MULTI STRUCTURE FUND An investment fund established as an umbrella fund (Fonds commun de placement à compartiments multiples) pursuant to Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment

Prospectus and Management Regulations

Version: November 2012

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CONTENTS Management 4

The Fund 8

Management of the Fund 8

The Custodian Bank 8

Central Administrator/Registrar 8

Rights of Unitholders 9

Investment policy and investment restrictions 9

The Investment Managers 10

The Investment Advisers 11

The Investment Adviser and the Tied Agent 11

Units 12

Issuing of units 12

Calculation of unit value 12

Redemption and conversion of units 13

General information on the issue and redemption of units 13

Dividends and other payments 14

Financial year, reporting and fund currency 14

Publications and contact persons 14

Charges 15

Taxation of fund assets and income 15

Important Information about the Investment Policy and Risks 16

Risk management 22

Management regulations 23

MULTI STRUCTURE FUND – GREIFF Special Value 47

MULTI STRUCTURE FUND – INVESTTOR SRI Global 54

MULTI STRUCTURE FUND – FOUR SEASONS FUND 61

MULTI STRUCTURE FUND – 4D Asset-Oszillator 69

MULTI STRUCTURE FUND – MAMActive Global Eye 77

MULTI STRUCTURE FUND – VOLATILITY 84

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MULTI STRUCTURE FUND – CONTIOMAGUS 91

Notes for investors in the Federal Republic of Germany 98

Notes for investors in Austria 99

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PROSPECTUS

The prospectus is valid only if accompanied by the latest annual report of the Fund. If the latest annual report was published more than eight months ago, then the most recent semi-annual report must be provided. Both reports are an integral part of this prospectus. The Prospectus with the Management Regulations, in its most current version, as well as the annual and semi-annual reports may be obtained from the Management Company and at all Paying Agents. Statements not included in the prospectus or other documents that are accessible to the public and that refer to the prospectus may not be made.

Management Axxion S.A. 1B, rue Gabriel Lippmann L-5365 Munsbach Shareholders’ equity as at 31 December 2011: EUR 3,365,120

Board of Directors Chairman Martin Stürner Member of the Board PEH Wertpapier AG, Oberursel Uwe Kristen Director PEH Wertpapier AG, Oberursel Thomas Amend Managing Partner fo.con S.A., Munsbach

Managing Directors Thomas Amend Managing Partner fo.con S.A. Roman Mertes Managing Partner fo.con S.A. Pierre Girardet Member of the Management Axxion S.A., Munsbach

Auditors KPMG Luxembourg S.à r.l. 9, allée Scheffer L-2520 Luxembourg

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Custodian bank Banque de Luxembourg 14, Boulevard Royal L-2449 Luxembourg

Central Administrator/Registrar and Transfer Agent

navAXX S.A. 1A, rue Gabriel Lippmann L-5365 Munsbach

Investment Manager

For the subfund: MULTI STRUCTURE FUND – INVESTTOR SRI Global TOP Vermögen AG Maximilianstr. 10 D-82319 Starnberg For the subfund: MULTI STRUCTURE FUND – 4D Asset-Oszillator GREIFF capital management AG Munzinger Str. 5a D-79111 Freiburg For the subfund: MULTI STRUCTURE FUND – GREIFF Special Value TBF Global Asset Management GmbH Hegau – Tower, Maggistrasse 5, D-78224 Singen For the subfund: MULTI STRUCTURE FUND – VOLATILITY KSW Vermögensverwaltung AG Kaiserstrasse 23 D-90403 Nuremberg

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Investment Adviser For the subfund: MULTI STRUCTURE FUND – FOUR SEASONS FUND Absolute Creative Investment Management GmbH Löwenstrasse 16 CH-8280 Kreuzlingen For the subfund: MULTI STRUCTURE FUND – CONTIOMAGUS MULTI STRUCTURE FUND – MAMActive Global Eye veNova S.A. 1B, rue Gabriel Lippmann L-5365 Munsbach

Investment Adviser (Liability ceiling)

For the subfund: MULTI STRUCTURE FUND – MAMActive Global Eye NFS Netfonds Financial Service GmbH Süderstr. 30 D-20097 HAMBURG

Tied Agent

For the subfund: MULTI STRUCTURE FUND – MAMActive Global Eye MAMA advisory research GmbH Kantstr. 15 D-10623 Berlin

Distributors For the subfund: MULTI STRUCTURE FUND – INVESTTOR SRI Global TOP Vermögen AG Maximilianstr. 10 D-82319 Starnberg For the subfund: MULTI STRUCTURE FUND – GREIFF Special Value GREIFF capital management AG Munzinger Str. 5a D-79111 Freiburg TBF Global Asset Management GmbH Hegau – Tower, Maggistrasse 5, D-78224 Singen

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For the subfund: MULTI STRUCTURE FUND – 4D Asset-Oszillator 4D Vermögensplanung Max-Josef-Metzger-Str. 2 D-79111 Freiburg For the subfund: MULTI STRUCTURE FUND – VOLATILITY KSW Vermögensverwaltung AG Kaiserstrasse 23 D-90403 Nuremberg

Paying Agents Luxembourg Banque de Luxembourg 14, Boulevard Royal L-2449 Luxembourg Republic of Austria Raiffeisen Bank International AG Am Stadtpark 9 A-1030 Vienna

Information Agent Federal Republic of Germany Fondsinform GmbH Rudi-Schillings-Str. 9 D-54296 Trier

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The Fund The "MULTI STRUCTURE FUND" investment fund described in this prospectus is an investment fund of securities and other assets set up as an umbrella fund under Luxembourg law that may launch different subfunds in the form of a fonds communs de placement à compartiments multiples. It was established according to Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment and fulfils the requirements of European Council Directive No. 2009/65 EC of 13 July 2009.

Management of the Fund The Fund is managed by Axxion S.A. The Management Company was founded on 17 May 2001 as a joint-stock company under Luxembourg law for an indefinite period. The registered office is in Munsbach, Luxembourg. The Articles of Incorporation of the Management Company were published in the Mémorial C, Recueil des Sociétés et Associations of 15 June 2001 and is deposited at the trade and commercial register of the Luxembourg District Court, where the Management Company is registered under registration number B-82112. The last amendment to the Articles of Association was made with effect on 28 May 2008 and was published on 03 July 2008 in the "Mémorial" and entered in the Luxembourg Commercial and Companies Register. The purpose of the Management Company is to launch and manage undertakings for collective investment under the law of the Grand Duchy of Luxembourg. The Management Company also manages the following funds: ABDERUS FUND, ADELCA INVEST, ADUNO FUND, AD-VANEMICS, ADVISER I FUNDS, AKROBAT FUND, ARBOR INVEST, AXXION FOCUS, BELOS-COM FONDS, BERLIN & CO FONDS, BLACK FERRYMAN, CATUS, CHARISMA SICAV, GANADOR, GERLACHUS FUND, ICM PORTFOLIO, IDEAL INVEST SICAV, INFINUS, KR FONDS, LIBRA, Lux Lion, MAS VALUE, MAV INVEST, MERIDIO FUNDS, MULTI-AXXION, MULTIWERT SUPERFUND, nowinta, NDACinvest, PBO, PEH SICAV, PEH QUINTESSENZ SICAV, PEH Trust Sicav, PVM, RVF, smart-invest, smart-invest global, SQUAD CAPITAL, TELOS FUNDS, TOP VERMÖGEN FUNDS, USM, Trust & Timing, VITREO

The Custodian Bank The assets of all subfunds are held by the Custodian. The Banque de Luxembourg, a joint-stock company under Luxembourg law with its registered office in Luxembourg, was appointed as the Custodian Bank. It is authorised to engage in all bank transactions in Luxembourg.

Central Administrator/Registrar

The Central Administrator's role, including the bookkeeping of the Fund and the role of Registrar and Transfer Agent, is delegated to navAXX S.A., a joint-stock company under Luxembourg law.

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Rights of Unitholders The Management Company invests the assets of the individual subfunds in accordance with the principle of risk diversification, under the Company’s own name for joint account of the investors (unitholders), in securities and other admissible assets. The capital made available and the assets acquired with that capital make up the assets of the individual subfunds, which are held separately from the assets of the management company. Unitholders participate in the assets of the individual subfunds as co-owners in proportion to the number of units held. Their rights are represented by unit certificates which are bearer units. No effective units are issued. Each subfund is treated as an independent investment fund in relation to the unitholders. The rights and obligations of the unitholders of a subfund are completely separate from those of the unitholders of the other subfunds. All rights and obligations of a subfund relate only to that subfund. The Management Company points out to investors that an investor can only exercise their investor rights in their entirety directly against the UCI/UCITS if the investor has registered themselves in their own name on the UCI/UCITS register of unitholders. In cases where an investor has invested in an UCI/UCITS via an intermediary body which makes the investment in its own name but on behalf of the investor, all investor rights cannot necessarily be exercised directly by the investor against the UCI/UCITS. Investors are advised to seek advice on their investor rights.

