PROSPECTUS OF THE LOW SUB-FUND

Transcription

1 OF THE LOW SUB-FUND DEXIA FULLINVEST SICAV incorporated in Belgium with variable number of units that has opted for investments that meet the requirements of Directive 85/611/EEC UCITS The prospectus of this sub-fund includes the following documents: The simplified prospectus of the sub-fund (together with the annex relating to information to be updated annually) The complementary information concerning the Sicav not included in the simplified prospectus (Part A) The complementary information concerning the sub-fund not included in the simplified prospectus (Part B) The Articles of association of the Sicav

2 The prospectus consists of the part containing information about the SICAV, the part containing information about the sub-fund and the appendix with information that is updated annually. INFORMATION ABOUT THE SICAV Name: Dexia Fullinvest Date of creation: 22/11/1991 Term: Unlimited term Member State where the SICAV has its Belgium registered office: Status: Umbrella SICAV that has opted for investments that meet the requirements of Directive 85/611/EEC and is governed, with regard to its operation and investments, by the law of 20 July 2004 relating to certain forms of collective management of investment portfolios. Management type: Designated management company: Dexia Asset Management, place Rogier 11, 1210 Bruxelles Legal form: société anonyme Delegation of the implementation of the Dexia Asset Management, route d Arlon 136, 1150 Luxembourg (Luxembourg) management of the investment portfolio: Management strategy: Dexia Asset Management, place Rogier 11, 1210 Bruxelles (Belgium) Administration delegation: RBC Investor Services Belgium S.A., place Rogier 11, 1210 Bruxelles For certain administration functions linked to the Transfer Agent activities: Belfius Banque S.A., boulevard Pachéco 44, 1000 Bruxelles. The administrative duties linked to the structuring activity are carried out by the Management Company. Financial service(s): Belfius Banque S.A., boulevard Pachéco 44, 1000 Bruxelles Distributor(s): Belfius Banque S.A., boulevard Pachéco 44, 1000 Brussels Custodian bank: Belfius Banque S.A., boulevard Pachéco 44, 1000 Bruxelles Auditors: PricewaterhouseCoopers Réviseurs d Entreprises / Bedrijfsrevisoren, having its registered office at Woluwedal 18, 1932 Woluwe-Saint-Etienne, and whose permanent representative is Mr Damien Walgrave. Promoter(s): Belfius Banque S.A., boulevard Pachéco 44, 1000 Bruxelles Dexia Asset Management, place Rogier 11, 1210 Brussels Tax regime: Applicable to the SICAV: Annual tax (1) levied on the basis of the net amounts invested in Belgium as at 31 December of the previous year: - class C and class LOCK: 0.08%. Recovery of amounts withheld at source on Belgian dividends and reduction of amounts withheld at source on foreign income collected by the SICAV (in accordance with double taxation prevention agreements). The taxation system that applies to the income and capital gains collected by an investor depends on the legislation applicable to the latter's particular status in the country of collection. In the case of doubt over the applicable tax system, it is the investor's duty to find out from the relevant professionals or advisors. Annual tax on undertakings for collective investment, credit institutions and insurance companies. (1) ADDITIONAL INFORMATION Information sources: Competent authority: Contact point from which additional information can be obtained if necessary: Persons responsible for the content of the prospectus: On request, the prospectus, articles of association, annual and semi-annual reports and comprehensive information on other sub-funds can be obtained, free of charge, before or after the subscription of units, from the institutions providing the financial service. The total expense ratio and the portfolio turnover rates for previous periods are given in the annual reports for the periods in question. The following documents and information can be consulted on the management company's website and on the website the prospectus and the last annual and semi-annual reports. Autorité des Services et Marchés Financiers (FSMA) rue du Congrès Brussels The prospectus is published after approval from the FSMA, in accordance with article 53, 1 of the Law of 20 July 2004 relating to certain forms of collective management of investment portfolios. Such approval does not include any appraisal of the appropriateness and quality of the offer or of the offeror's situation. Additional information can be obtained from Belfius Banque S.A. on freephone number , open on bank business days between 7 a.m. and 10 p.m., on Saturdays between 9 a.m. and 5 p.m. and by ing info@belfius.be. The Board of Directors of the SICAV. To its knowledge, the information contained in the prospectus is correct and there are no omissions that may alter the scope thereof. Page 1/6 August 2012

