Asia

xxx

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7

Japan Select SICAV

Investment performance

Past performance is no indication of current or future performance, doesn’t take into account commissions and costs incurred on the issue/redemption of shares. Source: Morningstar, net performance in EUR, as at 31.08.18.

Dan Carter has managed the strategy since 03.10.13. Prior to this he was Assistant Fund Manager from 2010 on Jupiter’s Japane se Equities Strategy.

Base currency of the strategy is USD.14873_73943

2,3%

14,7%

24,4%

69,9%

1,3%

11,1%

26,7%

74,2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

YTD 1yr 3yr 5yr

Jupiter Japan Select SICAV TOPIX TR JPY

For professional and institutional investors only. Not for retail investors.

8

Jupiter Japan Funds aim to be higher yield and higher growth than the index

Yield vs. growth

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0

5

10

15

20

25

-1,0 -0,5 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5

Ea

rnin

gs

G

row

th

Dividend Yield (%) Deciles

Jupiter Japan

Funds

Quoted yields are not guaranteed and may change in the future.Souce: Nikkei and Toyokeizai.

For professional and institutional investors only. Not for retail investors.

9

● A dedicated Japanese Equities Team

● With the benefit of collaboration with other Jupiter teams

● High conviction, focused, multi-cap fund, which has provided a premium income over the

market

● No index-hugging, typically 40-45 positions, happy to zero-weight whole sectors

● Clear, simple process repeated every time

● Seeking a portfolio of high quality, ungeared and growing businesses for little premium

over the market

● Major themes focus on the structural over the cyclical

● Structural mega-trends are demographic shift, governance revolution and relentless

technological progress

● Solid long-term performance

● With a premium yield over the market

Fund summary

Past performance is no guide to the future.The views expressed are those of the presenter at the time of preparation and may change in the future.

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10

Topics

What is the

Jupiter Japan

Select?

1 2 3

2711_72139

Why invest in

Japan now?

How is the

Jupiter Japan

Select fund

different?

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For professional and institutional investors only. Not for retail investors.

11

TOPIX pre-tax profit margin (trailing 4Q moving average)

Japan has never been more profitable

Profitability

Source: Ministry of Finance compiled by Mizuho Securities, March 2018.

Note: All Japan business companies (i.e. excluding financials)

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6.0%

0

1

2

3

4

5

6

7

Jun.54 Jun.61 Jul.68 Aug.75 Sep.82 Sep.89 Okt.96 Nov.03 Dez.10 Dez.17

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12

Unemployment rate (SA)*Labour share of GDP – Japan

Ageing and shrinking population mean that labour is too precious to waste

Profitability

Source: CLSA, UN, 29.01.18.

*Source: Bloomberg, 31.07.18.

54

56

58

60

62

64

66

1991 1995 1998 2001 2004 2007 2010 2013 2016 2019

(%)

Labour share % of GDP (Japan)

0

1

2

3

4

5

6

Dez.8

6

No

v.8

9

Sep

.92

Au

g.9

5

Ju

n.9

8

Ma

i.01

Mä

r.04

Fe

b.0

7

De

z.0

9

No

v.1

2

Sep

.15

Ju

l.1

8

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For professional and institutional investors only. Not for retail investors.

13

Total shareholder returns of TSE 1st listed companies

Never before have Japanese companies paid out more

Shareholder returns

Source: Mizuho, compiled by Jefferies Research, August 2018.

0

1

2

3

4

5

6

7

8

9

10

0

2

4

6

8

10

12

14

16

18

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9E

(%)

(JP

Y t

rn)

Share buybacks (LHS)

Total amount of

dividends (LHS)

Share buybacks & dividends total /

shareholders' equity (RHS)

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For professional and institutional investors only. Not for retail investors.

14

Topix 500 companies with committee

structures**

Topix companies with multiple board

outsiders*

Topix companies with management

stock compensation plans

Better governance is leading to more shareholder-friendly management

Corporate governance

Source: 2016-17 Jefferies; 2013-15 Mitsubishi UFJ Trust / Towers Watson, August 2018.

*Source: Tokyo Stock Exchange, August 2018.

**Source: Jefferies, company data, August 2018.

0

10

20

30

40

50

60

70

80

90

100

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

One-third or moreIndependent Directors

Two or more IndependentDirectors

0

50

100

150

200

250

300

350

400

2013 2014 2015 2016 2017

Some form of stock basedcompensation

0

100

200

300

400

500

600

700

2015 2016 2017

No Committees

Advisory Committees

Audit Committee (Legal)

3 Committee (Legal)

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For professional and institutional investors only. Not for retail investors.