Investment policy and investment restrictions

The aim of investment policy is to continuously increase the value of the assets provided by the investors. The Management Company seeks to achieve this objective by offering investors a selection of subfunds investing in securities, fund units, money market instruments, deposits and other permissible assets. The subfunds may vary, for example, but not exclusively, by the regions they invest in, by the securities they may acquire, by the currencies in which they are denominated or by their maturities. The Management Regulations establish uniform regulations for all subfunds. The respective annexes to the Sales Prospectus outline the provisions for each subfund concerning the characteristics of the specific investment policy and the costs of each subfund.

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Units are currently being offered in the following subfunds: MULTI STRUCTURE FUND – GREIFF Special Value (hereinafter referred to as “GREIFF Special Value”) MULTI STRUCTURE FUND – INVESTTOR SRI Global (hereinafter referred to as “INVESTTOR SRI Global”) MULTI STRUCTURE FUND – FOUR SEASONS FUND (hereinafter referred to as “FOUR SEASONS FUND”) MULTI STRUCTURE FUND – 4D Asset-Oszillator (hereinafter referred to as “4D Asset-Oszillator”) MULTI STRUCTURE FUND – MAMActive Global Eye (hereinafter referred to as “MAMActive Global Eye”) MULTI STRUCTURE FUND – VOLATILITY (hereinafter referred to as “VOLATILITY”) MULTI STRUCTURE FUND – CONTIOMAGUS (hereinafter referred to as “CONTIOMAGUS”) If other subfunds are added, the prospectus will be supplemented accordingly.

The Investment Managers The Management Company has appointed TOP Vermögen AG as investment manager of the INVESTTOR SRI Global subfund. The Management Company has appointed GREIFF capital management AG as investment manager of the 4D Asset-Oszillator subfund. The Management Company has appointed TBF Global Asset Management GmbH as investment manager of the GREIFF Special Value subfund. The Management Company has appointed KSW Vermögensverwaltung AG, Nuremberg as investment manager of the VOLATILITY subfund. The investment managers are authorised for the administration of assets and is subject to proper supervision. The investment manager's particular function is the independent daily application of the investment policy to the relevant subfund and management of the daily business of asset management under the supervision, responsibility and control of the Management Company. It must execute these tasks while obeying the principles of the subfund’s investment policy, in accordance with the principles outlined in the annex to the relevant subfund and this Sales Prospectus. The investment managers are authorised to select brokers and traders to settle transactions using the assets of the Subfund. Decisions on investments and issuing of orders are the function of the relevant investment manager. The relevant investment manager may, on prior agreement of the Management Company and at its own expense, transfer their tasks to third parties, either wholly or in part, and/or consult advisers. In this case, the Sales Prospectus will be amended. Commissions for brokers, transaction fees and other business costs in connection with the purchase and sale of assets are paid for by the relevant subfund. The investment manager is not authorised to receive money.

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The Investment Advisers The Management Company has commissioned Absolute Creative Investment Management AG, Kreuzlingen (the “Investment Adviser”) to advise the Management Company on the daily business of managing the FOUR SEASONS FUND subfund and to provide all the associated services. The Investment Adviser shall propose brokers and traders to the Management Company to carry out transactions using the subfund's assets. Absolute Creative Investment Management GmbH, Kreuzlingen was founded in 2009. The Company offers investment strategy development services and advice for investment funds. The Investment Adviser’s fee is paid from this management fee. The Management Company has commissioned veNova S.A. (the “Investment Adviser”) to advise the Management Company on the daily business of managing the MULTI STRUCTURE FUND – CONTIOMAGUS and MULTI STRUCTURE FUND – MAMActive Global Eye subfunds. The Investment Adviser shall propose brokers and traders to the Management Company to carry out transactions using the subfund's assets. veNova S.A. was founded in 2009. The Company offers investment advice services. The Investment Adviser’s fee is paid from this management fee.

The Investment Adviser and the Tied Agent

The Management Company has commissioned NFS Netfonds Financial Service GmbH, whose registered office is currently at Süderstraße 30, D-20097 Hamburg (the “Investment Adviser”) as Investment Adviser, to provide them with all necessary advice concerning the investment of assets of the MULTI STRUCTURE FUND – MAMActive Global Eye subfund, in accordance with the specified investment policy in the relevant annex to each subfund and this Sales Prospectus, in order to achieve the investment policy's objectives. The task of the Investment Adviser is to monitor the financial markets, analyse the respective subfund assets and make investment recommendations to the Management Company, in compliance with the principles of the investment policy and investment limits of the respective subfund. NFS Netfonds Financial Service GmbH acts as a liability ceiling for the tied agents. In this regard, the tied agent acts in the name of and on behalf of NFS Netfonds Financial Service GmbH. MAMA advisory research GmbH, Kantstr. 15, D-10623 Berlin, acts as a so-called “Tied Agent”, as defined in Section 2 (10) KWG (German Banking Act) for the Investment Adviser. It acts as an independent commercial agent as defined in Section 84 et seq. of the HGB (German Commercial Code) in the interests of NFS Netfonds Financial Service GmbH in the area of investment advisory and investment and acquisition brokerage. The “Tied Agent” is also entitled to enter into contracts with customers (Investors) concerning investment advisory and investment and acquisition brokerage, in accordance with Section 1 par. 1a 2 No. 1, 1a and 2 of the KWG for NFS Netfonds Financial Service GmbH, insofar as it is entitled to make legally binding declaration to such customers. In doing so, it acts on behalf and for the account of NFS Netfonds Financial Service GmbH, and makes this apparent during each transaction.

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The investment adviser has a purely advisory function and will not make investment decisions on its own; the management company is not bound by the suggestions of the investment advisor. The Management Company will ensure the daily management of fund assets. Accordingly, all investment decisions will be made by the Management Company. At its own expense and on prior agreement of the Management Company, the investment adviser may retain additional advisers.

Units Units (or fund units) are units in the respective subfunds. The rights and obligations of the unitholders of a subfund are completely separate from those of the unitholders of the other subfunds. All rights and obligations of a subfund relate only to that subfund. The Management Company may decide to launch unit classes. The subscriptions to all unit classes of a subfund will be invested in accordance with the investment policy. The net asset value of a unit class is calculated separately. The differing characteristics of a unit class are described in the respective annex.

Issuing of units Fund units are issued at the issue price. If a country in which units are distributed charges stamp duties or other fees, the issue price will be raised accordingly. The Management Company is authorised to issue new units on an ongoing basis. However, in the framework of the provisions of the management regulations printed below, the Management Company reserves the right to temporarily or permanently suspend the issue of units; any payments already made shall in such instances be immediately refunded. For some subfunds the Management Company may offer an option for the regular purchase of units within the scope of savings plans to enable a systematic increase in assets. Units may be acquired from the Management Company, the Custodian and the Paying Agents and Distributors listed in this prospectus. The distributors are not authorised to receive money. For savings plans, a maximum of up to one-third of all payments agreed for the first year may be used in order to cover costs. Additional details on the issue of units can be found in the Management Regulations, in particular in Article 5 of the Management Regulations and in the annex for the respective subfunds.

Calculation of unit value To calculate the unit value (“redemption price”), the value of the assets of each subfund, less liabilities (“net sub-fund assets”), is calculated on each valuation day as provided for in the Management Regulations, including the respective annex to each subfund, and divided by the number of units in circulation.

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Below is an example of how the issue price is determined:

Net subfund assets EUR 10,000,000 : Number of units in circulation as at the reporting date 100.000 Unit value EUR 100 + sales charge: (e.g. 5%) EUR 5 Issue price EUR 105

Additional details on calculation of unit value can be found in the Management Regulations, in particular in Article 7 of the Management Regulations and in the annex for the respective subfunds.

