Investor Presentaiton

Executive Summary - Thesis for Japanese Equities + Cyclical Sensitivity - Japanese equities have historically been particularly sensitive to global economic fluctuations, driven by its cyclical sectors tilts and export-oriented economy + Green Shoots of Rotation - With the prospect of a global synchronized economic recovery taking hold, Japanese equities have been outperformers over the past several months + Attractive Relative Valuations – After several years of tepid international investor flows into the market, valuations are discounted relative to other major equity markets, presenting what we believe to be one of the few value opportunities globally 1

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