15

…and remains in the middle of the global pack

Market PE ratio has fallen over Abenomics period…

Valuations

Source: Bloomberg, 21.09.18.

Based on consensus forecasts for next fiscal year.

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8

10

12

14

16

18

20

22

No

v.1

2

Jän

.13

Mä

r.13

Ma

i.13

Ju

l.1

3

Sep

.13

No

v.1

3

Jän

.14

Mä

r.14

Ma

i.14

Ju

l.1

4

Sep

.14

No

v.1

4

Jän

.15

Mä

r.15

Ma

i.15

Ju

l.1

5

Sep

.15

No

v.1

5

Jän

.16

Mä

r.16

Ma

i.16

Ju

l.1

6

Sep

.16

No

v.1

6

Jän

.17

Mä

r.17

Ma

i.17

Ju

l.1

7

Sep

.17

No

v.1

7

Jän

.18

Mä

r.18

Ma

i.18

Ju

l.1

8

Sep

.18

PE

(x)

Japan Asia ex-J US Europe EM

For professional and institutional investors only. Not for retail investors.

16

TOPIX RoE and PBR (from January 2003 to end-June 2018)

In absolute terms Japan is still not expensive despite its strong run

Valuations

Source: Datastream compiled by Mizuho Securities Equity Quantitative Research, from 30.01.03 to 30.06.18.

y = 15.189x + 0.1345

0,0

0,5

1,0

1,5

2,0

2,5

0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12%

TO

PIX

PB

R

TOPIX 12 month forward ROE (Toyokeizai forecast)

We are here

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Pre-Abenomics

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17

Topics

What is the

Jupiter Japan

Select?

1 2 3

2711_72139

Why invest in

Japan now?

How is the

Jupiter Japan

Select fund

different?

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For professional and institutional investors only. Not for retail investors.

18

Demographics plays*Proportion of population over 65 years old

Demographics

Differentiation

The views expressed are those of the presenter at the time of preparation and may change in the future. Holdings examples are for illustrative purposes only and are not a recommendation to buy or sell.

Source: Bloomberg, January 2018. *Source: Bloomberg, 31.07.18.

2

4

6

8

10

12

14

16

18

20

22

24

26

28

196

0

196

5

197

1

197

7

198

2

198

8

199

4

199

9

200

5

201

1

201

6

(%)

China Germany UK

Japan USA

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

Au

g.1

3

Fe

b.1

4

Ju

l.1

4

Jän

.15

Ju

n.1

5

No

v.1

5

Ma

i.16

Okt.

16

Mä

r.17

Sep

.17

Fe

b.1

8

Ju

l.1

8

Topix Nichii Gakkan

Ship Health Benesse

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For professional and institutional investors only. Not for retail investors.

19

● A global leader in guide wires and

guiding/balloon catheters for catheter treatment

● Coronary heart disease / CVD on the increase

– closely linked to ageing

● Minimally invasive treatment quickly

becoming the main treatment method

○ A care method that saves governments

money

● Expiration of US distribution JV with Abbott to

lead to a more lucrative direct sales model

● Strong economic growth in developing countries

resulting in significant expansion of TAM

● Strong o/s growth indicative of market share

gains; active in 106 countries

● Scope for application growth e.g. Neurovascular

Stock example: Asahi Intecc (7747)

The views expressed are those of the presenter at the time of preparation and may change in the future. Holdings examples are for illustrative purposes only and are not a recommendation to buy or sell.

Source: Bloomberg, August 2018.

Image source: Jupiter has permission to use this image.

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Buy

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For professional and institutional investors only. Not for retail investors.

20

Governance

Differentiation

MonitorStructural

changes

Board

Incentives

Engage

1

12749_71938

12749_72491

Identify

Ability

Balance Sheet

Cash Flow

Write

2

Formal

Non-aggressive

Meet

3

Executives

Non-Execs

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For professional and institutional investors only. Not for retail investors.

21

● Global leading maker of “floating board-to-board”

connectors

● Transformed the business from consumer to

automotive

● Automotive six-year sales CAGR +16%

● Balance sheet strength; 30% net cash / equity

● Low pay-out ratio (17%) at time of initial

investment

● Improving governance; increasing board

independence

● Jupiter Team contact with both Executive and

Non-Executive Board Members

● Founder alignment with minority investors

with ~20% stake

● New Mid-Term Plan; raised pay-out to 30%

Stock example: Iriso Electronics (6908)

The views expressed are those of the presenter at the time of preparation and may change in the future. Holdings examples are for illustrative purposes only and are not a recommendation to buy or sell.

