Davy s p.l.c. An open-ended umbrella investment company with variable capital and segregated liability between sub-funds incorporated with limited liability in Ireland under Companies Act 2014 with registration number 533779 SUPPLEMENT Davy Discovery Equity Dated 21 December 2018
1 IMPORTANT INFORMATION The Direcrs (whose names appear under heading "Management Company Direcrs" in Prospectus), accept responsibility for information contained in this Supplement and Prospectus. To best knowledge and belief Direcrs (who have taken all reasonable care ensure that such is case) information contained in this Supplement and in Prospectus is in accordance with facts and does not omit anything likely affect import of such information. The Direcrs accept responsibility accordingly. Shareholders should note that all fees and expenses may be charged capital. Thus on redemption of holdings shareholders may not receive back full amount invested and this will have effect of lowering capital value of shareholders investment. Shareholders should note that dividends will be paid out of capital, refore capital may be eroded, distribution is achieved by forgoing potential for future capital growth and this cycle may continue until all capital is depleted. This Supplement contains information relating specifically Davy Discovery Equity ( ""), a of Davy s p.l.c. ( "Company"), an open-ended umbrella fund with segregated liability between sub-funds authorised by Central Bank as a UCITS pursuant Regulations. This Supplement forms part of and should be read in context of and in conjunction with Prospectus for Company dated 21 December 2018 ( "Prospectus"). The is suitable for invesrs who are prepared accept a high level of volatility. As price of Shares in each may fall as well as rise, Company shall not be a suitable investment for an invesr who cannot sustain a loss on ir investment. The may invest in Financial Derivative Instruments ("FDI") for currency hedging and efficient portfolio management purposes. (See "Borrowing and Leverage; Leverage" below for details leverage effect of investing in FDI). CVV/685914-000003/21675059v8 2
Base Currency means Euro; 2 DEFINITIONS Business Day means any day (or than a Saturday or Sunday) on which commercial banks are open for business in Dublin and/or such or day or days as may be determined by Direcrs from time time and as notified Shareholders in advance; Dealing Day means each Business Day and/or such or day or days as Direcrs may in ir absolute discretion determine and notify in advance Shareholders provided that re shall be at least two Dealing Days in each Month (with at least one Dealing Day per two week period); Dealing Deadline in respect of subscriptions and repurchases means 16.00 p.m. (Irish time) on Business Day immediately preceding Dealing Day, or such or time for Dealing Day as may be determined by Direcrs and notified in advance Shareholders provided always that Dealing Deadline is no later than Valuation Point; Distribution Date means s or dates by reference which a distribution may at discretion Direcrs be declared which shall usually be 30 September and 31 March in each year; Manager means Davy Asset Management Limited; Size means 5,000,000 or such or amount as Direcrs may in ir absolute discretion determine; Shareholding means 500 or such or amount as Direcrs may in ir absolute discretion determine; Settlement Date in respect of subscriptions and redemptions respectively shall have meaning outlined in section entitled "Key Information for Buying and Selling Shares" below; Valuation Point means close of business in market where assets are listed or traded on first Business Day immediately preceding Dealing Day by reference which Net Asset Value per Share is determined provided such point will in no case precede close of business in market that closes first on Business Day. All or defined terms used in this Supplement shall have same meaning as in Prospectus. CVV/685914-000003/21675059v8 3
3 INFORMATION ON THE FUND 3.1 Objective, Policies and Strategy (a) Objective: The investment objective is provide long term capital growth primarily through investment in equity securities with geographical and secr diversification. There can be no assurance that will achieve its investment objective. (b) Policies: The intends achieve its investment objective by primarily investing in equity securities issued by small medium sized companies listed or quoted throughout world. The Manager will seek acquire an interest in companies growing ir businesses. The will generally invest in companies with a market capitalisation of greater than 200 million. To provide diversification, investment will be spread across broad geographic regions and industry secrs including, among ors, energy, technology, basic resources, healthcare and environmental services. Or investments will include commercial paper (i.e. short term paper (issued by credit institutions)), cash and cash equivalents, such as deposits with credit institutions. The