June 2007 - Nordea Bank Lietuva

Nordea 1 – Japanese Equity FundPerformance in %TimeframeJPY* EUR Index**Current year1 month1 year3 years5 years4.951.2710.0443.7853.42-1.16-0.59-3.7514.248.836.111.2310.3554.1475.162006 1.42 -10.23 0.10Since launch27.10 0.04 33.36*Base currency **Index in base currencyCommentThe Japanese market was more or less flat during June, shrugging off most of the positive economicindicators published during the month. The only exception was retail sales, which have not picked updespite Japan’s steady economic recovery, mainly driven as it has been by the corporate sector. Thebest performing sectors were Energy and Industrials. The weak Japanese currency supported the bigexport companies. No major changes were made to the fund, but a number of existing holdings havebeen increased, mainly in companies related to the domestic market. The outlook for slower growthbeyond the ongoing mini-cycle recovery and the lack of inflationary pressures in goods and servicesin both Europe and the US are likely to prevent the European Central Bank (ECB) and US FederalReserve from moving from a neutral to restrictive monetary policy stance and therefore supportequity investment. Also affecting the domestic market in coming months will be the way the Japanesecurrency will move.Key figures - 3 years30/06/2004 - 29/06/2007Annualised return in %Fund12.87Index*15.51Annualised standard deviation13.4814.00Correlation0.96–Sharpe ratioJensen's Alpha0.57-0.210.73–Performance (in base currency, indexed at 100)Beta0.94–160Tracking errorInformation ratioRisk free rate used in %*MSCI Japan Growth - Net ReturnFund data3.69-0.725.25–––150140130120Management teamBase currencyLast NAVShare classFund categoryAUM (Million JPY)Minimum investment (EUR)Front end fee in %Annual management fee in %Security Number (ISIN)Launch dateGlobal EquitiesJPY1,271.00BPAccumulating2 229.22505.001.500LU009786392121/05/19991101009030/06/2004 30/06/2005 30/06/2006 29/06/2007Japanese Equity FundMSCI Japan Growth - Net ReturnCurrency breakdown in % Sector allocation in %JPY 96.63Net Liquid Assets 3.37Top Holdings in %Toyota Motor Corp 7203 7.03Mitsubishi Tokyo Financial 8306 3.78Mizuho Financial Group 3.33Mitsubishi Corp 8058 2.39Takeda Pharmaceutical - JPY 2.00Shin-Etsu Chemical Co Ltd 4063 1.98East Japan Railway Co 9020 1.88Matsushita Electric Ind 6752 - JPY 1.86Nomura Holdings 8604 - JPY 1.75Tokyo Electric Power Co. 9501 1.72Consumer Discretionary 20.38Financials 18.86Industrials 18.37Information Technology 11.92Materials 9.70Consumer Staples 5.97Health Care 4.13Utilities 3.35Telecommunication Services 2.91Energy 1.03Net Liquid Assets 3.37Empty 20.00Empty 20.00