Redemption and conversion of units

Unitholders are entitled to apply to one of the Paying Agents, Distributors, the Custodian Bank or Management Company at any time for the redemption of or, unless this is not otherwise agreed in the respective annex, the exchange of their units at the unit value, less any applicable redemption fees (“redemption price”). In case of large redemption orders of more than 10% of the respective net subfund assets, the Management Company may only accept the units at the valid redemption price after immediately selling appropriate assets; although the interests of the unitholders must be safeguarded. Additional details on the redemption and exchange of units can be found in the Management Regulations, in particular in Article 9 of the Management Regulations and in the annex for the respective subfunds.

General information on the issue and redemption of units

The Management Company does not allow any market-timing or late trading practices. Market timing includes making illegal use of price differences between different time zones, for example. Late trading includes the acceptance of an order after the expiry of the respective acceptance period on the valuation day in question and carrying out such an order on this day at the applicable price based on the net asset value. If it is suspected that these practices are being used, the Management Company will take the necessary measures to protect investors from the negative effects. Accordingly, units in each subfund are issued, redeemed and exchanged only, in principle, at unknown net asset values. The Management Company and the Custodian Bank follow Luxembourg and European legislation on combatting money laundering and terrorist financing (in particular the Luxembourg Law of 19 February 1973 in its current version), the Law of 05 April 1993 in its current version, the Law of 12 November 2004 and all circulars from the Luxembourg regulatory authorities.

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Dividends and other payments

The use of income for every subfund is defined within the scope of the provisions of the respective annex to each subfund. In accordance with the Management Company on the basis of Article 11 of the Management Regulations, in addition to distributions of regular net income, distributions may be made in part or in whole at any time of realised capital gains, gains from the sale of subscription rights and/or other non-recurring income less realised capital losses, as well as other assets, provided the net fund assets do not fall below the minimum limit pursuant to Article 1(2) of the Management Regulations as a result of the distribution. If the respective annex provides for the distribution of income, in derogation of this the income may be accumulated upon a special decision of the Management Company. Any distributions on fund units are made through the paying agents, the Custodian Bank or the Management Company. This also applies for any other payments to the unitholders.

Financial year, reporting and fund currency

The financial year of the fund begins on 01 January and ends on 31 December of the same year. The first financial year ended on 31 December 2009 The first audited annual report was prepared as at 31 December 2009 and the first unaudited semi-annual report was prepared as at 30 June 2009. The fund’s currency is the euro. The subfund currency is indicated for each subfund in the annex to the prospectus of the fund.

Publications and contact persons

The current valid issue and redemption prices of the individual subfunds and all other information for unitholders may be obtained at any time at the registered office of the Management Company, the Custodian Bank or the Paying Agents, Information Agents and Distributors. The latest versions of the Sales Prospectus with Management Regulations and annexes as well as the Annual and Semi-Annual Reports are also available there free of charge; the Custodian Bank, Central Administration, Distributor and Paying Agent contracts as well as the Articles of Association of the Management Company can also be viewed here. The Key Investor Information Documents (Key Investor Information Documents) may be downloaded from the website (www.axxion.lu). On request, a hard-copy version will be made available by the Management Company, the Distributors or the Information Agents. If required by law and so determined by the Management Company, the current issue and redemption prices will also be published in at least one national daily newspaper in the countries in which the units are publicly distributed. This also applies for any other information, especially compulsory notifications, to the unitholders. The Management Company may specify that the issue and redemption price is only published on the website (www.axxion.lu).

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Issue and redemption prices are currently published on the website www.axxion.lu. The current Sales Prospectus and Key Investor Information (Key Investor Information Documents) and the fund's Annual and Semi-Annual Reports are also available on the website. The performance over the past 10 years of the respective subfunds can - if available - be found in the Key Investor Information (Key Investor Information Documents). Investor complaints may be addressed to the Management Company, the Custodian Bank and all Paying Agents, Information Agents or Distributors. The Management Company has implemented procedures to appropriately and rapidly address investor complaints.

Charges For managing the fund and its subfunds the Management Company receives a fee from the respective subfund assets; the amount of this fee is defined and listed in the annex to each subfund. If the Management Company uses the services of an investment manager or investment advisor, these are paid for from the Management Company fee. The Custodian Bank and Central Administrator receive a fee, the amount of which is defined in the respective annex to each subfund. The fees are determined and paid out as set forth in the respective annex to each subfund. In addition, the Management Company, the Custodian Bank and Central Administration may also be reimbursed from the assets of the respective subfund for additional expenses listed in the respective annex to each subfund, in addition to the costs associated with the acquisition and disposal of fund assets. These costs are also listed in the annual reports. The set-up costs of the fund are written down within the first five years after set-up. Should additional subfunds be opened after the founding of the fund, any accrued set-up costs that have still not been fully written off can be proportionately charged; likewise, the additional subfunds bear their respective specific launch costs. These costs can also be written off over a period of a maximum of five years from the launch date.

Taxation of fund assets and income

In the Grand Duchy of Luxembourg, fund assets are subject to a tax ("taxe d'abonnement") of 0.05% p.a., payable quarterly on the assets of the fund reported at the end of each quarter. The income of the subfunds may be subject to withholding tax in countries in which the respective subfund assets are invested. In such cases, neither the Custodian nor the Management Company are under an obligation to obtain tax certificates. Prospective shareholders should also enquire about the laws and regulations that apply to the acquisition, possession and redemption of units and, where necessary, seek advice. The EU Interest Directive came into force with effect from 01 July 2005. In general, the Directive provides for an exchange of information on the interest income of EU foreigners (natural persons).

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Luxembourg does not participate in this exchange of information, but does charge a withholding tax on interest income of EU foreigners in the amount of 35% if the fund units are held in a Luxembourg bank and the EU foreigner has not expressly decided that his information can be forwarded. Interested parties should seek advice on avoiding the withholding tax (authorisation to provide information).

Important Information about the Investment Policy and Risks

In accordance with the principle of risk diversification and within the investment limits under Article 4(16f) of the Management Regulations, the Management Company is authorised for each subfund to invest up to 100% of the net assets of that subfund in securities from one issuer. The fund units are unit certificates whose prices are determined by price fluctuations of the assets in the sub-fund in the stock markets. As a basic rule, no assurance can be given that the aims of the investment policy will be reached. Investments in securities do not only offer the possibility of increasing the value of the original capital, but in many cases are also associated with considerable risks. The following risks are the general risks of an investment in investment funds. The respective risks may greater or lesser depending on focus of the investments within the individual sub-funds. The risks of fund units acquired by an investor are closely related to the risks of the assets held in those funds and/or with the investment strategies pursued by those investment funds. By focusing on certain industries, the subfund investments may be subject to higher price fluctuations, depending on the political and economic factors in a country and on the global economic situation as well as demand for resources, than normal stock market trends, which can lead to an increased investment risk. Potential investors should be aware of the risks inherent with an investment in an investment fund and should seek advice from their personal investment adviser. Investors are advised to obtain information on the development of the fund and of the subfunds by keeping in regular contact with their financial advisers. As a basic rule, no assurance can be given that the aims of the investment policy will be reached. Every potential investor should check whether their personal situation permits the acquiring of shares.

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Investors should in particular be aware of the following potential risks:

Investment fund unit risks

The value of fund units are in particular determined by the price and value fluctuations of assets contained in the fund, any interest, dividends or other types of income, as well as costs, and can therefore either rise or fall. The purchaser of units only makes a profit on the sale of his units if their value rises above the value at acquisition plus any sales charge paid, taking into account the redemption fee. The sales charge may reduce the performance for the investor, or even result in losses. If an investor sells shares of the fund at a time at which the value of securities in the fund has decreased as against the time the shares were acquired, this will mean that he will not receive the money he has invested in the fund either in full or at all. However, the investor’s risk is limited to the amount invested. There is no additional funding obligation concerning the money invested.

Target fund risks Target funds are legally admissible investment vehicles which can be acquired by the fund. The value of target fund units are in particular determined by the price and value fluctuations of assets contained in the target fund, any interest, dividends or other types of income, as well as costs, and can therefore either rise or fall. The value of target fund units may be influenced by foreign exchange measures, taxation arrangements, including the levying of withholding taxes, as well as by other general economic or political conditions or changes in countries in which the target fund is invested or domiciled. The investment of fund assets in target fund units is subject to the risk that the redemption of the units may be subject to restrictions, meaning that such investments could be less liquid than other investments. If the target funds are subfunds of an umbrella fund, the acquisition of target fund units is associated with an additional risk if the umbrella fund is liable overall to third parties for the liabilities of each subfund. By investing in target funds, this may indirectly lead to a dual charging of costs (e.g. administrative fee, performance fee, Custodian Bank fees, investment management fee, etc.) for the respective subfund irrespective of whether the subfund and the target fund is managed by the same management company or not.