3 INFORMATION ABOUT THE SUB-FUND PRESENTATION Name: Low Date of creation: 22/11/1991 Term: Unlimited term Objectives of the sub-fund: INFORMATION ABOUT INVESTMENTS The objective of the sub-fund is to enable shareholders to benefit from trends on the financial markets through a portfolio principally made up of undertakings for collective investment (UCI) that aim to offer a broad diversification (notably via equities and bonds of different countries and sectors). The sub-fund will put the accent on investments in bond UCI's. Investment policy of the sub-fund: Authorised asset classes: The assets of this sub-fund will be invested principally in units in Belgian UCI and/or foreign UCI of the open-ended type. The sub-fund's assets may also be invested, on an ancillary basis, in the other asset classes mentioned in the articles of associations attached to this document. Thus, for example, on an ancillary basis, the assets may be invested in equities, bonds, money market instruments, deposits and/or cash. Authorised transactions involving financial derivatives: The sub-fund may also, provided that the legal rules in force are observed, utilise derivative products such as, for example, options, futures, interest rate swaps, currency swaps, performance swaps, volatility swaps, credit derivatives and forward exchange transactions both for investment and hedging purposes. Investors should be aware that these types of derivative products are more volatile than the underlying products. Particular strategy: The sub-fund will invest principally in units in Belgian or foreign UCI, which themselves invest essentially in: - bonds and/or equivalent securities, such as investment grade bonds, high-yield bonds, mortgage-backed securities, inflation indexed bonds, etc., - equities and/or securities equivalent to equities, - and/or cash and money market instruments. The quota of assets invested in equity UCI may be the majority, or the minority and it could be very low, or even zero, according to the manager's expectations of the trend of the financial markets and in order to reduce the risk for the investor. In addition, the sub-fund may invest part of its net assets in UCI which follow specific strategies (such as, for instance, raw materials, alternatives or other opportunities). Nevertheless, these investments will always represent the minority investment. Both the UCI held and their constituent financial instruments may be denominated in any currency and may or may not be hedged against foreign exchange risk, depending on the management company's expectations of market trends. The financial instruments of these UCI may be issued by issuers in different regions of the world, including the emerging countries. Characteristics of bonds and debt securities: The fixed or variable income securities held by the UCI in position will be issued principally by reputedly good quality issuers (investment grade: (investment grade: minimum BBB and / or Baa3). The sub-fund may, however, hold UCI investing in high-yield bonds (rated below BBB- and/or Baa3) on an ancillary basis. The bonds of the UCI in position will be issued principally by governments, supranational institutions, the public sector and/or the private sector. On an ancillary basis, the fixed or variable income securities may also be issued by emerging countries and/or companies, possibly rated less than BBBand/or Baa3. The management company may change the overall term of the sub-fund within a range of 2 to 10 years based on its expectations in terms of interest rates trends. The sub-fund intends, where applicable, to enter into contracts constituting credit derivatives. In this case, these transactions would be performed with financially stable counterparties (i.e. a rating of greater than or equal to A), selected, in particular, on the basis of their expertise with regard to this type of product, the price offered and the quality of the service provided. The investment policy seeks to ensure diversification of the portfolio's risks. Net asset value trends are however uncertain since the net asset value is subject to the different types of risk listed below. There may therefore be relatively high volatility in its price. Page 2/6 August 2012

4 Risk profile of the sub-fund: Investors are reminded that the value of their investment may go down as well as up and they may not therefore receive back the full amount invested. A detailed description of the risks is given in the sub-fund's prospectus (Part B). Table of risks as assessed by the sub-fund: Type of risk Concise definition of the risk None Low Medium High Market risk Risk that the market of a specific asset class will decline, affecting x the prices and values of the assets in the portfolio Credit risk Risk that an issuer or a counterparty will default. x Settlement risk Risk that the settlement of a transaction in a given transfer system x does not take place as expected. Liquidity risk Risk that a position cannot be liquidated in a timely manner at a x reasonable price Foreign exchange risk Risk that the value of the investment will be affected by a change in x exchange rates. Custody risk Risk of loss of assets held by a custodian/sub-custodian x Concentration risk Risk related to a significant concentration of investments in a x specific asset class or market. Performance risk Risk affecting performance x Flexibility risk Lack of flexibility within the product and constraints on switching to X other providers. Inflation risk Inflation risk x Risk related to external factors Lack of certainty that environment factors, such as a tax system, will persist x Investors are reminded that the capital is neither guaranteed nor protected. The assessment of the sub-fund's risk profile is based on a recommendation from the Belgian Association of Asset Managers, which can be consulted on the website Risk profile of the typical investor: This sub-fund is aimed at any individual or legal entity that is sufficiently aware of the inherent risk in equity and bond markets, who understands the type of risk associated with the sub-fund as defined above and who accepts this on the basis of their investor profile. The investor's investment horizon must be at least 3 years. The assessment of the typical investor's risk profile is based on a recommendation from the Belgian Association of Asset Managers, which can be consulted on the website Page 3/6 August 2012