may also use Financial Derivative Instruments for efficient portfolio management and/or hedging purpose as described in section 3.2 below. Subject investment restrictions set out under heading " Restrictions" in Prospectus, assets will be invested in securities that are listed or traded on permitted markets as detailed in Appendix II Prospectus. In addition, may invest up 15% of its net assets in emerging market securities. The may also, pending reinvestment, or if this is considered appropriate investment objective, invest on a short term basis in cash. (c) Strategy: The investment approach utilises a combination of both quantitative and fundamental analysis. The is managed using a strong, disciplined and structured investment process. The initial stage investment process involves utilisation of a quantitative screen. The screen is used filter broader equity universe in a sub-set of scks which represents investable universe for investment style. The use screen provides Manager with a focused universe of scks research. It also imposes a structure and discipline on process, ensuring repeatability over time. Effectively, this screening process narrows universe a sub-set of scks which broadly display following characteristics: 1. Small Medium-sized market capitalisation; 2. Attractive earnings growth; and 3. Profitable outlook The Manager undertakes fundamental research on candidates within investable universe. This involves industry/secr research, company analysis and valuation work. The Manager looks identify key growth drivers secr and business, competitive landscape, strategic outlook for company and potential risks. Where possible, Manager will also look meet company management, competirs, suppliers, etc. Valuation analysis is performed in order identify a fair value for potential investments. CVV/685914-000003/21675059v8 4
Following quantitative and fundamental analysis, Manager will endeavour construct a balanced global portfolio of scks. The portfolio is primarily built using an active, botm-up approach. Geographic and secr weightings are regularly reviewed ensure that remains suitably diversified from a risk perspective. 3.2 Use of Derivatives and Efficient Portfolio Management Techniques The may engage in transactions in FDI for purposes of efficient portfolio management and/or protect against currency exchange risks within conditions and limits laid down by Central Bank from time time. The Manager will look ensure that techniques and instruments used are economically appropriate in that y will be realised in a cost-effective way. Such transactions may include foreign exchange transactions which alter currency characteristics of transferable securities held by. Such techniques and instruments (details of which are outlined below) are options and forwards. Warrants, share purchase rights and convertible securities will not be directly acquired but may be issued pursuant its investment in a particular security and, in such cases, may be retained for purposes of efficient portfolio management and traded or exercised when considered appropriate. Options An option contains right buy or sell a specific quantity of a specific asset at a fixed price at or before a specified future date. There are two forms of options: put or call options. Put options are contracts sold for a premium that give buyer right, but not obligation, sell seller a specified quantity of a particular asset (or financial instrument) at a specified price. Call options are similar contracts sold for a premium that give buyer right, but not obligation, buy from seller a specified quantity of a particular asset (or financial instrument) at a specified price. Options may also be cash-settled. The may use such instruments hedge against market risk or gain exposure underlying equity or equity related security. Any option entered in by will be in accordance with limits prescribed by law. Forwards Forward currency contracts could be used hedge against currency risk that has resulted from assets held by that are not in Base Currency. The, may, for example, use forward currency contracts by selling forward a foreign currency against Base Currency protect from foreign exchange rate risk that has arisen from holding assets in that currency. Direct and indirect operational costs and/or fees (which do not include hidden revenue) arising from use of FDIs for EPM purposes may be deducted from revenue delivered Company. Such costs and/or fees are payable counterparty FDI in question and such counterparty may or may not be related Manager or Depositary. All revenues generated from such FDIs, net of direct and indirect operational costs, will be returned Company. Collateral or margin may be passed by a counterparty or broker in respect of OTC FDI transaction. Please refer section Prospectus entitled "Collateral Policy" for furr details. The use of FDI and efficient portfolio management techniques for purposes outlined above will expose risks disclosed under section Prospectus entitled "Risk Facrs". 3.3 Borrowing and Leverage (a) Borrowing The Company may only borrow on a temporary basis for account and aggregate amount of such borrowings may not exceed 10% Net Asset Value. CVV/685914-000003/21675059v8 5