General market risk The development of exchange rate or market values of financial products particularly depends on capital market development, which is influenced by the general situation in the global economy and also the economic and political conditions in particular countries. General exchange rate developments can also be affected by irrational factors such as mood swings, opinions and rumours.

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Risks associated with equities and securities with an equity-like character

The risk profile of equities and securities with an equity-like character as an investment type is that its pricing depends to a large extent on factors that are beyond any sort of rational calculation. The "psychology of market participants" also plays a significant role in the price fluctuation alongside the commercial risk.

Commercial risk The commercial risk includes the risk for both the fund and the investor that the investment grows in a different manner than originally expected. In addition, the investor cannot safely assume that he will get the invested capital back. In extreme cases, i.e. the insolvency of the company, an equity or equity-like investment may signify a complete loss of the investment amount.

Price fluctuation risk Stock prices and equity-like security prices are subject to unpredictable fluctuations. Short, medium and long-term upturns and downturns may follow each other without it being possible to work out a fixed connection for the duration of each individual phase. Price movements are determined in the long-term by the earnings position of the company, which can in turn be influenced by the development of various macroeconomic and political conditions. In the medium-term, a number of economic, exchange rate and monetary policy influences may be exerted. In the short-term, various current events that are of a temporary nature, such as conflicts between the negotiating parties or international crises, may have an impact on the general mood within markets and on the price movement of shares as a result.

Psychology of market participants Rising or falling prices either on the stock market or for individual shares are dependent on the ratings of market participants and their consequent investment behaviour. In addition to objective factors and rational considerations, the decision to buy or sell securities is also affected by irrational opinions and crowd psychological behaviour. As a result, the share price also reflects the hopes and fears and assumptions and moods of both buyers and sellers. In this respect, the stock market is a market of expectations where the limits between objective behaviour and rather emotional behaviour are not particularly clear.

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Information on risks in particular corporate situations

During the holding period of shares in a subfund portfolio, there may be particular corporate situations that can have an impact on the relevant subfund assets. Examples of this are companies that conduct merger negotiations for which takeover bids were accepted and minority shareholders were compensated as a result. In each of these cases, this may initially lead to losses when offering for sale. At a later point, remedial payments may for example be made by way of court rulings (so-called judicial review proceedings) or voluntary settlements for any such shares which can then lead to an increase in the share price; a prior review of any such claims is not made. Unitholders who have redeemed their shares prior to this payment shall no longer be able to benefit from any of its potential positive effects.

Interest rate risk The interest rate risk includes the possibility that the market interest rate at the time of the issue of an interest-bearing financial instrument could change. Changes in market interest rates could result from changes in the economic position and the resultant policy changes of the relevant bank of issue. If market interest rates rise when compared to interest rates at the time of issue, then interest-bearing securities will generally fall in value. But if the market interest rate falls, then interest-bearing securities increase in value. In both cases the yield on interest-bearing financial instruments to some extent reflects money-market interest-rate developments. The price fluctuations can however have different consequences depending on the maturity (or the period until the next interest rate adjustment) of the interest-bearing financial instruments. As a result, interest-bearing financial instruments with shorter maturities (or shorter interest rate adjustment periods) have lower interest rate risks than interest-bearing financial instruments with longer maturities (or shorter interest rate adjustment periods).

Currency and transfer risk If the subfund invests assets in other currencies than the subfund currency, then it will receive the earnings, repayments and proceeds from those investments in the currency that it was invested in. The value of these currencies could fall against the subfund currency. As a result, the exchange rate risk may give rise to a decrease in the value of units if the subfund invests in currencies other than the subfund currency. It should also be noted that investment in foreign currencies is subject to a so-called country or transfer risk. This relates to the risk that, in spite of his ability to pay, a foreign debtor cannot make payments when due or at all because the country in which his registered offices are located lacks the ability or willingness to make transfers. For example, payments pursued by the fund are not made or are made in currencies which are no longer convertible because of foreign exchange restrictions. This is especially true for foreign currency investments in markets or in assets from issuers based in countries that do not yet meet international standards.

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Exchange rate hedging transactions that typically only secure part of the subfund and which are done over shorter periods of time serve to reduce exchange rate risks. They cannot however rule out the fact that exchange rate changes can negatively influence the development of the subfund despite the possibility of currency hedging transactions. The various costs arising from exchange rate hedging transactions as well as potential losses all help to reduce the subfund yield. With respect to foreign currency investments in markets or in assets from issuers based in countries that do not yet meet international standards, there is also the risk that exchange rate hedging transactions are not actually possible or are unfeasible.

Credit default/ issuer risk

The credit default risk (or counterparty/issuer risk) generally includes the risk of partially or wholly defaulting on an outstanding amount. This applies to all agreements concluded with other contractual parties for the account of the subfund. This particularly applies as well to the issuer of the assets contained in the subfund. In addition to the general trends of the capital markets, the individual performance of the respective issuers also influences the price of an asset. Even when the assets are carefully selected, losses due to the financial collapse of issuers cannot be ruled out. There is also the possibility that an issuer may either wholly or partially default on their obligations. As a result, even with the most careful selection of assets, it cannot for example be ruled out that the issuer of an interest-bearing financial instrument is unable to pay any interest due, or only partially complies with repayment obligations upon maturity of the interest-bearing financial instrument. With respect to equities and equity-like financial instruments, the particular development of the respective issuer can for example have the effect of ensuring no dividends are paid out and/or the price trend is negatively affected through a total loss. With respect to foreign issuers, there is also the possibility that the state in which the issuer is incorporated has made it either partially or wholly impossible to make interest or dividend payments or to repay interest-bearing financial instruments (see also currency risk) thanks to political decision-making.

Inflation risk The inflation risk describes the risk of pecuniary loss that investors will suffer as a result of inflation. In extreme cases, the inflation rate is higher than the increase in value of an investment fund. This means that the purchasing power of the invested capital shrinks and the investor has to accept losses in value. Investment funds are no different to other investment types in this respect.

Liquidity risk Assets which have not been admitted to the market at a stock exchange or are not incorporated into an organised market may also be acquired for the fund. Acquiring such assets is associated with the risk that problems may arise especially when such assets are resold to third parties.

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In the case of financial instruments that are issued as part of a new issue and which are not yet listed on the stock markets, as well as securities that are in principle not listed on stock markets there is a high liquidity risk, as the assets associated with these investments are not fungible or are fungible only to a limited extent; they are also difficult to sell and cannot be sold at a foreseeable price or time. The investment limit on securities that are in principle unlisted is subject to the statutory provisions stated in the current management regulations in Article 4.3 (max.10% of the net subfund assets). Investors can, as a matter of principle, demand the redemption of their shares from the management company on the valuation date. However, the management company may temporarily suspend redemption of shares under unusual circumstances and not redeem shares until a later point in time at the price valid at the time. This price can be lower than the price before the suspension of the redemption. The company may also be forced to suspend redemption if one or more funds whose shares have been acquired for the fund suspend the redemption of shares on their part.

Specific risks related to the purchase and sales of options

An option is the right to buy (“call option") or sell (“put option") a specific underlying asset at a specific time or within a specific period of time at an agreed fixed price (“strike price”). The price of a call or put option is the option premium. The purchase and sale of options are associated with specific risks: The premium paid for buying a call or put option may be lost if the price of the underlying asset underlying the option does not develop as expected and it is therefore not in the interest of the subfund to exercise the option. If a call option is sold, there is the risk that the subfund will no longer participate in what could be a substantial increase in the value of the underlying or that the call must be covered at unfavourable market prices when the contracting partner exercises the option. When selling call options, the theoretical loss level is unlimited. When put options are sold, there is the risk that the subfund will be obligated to pay the strike price for the underlying asset even though the market value of these securities is significantly lower when the option is exercised. The leveraging effect of options can result in a greater impact on the value of the subfund assets than would be the case with the direct use of underlying values.

Specific risks related to the purchase and sale of futures

Futures are mutual agreements, which oblige the parties to receive or to deliver a certain underlying asset at a time and for a price that are agreed upon in advance. This is associated with considerable opportunities as well as risks, as only a fraction of the contract value (the margin) needs to be put down. Price swings in either direction can lead to substantial gains or losses in relation to the margin (leverage effect). When selling futures, the theoretical loss level is unlimited.