5 FINANCIAL INFORMATION Fees and charges: Non-recurring fees and charges payable by the investor (in EUR or as a percentage of the net asset value per share) Entry Exit Change of sub-fund (4) Initial fee: - Classes C & LOCK Max. 2.5% (2) (3) Administrative fees Amount to cover the costs of purchasing/realising assets (3) Amount to discourage exits during the month following entry Tax on Stock Market Transactions Capitalisation shares: 1% (Max. 1,500.00) Cap. Cap. / Dis: 1% (Max. 1,500.00) (2) This rate corresponds to the highest rate applied by all Belgian and European distributors. The institutions providing the financial service will provide shareholders with their schedule of fees. (3) In the event of conversion from one sub-fund in DEXIA FULLINVEST to another sub-fund in DEXIA FULLINVEST, conversion fees (such as an initial fee) could be charged. As part of the conversion process, the institution providing the financial service will also be entitled to deduct an amount for each transaction to cover these administrative costs. The institution providing the financial service will provide shareholders with their schedule of fees. (4) Including conversions between share classes and/or unit types. Except for taxes, no costs will be charged for conversions from a Lock class to a C class. Recurring fees and charges payable by the sub-fund (in EUR or as a percentage of the net asset value) Commissions and fees Class C Class LOCK Basis of calculation Investment portfolio management fee Max. 1.00% Max. 1.00% Per annum of the average net assets, calculated and payable monthly. Remuneration for asset allocation nil nil nil Performance fee nil nil nil Administration fee Max % Max % Per annum of the average net assets, calculated and payable monthly. Costs linked to the Lock mechanism nil Max. 0.07% Per annum of the average net assets, calculated and payable monthly. Financial service fee nil nil nil Custodian bank fee Max. 0.08% Max. 0.08% Per annum of the average net assets, calculated and payable monthly. Annual tax (5) 0.08% 0.08% On the basis of the net amounts invested in Belgium as at 31 December of the previous year. Other costs (estimate) including the fees payable to the auditors, directors and individuals responsible for effective management 0.10% 0.10% Per annum (5) Annual tax on undertakings for collective investment, credit institutions and insurance companies. Existence of fee-sharing agreements: Fee-sharing agreements may exist. More information on this point is given in the sub-fund's prospectus (Part B). Existence of soft commission agreements (commission sharing agreements): Soft commission agreements may exist. More information on this is given in the sub-fund's prospectus (Part B). Page 4/6 August 2012

6 INFORMATION ABOUT THE UNITS AND TRADING OF UNITS Share classes: Class C is offered to individuals and legal entities. The LOCK class (which could also be called "class L") is a share class which is associated with a mechanism intended to limit the capital risk run. This mechanism is offered only by Belfius Banque S.A. (hereinafter Belfius), the sole distributor authorised to market these shares. By investing in this class, investors accept that the shares are sold automatically when the net asset value reaches a set amount (activation price). Thus, when the DBB notes that the net asset value is equal to or less than the activation price, a redemption order is automatically generated and processed at the earliest opportunity (*) All sales orders are executed at an unknown price. The mechanism therefore does not provide any guarantee as to the net asset value used for execution. Given the specific nature of this class, potential investors are advised to seek advice from their financial adviser at Belfius before subscribing in order to obtain information about the technical and operational imperatives associated with this mechanism. (*) The sales order will be globalised at the first cut-off (closing date for reception or orders) after the day of calculation of the net asset value that led to automatic generation of the redemption order, and in accordance with the arrangements described below. Types of units offered to the public: Class C: capitalisation and distribution shares, nominee or dematerialised. LOCK class: capitalisation shares, dematerialised. ISIN codes: Class C: capitalisation shares: BE Class C: distribution shares: BE LOCK class: capitalisation shares: BE Currency in which the net asset value is calculated:eur Distribution of dividends: In principle, and unless decided otherwise by the Board of Directors, dividends are distributed in the six weeks following the annual general meeting. The institutions providing the financial service are responsible for paying dividends. Initial Offer Period: From to inclusive for class C. LOCK class shares are marketed from Initial