Terms and conditions of the NEXT FUNDS Nikkei 225 Inverse Index Exchange Traded Fund will be changed effective on February 13, 2015.

Nomura Asset Management Co., Ltd. has announced an update to the terms and conditions of the NEXT FUNDS Nikkei 225 Inverse Index Exchange Traded Fund.
Below is a summary of the important points relating to these changes. The changes to the terms and conditions will be implemented effective on February 13, 2015.

Important points relating to changes

1. 1.Subscription price:
   <Previous> The amount of the NAV, as of the next business day after the subscription application day, multiplied by 100.05%
   <New> The amount of the NAV, as of the next business day after the subscription application day, multiplied by no more than 100.05% (as of February 13, 2015, this multiplier stood at 100.02%.)
2. 2.Liquidation price:
   <Previous> The amount subtracted from the NAV, as of the next business day after the redemption application day, multiplied by 0.05% as the amount to be retained in trust assets
   <New> The amount subtracted from the NAV, as of the next business day after the redemption application day, multiplied by no more than 0.05% (as of February 13, 2015, this multiplier stood at 0.02%.)