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Specific risks related to the conclusion of swaps

The Management Company can conclude swap transactions for the account of the respective fund within the framework of the investment principles. A swap is a contract between two parties whose subject is the exchange of cash flows, assets, yields or risks. Swap transactions may for example involve, albeit not exclusively, interest, currency and asset swaps. The counterparty default risk is of particular significance for swaps alongside risks arising from underlying transactions, such as interest rate, share price, currency and credit default risks. In this regard, swaps may be entered into only with top-rated credit or financial institutions specialised in such transactions.

Risk management The Management Company meets the legal requirements regarding the risk management of the respective subfund by the application of the methods specified in the annexes to the relevant subfund.

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Management regulations The Management Regulations published in the Mémorial C, Recueil des Sociétés et Associations on 30 November 2012 lay down the general principles governing the MULTI STRUCTURE FUND (the "Fund"), launched in the form of a "fonds commun de placement à compartiments multiples" in accordance with Part I of the Law of 17 December 2010 on Undertakings for Collective Investment. The Management Regulations comprise the terms and conditions for the fund.

Article 1 The Fund

1. The Fund is a legally independent investment fund (unit trust/mutual fund) consisting of securities and other assets ("fund assets"), managed in accordance with the principle of risk diversification. The Fund consists of one or more subfunds as defined in Article 181 of the Law of 17 December 2010 on Undertakings for Collective Investment (“Law of 17 December 2010”). The fund is defined as being the whole of the subfund. By investing in a subfund, each investor has a stake in the Fund.

2. Fund assets, less liabilities attributable to the fund ("net fund assets"), must

reach, at least, the equivalent value of EUR 1,250,000 within six months of the Fund's approval. The fund is managed by the management company. The respective subfund assets shall be held by the Custodian Bank.

3. Each of the subfunds is considered an independent investment fund in

relation to the unitholders. The rights and obligations of the unitholders of a subfund are completely separate from those of the unitholders of the other subfunds. All rights and obligations of a subfund relate only to that subfund. The contractual rights and obligations of the unitholders ("unitholders"), the Management Company and the Custodian Bank are set out in the Management Regulations, which are prepared by the Management Company with the approval of the Custodian Bank. By purchasing a unit, each unitholder acknowledges the Management Regulations, the Sales Prospectus, including the annex to the respective subfund and any amendments made to them.

Article 2 The Management Company

1. The Management Company is Axxion S.A. 2. The Management Company manages the Fund and its subfunds in its own

name, but exclusively in the interests and for the collective account of the unitholders. The management authority extends to exercising all rights which are directly or indirectly connected with the assets of a subfund.

3. The Management Company sets the investment policy of the fund and the

respective subfunds, taking into consideration the legal and contractual investment restrictions. The Board of Directors of the Management Company may entrust one or more of its members or other individuals or legal entities with the daily implementation of the investment policy.

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4. The Management Company may, under its own responsibility and control, retain investment managers and investment advisers, in particular seeking advice from an investment committee, whose composition will be determined by the Management Company. The costs thereof are paid by the Management Company out of its management fee, which it can take from the fund or directly from the subfund, if this is provided for in the Sales Prospectus. Investment managers must be admitted or registered for purposes of asset administration and must be subject to a supervisory authority.

5. The Management Company prepares a Sales Prospectus for the Fund that

contains the current information on the Fund and its subfunds, in particular with regard to the fees and management of the Fund and its subfunds as well as Key Investor Information (Key Investor Information Documents).

Article 3 The Custodian Bank

1. The Custodian Bank is commissioned to have custody of the assets of a subfund. The rights and obligations of the Custodian Bank are based on current law and the most recent versions of the Management Regulations and the custodian agreement.

2. All securities, money market instruments, investment units and other assets

of a subfund are held by the Custodian Bank in accounts and safekeeping accounts, which can only be used in agreement with the Management Regulations. The custodian bank may, on its responsibility and with the agreement of the management company, commission third parties, particularly other banks and collective security deposit establishments to hold securities or other fund assets.

3. Where legally admissible, the Custodian Bank is entitled and obliged, in its

own name:

a. to assert claims of the unitholders against the Management Company or a former Custodian Bank;

b. to raise objections against measures of third parties to levy execution

and to take action if execution proceeds due to a claim for which the respective subfund’s assets cannot be held liable.

4. The Custodian Bank is obligated to follow instructions from the

Management Company provided these instructions do not conflict with the Law, the Management Regulations or the Sales Prospectus of the Fund in its current version.

5. The Management Company and Custodian Bank are entitled to terminate

the order placed with the Custodian Bank at any time, in keeping with the particular custodian agreement. In the event of termination of the Custodian Bank's appointment, the Management Company shall be obliged to appoint another bank as Custodian Bank within two months with the approval of the CSSF, failing which termination of the Custodian Bank's appointment shall necessarily entail winding up of the corresponding fund; until such time the previous Custodian Bank shall fully comply with its duties as Custodian Bank in order to safeguard the interests of unitholders.

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Article 4 General investment policy guidelines

The investment objectives and investment policies of a subfund are laid down on the basis of the following general guidelines. The investment restrictions apply separately to each subfund. For the calculation of the minimum net asset value in accordance with Article 1 No. 2 of the Management Regulations, the assets of the entire Fund, obtained by totalling the net assets of each Subfund, shall be used as the basis.

1. Listed securities and money-market instruments

Subfund assets are as a rule invested in securities and money market instruments that are listed or traded on a securities exchange or on another regulated market that is recognised, open to the public and operates regularly (“regulated market”) within the continents of Europe, North and South America, Australia (including Oceania), Africa or Asia.

2. New issues of securities and money-market instruments

Subfund assets may include new issues, provided that these a. the terms of issue include the obligation to apply for admission to a

securities exchange or for trading on another regulated market, and b. are admitted for listing on an exchange or for trading on another regulated

market no later than one year after issue. If the admission to one of the markets listed under Number 1 of this article is not achieved within one year, new issues are considered to be unlisted securities in accordance with Number 3 of this article and to be included in the investment limits mentioned there.

3. Unlisted securities and money market instruments

Up to 10% of net subfund assets can be invested in unlisted securities and unlisted money market instruments. This limit also includes investments in special funds, regulated open-ended real estate funds, private equity funds, hedge funds, open funds of funds and funds that invest directly or indirectly in commodities and for which physical delivery is excluded, provided that the above funds are subject to supervision equivalent to that of the CSSF and Article 2 of the Grand Ducal Regulation of 08 February 2008.

4. Undertakings for collective investment in transferable securities

The net assets of each subfund may be invested in units of undertakings for collective investment in transferable securities (“UCITS”) and/or other undertakings for collective investment (“UCI”) authorised under European Communities Council Directive 2009/65/EC of 13 July 2009 as defined in Article 1(2) a) and b) of that Directive with registered office in a Member State or a non-Member State, provided that

- such other UCIs are admitted in accordance with legal regulations that subject them to official supervision which, in the opinion of the CSSF, is equivalent to that of the Community law, and adequate assurance of the cooperation between the government agencies exists,

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- the level of protection for the unitholders of the UCI are equivalent to the level of protection for the unitholders of a UCITS and in particular are equivalent to the requirements of Directive 2009/65/EC for the separate safekeeping of the assets, borrowing, lending and short sales of securities and money market instruments,

- the business of the other UCI is reported in semi-annual and annual

reports to enable an assessment to be made of the assets and liabilities, income and operations over the reporting period,

- the UCITS or the other UCI, the units of which are to be acquired, may in

accordance with its Management Regulations or its Articles of Incorporation, invest a maximum of 10% of its assets in units of another UCITS or another UCI.

5. Demand deposits Deposits with credit institutions which are repayable on demand or have the right to be withdrawn, and mature in no more than twelve months, may be held, provided that the credit institution has its registered office in a Member State or, if the registered office of the credit institution is situated in a non-Member State, provided that it is subject to prudential rules considered by the CSSF to be equivalent to those laid down in Community law.

6. Money-market instruments Money-market instruments may be acquired that are not traded on a regulated market, but that are liquid and whose value can be determined at any time, provided the issue or issuer of these instruments is subject to regulations governing depositor and investor protection and provided these instruments are:

- issued or guaranteed by a central, regional or local authority or central bank of a Member State of the EU, the European Central Bank, the European Union or the European Investment Bank, a non-Member State or, in the case of a Federal State, by one of the members making up the federation, or by a public international body to which one or more Member States belong, or

- issued by a company whose securities are traded on the regulated

markets described in Number 1 of this article, or - issued or guaranteed by an establishment subject to prudential

supervision, in accordance with criteria defined by Community law, or by an establishment which is subject to and complies with prudential rules considered by the CSSF to be at least as stringent as those laid down by Community law, or

- issued by other bodies belonging to the categories approved by the CSSF

provided that investments in such instruments are subject to investor protection equivalent to that laid down in the first, the second or the third indent and provided that the issuer is a company whose capital and reserves amount to at least EUR 10 million and which presents its annual accounts in accordance with the Directive 78/660/EEC, or is an entity which, within a group of companies which includes one or several listed companies, is dedicated to the financing of the group or is an entity which is dedicated to the financing of securitisation vehicles which benefit from a banking liquidity line.