subscription price: EUR on for Class C. Calculation of the net asset value: The net asset value is calculated each bank business day in Belgium, on the basis of the market prices on the final day for receiving orders, as defined below. If more than 20% of the actual values are known at the cut-off time for receiving orders, the prices on the bank business day following the deadline date for receiving orders will be used to calculate the net asset value. In this latter case, the calculation of the net asset value is postponed by one day. Publication of the net asset value: The net asset value is published each bank business day in Belgium in the financial press and is also available at the offices of the institution providing the financial service. Subscription of units, redemption of units, change of sub-fund and conversion between types of units: D = Deadline date for receiving orders (each bank business date in Belgium at 4 p.m.) and date of the sub-fund's published net asset value (NAV). The cut-off time for receiving orders specified here only applies to the institution providing the financial service and the distributors listed in the prospectus. As regards other distributors, investors are asked to find out themselves the deadline for receiving orders that these distributors set. D + 1 = Acquisition date of the underlying UCI D + 2 = Valuation date of the underlying UCI D + 3 = Date on which the net asset value is calculated based on the prices of the underlying UCI on D + 1 (NAV date = D) D + 4 = Date on which applications are paid or redeemed Unit redemption arrangements in case of automatic triggering of a sales order in the Class LOCK: D = Date of the net asset value that triggers an automatic sales order (each bank business day in Belgium) D + 3 = Date on which the net asset value is calculated based on the prices of the underlying UCI on D + 1 that triggers an automatic sales order (NAV date = D) D + 4 = Cutoff date for receiving automatic sales orders (each bank business day in Belgium at 4 p.m.) and date of the automatic sales order D + 7 = Date on which the net asset value is calculated based on the prices of the underlying UCI on D + 5 applied to the automatic sales order (NAV date = D + 4) D + 8 = Unit redemption date Page 5/6 August 2012

7 APPENDIX ADDITIONAL INFORMATION Synthetic risk and return indicator: The risk and return indicator reflects the fund's positioning in terms of risk and return. This indicator is calculated in accordance with Regulation 583/2010 of the Commission of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the European Council as regards key investor information and conditions to complete when providing key investor information or the prospectus on a durable medium other than paper or by means of a website (hereinafter "Regulation 583/2010"), the most recent version of which is available in the key investor information. It classifies the fund on a scale from 1 to 7 and reflects the historical volatility of the fund, possibly augmented by that of its own frame of reference. Volatility indicates the extent to which the fund's value may fluctuate upwards or downwards. The higher up the fund is on the scale, the greater the possible return but also the greater the risk of loss. Although the lowest figure does not mean that the fund involves no risk at all, compared to higher figures, in theory this product offers a yield that is lower but also more predictable. The indicator can be calculated using simulated historical performance data, which is not necessarily a reliable indicator of the risk profile and future performance of the fund, however. As a result, the degree of risk may change over time. Past performance by unit class: Past performance is shown in the latest annual report. The attention of investors is drawn to the fact that this data is by no means an indicator of the the fund's future performance. Ongoing charges:: Ongoing charges, calculated in accordance with the terms of Regulation 583/2010, are shown in the key investor information. Ongoing charges consist of all payments deducted from fund assets where such deduction is required or permitted by the relevant legislation and regulations, statutes or prospectuses. They do not however include any performance fee or costs of portfolio transactions, except those charged by the custodian bank, although this does not apply in cases where the entry / exit cost is paid by the fund at the time of purchase / sale of shares of another fund. They take the form of a single digit percentage and are based on the charges of the previous financial year. In some cases, they can be expressed as a maximum amount to be charged or calculated on the basis of another one-year period, or else they may be the subject of an estimate. Turnover rate: The portfolio turnover rate is shown in the last annual report. The turnover rate shows (as a percentage) the annual average number of transactions on the fund's portfolio, based on subscriptions and redemptions for the period concerned. The formula used is that published in the Royal Decree of 4 March 2005 on certain public undertakings for collective investment, as set out in Schedule C thereof. The portfolio turnover rate calculated in this manner can be considered as an additional indicator of the scale of any transaction costs. Page 6/6 August 2012