Source: Bloomberg, January 2018.

Image source: Jupiter has permission to use this image.

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Payout raised

From 17% to 30%

Buy

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For professional and institutional investors only. Not for retail investors.

22

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

2015 2016 2017 2018 2019 2020 2021 2022

(JP

Ytr

n) 30% CAGR

Scale of the IoT marketJapanese mobile content and

commerce markets

Technology - Sell

Differentiation

The views expressed are those of the presenter at the time of preparation and may change in the future.

*Source: Bank of Japan, January 2018; Cash & Deposits held by Private Non-financial corporations.

**Source: TSE, compiled by Mizuho Securities Equity Research, January 2018.

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0

1.000

2.000

3.000

4.000

5.000

6.000

2010 2011 2012 2013 2014 2015 2016

(JP

Yb

n)

Mobile Content Mobile Commerce

20%+ CAGR

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For professional and institutional investors only. Not for retail investors.

23

Stock example: GMO Internet (9449)

The views expressed are those of the presenter at the time of preparation and may change in the future. Holdings examples are for illustrative purposes only and are not a recommendation to buy or sell.

Source: Bloomberg, August 2018.

Image source: Jupiter has permission to use this image.

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Buy

Sell

● Diversified internet infrastructure business

● Benefitting from economy-wide off-line to on-

line migration

● Rapid profit growth – 5 year OP CAGR 14%

● Listed subsidiaries focus upon cashless

payment, online trading and web hosting

● Highly aligned entrepreneur President owns 31%

of the company

● Why sell?

● Stretched valuations – close to all-time high

PBR

● Increasing focus upon unforecastable Bitcoin

mining

For professional and institutional investors only. Not for retail investors.

24

● A dedicated Japanese Equities Team

● With the benefit of collaboration with other Jupiter teams

● High conviction, focused, multi-cap fund, which has provided a premium income over the

market

● No index-hugging, typically 40-45 positions, happy to zero-weight whole sectors

● Clear, simple process repeated every time

● Seeking a portfolio of high quality, ungeared and growing businesses for little premium

over the market

● Major themes focus on the structural over the cyclical

● Structural mega-trends are demographic shift, governance revolution and relentless

technological progress

● Solid long-term performance

● With strong defensive characteristics

Fund summary

Past performance is no guide to the future.The views expressed are those of the presenter at the time of preparation and may change in the future.

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For professional and institutional investors only. Not for retail investors.

25

(%) YTD 1 month

3

months 1 year 3 years 5 years

Since

inception*

Fund

Manager

inception**

Jupiter Japan Select L EUR Acc 2.3 -1.5 -4.7 14.7 24.4 69.9 128.2 62.7

Topix TR 1.3 0.5 -2.2 11.1 26.7 74.2 136.9 67.1

(%)

01 Sep '13 to

31 Aug '14

01 Sep '14 to

31 Aug '15

01 Sep '15 to

31 Aug '16

01 Sep '16 to

31 Aug '17

01 Sep '17 to

31 Aug '18

Jupiter Japan Select L EUR Acc 7.2 27.4 0.2 8.2 14.7

Topix TR 11.4 23.5 4.1 9.4 11.1

Jupiter Japan Select

Performance

Past performance is no indication of current or future performance, doesn’t take into account commissions and costs incurred on the issue/redemption of shares.Source: Morningstar, gross income reinvested, net of fees, in EUR, to 31.08.2018.

*Since inception: 27.07.2009. **Fund Manager inception: 03.10.2013

For professional and institutional investors only. Not for retail investors.

26

Jupiter Japan Select

● The KIID and Prospectus are available from Jupiter on request. This fund can invest more than 35% of its

value in securities issued or guaranteed by an EEA state.

2829_72481

For professional and institutional investors only. Not for retail investors.

27

isclos re

This presentation is intended for investment professionals

and not for the benefit of retail investors. Market and

exchange rate movements can cause the value of an

investment to fall as well as rise, and you may get back less

than originally invested. Initial charges are likely to have a

greater proportionate effect on returns if investments are

liquidated in the shorter term. Any data or views given should

not be construed as investment advice.

Past performance is no indication of current or future

performance. Performance data does not take into account

commissions and costs incurred on the issue and redemption

of shares. Company examples are for illustrative purposes

only and are not a recommendation to buy or sell. Quoted

yields are not guaranteed and may change in the future.

Awards and ratings should not be taken as a

recommendation.

