DNCA Emerging Europe Equity Fund R/A (USD)/  LU0084288595  /

The investment objective of DNCA Emerging Europe Equity Fund (the "Fund") is to achieve long term growth of capital. This Fund may not be appropriate for investors who plan to withdraw their money within less than 5 years. The Fund is not managed relative to a specific index. However, for indicative purposes only, the Fund's performance may be compared to the MSCI Emerging Markets Europe IMI . In practice, the portfolio of the Fund is likely to include constituents of the index, however, the Fund is unconstrained by the index and may therefore significantly deviate from it. The Fund invests primarily in equity securities of European emerging markets companies. The Fund invests at least two-third of its total assets in equity securities of European emerging markets companies, including equity securities of smaller to medium sized companies defined as companies having market capitalization of US$10 billion or less. European emerging market are defined as companies domiciled or which exercise the preponderant part of their economic activities in any of the emerging countries of Europe, including, but not limited to, Russia, Turkey, Poland, Hungary and the Czech Republic. Securities acquired on Russian markets may not exceed 10 % of the Fund's net assets, except if such investments are made on Russian Regulated Markets, or through listed depositary receipts (negotiable security traded on a local stock exchange representing equity issued by a foreign listed company). The fund may invest on an ancillary basis in convertible bonds.

The investment objective of DNCA Emerging Europe Equity Fund (the "Fund") is to achieve long term growth of capital. This Fund may not be appropriate for investors who plan to withdraw their money within less than 5 years.