8 PART A Dexia Fullinvest Additional information about the SICAV that is not contained in the prospectus INFORMATION ABOUT THE SICAV Name: Legal form: Registered office: List of the sub-funds marketed by the SICAV: Board of Directors of the SICAV: Individuals responsible for supervising actual management: Management type: Dexia Fullinvest Société Anonyme Boulevard Pachéco Brussels Mixed: Low, Medium, High Chairman: Jan Vergote, Head of Investment Strategy, Belfius Banque S.A. Directors: Marc VERMEIREN, Managing Director, RBC Investor Services Belgium S.A. Willy Lauwers, Head of Back-Office Securities Management, Belfius Banque S.A. Johan Wuytack, Strategic Projects, Belfius Banque S.A. Musenius S.P.R.L., independent director whose permanent representative is Mr Wim Moesen Myriam Vanneste, Global Head of Distribution, Dexia Asset Management Dexia Asset Management Belgium, whose permanent representative is Mr Vincent Hamelink, Chief Investment Officer, Member of the Executive Committee Myriam Vanneste, Member of the Management Committee of Dexia Asset Management Belgium, Global Head of Distribution, director in various UCI Marc Vermeiren, Managing Director, RBC Investor Services Belgium S.A., director in various UCI Dexia Asset Management, with its registered office at 11 place Rogier, 1210 Brussels, has been appointed as the investment fund management company. Legal form: société anonyme Dexia Asset Management was incorporated on 30 January 1998 for an unspecified term. Its subscribed capital amounts to EUR 3,248, Its paid-up capital amounts to EUR 2,628, Dexia Asset Management has been appointed as a management company for the following sicavs and mutual funds: Dexia B, Dexia Allocation, DMM, Dexia Business Equities, Dexia Clickinvest B, Dexia Equities B, Dexia Fullinvest, Dexia Horizon, Dexia Institutional, Dexia Portfolio Advanced, Dexia Select Portfolio, Dexia Sustainable, Paricor, Dexia Cash Strategy, Dexia Plan Bonds, Dexia Plan Equities, Dexia Plan Low, Dexia Plan Medium, Dexia Plan High, ESC Invest, Safe Invest 93 by Dexia, Safe Invest 96 by Dexia, Dexia Pension Fund Defensive and Dexia Pension Fund Dynamic. Its Board of Directors consists of the following individuals: Chairman: - Mr Naïm Abou-Jaoudé Chairman of the Executive Committee of Dexia Asset Management Passive directors: - Bernard Mommens, Secretary General, Banque Internationale à Luxembourg - Mr Pierre Malevez, Member of the Management Committee of Banque Internationale à Luxembourg - Mr Thierry Delroisse, Member of the Management Committee of Banque Internationale à Luxembourg - Mr Jean-Yves Maldague, Chairman of the Management Committee of Dexia Asset Management Luxembourg and Member of the Executive Committee of Dexia Asset Management - Mr Daniel Gillet, independent director Active directors: - Mr Tanguy de Villenfagne, Member of the Executive Committee of Dexia Asset Management. He also carries out the following activities: Chairman of the Management Committee of Dexia Asset Management Belgium - Mr Vincent Hamelink, Member of the Executive Committee of Dexia Asset Management. He also carries out the following activities: Member of the Management Committee of Dexia Asset Management Belgium Director in various UCI - Ms Helena Colle, Advisor to the Executive Committee of Dexia Asset Management. She also carries out the following activities: Member of the Management Committee of Dexia Asset Management Belgium Director in various UCI - Ms Myriam Vanneste, Global Head of Distribution She also carries out the following activities: Member of the Management Committee of Dexia Asset Management Belgium Director in various UCI Its Management Committee consists of the active directors mentioned above, namely: - Mr Tanguy de Villenfagne, Chairman - Mr Vincent Hamelink, Member - Ms Helena Colle, Member - Ms Myriam Vanneste, Member The firm of auditors of the management company is "Deloitte Réviseurs d Entreprises / Bedrijfsrevisoren" S.C. s.f.d. S.C.R.L, with its registered office at Berkenlaan 8b, 1831 Diegem, whose permanent representatives are Mr Bernard De Meulemeester and Mr Bart Dewael Page 1/3 August 2012

9 PART A Dexia Fullinvest Additional information about the SICAV that is not contained in the prospectus Custodian bank: Person(s) bearing the costs in the situations described in Articles 58, 3, paragraph 3, 77, 83, 84, 1, paragraph 3, 88, and 92, paragraph 3 of the Royal Decree of 4 March 2005 on certain public undertakings for collective investment: Belfius Banque S.A., Boulevard Pachéco 44, 1000 Brussels, whose principal business activity is that of a credit institution. Belfius Banque S.A. may therefore, both for its own benefit and on behalf of or in partnership with third parties, undertake, both in Belgium and abroad, any activities for which a credit institution is authorised and carry out any banking transactions such as, inter alia, securities custody and management as well as any custody, brokerage and stock market transactions. In general: A Dexia company. In the situations referred to in Articles 83 and 88 of the Royal Decree of 4 March 2005 supra: Persons meeting the criteria set out in the articles cited above and in the manner specified therein. Share capital: The share capital is always equal to the net asset value. It cannot fall below EUR 1,200,000. Rules for the valuation of assets: Balance sheet date: December 31 Rules on the allocation of net income: Tax system applicable to the investor: