To achieve capital growth in the medium / long term through investment in the equities of banks, insurance companies and other financial shares which derive a substantial proportion of their profits from Far Eastern markets outside Japan.

Fund performance is shown relative to the Datastream Asia ex-Japan Financials Index ($)

John Yakas has over 20 years experience in the banking and financial services analysis industry with extensive exposure to analysing banking sectors in Europe and Asia, and a particular bias to emerging markets. The Manager’s approach is primarily a bottom-up investment style based on regular meetings with managements over many years and in depth financial analysis and a rigorous valuation methodology. The latter ensures a bias to quality names and core holdings which are kept for the longer term. Research and analysis is primarily undertaken in-house and by use of a small number of specialist research providers. The focus remains on banking although recent years have seen a broadening out of the portfolio to include insurance companies and asset managers.

5 December 1996

OEIC

Ireland

$1,000

1.0%

3.5%

10%

$0.71 per share

4.00 p.m. (Irish time) on the Business Day prior to the relevant Dealing Day

+ 353 1612 6485

+ 353 1512 5374

ELDFEFI ID

B2B0972