In accordance with provisions Regulations, Company may charge assets as security for borrowings. (b) Leverage The may utilise FDI as referred in section headed "Use of Derivatives and Efficient Portfolio Management Techniques" above. The will use commitment approach measure market risk and calculate its exposures. The tal expected level of leverage as a result of its investments shall not exceed 100% of its Net Asset Value. The Manager does not expect use of FDI significantly increase 's risk profile. The expected level of leverage range is calculated based on sum absolute value of notionals derivatives used, in accordance with requirements Central Bank. This figure does not take in account any netting and hedging arrangements that has in place at any time even though se netting and hedging arrangements are used for risk reduction purposes and is refore not a risk-adjusted method of measuring leverage which means this figure is higher than it orwise would be if such netting and hedging arrangements were taken in account. As se netting and hedging arrangements, if taken in account, may reduce level of leverage, this calculation may not provide an accurate measure 's actual leverage position. The Company on behalf has filed with Central Bank its risk management process which enables it accurately measure, monir and manage various risks associated with use of FDI. Any FDI not included in risk management process will not be utilised until such time as a revised submission has been provided Central Bank. The Company will, on request, provide supplementary information Shareholders relating risk management methods employed, including quantitative limits that are applied and any recent developments in risk and yield characteristics main categories of investments. 3.4 Restrictions Invesrs must note that Company and adheres restrictions and requirements set out under Regulations, as may be amended from time time. These are set out in Appendix I Prospectus. In accordance with requirements Central Bank, will apply for a derogation from some investment restrictions for six months following first issue of Shares pursuant Regulations but will observe principle of risk-spreading. Please refer section 5.5 of Appendix I Prospectus for furr details. 3.5 Profile of a Typical Invesr A typical invesr will be seeking achieve a return on ir investment in medium long term. 3.6 Risk Facrs Invesrs should read and consider section Prospectus entitled "RISK FACTORS" before investing in. However, not all risks disclosed in RISK FACTORS section Prospectus will be material an investment in this particular. In addition above referenced risks, invesrs should also consider particular implications following risks that are an investment in. Fees and expenses may be charged capital. Thus, on redemptions of holdings shareholders may not receive back full amount invested and this will have effect of lowering capital value ir investment. There is a greater risk refore that capital may be eroded and income will be achieved by foregoing potential for future capital growth of your investment and value of future returns may also be diminished. Invesrs should note however that distributions made during life are a form of capital reimbursement. CVV/685914-000003/21675059v8 6
The may charge fees and expenses capital where insufficient income has been generated by cover fees and expenses. There is a greater risk refore that capital may be eroded and income will be achieved by foregoing potential for future capital growth of your investment. The risks described in Prospectus should not be considered be an exhaustive list risks which potential invesrs should consider before investing in. Potential invesrs should be aware that an investment in may be exposed or risks from time time. 3.7 Key Information for Buying and Selling Shares Details of all share classes are set out in table below. Class Class Currency Hedged *** Initial Offer iod*/offer iod Initial Issue Price Shareholding** Initial Amount** Additional Amount** A Euro Class A Accumulatin g Shares are continuously open for subscription The prevailing issue price for correspond ing Share Class in Davy Discovery Equity, a sub-fund of Davy Equity Trust, on 12 December 2014 which will be available at www.davy. ie. As at 16 Ocber 2014, latest NAV was 154.2. 500 500 100 A Distributing Euro Class A Distributing Shares are continuously open for subscription The prevailing issue price for correspond ing Share Class in Davy Discovery Equity, a sub-fund of Davy Equity Trust, on 12 December 2014 which will be 500 500 100 CVV/685914-000003/21675059v8 7