See Article 13 of the articles of association. The Ordinary Meeting of Shareholders will each year decide, at the proposal of the Board of Directors, upon the allocation of the annual net income obtained on the basis of the accounts closed in accordance with the legislation in force. Where appropriate, the Ordinary Meeting of Shareholders may decide to distribute to distribution shares their share in the income arising from investments and from realised or unrealised capital gains, after deducting any realised or unrealised capital losses, and to capitalise the corresponding amounts pertaining to capitalisation shares. Dividend tax system Withholding tax of 21% for individuals * Capital gains tax system, only applicable to investors who are liable for income tax* Taxation of the capital gains received in the event of the redemption of units by the UCI or in the event of the full or partial distribution of the assets of the UCI during the period to : During the reference financial reporting period, the High sub-fund directly or indirectly invested more than 40% of its assets in the debt instruments stated in Article 19bis of the Code des Impôts sur les Revenus. Consequently, in the event of the redemption of its units by the UCI or in the event of the full or partial distribution of the assets of the UCI, the income realised by the investor will not be subject to the withholding tax. Furthermore, the capital gains realised on the UCI units are not subject to income tax if the investor is acting within the framework of the normal management of his private assets. During the reference financial reporting period, the Low and Medium sub-funds directly or indirectly invested more than 40% of their assets in the debt instruments referred to in article 19bis of the Code des Impôts sur les Revenus. Investors will therefore be subject to a withholding tax on the portion of capital gains considered as interest for tax purposes in application of article 19bis of the Code des Impôts sur les Revenus. If the investor is unable to prove the date on which he acquired his units or if he acquired them before 1 July 2005, he will be deemed to have held them since 1 July 2005 for the purpose of determining the taxable amount. The tax system described above is a temporary system. The tax regime concerning dividends and capital gains liable for the withholding tax described above - as at and subject to change - does not include the possible application of the additional duty of 4% on investment income for individual investors resident in Belgium. This income must be declared in the personal income tax return, unless the taxpayer has opted for the deduction at source of the additional duty of 4% on all distributed income and the portion of capital gains considered as interest for tax purposes. For taxpayers who are individual investors resident in Belgium, receiving investment income (interest and dividends) of more than EUR 20,020 (amounts indexed to 2012 income), an additional duty of 4% will be deducted on the portion exceeding the EUR 20,020 threshold (to be indexed), unless the taxpayer has opted for the deduction at source of the additional duty of 4% on all distributed income or the portion of the capital gains considered as interest for tax purposes. In case of doubt over the applicable tax system, it is the investor's duty to find out from the relevant professionals or advisors. Page 2/3 August 2012

10 PART A Dexia Fullinvest Additional information about the SICAV that is not contained in the prospectus ADDITIONAL INFORMATION Information sources: Annual General Meeting of Shareholders: Competent authority: Persons responsible for the content of the prospectus: Units can be redeemed or repurchased at the offices of the institutions providing the financial service for the SICAV. These same institutions are responsible for the payment of dividends. Information regarding the SICAV is published in the specialist financial press. Held on the third Thursday in March at 2 p.m. either at the SICAV's registered office or at any other place in Belgium, as specified in the convening notice. If this day is a public holiday or bank holiday in Belgium, the annual general meeting will be held on the next bank business day. Autorité des Services et Marchés Financiers (FSMA) rue du Congrès Brussels The prospectus is published after approval from the FSMA, in accordance with article 53, 1 of the Law of 20 July 2004 relating to certain forms of collective management of investment portfolios. Such approval does not include any appraisal of the appropriateness and quality of the offer or of the offeror's situation. The official text of the articles of association has been deposited with the clerk's office of the commercial court. The Board of Directors of the SICAV. To its knowledge, the information contained in the prospectus is correct and there are no omissions that may alter the scope thereof. Page 3/3 August 2012

