NOTICE TO THE SHAREHOLDERS OF THE SUB FUND EUROPEAN VALUE (THE MERGING SUB FUND ) AND OF THE SUB FUND INTERNATIONAL VALUE (THE RECEIVING SUB FUND )

Transcription

1 NOTICE TO THE SHAREHOLDERS OF THE SUB FUND EUROPEAN VALUE (THE MERGING SUB FUND ) AND OF THE SUB FUND INTERNATIONAL VALUE (THE RECEIVING SUB FUND ) Luxembourg, 28 April 2017 Dear Shareholders, We hereby contact you in your capacity as shareholders of the sub fund European Value (the Merging Sub Fund) and of the sub fund International Value (the Receiving Sub Fund), both sub funds of CREDIINVEST SICAV (the Fund) in connection with a merger by absorption (the Merger) of the Merging Sub Fund by the Receiving Sub Fund with effective date as of 12 June 2017 (the Effective Date). The board of directors of the Fund prepared a common merger proposal (the Merger Proposal) which has been approved by the Luxembourg Supervisory Authority of the Financial Sector (Commission de Surveillance du Secteur Financier). The Fund is an undertaking for collective investment in transferable securities (UCITS) within the meaning of the Directive 2009/65/EC of the European Parliament and Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to UCITS, incorporated in Luxembourg. The purpose of the present notice is to provide you with the essential information on the proposed Merger so you can make an informed judgment on the possible impact of the Merger on your investment. Should you disagree with the proposed Merger, you can request free of charges the redemption of the shares you own in the Merging Sub Fund or in the Receiving Sub Fund until 1 June 2017 at 4.00 p.m.(ultimate date and time of receipt of the redemption request) (the Expiration Date). 1 CONTEXT AND MOTIVATION OF THE MERGER The Fund, which includes the Merging Sub Fund and the Receiving Sub Fund, is a UCITS product promoted by the group Crèdit Andorrà. The group Crèdit Andorrà has reviewed its current line of product offering and wishes to effect the Merger in order to obtain a better optimization of the group resources and offering at the same time economies of scale to its clients through the rationalisation of the range of sub funds offered by the Fund. 2 FORESEEABLE IMPACT OF THE MERGER 2.1 IMPACT ON SHAREHOLDERS OF THE MERGING SUB FUND Upon the Merger, shareholders in the Merging Sub Fund will receive new shares in the Class A or Class I3 Hedged in the Receiving Sub Fund, as the case may be. Upon the Merger, the investment policy, the reference benchmark for the calculation of the performance fee, as well as the name of the Receiving Sub Fund will be amended so as to be the Page 1 of 11

2 same as the investment policy, the name and the reference benchmark for the calculation of the performance fee of the Merging Sub Fund. Since the investment policy of the Receiving Sub Fund will be amended in order to reflect the current investment policy of the Merging Sub Fund, there will be no portfolio rebalancing for the Merging Sub Fund. The other characteristics of the Receiving Sub Fund regarding the investor profile, the fees (subscription and redemption fees, management fee, distribution fee, performance fee except for the reference benchmark, fixed TER), reference currency, net asset value days and calculation, dealing cut off time, cut off time for payments of subscriptions and redemptions, minimum subscription amounts for the classes of shares considered, synthetic risk and reward indicator, risks factors, financial year and dividend policy are the same as those of the Merging Sub Fund and will remain unchanged upon the Merger, as set out in Schedule 1. The accumulated performance fee of the Merging Sub Fund, if any, will be transferred as a liability to a payable account of the Receiving Sub Fund to be paid out to the management company of the Fund, i.e. Crèdit Andorrà Asset Management Luxembourg (the Management Company). No costs and expenses resulting from the merger, including the transfer of the assets, or the termination of the Merging Sub Fund, will be borne by the Merging Sub Fund or the shareholders of the Merging Sub Fund. These will be borne by the Management Company. The impact of the Merger on the Merging Sub Fund shareholders is therefore limited. Impact on shareholders holding Class I1 shares in the Merging Sub Fund Shareholders holding Class I1 shares in the Merging Sub Fund and who accept the Merger will receive in exchange for their shares, Class A shares in the Receiving Sub Fund. Please note that Class A shares are subject to subscription tax at a higher rate of 0.05% p.a. instead of 0.01% p.a. applicable to Class I1 shares. For additional information, a comparison table between the main features of the Merging Sub Fund and those of the Receiving Sub Fund is annexed as Schedule IMPACT ON SHAREHOLDERS OF THE RECEIVING SUB FUND Upon the Merger, shareholders in the Receiving Sub Fund will continue to hold the same shares in the Receiving Sub Fund as before and there will be no change in the rights attached to such shares. Change to the investment policy The investment policy of the Merging Sub Fund and that of the Receiving Sub Fund are similar, with the exception that the Receiving Sub Fund may invest in transferable securities issued by international companies in OECD member states, whereas the Merging Sub Fund may invest in transferable securities issued by European companies only. Upon the Merger, the investment policy of the Receiving Sub Fund will be amended so that its investment policy is the same as the investment policy of the Merging Sub Fund. Page 2 of 11