Class Currency Hedged *** Initial Offer iod*/offer iod Initial Issue Price Shareholding** Initial Amount** Additional Amount** available at www.davy. ie. As at 16 Ocber 2014, latest NAV was 154.2. B Euro Class B Accumulatin g Shares are continuously open for subscription The prevailing issue price for correspond ing Share Class in Davy Discovery Equity, a sub-fund of Davy Equity Trust, on 12 December 2014 which will be available at www.davy. ie. As at 16 Ocber 2014, latest NAV was 154.2. 500 500 100 B Distributing Euro 2018 100 500 500 100 C Euro 2018 100 500 500 100 D Euro 2018 100 500 500 100 CVV/685914-000003/21675059v8 8
Class Currency Hedged *** Initial Offer iod*/offer iod Initial Issue Price Shareholding** Initial Amount** Additional Amount** E Euro 2018 100 500 500 100 F Euro 2018 100 500 500 100 G Euro 2018 100 500 500 100 H Euro 2018 100 500 500 100 I Euro 2018 100 500 500 100 J Euro 2018 100 500 500 100 K Sterling 2018 100 500 500 100 L Sterling Class L Accumulatin g Shares are continuously The prevailing issue price 500 500 100 CVV/685914-000003/21675059v8 9
Class Currency Hedged *** Initial Offer iod*/offer iod Initial Issue Price Shareholding** Initial Amount** Additional Amount** open for subscription for correspond ing Share Class in Davy Discovery Equity, a sub-fund of Davy Equity Trust, on 12 December 2014 which will be available at www.davy. ie. As at 16 Ocber 2014, latest NAV was 154.2. M Sterling Class M Accumulatin g Shares are continuously open for subscription 1 500 500 100 N Sterling 2018 100 500 500 100 O Sterling 2018 100 500 500 100 P Sterling 2018 100 500 500 100 Q Distributing Sterling Class Q Distributing Shares are continuously open for 1 500 500 100 CVV/685914-000003/21675059v8 10
Class Currency Hedged *** Initial Offer iod*/offer iod Initial Issue Price Shareholding** Initial Amount** Additional Amount** subscription R Sterling 2018 1 500 500 100 R Distributing Sterling 2018 1 500 500 100 S Sterling 2018 1 500 500 100 S Distributing Sterling 2018 1 500 500 100 T Euro Class T Accumulatin g Shares are continuously open for subscription 1 500 500 100 T Distributing Euro Class T Distributing Shares are continuously open for subscription 1 500 500 100 U Euro Class U Accumulatin g Shares are continuously open for subscription 1 500 500 100 V Sterling Class V Accumulatin g Shares are continuously open for 1 500 500 100 CVV/685914-000003/21675059v8 11
Class Currency Hedged *** Initial Offer iod*/offer iod Initial Issue Price Shareholding** Initial Amount** Additional Amount** subscription V Distributing Sterling Class V Distributing Shares are continuously open for subscription 1 500 500 100 AA Euro 2018 1 500 500 100 AA Distributing Euro 2018 1 500 500 100 Class U Shares do not bear any Management Fees or performance fees and are restricted Davy personnel. Shares of any Class cannot be switched for Shares of Class U. *The Initial Offer iod may be shortened or extended by Direcrs. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received and orwise shall be notified subsequently, on an annual basis. **Subject discretion Direcrs (or ir delegate) in each case allow lesser amounts. ***The Company may (but is not obliged ) enter in certain currency related transactions (through use of FDI as disclosed above in Section 3.2 entitled "Use of Derivatives and Efficient Portfolio Management Techniques") in order hedge currency exposure Classes denominated in a currency or than Base Currency, as described under heading "Hedged Classes" in Prospectus. In case of Classes that are denominated in a currency or than Base Currency and are not identified as hedged value Shares in Class will be subject exchange rate risk in relation Base Currency. Applications for Shares and/or applications for redemption of Shares must be received by Dealing Deadline. Applications for Shares will only be accepted on a cleared funds basis in Base Currency. Applications received after Dealing Deadline for Dealing Day shall be deemed have been received by next Dealing Deadline, save in exceptional circumstances where Direcrs may in ir absolute discretion (reasons be documented) determine and provided Applications are received before Valuation Point for Dealing Day. Repurchase requests received after Dealing Deadline shall be treated as having been received by following Dealing Deadline, save in exceptional circumstances where Direcrs may in ir absolute discretion (reasons be documented) determine and provided y are received before Valuation Point for Dealing Day. Subscription Settlement Date: Subscription monies should be paid account specified in Application Form (or such or account specified by Administrar) so as be received by CVV/685914-000003/21675059v8 12