11 PART B Supplementary information regarding the sub-fund that is not contained in the prospectus INFORMATION ABOUT THE SUB-FUND Objectives of the sub-fund: INFORMATION ABOUT INVESTMENTS The objective of the sub-fund is to enable shareholders to benefit from trends on the financial markets through a portfolio principally made up of undertakings for collective investment (UCI) that aim to offer a broad diversification (notably via equities and bonds of different countries and sectors). To achieve this objective, the sub-fund will focus on investments in bond UCI. Investment policy of the sub-fund: In order to increase its return, the sub-fund intends to engage in the lending of financial instruments within the meaning of the Royal Decree of 7 March 2006 relating to the lending of securities by certain collective investment undertakings, without having recourse to the exception set down in article 5, 3 of this Royal Decree. The lending of securities will be in respect of the financial instruments of the sub-fund and will be carried out within the framework of a standardised system for the lending of securities managed by one or more principals or through standardized securities lending managed by one or more agent(s) or within the framework of a standardised system for the lending of securities managed by one or more agent(s).the earnings of the UCI will consist of global earnings defined basically for the provision during a given period of the lendable securities and may be reviewed depending on the terms stipulated in the contract(s) and/or for specific remuneration agreed per transaction. The remuneration will be in line with market practices. The conditions for securities lending transactions will be determined by means of agreements that conform to the relevant international standards. These contracts may set limits relating to the lending of certain positions, in particular with regard to the type of securities and/or the proportion of securities borrowed. In order to avoid the counterparty risk, securities lending transactions will be covered by a financial guarantee with a value in excess of that of the securities lent. This financial guarantee will consist of the liquid securities authorised by the law, including securities issued or guaranteed by the Member States of the European Economic Area or the OECD and/or by supranational organisations (central bank of a Member State of the European Economic Area, the European Central Bank, the European Union, the European Investment Bank, international public bodies of which one or more Member States of the European Economic Area are part and/or securities issued by companies in the private sector (rated higher than the lowest investment grade category rating) whose selection criteria have been approved by the risk management division of the management company. These securities will be deposited in favour of the sub-fund before or at the same time as the loaned securities are delivered. If, as a result of a change in legislation, these provisions no longer comply with or contravene the new legislation in force, these provisions must be read and interpreted in accordance with the new legislation in force. Engaging in the lending of financial instruments will not change the risk profile of the UCI. Additional information on the conditions for the lending of securities will be specified in the sub-fund s (semi-) annual report. Description of the overall strategy for hedging foreign exchange risk: The sub-fund does not intend to systematically hedge against exchange risk exposure. Social, ethical and environmental aspects: The sub-fund investment policy is not particularly based on social, ethical or environmental criteria. Notwithstanding, the sub-fund will not invest in the shares of a company that manufactures, uses or possesses anti-personnel mines, cluster bombs and/or depleted uranium weapons. Risk profile of the sub-fund:: Investors are reminded that the value of a unit may go down as well as up and they may not therefore receive back the full amount invested. Description of the risks deemed to be significant and relevant, as assessed by the sub-fund: In view of its investment policy, the sub-fund is exposed to a "medium" market risk, i.e. the risk that the stock markets in which it invests will decline and/or the risk of unfavourable trends in interest rates and credit spreads. The sub-fund is also exposed to a medium credit risk, i.e. the default risk of an issuer or counterparty. This risk is highest for high-yield bond UCI and UCI investing in the emerging countries. Based on market trends, the securities selected by the sub-fund and the absence of third party guarantees, there is therefore a risk to the sub-fund's performance. Given the fact that the management company can invest in currencies other than that of the sub-fund, investors whose reference currency is that of the sub-fund run a medium risk that the value of the investment may be affected by changes in exchange rates. They may also be subject to a liquidity risk in the event of a serious crisis affecting these markets, i.e. the risk that a position cannot be liquidated in a timely manner. Finally, investors are reminded that the sub-fund's investment policy does not protect them against inflation risk. The assessment of the sub-fund's risk profile is based on a recommendation from the Belgian Association of Asset Managers, which can be consulted on the website Page 1/3 August 2012