3 Furthermore, all the assets and liabilities of the Merging Sub Fund will be transferred to the Receiving Sub Fund in exchange for the issue to the Merging Shareholders of shares in the Class A or Class I3 Hedged in the Receiving Sub Fund, as the case may be. The assets that will be transferred from the Merging Sub Fund to the Receiving Sub Fund will be already fully compliant with the investment policy of the Receiving Sub Fund effective as of the date of the Merger. Therefore the risk of dilution of performance to the Receiving Sub Fund shareholders, as a result of the inflows received from the Merging Sub Fund, is limited. Change of the reference benchmark for the computation of the performance fee Upon the Merger and since the Receiving Sub Fund will change its investment policy, the benchmark used for the computation of the performance fee of the Receiving Sub Fund will also change from MSCI World Local (MSDLWI) to Eurostoxx 50 (SX5E) to be in line with the new investment policy. The accumulated performance fee of the Receiving Sub Fund until the date of the Merger, if any, will be transferred to a payable account of the Receiving Sub Fund. The performance fee for both the Merging Sub Fund and the Receiving Sub Fund is calculated and accrued on each Valuation Day and payable, if any, as of the last Luxembourg Business Day of each calendar year. Change of name Upon the Merger, the Receiving Sub Fund will change its denomination to European Value to better reflect the new investment policy. No differences on the other characteristics between the Merging Sub Fund and the Receiving Sub Fund The other characteristics of the Receiving Sub Fund regarding the investor profile, the fees (subscription and redemption fees, management fee, distribution fee, performance fee except for the reference benchmark, fixed TER), reference currency, net asset value days and calculation, dealing cut off time, cut off time for payments of subscriptions and redemptions, minimum subscription amounts for the classes of shares considered, synthetic risk and reward indicator, risks factors, financial year and dividend policy are the same as those of the Merging Sub Fund and will remain unchanged upon the Merger, as set out in Schedule 1. Portfolio rebalancing Given the change of the investment policy of the Receiving Sub Fund, there will be a rebalancing of the investment portfolio of the Receiving Sub Fund before and after the Merger in order to align it with the new investment policy. Accrued income The volume of assets of the Receiving Sub Fund is presumed to increase upon the transfer of the Merging Sub Fund s assets and liabilities to the Receiving Sub Fund, which should receive a positive balance of net assets from the Merging Sub Fund. Page 3 of 11

4 Neither of the costs of the Merger will be borne by the Receiving Sub Fund nor by its shareholders. These will be supported by the Management Company. For additional information, a comparison table between the main features of the Merging Sub Fund and those of the Receiving Sub Fund is annexed as Schedule TAXATION The Merger will not be subject to taxation in Luxembourg. Your applicable tax regime may however be impacted by the Merger. You are invited to consult your own tax adviser as to the applicable tax consequences of the Merger based on your particular situation and circumstances. 2.4 COSTS Any legal advisory or administrative costs associated with the preparation and completion of the Merger will be borne by the Management Company. 2.5 KIIDS OF THE RECEIVING SUB FUND The KIIDs of the Class A and Class I3 Hedged shares of the Receiving Sub Fund are annexed as Schedule 2 to this notice for your consideration. You are invited to read carefully the relevant KIID should you accept the Merger. 3 RELEVANT ASPECTS OF PROCEDURE AND EFFECTIVE DATE OF THE MERGER 3.1 DATE OF ACQUISITION OF SHAREHOLDERS RIGHTS Upon the Effective Date, should you accept the Merger (the Merging Shareholders), you will receive shares in the Class A or Class I3 Hedged of the Receiving Sub Fund in exchange of the shares you own in respectively the Class I1 or Class I3 Hedged of the Merging Sub Fund and in proportion to your holding. Fractions of Shares will be issued up to four decimals so that no cash payment is contemplated as a result of the exchange of shares. Therefore, the Merging Shareholders will become shareholders of the Receiving Sub Fund at the Effective Date and the Merging Sub Fund will cease to exist. By becoming shareholder of the Receiving Sub Fund, you will have substantially the same rights and powers as those you had as shareholder of the Merging Sub Fund, as both the Merging Sub Fund and the Receiving Sub Fund are sub funds of the same umbrella Luxembourg investment company with variable capital in the form of a public liability company (société anonyme). 3.2 TREATMENT OF ACCRUED INCOME AND LIABILITIES The accrued income of the Merging Sub Fund will be transferred to the Receiving Sub Fund on the Effective Date and there will be no distribution of income to the shareholders of the Merging Sub Fund as a result of the Merger. The outstanding liabilities of the Merging Sub Fund will generally comprise fees and expenses due Page 4 of 11