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7. Options a. An option is the right to buy (“call option") or sell (“put option") a specific underlying asset at a specific time or within a specific period of time at a fixed price, agreed in advance (“strike price”). The price of a call or put option is the "premium" option.

The purchase and sale of options are associated with special risks: The premium paid for buying a call or put option may be lost if the price of the underlying asset underlying the option does not develop as expected and it is therefore not in the interest of the subfund to exercise the option. If a call option is sold, there is the risk that the subfund will no longer participate in what could be a substantial increase in the value of the underlying asset or that the call must be covered at unfavourable market prices when the contractual party exercises the option. When selling call options, the theoretical loss level is unlimited. When put options are sold, there is the risk that the subfund will be obligated to pay the strike price for the underlying asset even though the market value of these securities is significantly lower when the option is exercised. The leveraging effect of options can result in a greater impact on the value of the subfund assets than would be the case with the direct use of underlying values. Underlying values of options can be the underlying values listed under points 1 to 6 and financial indices, interest rates, exchange rates or currencies.

b. While observing the investment restrictions listed in this paragraph, the

Management Company may, for account of a Subfund, buy and sell call options and put options, provided that these options are traded on an exchange or on another regulated market.

In addition, options of the kind described can be bought and sold for a subfund even if they are not traded on a stock exchange or another regulated market (OTC options), provided the subfund’s contracting partners are first-class credit or financial institutions specialising in such transactions. Options can be acquired for the subfund assets for hedging purposes, speculative purposes and for efficient portfolio management. The total commitments from financial futures, options and other derivative financial instruments not used to hedge assets may never exceed a subfund’s net assets. Obligations from the sale of call options backed by appropriate subfund assets are not taken into account.

8. Financial futures a. Futures are mutual agreements which oblige the parties to receive or to

deliver a certain underlying asset at a time and for a price that are agreed upon in advance. This is associated with considerable opportunities as well as risks, as only a fraction of the contract value (the margin) needs to be put down. Price swings up or down may, in relation to the margin, result in substantial gains or losses.

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Underlying values of futures can be the underlying values listed under points 1 to 6 and financial indices, interest rates, exchange rates or currencies.

b. The Management Company may, for account of a subfund, buy and sell

forward contracts, provided that these forward contracts are traded on exchanges provided for this purpose or on other regulated markets.

c. Futures can be acquired for the subfund assets for hedging purposes,

speculative purposes and for efficient portfolio management. The total commitments from financial futures, options and other derivative financial instruments not used to hedge assets may never exceed a subfund’s net assets. Obligations from the sale of call options backed by appropriate subfund assets are not taken into account.

9. Other derivative financial instruments - Derivatives

Derivative financial instruments, including equivalent instruments settled in cash, which are traded on regulated markets described in Number 1, and/or derivative financial instruments that are not traded on a stock exchange (“OTC derivatives”), may be acquired if

- the underlyings consist of instruments as defined in Numbers 1 to 6, financial indices, interest rates, foreign exchange rates or currencies in which a subfund may invest in accordance with these management regulations,

- the counterparties to OTC derivative transactions are institutions which

are subject to prudential supervision and belong to the categories approved by the Luxembourg Supervisory Authority, and

- the OTC derivatives are subject to reliable and verifiable valuation on a

daily basis and can be sold, liquidated or closed by an offsetting transaction at any time at their fair value at the initiative of the subfund in question.

The total commitments from financial futures, options and other derivative financial instruments not used to hedge assets may never exceed a subfund’s net assets. Obligations from the sale of call options backed by appropriate subfund assets are not taken into account.

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10. Repurchase agreements

A subfund may from time to time buy securities in the form of repurchase agreements, provided that the respective contracting party undertakes to repurchase the securities, and sell securities in the form of repurchase agreements. The contracting party to such transactions must be a top-rated credit or financial institution specialised in such transactions. The subfund may not sell securities acquired in the framework of a securities repurchase agreement during the term of that securities repurchase agreement. In the framework of the sale of securities in the form of securities repurchase agreements, the scope of the securities repurchase agreements must always be maintained at a level that enables the subfund to discharge its obligation to buy back shares at any time. The collateral received in connection with repurchase agreements may be reinvested taking into account legal provisions, regulations and circulars.

11. Securities lending

A subfund may undertake securities lending transactions, taking into consideration CSSF circulars 08/356 and 11/512. Up to 50% of the estimated value of the securities in a subfund for a maximum of 30 days within the framework of a standardised securities lending system, provided that the securities lending system is organised by a recognised clearing organisation or by a top-rated credit or financial institution specialising in such transactions. More than 50% of the securities holdings of a subfund may be lent in the framework of securities lending, provided that the respective subfund has been granted the right to cancel the securities lending contract at any time and demand the return of the lent securities. If the subfund acts as lender, a guarantee must always be received within the framework of the securities loan whose value at the time the contract is entered into corresponds at a minimum to the total value of the securities lent. This guarantee may consist of cash or of securities issued or guaranteed by Member States of the OECD, its local authorities or undertakings of a Community, regional or global character, and which shall be blocked on behalf of the subfund during the term of the securities loan. There is no need for a guarantee if the securities lending is within the scope of Clearstream International, EUROCLEAR or another recognised settlement entity, which itself provides collateral in favour of the lender of the securities being lent in the form of a guarantee or some other form. In the framework of securities lending, the subfund may act as borrower in connection with the fulfilment of a securities purchase in the following cases:

- during a time in which the securities have been sent for registration; - if securities were lent and not returned in a timely manner; - in order to avoid a failed settlement when the Custodian Bank fails to

deliver.

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If securities are borrowed for the subfund, during the term of the corresponding securities loan there must be no access to the lent securities, unless the subfund has a sufficient hedge that enables the subfund to discharge its obligation to return the lent securities when the securities contract matures. The collateral received in connection with securities lending transactions may be reinvested, taking into account legal provisions, regulations and circulars.

12. Other techniques and instruments

a. The Management Company can make use of other techniques and instruments for a subfund provided they are employed with a view to proper management of the subfund assets.

b. This applies in particular to swaps, which may be entered into in

accordance with the law. These transactions are admissible exclusively with top-rated credit and financial institutions specialised in such transactions and may not exceed, together with the obligations described in Paragraph 8 of this article, the total value of assets held by the subfund in the corresponding currency.

c. The Subfund may invest in structured securities products (certificates),

provided they are securities pursuant to Article 41(1) of the Law of 17 December 2010 and Article 2 of the Grand Ducal Regulation of 08 February 2008 as well as point 17 of the CESR∗ guideline CESR∗/07-044. The underlyings for the certificates may be any of the following: equity stock and rights, debt securities and rights such as equities, equity-like securities, participation and dividend-right certificates, fixed and variable-rate bonds including asset-backed securities (the ABS segment, up to a maximum of 20% of net subfund assets), debt securities, convertible securities, option bonds, hedge funds, private equity investments, volatility investments, real estate and land investments, microfinance investments, commodities/goods and precious metals excluding a physical delivery, exchange rates, currencies, interest rates, funds on the mentioned underlyings and corresponding indices on the aforementioned underlyings.

Steps are taken to ensure that the financial indices mentioned are adequately diversified. The indices are chosen such that they form an adequate reference base for the market to which they relate. The indices are also published by appropriate means. If the underlyings of the structured securities products (certificates) are not the underlyings pursuant to Article 41(1) of the Law of 17 December 2010, they must be certificates that map the underlying almost 1:1. These structured securities products (certificates) must not contain embedded derivatives according to Article 2(3) and/or Article 10 of the Grand Ducal Regulation of 08 February 2008 and point 23 CESR∗/07-044.

∗ As at 01 January 2011 ESMA (European Securities and Markets Authority) ∗ As at 01 January 2011 ESMA (European Securities and Markets Authority) ∗ As at 01 January 2011 ESMA (European Securities and Markets Authority)

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13. Liquid funds Up to 100% of the net assets of the respective subfund may be held in liquid funds at the Custodian or at other banks. A maximum of 20% of net subfund assets with an issuer may be invested in a combination of

- transferable securities or money-market instruments issued by this issuer, and/or

- deposits or - OTC derivatives acquired from the issuer.

