ValueInvest Japan KL Stock

ValueInvest Japan (the Fund) is a Denmark-based investment trust. It is primarily engaged in making specialty investments in the shares of established Japanese companies that have low debt and high earnings stability. As of December 31, 2011, it primarily invested in the pharmaceutical industry (26.7%), grocery stores (23.8%) and information technology (IT) consulting services (11%), as well as in other sectors. As of March 30, 2012, its main shareholdings comprised Konica Minolta (5.74%), Circle K Sunkus (5.59%), Ashai Group (4.81%), Astellas Pharma (4.57%), Secom (4.54%) and Nippon Flour Mills (4.54%), among others. ValueInvest Japan is a division of Investeringsforeningen ValueInvest Danmark, a Denmark-based investor association.