5 but not yet paid as reflected in the net assets of the Merging Sub Fund. Any additional liabilities accruing after 4.00 p.m. on the business day before the Effective Date will be borne by the Receiving Sub Fund. 3.3 CONTROL BY AUDITOR An independent auditor, KPMG Luxembourg, Société cooperative, whose registered office is located at 39, Avenue John F. Kennedy, L 1855 Luxembourg, Grand Duchy of Luxembourg (the Auditor) has been entrusted with the duty to validate the criteria adopted for the valuation of the assets and liabilities of the Merging Sub Fund and Receiving Sub Fund at the date of calculation of the exchange ratio. The date of the calculation of the exchange ratio is fixed at the Luxembourg business day before the effective date, i.e. 9 June You can obtain the Auditor s report, upon request and free of charge at the registered office of the Fund in the following days after the Effective Date. 3.4 SUSPENSION OF THE ISSUANCE AND REDEMPTION OF SHARES The Merging Sub Fund will suspend the issuance and the redemption of the shares as from the Expiration Date. 3.5 EFFECTIVE DATE OF THE MERGER The Merger will be effective as of 12 June RIGHTS OF SHAREHOLDERS 4.1 RIGHT TO REDEEM YOUR SHARES FREE OF CHARGE You can request redemption of the shares you own in the Merging Sub Fund or in the Receiving Sub Fund free of charge, except for the disinvestment costs that may be incurred for the redemption of such shares. Your redemption request should be received prior to the Expiration Date set forth above. If you do not exercise your right for redemption prior to the Expiration Date, you will be deemed to have accepted the terms of the Merger. 4.2 RIGHT TO OBTAIN FURTHER INFORMATION The following documents are or will be available free of charge at the registered office of the Fund, upon simple request during business hours and prior appointment: Merger Proposal; statement of the depositary of the Fund controlling the compliance of certain aspects of the Merger Proposal with applicable laws and the articles of association of the Fund; report of the Auditor on the Merger; prospectus of the Fund; articles of association of the Fund; latest financial reports of the Fund; and KIIDs of the Merging Sub Fund and of the Receiving Sub Fund. Page 5 of 11

6 You may obtain any additional information on the Merger upon simple request at the registered office of the Fund, during business hours and upon prior appointment. * * * Page 6 of 11

7 SCHEDULE 1 Impact of the Merger Merging Sub Fund Receiving Sub Fund Classes of shares and ISIN Codes Class I1: LU Hedged Class I3: LU Class A: LU Hedged Class I3: LU Change of name of the Receiving Sub Fund European Value Current name: International Value Name after the Merger: European Value Change of the investment policy of the Receiving Sub Fund The main objective of the European Value Sub Fund is capital appreciation, which it will attempt to reach by investing in transferable securities issued by European companies. Those investments will be concentrated in companies deemed underrated in respect of their intrinsic value. The selection criterion for those companies will be based on the analysis of the fundamental valuation ratios, mainly on the study of the Price Earning Ratio (P.E.R.). The Sub Fund s net assets are mainly invested in shares and other transferable securities related to share markets (including warrants on transferable securities, convertible notes and up to a maximum of 10% of its net assets in shares or units of UCITS or other UCIs, whose assets are mainly invested in shares issued by European companies). In case of unfavourable share markets, the Sub Fund s assets can be temporarily invested in less volatile assets, such as bonds or liquid assets, while preserving the Shareholders interest. On a temporary basis and if justified by the market conditions, the Sub Fund may hold liquid assets up to 100%. Current investment policy: The main objective of the International Value Sub Fund is capital appreciation, which it will attempt to reach by investing in transferable securities issued by international companies in OECD member states. Those investments will be concentrated in companies deemed under rated in respect of their intrinsic value. The selection criterion for those companies will be based on the analysis of the fundamental valuation ratios, mainly on the study of the Price Earning Ratio (P.E.R.). The Sub Fund s net assets are mainly invested in shares and other transferable securities related to share markets (including warrants on transferable securities, convertible notes and up to a maximum of 10% of its net assets in shares or units of UCITS or other UCIs, whose assets are mainly invested in shares issued by international companies in OECD member states). In case of unfavourable share markets, the Sub Fund s assets can be temporarily invested in less volatile assets, such as bonds or liquid assets, while preserving the Shareholders interest. On a temporary basis and if justified by the market conditions, the Page 7 of 11