14. Currencies

Currency futures and options can be bought or sold for a subfund if such currency futures or options are traded on a stock exchange or another regulated market. Insofar as the financial instruments mentioned are traded OTC, the counterparty must be a first-rate credit or financial institution which is specialised in such transactions. A subfund may also engage in forward currency purchases or sales or swaps in the framework of over-the-counter transactions with top-rated financial institutions specialised in such transactions.

15. Target subfunds Each subfund may acquire and/or hold units in one or more other subfunds of the Fund ("target subfunds"), provided that:

- the target subfunds do not themselves invest in the subfunds in question; and - the target subfunds may invest, pursuant to its Management Regulations

or its Articles of Association, a maximum of 10% of its assets in units of other UCIs, and;

- any voting rights associated with the units in question are suspended

during such time as the target subfund units are held, irrespective of whether they are appropriately recorded in the annual accounts and the periodic reports; and

- the value of these units is not included in the overall calculation of net

fund assets provided that these units are held by the subfund, if the minimum net fund assets pursuant to the Law of 17 December 2010 have been reviewed; and

- there is no double charging of management/subscription or redemption

fees at the level of the subfund and of the target subfunds.

16.Investment limits a. i) Up to 10% of the net subfund assets may be invested in securities and

money market instruments of a single issuer. Up to 20% of net subfund assets may be invested in deposits of a single issuer. The default risk for transactions with OTC derivatives may not exceed 10% of the net subfund assets if the counterparty is a credit institution as defined in Number 5, or a maximum of 5% of the net subfund assets in all other cases.

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ii) The total value of the securities and money market instruments of issuers in which more than 5% of the net subfund assets are invested is restricted to no more than 40% of the net assets of that subfund. This limitation does not apply to deposits and OTC derivative transactions made with financial institutions subject to prudential supervision.

Notwithstanding the individual limits laid down in i), a maximum of 20% of net subfund assets may be invested in

- transferable securities or money-market instruments issued by this issuer, and/or

- deposits or - OTC derivatives acquired from the issuer.

b. The percentage set forth in a. i) sentence 1 of 10% is increased to 35% and

the percentage set forth in a. ii) sentence 1 of 40% no longer applies for securities and money market instruments issued or guaranteed by one of the following issuers:

- Member States or their local authorities; - Member States of the OECD; - non-Member States; - public international bodies to which one or more Member States belong.

c. The percentages set forth in a. (i) and (ii) sentence 1 are increased from

10% to 25% and from 40% to 80% for bonds issued by credit institutions whose registered offices are in a Member State, provided that

- the credit institutions are subject by law to special public supervision

designed to protect holders of such bonds, - pursuant to the law, the proceeds of such bonds are invested in assets

that provide sufficient cover for the liabilities resulting from such bonds during their entire term, and

- in the event of failure of the issuer, the assets mentioned would be used

on a priority basis for the reimbursement of the principal and payment of the accrued interest.

The bonds mentioned here are not taken into account for the purpose of applying the limit of 40% referred to in a. ii).

d. The investment limits under (a). to (c). may not be combined. Thus, investments in transferable securities and money market instruments issued by the same body or in deposits or derivative instruments made with this body may under no circumstances exceed in total 35% of the net subfund assets.

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Companies which are included in the same group for the purposes of consolidated accounts, as defined in accordance with Directive 83/349/EEC or in accordance with recognised international accounting rules, are regarded as a single issuer for the purpose of calculating the limits contained in this article. A combination of up to 20% of the net subfund assets may be invested in securities and money market instruments of a single group.

e. Regardless of the investment limits laid down under i., the upper limit under

a. for investments in equities and/or bonds of a single issuer is increased to 20% if in accordance with the Articles of Association of the subfund the objective of its investment policy is to replicate an equity or bond index recognised by the CSSF, provided that

- the composition of the index is adequately diversified; - The index must form an adequate reference base for the market to which

it relates; - The index must be published in a reasonable manner.

The limit laid down in Sentence 1 is increased to 35% where that proves to be justified based on exceptional market conditions, and in particular in regulated markets where certain securities or money-market instruments are highly dominant. The investment up to this limit is only permitted for a single issuer.

f. In derogation of (a). to (d). and in accordance with the principle of risk diversification, the Management Company is authorised for a subfund to invest up to 100% of the net assets of that subfund in securities and money market instruments from various issues which are issued or guaranteed by a Member State, its local authorities, by an OECD Member State or by public international bodies to which at least one Member State of the European Union belongs, provided that these securities were issued within the framework of at least six different issues, and that the securities from one and the same issue do not exceed 30% of the net assets of the subfund.

g.

i) Units in other UCITS and/or UCI, as defined in Number 4, may be acquired for the subfund, provided that it invests a maximum of 20% of its assets in units of a single UCITS or other UCI. For the purpose of applying this investment limit, each subfund of a UCI with multiple subfunds as defined by Article 181 of the Law of 17 December 2010 must be regarded as an independent issuer if the principle of separate liability of each subfund to third parties applies.

ii) Investments in units of other UCI than UCITS may not exceed a total of

30% of the Subfund’s net assets. In the event that the subfund has acquired units of another UCITS and/or another UCI, the investment values of the corresponding UCITS or other UCI as regards the upper limits of Number 16 a. to d. are not taken into account.

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iii) If the Subfund invests in the units of other UCITS and/or other UCIs that are managed, directly or by delegation, by the same Management Company or by any other company with which the Management Company is linked by common management or control, or by a substantial direct or indirect holding, the Management Company or other company may not charge subscription or redemption fees on units of these other UCITS and/or UCIs through the Subfund.

h. For account of all of the funds it manages, the Management Company will

not acquire voting shares through which it would be permitted to exert a significant influence on the issuer’s business policy.

i. On behalf of each subfund, the Management Company may acquire a

maximum of

-10% of the non-voting stock of a single issuer, - 10% of the bonds of a single issuer - 25% of the units of a single UCITS and/or other UCI as defined in Article

2(2) of the Law of 17 December 2010, - and 10% of the money market instruments of a single issuer,

The investment limits of the second, third and fourth indents are not taken into consideration provided that the total issue volume of those bonds or money market instruments or the number of units or shares in circulation of a UCI cannot be determined at the time of acquisition. The investment limits listed here under i. are not applicable to such securities and money market instruments issued or guaranteed by Member States of the EU and its local authorities or by non-Member States, or issued by international public bodies to which at least one Member State belongs. The investment limits listed under i. are also not applicable to the acquisition of stocks in companies with registered offices in non-Member States, if: - such companies invest their assets primarily in securities issued by

issuers based in that State; and - because of legal provisions of this state the acquisition of stocks in such a

company represents the only opportunity for investment in issuers with registered offices in that State; and

-such companies respect investment limits in their investment policies that

correspond to those of Number 16 a. to e. and g. as well as the first to fourth indents under i. of the management regulations. If the investment limits of Number 16 a. to e. and g. are exceeded, the provisions of Number 20 of this article are to be applied appropriately.

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j. Derivative financial instruments may be acquired for the account of a subfund if the total risk associated with the derivatives does not exceed the net assets of the subfund. The exposure is calculated taking into account the current value of the underlying assets, the counterparty risk, future market movements and the time available to liquidate the positions. As part of its investment strategy within the limits set down in Article 43 (5) of the Law of 17 December 2010, a subfund may invest in derivatives if the total risk of the underlying values does not exceed the investment limits of Article 43. Investments in index-based derivatives do not have to be combined to the limits laid down in that article. When a transferable security or money market instrument embeds a derivative, the latter must be taken into account when complying with the requirements of this paragraph.

17. Additional investment guidelines

a. Short sales of securities, money-market instruments and other financial instruments listed in Numbers 4, 6 and 9 are not permitted.

b. A subfund may not be used for underwriting securities. c. A subfund may not invest in real estate, precious metals, precious metal

futures, commodities or commodities futures, with the exception of the certificates listed under Number 12 c.

18. Loans and prohibitions of charges

a. Subfund assets may only be pledged, transferred or assigned or otherwise encumbered to the extent required on an exchange or on another market because of regulatory requirements.

b. Loans may be taken out to an upper limit of 10% of the net assets of the

respective subfund only on a short-term basis. In addition, a subfund may acquire foreign currencies in the framework of a back-to-back loan.

c. In connection with the acquisition or subscription of partly paid securities,

money-market instruments or other financial instruments listed in Numbers 4, 6 and 9, liabilities may be assumed for the account of a subfund, which may not, however, together with loan liabilities in accordance with letter b., exceed 10% of the net assets of the respective subfund.

d. A subfund may neither grant loans nor act as guarantor on behalf of third

parties.