no later than three Business Days after Dealing Day. If payment in full and/or a properly completed Application Form have not been received by times stipulated above, application may be refused. Redemption Settlement Date: Payment of Repurchase Proceeds will be made by electronic transfer account redeeming Shareholder at risk and expense Shareholder normally within three Business Days Dealing Day and, in all cases, will be paid within ten Business Days Dealing Deadline for Dealing Day provided that all required documentation has been furnished and received by Administrar. 3.8 Exchange of Shares Shareholders may exchange between similar Classes of Shares in accordance with provisions set out under heading Exchange of Shares in Prospectus. The Direcrs can refuse an application exchange between Classes of Shares in accordance with provisions set out under heading "Exchange of Shares". 3.9 Dividend Policy For Class A Shares, Class B Shares, Class C Shares, Class D Shares, Class E Shares, Class F Shares, Class G Shares, Class H Shares, Class I Shares, Class J Shares, Class K Shares, Class L Shares, Class M Shares, Class N Shares, Class O Shares, Class P Shares, Class R Shares, Class S Shares, Class T Shares, Class U Shares, Class V Shares and Class AA Shares ( " Share Classes") (and indicated as such in table in section above titled Key Information for Buying and Selling Shares ), it is present intention Direcrs not declare or pay dividends, and any income or gains earned by and se Share Classes, will be reinvested and reflected in value Shares. For Class A Distributing Shares, Class B Distributing Shares, Class Q Distributing Shares, Class R Distributing Shares, Class S Distributing Shares, Class T Distributing Shares, Class V Distributing Shares and Class AA Distributing Shares ( "Distributing Share Classes") (and indicated as such in table in section above entitled Key Information for Buying and Selling Shares ), subject net income being available for distribution, Direcrs intend declare dividends on or before 14 th Business Day following Distribution Date all Shareholders entered on register of Shareholders at close of business on Business Day immediately preceding Distribution Date and refore applicants for Shares be dealt on or after Distribution Date will not be entitled distribution paid in respect of such Distribution Date but Shareholders seeking repurchase ir Shares on or after Distribution Date will receive distribution paid in respect of such Distribution Date. The Direcrs reserve right increase or decrease frequency of dividend payments, if any, at ir discretion for Distributing Share Classes. In event of a change of policy full details will be disclosed in an updated Supplement and Shareholders will be notified in advance. Under Articles, dividends may be paid out profits, being (i) accumulated revenue (consisting of all revenue accrued including interest and dividends) less expenses and/or (ii) realised and unrealised capital gains on disposal/valuation of investments and or funds less realised and unrealised accumulated capital losses ; or (iii) out of capital. Dividends are paid out of capital allow provision of income Shareholders Distributing Share Classes, in event of insufficient income being in for a particular period. Dividends will be paid Shareholders by electronic transfer Shareholder s bank account of record on initial Application Form in currency of denomination CVV/685914-000003/21675059v8 13
Distributing Share Classes at expense payee and within such timeframe as discussed above. The net income available for distribution in respect Share Class will be determined in accordance with law and generally accepted accounting principles consistently applied. Please also refer section in Prospectus entitled "Dividend Policy". 3.10 Fees and Expenses The following fees and expenses will be incurred by Company on behalf and will affect Net Asset Value Share Class. Class Management Fee Distribu r Fee Administrar Fee* Depositar y Fee formanc e Fee Prelimina ry Charge Repurcha se Charge Exchan ge Charge A 0.675% 0% 0.085% annum NAV first A Distributing 0.675% 0% 0.085% annum NAV first CVV/685914-000003/21675059v8 14
Management Fee Distribu r Fee Administrar Fee* Depositar y Fee formanc e Fee Prelimina ry Charge Repurcha se Charge Exchan ge Charge B 1.35% 0% 0.085% annum NAV first B Distributing 1.35% 0% 0.085% annum NAV first CVV/685914-000003/21675059v8 15
Management Fee Distribu r Fee Administrar Fee* Depositar y Fee formanc e Fee Prelimina ry Charge Repurcha se Charge Exchan ge Charge C 0.90% 0% 0.085% annum NAV first D 0% 0.085% annum NAV first E 0.55% 0% 0.085% annum NAV first CVV/685914-000003/21675059v8 16
Management Fee Distribu r Fee Administrar Fee* Depositar y Fee formanc e Fee Prelimina ry Charge Repurcha se Charge Exchan ge Charge F 0.75% 0% 0.085% annum NAV first G 1.10% 0% 0.085% annum NAV first CVV/685914-000003/21675059v8 17
Management Fee Distribu r Fee Administrar Fee* Depositar y Fee formanc e Fee Prelimina ry Charge Repurcha se Charge Exchan ge Charge H 1.20% 0% 0.085% annum NAV first I 1.50% 0% 0.085% annum NAV first CVV/685914-000003/21675059v8 18
Management Fee Distribu r Fee Administrar Fee* Depositar y Fee formanc e Fee Prelimina ry Charge Repurcha se Charge Exchan ge Charge J 1.80% 0% 0.085% annum NAV first K 0.55% 0% 0.085% annum NAV first CVV/685914-000003/21675059v8 19