12 PART B Supplementary information regarding the sub-fund that is not contained in the prospectus Fees and charges: FINANCIAL INFORMATION Recurring fees and charges payable by the sub-fund (in EUR or as a percentage of the net asset value) Auditor's fees EUR 3,600 (excl. VAT) Per annum Fees for the individuals responsible for actual management Other costs (estimate) 0.10% Per annum Basis of calculation Directors' fees Recurring fees and charges payable by the SICAV (in EUR) Directors are not paid for their services except for the independent director who is paid EUR 2,000 per annum. Existence of fee-sharing agreements: Fee-sharing agreements may exist. When drawing up a fee-sharing agreement, Dexia Asset Management Belgium will do everything in its power to avoid possible conflicts of interest. If, however, conflicts of interest do emerge, Dexia Asset Management Belgium will act in the exclusive interests of the unitholders of the SICAV it manages. Existence of soft commission agreements (commission sharing agreements): Soft commission agreements may exist. Soft commissions accrued by securities brokers in favour of Dexia Asset Management Belgium or, where appropriate, the party to which the implementation of investment portfolio management is delegated, when carrying out securities orders relating to the UCI constitute a commercial benefit, which is granted by these brokers to the management company for the IT, administrative and other developments it has put in place to maintain the provision of management services for the UCI. Dexia Asset Management Belgium has implemented a soft commission policy for the purpose of preventing any conflicts of interest vis-à-vis the UCI it manages. If a conflict of interest is unavoidable, despite this policy, Dexia Asset Management Belgium shall act solely in the interests of the shareholders of the SICAV. Share classes: Class C is the basic class, with no distinguishing features. INFORMATION ABOUT THE UNITS AND TRADING OF UNITS The LOCK class (also known as "Class L") is characterised by the identity of the brokers that sell the shares. The Board of Directors may also decide, in the interests of the shareholders, to convert shares from one class into shares of another class but without however charging the conversion costs to the shareholders. A notice will be published in the press. Unitholders' voting rights: Where not otherwise specified by the law or by the articles of association, the decisions taken during a duly convened General Meeting of Shareholders of the SICAV are taken by a simple majority of the shareholders who are present or represented and who are voting. Decisions regarding the sub-fund will also be taken, where not otherwise specified by the law, by a simple majority of the shareholders in the sub-fund in question who are present or represented and who are voting. Generally speaking, General Meetings of Shareholders may be held for each sub-fund, under the same conditions as for other general meetings. If the shares have an equal value, whole shares are entitled to one vote. If the shares have an unequal value, a whole share will automatically carry the right to the number of votes proportionate to the part of the share capital it represents, by counting the share that represents the lowest amount as one vote. Fractions of votes are not taken into consideration. Liquidation of the sub-fund: The Board of Directors may decide to wind up and liquidate the sub-fund as a result, among other things, of substantial and unfavourable changes in the economic, political and social situation in the countries in which investments are made or in which the sub-fund's shares are distributed, or if the subfund's assets become too low and it becomes too onerous and costly to manage the sub-fund. Any such decision will be submitted to the General Meeting of Shareholders of the sub-fund in question. The liquidation operations will be carried out by one or more liquidators who may be individuals or legal entities and who will be appointed by the General Meeting of Shareholders, which will determine their powers and remuneration. The net liquidation proceeds of the sub-fund will be distributed to the sub-fund's shareholders proportionally to their investment in the sub-fund. Page 2/3 August 2012

13 PART B Supplementary information regarding the sub-fund that is not contained in the prospectus Suspension of unit redemptions: Without prejudice to the legal reasons for suspension, share redemptions may be suspended in the following cases: 1. if one or more markets on which more than 20% of the assets are traded, or one or more significant foreign exchange markets on which the currencies in which the net asset value is expressed are traded, are closed for a reason other than legal holidays, or if transactions thereon are suspended or restricted; 2. if the situation is so serious that the assets and/or liabilities cannot be correctly valued or are unavailable except without seriously damaging the interests of the shareholders; 3. if it is not possible to transfer cash or carry out transactions at a normal price or exchange rate, or if restrictions are imposed on foreign exchange markets or financial markets; 4. in the event of IT failure making it impossible to calculate the net asset value; 5. as from the publication of the notice of the General Meeting of Shareholders called to deliberate on the liquidation of the company or of a sub-fund of the company, where the sole purpose of this liquidation is not to change the legal form; 6. in a restructuring operation, as soon as the exchange ratio is proposed in accordance with Article 93 of the Royal Decree of 4 March 2005 relating to certain public undertakings for collective investment. Page 3/3 August 2012