8 Impact of the Merger Merging Sub Fund Receiving Sub Fund The Sub Fund may invest in financial derivative instruments or Sub Fund may hold liquid assets up to 100%. conduct transactions involving options on securities for hedging or investment purposes. The Sub Fund may invest in financial derivative instruments or conduct transactions involving options on securities for hedging or There is no restriction or limitation with regard to the industrial or sector diversification or to the currency. investment purposes. There is no restriction or limitation with regard to the industrial or sector diversification or to the currency. Investment policy after the Merger: The main objective of the European Value Sub Fund is capital appreciation, which it will attempt to reach by investing in transferable securities issued by European companies. Those investments will be concentrated in companies deemed underrated in respect of their intrinsic value. The selection criterion for those companies will be based on the analysis of the fundamental valuation ratios, mainly on the study of the Price Earning Ratio (P.E.R.). The Sub Fund s net assets are mainly invested in shares and other transferable securities related to share markets (including warrants on transferable securities, convertible notes and up to a maximum of 10% of its net assets in shares or units of UCITS or other UCIs, whose assets are mainly invested in shares issued by European companies. In case of unfavourable share markets, the Sub Fund s assets can be temporarily invested in less volatile assets, such as bonds or liquid assets, while preserving the Shareholders interest. On a temporary basis and if justified by the market conditions, the Sub Fund may hold liquid assets up to 100%. The Sub Fund may invest in financial derivative instruments or conduct transactions involving options on securities for hedging or investment purposes. Page 8 of 11

9 Impact of the Merger Merging Sub Fund Receiving Sub Fund There is no restriction or limitation with regard to the industrial or sector diversification or to the currency. No change to the risk factors No change to the Synthetic Risk and Reward Indicator No change to the investor profile Equity instruments are generally considered higher risk investments, and the returns may be volatile. Bonds and notes are subject to normal market risks. Debt securities are subject to normal credit risk and, in addition, are subject to market risk if they are floating rate. Warrants are subject to higher volatility than traditional securities. Options are subject to the risks associated with both option market (namely, price risk and market risk, settlement risk, counterparty and local intermediary risk) and the underlying securities. The markets in options and futures are volatile, both the opportunity to achieve gains as well as the risk of suffering losses are greater than with investments in securities or money market instruments. The Sub Fund may invest in permitted financial instruments denominated in currencies other than the reference currencies. Changes in foreign currency exchange rates will affect the value of shares held in the Sub Fund. Intended for retail and institutional investors. Investment horizon: suitable for investors who seek capital appreciation over the long term and do not seek regular income. 6 No change of fees except for the reference benchmark of the performance fee of the Receiving Sub Fund. Subscription and redemption fees: up to 3%. Management fee: up to 3% p.a. of the average net assets of the respective period of the Sub fund. Distribution fee: up to 1%. Fixed TER: up to 0.55% Performance fee: 10% on the amount by which the performance of the Sub Fund exceeds Eurostoxx 50 (SX5E), multiplied by the number of Shares of the relevant class in issue during the relevant performance period. Performance fee: Current performance fee: 10% on the amount by which the performance of the Sub Fund exceeds MSCI World Local (MSDLWI), multiplied by the number of Shares of the relevant class in issue during the relevant performance period. Page 9 of 11