Management Fee Distribu r Fee Administrar Fee* Depositar y Fee formanc e Fee Prelimina ry Charge Repurcha se Charge Exchan ge Charge L 0.675% 0% 0.085% annum NAV first M 0.75% 0% 0.085% annum NAV first CVV/685914-000003/21675059v8 20
Management Fee Distribu r Fee Administrar Fee* Depositar y Fee formanc e Fee Prelimina ry Charge Repurcha se Charge Exchan ge Charge N 1.20% 0% 0.085% annum NAV first O 1.35% 0% 0.085% annum NAV first P 1.00% 0% 0.085% annum NAV first CVV/685914-000003/21675059v8 21
Management Fee Distribu r Fee Administrar Fee* Depositar y Fee formanc e Fee Prelimina ry Charge Repurcha se Charge Exchan ge Charge Q Distributing 0.75% 0% 0.085% annum NAV first R 1.25% 0% 0.085% annum NAV first CVV/685914-000003/21675059v8 22
Management Fee Distribu r Fee Administrar Fee* Depositar y Fee formanc e Fee Prelimina ry Charge Repurcha se Charge Exchan ge Charge R Distributing 1.25% 0% 0.085% annum NAV first S 1.50% 0% 0.085% annum NAV first CVV/685914-000003/21675059v8 23
Management Fee Distribu r Fee Administrar Fee* Depositar y Fee formanc e Fee Prelimina ry Charge Repurcha se Charge Exchan ge Charge S Distributing 1.50% 0% 0.085% annum NAV first T 0.25% 0% 0.085% annum NAV first T Distributing 0.25% 0% 0.085% annum NAV first CVV/685914-000003/21675059v8 24
Management Fee Distribu r Fee Administrar Fee* Depositar y Fee formanc e Fee Prelimina ry Charge Repurcha se Charge Exchan ge Charge U 0% 0% 0.085% annum NAV first V 0.25% 0% 0.085% annum NAV first CVV/685914-000003/21675059v8 25
Management Fee Distribu r Fee Administrar Fee* Depositar y Fee formanc e Fee Prelimina ry Charge Repurcha se Charge Exchan ge Charge V Distributing 0.25% 0% 0.085% annum NAV first AA 0.35% 0% 0.085% annum NAV first CVV/685914-000003/21675059v8 26
Management Fee Distribu r Fee Administrar Fee* Depositar y Fee formanc e Fee Prelimina ry Charge Repurcha se Charge Exchan ge Charge AA Distributing 0.35% 0% 0.085% annum NAV first Management Fee & Expenses The Manager shall be entitled maximum annual Management Fee equal a percentage Net Asset Value Class detailed in above table. Such fee shall be calculated and accrued at each Valuation Point and payable monthly in arrears. The Manager is also entitled its reasonable out-of-pocket expenses out assets. Distribur Fee & Expenses The Distribur shall be entitled maximum annual Distribur Fee equal a percentage of Net Asset Value Class detailed in above table. Such fee shall be calculated and accrued at each Valuation Point and payable monthly in arrears. The Distribur is also entitled its reasonable out-of-pocket expenses out assets. Depositary Fee & Expenses The Depositary shall be entitled an annual Depositary Fee equal a percentage Net Asset Value Class, detailed in above table, subject a minimum monthly fee of 600 in respect and a transaction fee for each transaction conducted pursuant Depositary Agreement which will be charged at normal commercial rates. Such fee shall be calculated and accrued at each Valuation Point and payable monthly in arrears. The Depositary shall also be entitled be reimbursed out assets all agreed sub-cusdian fees, expenses and transaction charges (which will be charged at normal commercial rates) as agreed with Direcrs. Administrar Fee & Expenses CVV/685914-000003/21675059v8 27
The Administrar shall be entitled maximum annual Administrar Fee equal a percentage Net Asset Value Class detailed in above table. Such fee shall be calculated and accrued at each Valuation Point and payable monthly in arrears. The Administrar shall be also be entitled a minimum annual fee of 30,000 per year and a transaction fee for each transaction conducted pursuant Administration Agreement which will be charged at normal commercial rates. The Administrar is also entitled its reasonable out-of-pocket expenses out assets of. 3.11 Or Fees and Expenses This section should be read in conjunction with section entitled "Fees and Expenses" in Prospectus. (a) Anti-Dilution Levy The Direcrs reserve right impose an Anti-Dilution Levy in case of net subscriptions and/or net repurchases on a transaction basis as a percentage adjustment ( be communicated Administrar) on value subscription/repurchase calculated for purposes of determining a subscription price or repurchase price reflect impact of dealing costs relating acquisition or disposal of assets and preserve value underlying assets where y consider such a provision be in best interests of a. Such amount will be added price at which Shares will be issued in case of net subscription requests and deducted from price at which Shares will be repurchased in case of net repurchase requests. Any such sum will be paid in account. (b) Establishment Expenses All fees and expenses relating establishment and organisation as detailed in section Prospectus entitled "Establishment Expenses" shall be borne by Company and amortised in accordance with provisions Prospectus. 3.12 Miscellaneous Additional s Company may be added in future with prior approval Central Bank. The names or s are disclosed in Prospectus. CVV/685914-000003/21675059v8 28