% % 8 90%3.9% 90% 9 P02 P03 P04 P06 P07 P09 P11 P13 P15 1

Viewpoint vol.9 2018.11

200 40 2 16% 3 1 36% 8 90%3.9% 90% 9 P02 P03 P04 P06 P07 P09 P11 P13 P15 1

Viewpoint vol.9 1. 65 28% 2065 40%1 2,0009,000 20 2060 200 1 2018 20 50% 0 5030 19961 20184 % % 100 90 80 70 60 50 40 30 20 10 0 0 1,000 1,000 9.7 37.7 52.6 17.0 40.0 21.3 39.0 43.0 39.7 31.0 37.8 31.2 20 30 40 50 20 30 40 50 7.4 36.0 56.6 13.5 45.7 40.8 20.9 43.6 35.5 29.7 43.2 27.1 12018 2

2. 2014NISA 1 2010 2010 48.4% 2018 27.8% 2014 NISA 2013 33.5% 2017 ideco 2018 NISA 820 2010 34.0% 201833.9% % % 50.0 45.0 40.0 35.0 30.0 25.0 20.0 36.7 29.4 48.4 39.0 35.3 28.7 26.2 2010 n=7249 25.8 2013 n=7917 35.0 38.5 33.5 23.4 8 4 1 2010 2013 2015 2016 2018 3 2014 29.6 24.1 36.5 28.6 22.0 22.6 22.6 2014 n=14274 2015 n=8473 32.6 27.8 24.9 26.1 2016 n=8478 23.3 2018 n=7935 3 2.

3. Viewpoint vol.9 50 20181 2 20-30 30 3 2014 2008 2009 68% 2014 92% 61% 4

2 % % 100 90 80 70 60 50 40 30 20 10 0 92 64 28 30 1 290 78 77 48 43 2 430 41 38 34 32 32 3 520 73 4 560 36 34 33 30 39 37 36 38 34 2014 70 5 630 75 6 680 71 69 68 7 750 8 810 61 27 9 10 9301,110 5 3.

Viewpoint vol.9 4. 4 7 36% 3.9% 16% 2 4 62 65 67 70 40% 39% 36% 31% 10 26% 8 7 5 20% 16% 11% 3.4% 3.7% 3.9% 4.4% 6

5. 40 2 67 7 2 9 30 1 40 2 50 4 60 67 6 7 2 679 30 1 40 3 50 5 60 7 20 30 7 16%30 1 40 2 50 4 60 6 1 140 3 2018 50 515% 30126% 7 5.

Viewpoint vol.9 3.0 3.0 2.82 2.67 2.5 2018 2.5 2.50 2016 2.14 2.41 2.09 2.0 2015 2.0 2.05 1.74 2013 1.76 1.93 2010 1.5 1.16 1.29 1.5 1.55 1.72 1.87 1.33 1.22 1.30 1.45 1.30 1.21 1.07 1.11 1.16 1.20 1.28 1.41 1.39 2018 1.0 0.93 1.03 1.11 1.0 1.10 2016 0.84 0.79 0.88 0.83 1.00 1.01 2015 0.5 0.5 0.58 0.66 2013 2010 0.0 0.0 20 30 40 50 20 30 40 50 1 2010 2013 2015 2016 2018 % 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 3621,5471,2151,5161,5781,6301,4931,16010,501 1 83.10 81.60 73.90 70.70 70.10 64.80 59.50 52.70 68.50 1-2 4.10 7.40 10.70 12.40 10.70 11.60 16.30 15.20 11.70 2-3 6.40 5.60 7.70 8.00 8.80 9.80 9.70 11.80 8.60 4-5 0.80 0.40 1.30 1.70 1.60 3.10 2.50 4.90 2.10 5-7 2.50 2.70 3.70 4.60 4.80 4.80 5.80 6.00 4.50 7 3.00 2.30 2.60 2.60 4.00 5.90 6.20 9.40 4.60 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 12018 7 20% 6 20% 9 67 9 7 6 20% 20% 8

6. 16% 16% 16%67 25 0 72% 36% 1.75% 672 2 21 9 6. 16%

Viewpoint vol.9 25 30 35 16% 18% 20% 30016%48 4 DC ideco NISA 4 DC ideco DC 10

7. 3 1 36% 72% 2014 200968% 500 950 36% 100% 72% 36% 36% P5 500 75% 90068% 11 7. 3 1

Viewpoint vol.9 500 42% 700 36% 900 31% 36% 500 33% 42% 75% 700 900 36% 36% 37% 31% 72% 68% 8 2 2014 20% 67 36%6240% 70 31% 32 33 36 41 72% 40 39 36 31 62 65 67 70 2014 700 67 12

8. 90%3.9% 90% 90% 3.9% 1 3.9% 5,0003.9% 1 3.9 = 1,950,000 2 3 1 2 = 1,969,500 1% = 1,989,195 1% 675,000 3.9%1195 5,0003.9% 1% 195 2 196.93198.9 13 8. 90%3.9%

14 Viewpoint vol.9 3.9% 67 93 27 90% 70 2490%4.4% 5,000 1220 62 32 90% 3.4% 90% 19902017 3 90% 90% 62 65 67 70 3.9% 3.4% 4.4% 4.0 3.0 2.0 1.0 0.0 5.0 % 3.7% 4 90%

9. 3 1 2 21 9 2 30% 4 20 3 15 9.

Viewpoint vol.9 15% 13% 21% 20% 16% 18% 10x 7x 10x 12x 7x 11x 45% 35% 45% 48% 36% 49% 72% 70% 86% 52% 72% 70% 4.5% 5.0% 4.6% 4.1% 3.9% 4.5% Fidelity Investments Fidelity International Fidelity 20% MPF 10% 2 16

1. 67 9325% 1.75% 1% 2 8% 67 65 60 70 20% 2. 3 19902017 MSCI 3 LIBOR 80% 90% 3. 201455 59 65 500 950 2 2015 8,000810 1,747 65.1% 60 SAI SAI 25 35 2018 9 1 113.585 2.6 7.2 2018 7 17

Viewpoint vol.9 https://www.fidelity. co.jp/fij/ 4.32%4.0% 1% 2.0844% 1.93% 18

388 BCR181112-Y2