10 Impact of the Merger Merging Sub Fund Receiving Sub Fund Performance fee after the Merger: 10% on the amount by which the performance of the Sub Fund exceeds Eurostoxx 50 (SX5E), multiplied by the number of Shares of the relevant class in issue during the relevant performance period. No change of the Reference Currency No change of the net asset value calculation (Valuation Day) No change of the dealing cut off time No changes to the minimum subscription amounts of the classes considered No change to the timing of payment of the redemption proceeds No change of the financial year No change of the dividend policy Daily on each Luxembourg Business Day Any Luxembourg Business Day immediately preceding the Valuation Day at 4.00 p.m. (Luxembourg time) Share Class Min. initial subscription Class I1 NA NA Hedged Class I3 NA NA Min. subsequent subscription EUR Share Class Min. initial subscription Class A NA NA Hedged Class I3 NA NA Min. subsequent subscription Payment for Shares redeemed will normally be effected no later than three Luxembourg Business Days after the relevant Valuation Day 1 January to 31 December of each year Shares are offered with accumulation of income and accordingly, no distribution of income through the declaration of dividends will be made Page 10 of 11

11 SCHEDULE 2 - KIIDS 30, Boulevard Royal, L-2449 Luxembourg R.C.S. Luxembourg: B Page 11 of 11

12 Key Investor Information This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you understand the characteristics of this Sub-Fund and the risks of investing in it. You are advised to read it so you can make an informed decision about whether to invest. EUROPEAN VALUE - CLASS: A EUR ISIN: LU a share class of EUROPEAN VALUE (the Sub-Fund), a Sub-Fund of Crediinvest SICAV (the Fund). The Fund is managed by Crèdit Andorrà Asset Management Luxembourg (the Management Company). OBJECTIVES AND INVESTMENT POLICY Objectives The Sub-Fund aims to achieve capital growth. Investment policy The Sub-Fund invests mainly in Equity Securities issued by European companies we believe underrated in respect to their intrinsic value based on the analysis of the company's profit generation potential. The Sub-Fund may ancillary invest up to 10% in other funds investing mainly in European companies. The Sub-Fund may use Derivatives for Hedging or investment purposes. Recommendation: an investment in the Sub-Fund is intended to be a long-term investment. Specific Information on the shares You can request the sale of your shares on a daily basis, except in certain circumstances (see prospectus). No dividends are intended to be distributed. Any income derived from the portfolio is reinvested. Definitions Derivatives: securities whose characteristics and value depend on the performance of one or more underlying assets, such as debt or equity securities, indexes, interest rates. Equity Securities: securities representing an ownership interest held by a shareholder in a corporation. Hedging: a technique to reduce exposure to specific risks such as price, currency or interest rate fluctuations. RISK AND REWARD PROFILE Lower risk Typically lower returns Meaning of the risk and reward indicator Higher risk Typically higher returns The risk indicator aims to provide you a measure of the price movement of the shares. This category 6 means that the share price has a high price movement therefore the risk of loss as well as the expected reward can be high. The lowest category does not mean a "risk free" investment. Historical data may not be a reliable indication for the future. The risk indicator shown is not guaranteed and may change over time. There is no capital guarantee or protection on the value of the Sub-Fund. The following risks may not be fully captured by the risk indicator and may be materially relevant for this Sub-Fund: Currency risk: the risk of loss arising from a change in the price of one currency against another, which may adversely affect the share value in case of discrepancy between the currency of the investments and of the Sub-Fund or share class. Hedged Strategies risk: the risk arising from improper hedging (e.g. when hedging insufficiently reduces the loss of capital or significantly reduces the potential rate of return of the investment hedged). Liquidity risk: the risk arising when an insufficiency of buyers on the market affects the ability to sell investments. Further investment risks are set out in the risk section of the prospectus. Reason why the Sub-Fund is classified in this risk category The Sub-Fund is in category 6 because it invests exclusively, directly or indirectly, in Equity Securities issued by worldwide companies of any size. These securities are subject to significant price movements due to general stock market fluctuations and other economic factors.