Every effort is made to ensure the accuracy of the

information but no assurance or warranties are given. It is not

an invitation to subscribe for shares in the Jupiter Global

Fund (the Company) or any other fund managed by Jupiter

Asset Management Limited. The Company is a UCITS fund

incorporated as a Société Anonyme in Luxembourg and

organised as a Société d’Investissement à Capital Variable

(SICAV). This information is only directed at persons residing

in jurisdictions where the Company and its shares are

authorised for distribution or where no such authorisation is

required.

The sub fund may be subject to various other risk factors,

please refer to the Prospectus for further information.

Prospective purchasers of shares of the sub fund(s) of the

Company should inform themselves as to the legal

requirements, exchange control regulations and applicable

taxes in the countries of their respective citizenship,

residence or domicile. Subscriptions can only be made on the

basis of the current prospectus and the KIID, accompanied

by the most recent audited annual report and semi-annual

report. These documents are available for download from

www.jupiteram.com. The KIID and, where required, the

Prospectus, along with other advertising materials which

have been approved for public distribution in accordance with

the local regulations are available in English, Dutch, French,

Finnish, German, Italian, Portuguese, Spanish and Swedish.

Before subscribing, please read the Prospectus. Hard copies

may be obtained free of charge upon request from any of:

The Company Custodian and Administrator: JP Morgan

Bank Luxembourg S.A, 6 Route de Trèves, Senningerberg, L-

2633, Luxembourg; and from certain of the Company’s

distributors;

Austria: Jupiter Asset Management Limited, Austria branch,

Goldenes Quartier, Tuchlauben 7a, 1010 Vienna, Austria;

Belgium: BNP Paribas Securities Services, Boulevard Louis

Schmidt 2, 1040 Brussels; France: CACEIS Bank France,

1/3 Place Valhubert, 75013 Paris, France; Germany: Jupiter

Asset Management Limited, Frankfurt branch, whose

registered office is at: Roßmarkt 10, 60311 Frankfurt,

Germany; Italy: BNP Paribas Securities Services, Milan

branch, Piazza Lina Bo Bardi, 3 20124 Milano, Italy. Allfunds

Bank S.A.U. – Milan Branch, Via Bocchetto 6, 20123 Milano,

Italy. The Fund has been registered with the Commissione

Nazionale per le Società e la Borsa (CONSOB) for the offer

in Italy to retail investors; Spain: Allfunds Bank, C/ La

Estafeta 6, Edificio 3, 28109 Alcobendas, Madrid, Spain. For

the purposes of distribution in Spain, the Company is

registered with the Spanish Securities Markets Commission –

Comisión Nacional del Mercado de Valores (“CNMV”) under

registration number 1253, where complete information,

including a copy of the marketing memorandum, is available

from the Company authorised distributors. Subscriptions

should be made through a locally authorised distributor. The

net asset value is available on www.jupiteram.com. Sweden:

Jupiter Asset Management Limited, Nordic branch, 4th Floor,

Strandvagen 7A, 114 56 Stockholm, Sweden; Switzerland:

Copies of the Memorandum and Articles of Association, the

Prospectus, KIIDs and the annual and semi-annual reports of

the Company may be obtained free of charge from the

Company’s representative and paying agent in Switzerland,

BNP Paribas Securities Services, Paris, Succursale de

Zurich, whose registered office is at Selnaustrasse 16, 8002

Zurich, Switzerland; United Kingdom: Jupiter Asset

Management Limited (the Investment Manager), registered

address: The Zig Zag Building, 70 Victoria Street, London,

SW1E 6SQ, United Kingdom.

Issued by The Jupiter Global Fund and, in some instances,

Jupiter Asset Management Limited which is authorised and

regulated by the Financial Conduct Authority.

No part of this presentation may be reproduced in any

manner without the prior permission of the Company or

Jupiter Asset Management Limited.

2829_72481

For professional and institutional investors only. Not for retail investors.

28

Indices disclosure

Industry Classification Benchmark (‘ICB’) is a product of FTSE International Limited (‘FTSE’) and all intellectual property r ights in and to

ICB vest in FTSE. Jupiter Asset Management Limited has been licensed by FTSE to use ICB. ‘FTSE®’ is a trade mark owned by the

London Stock Exchange Plc and is used by FTSE under licence. FTSE and its licensors do not accept liability to any person for any loss or

damage arising out of any error or omission in ICB.

This document contains information based on the MSCI Large Cap Value, Small Cap Value, Large Cap Growth, Small Cap Growth, Ja pan

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