13 CHARGES The charges you pay are used to pay the running costs of the Sub-Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest: Entry charge 3.00% Exit charge 3.00% This is the maximum that might be taken out of your money before it is invested and/or the proceeds of your investment are paid out. Please refer to your financial advisor or the distributor for the actual charges. Charges taken from the Sub-Fund over a year: Ongoing charges 4.04% Charges taken from the Sub-Fund under specific conditions: Performance fee 10.00% of any returns the Sub-Fund achieves above the benchmark: Eurostoxx-50 (SX5E). The actual amount charged in the Sub-Fund's last financial year was 1.15%. Please note that there has been a change of benchmark and the actual amount disclosed above is based on the previous benchmark for this share class (MSCI World Local (MSDLWI)). The ongoing charges figure is based on expenses for the year ending 31 December This figure may vary from year to year. Ongoing charges do not include the following: performance fees; and portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking. For more information on charges, please refer to the prospectus which is available at PAST PERFORMANCE A* The performance diagram shown is not a reliable indication of future performance. 80% 60% 40% 20% Annual performance is calculated after deduction of the costs charged to the Sub-Fund. The Sub-Fund was created in The share class A EUR was launched in Past performance has been calculated in EUR. 0% -20% % -60% % Class A EUR A*: The historic return refers to the track record of Caixabank International Value, a Sub-Fund of Investment World Fund SICAV, managed by Bestiver Gestión S.G.I.I.C. S.A., which followed the same investment policy. PRACTICAL INFORMATION Fund: Crediinvest SICAV, 30 boulevard Royal, L-2449 Luxembourg (R.C.S. Luxembourg: B 98745). Management Company: Crèdit Andorrà Asset Management Luxembourg, S.A., 30 boulevard Royal, L-2449 Luxembourg (R.C.S. Luxembourg: B ). Depositary: Banque de Patrimoines Privés. Documentation: Further information about the Sub-Fund including the prospectus, most recent financial statements, latest prices of the shares are available free of charge at or at the registered office of the Management Company. Remuneration policy: The remuneration policy details are available on the website of the Management Company at en/policies-and-procedures and includes without limitation a description of (i) the calculation of, and (ii) the persons responsible for awarding, the remuneration and benefits of its staff. A hard copy of the remuneration policy statement is available free of charge upon request. Tax: Your taxation regime, which may depend on your citizenship, residency or nationality, might have an impact on your investment. For further details, please contact your financial adviser before investing. Liability: The Management Company may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus. Segregation of Sub-Funds: The Fund offers several sub-funds whose assets and liabilities are legally segregated from each other. The prospectus and financial statements are prepared for the Fund as a whole. Exchange of shares: You may be allowed to exchange the shares in this Sub-Fund into shares of another share class or of another sub-fund in the Fund (if any). To verify this possibility, please refer to the prospectus. The Fund and the Management Company are authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. This key investor information is accurate as at 12 June 2017.

14 Key Investor Information This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you understand the characteristics of this Sub-Fund and the risks of investing in it. You are advised to read it so you can make an informed decision about whether to invest. EUROPEAN VALUE - CLASS: I3 USD (HEDGED) ISIN: LU a share class of EUROPEAN VALUE (the Sub-Fund), a Sub-Fund of Crediinvest SICAV (the Fund). The Fund is managed by Crèdit Andorrà Asset Management Luxembourg (the Management Company). OBJECTIVES AND INVESTMENT POLICY Objectives The Sub-Fund aims to achieve capital growth. Investment policy The Sub-Fund invests mainly in Equity Securities issued by European companies we believe underrated in respect to their intrinsic value based on the analysis of the company's profit generation potential. The Sub-Fund may ancillary invest up to 10% in other funds investing mainly in European companies. The Sub-Fund may use Derivatives for Hedging or investment purposes. Recommendation: an investment in the Sub-Fund is intended to be a long-term investment. Specific Information on the shares You can request the sale of your shares on a daily basis, except in certain circumstances (see prospectus). No dividends are intended to be distributed. Any income derived from the portfolio is reinvested. This USD share class is hedged against the Sub-Fund's currency, EUR. This share class is reserved to institutional investors. Definitions Derivatives: securities whose characteristics and value depend on the performance of one or more underlying assets, such as debt or equity securities, indexes, interest rates. Equity Securities: securities representing an ownership interest held by a shareholder in a corporation. Hedging: a technique to reduce exposure to specific risks such as price, currency or interest rate fluctuations. RISK AND REWARD PROFILE Lower risk Typically lower returns Meaning of the risk and reward indicator Higher risk Typically higher returns The risk indicator aims to provide you a measure of the price movement of the shares. This category 6 means that the share price has a high price movement therefore the risk of loss as well as the expected reward can be high. The lowest category does not mean a "risk free" investment. Historical data may not be a reliable indication for the future. The risk indicator shown is not guaranteed and may change over time. There is no capital guarantee or protection on the value of the Sub-Fund. The following risks may not be fully captured by the risk indicator and may be materially relevant for this Sub-Fund: Currency risk: the risk of loss arising from a change in the price of one currency against another, which may adversely affect the share value in case of discrepancy between the currency of the investments and of the Sub-Fund or share class. Hedged Strategies risk: the risk arising from improper hedging (e.g. when hedging insufficiently reduces the loss of capital or significantly reduces the potential rate of return of the investment hedged). Liquidity risk: the risk arising when an insufficiency of buyers on the market affects the ability to sell investments. Further investment risks are set out in the risk section of the prospectus. Reason why the Sub-Fund is classified in this risk category The Sub-Fund is in category 6 because it invests exclusively, directly or indirectly, in Equity Securities issued by worldwide companies of any size. These securities are subject to significant price movements due to general stock market fluctuations and other economic factors.

15 CHARGES The charges you pay are used to pay the running costs of the Sub-Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest: Entry charge 3.00% Exit charge 3.00% This is the maximum that might be taken out of your money before it is invested and/or the proceeds of your investment are paid out. Please refer to your financial advisor or the distributor for the actual charges. Charges taken from the Sub-Fund over a year: Ongoing charges 4.03% Charges taken from the Sub-Fund under specific conditions: Performance fee 10.00% of any returns the Sub-Fund achieves above the benchmark: Eurostoxx-50 (SX5E). The actual amount charged in the Sub-Fund's last financial year was 1.30%. Please note that there has been a change of benchmark and the actual amount disclosed above is based on the previous benchmark for this share class (MSCI World Local (MSDLWI)). The ongoing charges figure is based on expenses for the year ending 31 December This figure may vary from year to year. Ongoing charges do not include the following: performance fees; and portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking. For more information on charges, please refer to the prospectus which is available at PAST PERFORMANCE The performance diagram shown is not a reliable indication of future performance. 40% Annual performance is calculated after deduction of the costs charged to the Sub-Fund The Sub-Fund was created in % The share class I3 USD (HEDGED) was launched in Past performance has been calculated in USD. 0% % % Class I3 USD (HEDGED) PRACTICAL INFORMATION Fund: Crediinvest SICAV, 30 boulevard Royal, L-2449 Luxembourg (R.C.S. Luxembourg: B 98745). Management Company: Crèdit Andorrà Asset Management Luxembourg, S.A., 30 boulevard Royal, L-2449 Luxembourg (R.C.S. Luxembourg: B ). Depositary: Banque de Patrimoines Privés. Documentation: Further information about the Sub-Fund including the prospectus, most recent financial statements, latest prices of the shares are available free of charge at or at the registered office of the Management Company. Remuneration policy: The remuneration policy details are available on the website of the Management Company at en/policies-and-procedures and includes without limitation a description of (i) the calculation of, and (ii) the persons responsible for awarding, the remuneration and benefits of its staff. A hard copy of the remuneration policy statement is available free of charge upon request. Tax: Your taxation regime, which may depend on your citizenship, residency or nationality, might have an impact on your investment. For further details, please contact your financial adviser before investing. Liability: The Management Company may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus. Segregation of Sub-Funds: The Fund offers several sub-funds whose assets and liabilities are legally segregated from each other. The prospectus and financial statements are prepared for the Fund as a whole. Exchange of shares: You may be allowed to exchange the shares in this Sub-Fund into shares of another share class or of another sub-fund in the Fund (if any). To verify this possibility, please refer to the prospectus. The Fund and the Management Company are authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. This key investor information is accurate as at 12 June 2017.

16 Key Investor Information This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you understand the characteristics of this Sub-Fund and the risks of investing in it. You are advised to read it so you can make an informed decision about whether to invest. EUROPEAN VALUE - CLASS: I5 GBP (HEDGED) ISIN: LU a share class of EUROPEAN VALUE (the Sub-Fund), a Sub-Fund of Crediinvest SICAV (the Fund). The Fund is managed by Crèdit Andorrà Asset Management Luxembourg (the Management Company). OBJECTIVES AND INVESTMENT POLICY Objectives The Sub-Fund aims to achieve capital growth. Investment policy The Sub-Fund invests mainly in Equity Securities issued by European companies we believe underrated in respect to their intrinsic value based on the analysis of the company's profit generation potential. The Sub-Fund may ancillary invest up to 10% in other funds investing mainly in European companies. The Sub-Fund may use Derivatives for Hedging or investment purposes. Recommendation: an investment in the Sub-Fund is intended to be a long-term investment. Specific Information on the shares You can request the sale of your shares on a daily basis, except in certain circumstances (see prospectus). No dividends are intended to be distributed. Any income derived from the portfolio is reinvested. This GBP share class is hedged against the Sub-Fund's currency, EUR. This share class is reserved to institutional investors. Definitions Derivatives: securities whose characteristics and value depend on the performance of one or more underlying assets, such as debt or equity securities, indexes, interest rates. Equity Securities: securities representing an ownership interest held by a shareholder in a corporation. Hedging: a technique to reduce exposure to specific risks such as price, currency or interest rate fluctuations. RISK AND REWARD PROFILE Lower risk Typically lower returns Meaning of the risk and reward indicator Higher risk Typically higher returns The risk indicator aims to provide you a measure of the price movement of the shares. This category 6 means that the share price has a high price movement therefore the risk of loss as well as the expected reward can be high. The lowest category does not mean a "risk free" investment. Historical data may not be a reliable indication for the future. The risk indicator shown is not guaranteed and may change over time. There is no capital guarantee or protection on the value of the Sub-Fund. The following risks may not be fully captured by the risk indicator and may be materially relevant for this Sub-Fund: Currency risk: the risk of loss arising from a change in the price of one currency against another, which may adversely affect the share value in case of discrepancy between the currency of the investments and of the Sub-Fund or share class. Hedged Strategies risk: the risk arising from improper hedging (e.g. when hedging insufficiently reduces the loss of capital or significantly reduces the potential rate of return of the investment hedged). Liquidity risk: the risk arising when an insufficiency of buyers on the market affects the ability to sell investments. Further investment risks are set out in the risk section of the prospectus. Reason why the Sub-Fund is classified in this risk category The Sub-Fund is in category 6 because it invests exclusively, directly or indirectly, in Equity Securities issued by worldwide companies of any size. These securities are subject to significant price movements due to general stock market fluctuations and other economic factors.

17 CHARGES The charges you pay are used to pay the running costs of the Sub-Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest: Entry charge 3.00% Exit charge 3.00% This is the maximum that might be taken out of your money before it is invested and/or the proceeds of your investment are paid out. Please refer to your financial advisor or the distributor for the actual charges. Charges taken from the Sub-Fund over a year: Ongoing charges 4.03% Charges taken from the Sub-Fund under specific conditions: Performance fee 10.00% of any returns the Sub-Fund achieves above the benchmark: Eurostoxx-50 (SX5E). As the share class has not had a full year of performance, the ongoing charges figure is an estimated figure. This figure may vary from year to year. Ongoing charges do not include the following: performance fees; and portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking. For more information on charges, please refer to the prospectus which is available at PAST PERFORMANCE Please note there is not a complete calendar year performance available for this share class. The Sub-Fund was created in The share class I5 GBP (HEDGED) was launched in PRACTICAL INFORMATION Fund: Crediinvest SICAV, 30 boulevard Royal, L-2449 Luxembourg (R.C.S. Luxembourg: B 98745). Management Company: Crèdit Andorrà Asset Management Luxembourg, S.A., 30 boulevard Royal, L-2449 Luxembourg (R.C.S. Luxembourg: B ). Depositary: Banque de Patrimoines Privés. Documentation: Further information about the Sub-Fund including the prospectus, most recent financial statements, latest prices of the shares are available free of charge at or at the registered office of the Management Company. Remuneration policy: The remuneration policy details are available on the website of the Management Company at en/policies-and-procedures and includes without limitation a description of (i) the calculation of, and (ii) the persons responsible for awarding, the remuneration and benefits of its staff. A hard copy of the remuneration policy statement is available free of charge upon request. Tax: Your taxation regime, which may depend on your citizenship, residency or nationality, might have an impact on your investment. For further details, please contact your financial adviser before investing. Liability: The Management Company may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus. Segregation of Sub-Funds: The Fund offers several sub-funds whose assets and liabilities are legally segregated from each other. The prospectus and financial statements are prepared for the Fund as a whole. Exchange of shares: You may be allowed to exchange the shares in this Sub-Fund into shares of another share class or of another sub-fund in the Fund (if any). To verify this possibility, please refer to the prospectus. The Fund and the Management Company are authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. This key investor information is accurate as at 12 June 2017.