19. Master/Feeder A subfund may act as a feeder subfund ("feeder") if it invests at least 85% of its net assets in units of another UCITS or subfunds of that UCITS ("master"), which itself is not a feeder and also holds no units in a feeder. As a feeder, the subfund may not invest more than 15% of its net assets in one or more of the following assets:

- Cash funds pursuant to Article 41 (2), second indent of the Law of 17 December 2010;

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- derivative financial instruments that are used exclusively for hedging purposes, pursuant to Article 41(1) g) and Article 42 of the Law of 17 December 2010.

If the feeder invests in units of a master that is also managed by the Management Company, no subscription or redemption fees will be charged for the feeder's investment in units of the master. The maximum total amount of the management fee that can be levied to the feeder itself or to the master is listed in the Sales Prospectus.

20. Exceeding investment limits

a. The investment restrictions of this article do not have to be adhered to if they are exceeded in the framework of the exercise of subscription rights that are attached to securities and money market instruments held in the net assets of the respective subfund.

b. Newly launched subfunds may deviate from the investment limits in

accordance with Number 16 a. to g. of this article for a period of up to six months from the date of authorisation of the subfund.

c. If the investment restrictions listed in this article are unintentionally

exceeded or exceeded through the exercise of subscription rights, then the Management Company will adopt as a priority objective the normalisation of the situation, taking into account the interests of the unitholders.

If the issuer is a legal person with multiple subfunds for which the assets of a subfund are exclusively liable for the claims of investors of the subfund and for those of the creditors, whose claims arose based on the establishment, operation or liquidation of that subfund, each subfund is considered to be a separate issuer for the purpose of applying the risk diversification regulations in accordance with point 16 letters a. to e. and g. of this Article.

Article 5 Units in a subfund

1. Units are bearer units and are issued for the respective subfund. Units are made available through an entry in the fund unit certificate register in the form of unit confirmations. The units may also be certified in global certificates; investors have no claim to delivery of actual units. The Management Company may provide for the issuing of fractional units of up to 0.001 units. All units have no par value; they are fully paid-up, freely transferable and have no preference rights or rights of first refusal.

2. All the units of a unit class within a subfund have the same rights in

principle. 3. The Management Company may decide to launch two or more unit classes

within a subfund. The unit classes may differ in their characteristics and rights according to the way their income is used, their fee structures or other specific characteristics and rights. All units are entitled in the same manner from the date of issue to the earnings, price gains and liquidation proceeds of their respective unit class. If unit classes are formed for the respective subfund, this is mentioned in the Sales Prospectus or in the corresponding annex to each subfund where information on the specific characteristics or rights is given.

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4. The issue and redemption of units as well as payments for units or coupons are made at the offices of the management company, the custodian bank and all paying agents.

Article 6 Issue of units

1. Units are issued at the issue price and under the conditions established in the annex to each subfund. The issue price is the unit value, in accordance with Article 7, plus a sales commission listed in the respective annex to each subfund, which must not exceed 7% of the unit value. The sales commission is charged in favour of the distributors. Fees and other costs incurred in the countries in which the Fund is distributed may be added to the issue price.

2. The subscription price is payable within three banking days in Luxembourg

after the corresponding valuation day.

The management company may make the subscription of units subject to conditions and may set subscription deadlines and minimum subscription amounts. Details can be found in the Sales Prospectus. The management company may, at any time and at its discretion, reject a subscription order and may temporarily limit, interrupt or definitively terminate the issue of units, as far as such measure is deemed to be necessary in the interest of all unitholders, for the protection of the management company, for the protection of the subfund, in the interest of the investment policy, or to protect the specific investment objectives of the subfund.

3. Units are acquired at the issue price on the relevant valuation day. Unless

otherwise provided for in the annex to the respective subfund, subscription applications received by the Management Company no later than 4.30 p.m. (Luxembourg time) on the day before the valuation day will be settled on the basis of the unit value of the following valuation day, and subscription applications received by the Management Company after 4.30 p.m. (Luxembourg time) on the day before the valuation day will be settled on the basis of the unit value of the second following valuation day.

4. Contrary to Article 6(3) of the General Management Regulations, the

Management Company may, on the initiative of the unitholder, issue units against delivery of securities in accordance with the statutory regulations of the Grand Duchy of Luxembourg, provided that these securities comply with the investment policy and investment restrictions for the subfund in question. In connection with the issue of units as consideration for a contribution in kind of securities, the auditor of the fund must prepare an expert opinion on the valuation of the securities provided as contribution in kind. The costs of issuing units as described above are borne by the subscriber requesting this procedure.

5. The units will be transferred by the Custodian Bank on behalf of the

Management Company immediately on receipt of the issue price by the Custodian Bank.

6. The Custodian Bank will immediately return payments received for non-

executed subscription orders; no interest will be paid thereon.

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Article 7 Calculation of unit value

1. The unit value is calculated separately for each subfund, in accordance with the following provisions. The value of a unit ("unit value") is denominated in the currency stipulated in the annex to a particular subfund ("fund currency"). It is calculated under the supervision of the Custodian Bank by the Management Company or by a third party commissioned by it on each day that is a banking day in Luxembourg ("valuation day") except 24 December, unless there is a regulation to the contrary contained in the annex to the subfund in question. It is calculated by dividing the relevant net subfund assets by the number of units of that subfund in circulation on the valuation day.

2. The assets of each subfund are determined in accordance with the

following principles:

a. Securities that are listed on a stock exchange are valued at the latest available trade price. Insofar as securities are listed on several stock exchanges, the relevant price paid for the security in question will be the one most recently available on the stock exchange that is the main market for such securities.

b. Securities not officially listed on a stock exchange but traded on another

regulated market will be valued at a price that may not be lower than the bid price and not higher than the bid price at the time of valuation and which the management company deems to be the best possible price at which the securities can be sold.

c. Cash funds will be valued at their face value plus interest. Time deposits

with an original term of more than 60 days can be valued at the respective yield rate, provided a corresponding contract between the credit or financial institution which holds the time deposits and the Management Company envisages that these time deposits may be terminated at any time and that, in the event of termination, the value on realisation will match this yield rate.

d. Units in UCITS, UCI and other investment funds or special funds are

valued at the most recently determined net asset value available, as published by the respective Management Company, the investment vehicle itself or a contractually appointed agent. If an investment vehicle is also listed on a stock exchange, the Management Company may also use the most recently available price of the main market.

e. Exchange Traded Funds (ETFs) are valued at the last available price of

the main market. The Management Company may also use the latest available prices published by the respective Management Company, the investment vehicle itself or a contractually appointed agent.

In the event that no price can be determined or a price is not representative of the market or is impractical for the securities or investment instruments listed under (a) to (e) above, these securities or investment instruments, together with all the other assets, will be valued at their appropriate "fair value", determined in good faith by the Management Company. f. All assets not denominated in the respective subfund currency are

converted into this subfund currency at the latest exchange rate.

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3. If several unit classes are established for a subfund, in accordance with Article 5(3) of the general management regulations, the unit value is calculated as follows:

a. The unit value will be calculated separately for each unit class according

to the criteria laid down in paragraph 1 of this Article. b. The inflow of funds resulting from the issue of units increases the

percentage share of each unit class in the total value of the net subfund assets. The outflow of funds resulting from the redemption of units decreases the percentage share of each unit class in the total value of the net subfund assets.

c. In the event of a dividend distribution, the unit value for units authorised

to be distributed will be reduced by the amount of the dividend distribution. At the same time, the percentage share of the units authorised for distribution in the total value of the net fund assets decreases, while the percentage share of the units not authorised for distribution in the total value of the net fund assets increases.

4. An income equalisation procedure may be carried out for a subfund. 5. With regard to extensive redemption applications that cannot be satisfied

from the liquid assets and permissible borrowings of the respective subfund, the Management Company may determine the unit value on the basis of the prices on the valuation day on which it effects the requisite sales of securities for the subfund; the same will also apply to subscription orders for the subfund received simultaneously.

Article 8 Suspension of the calculation of unit value

1.The management company is entitled with regard to any subfund temporarily to suspend calculation of the unit value if and as long as circumstances exist that render such suspension necessary, and if suspension is justified taking account of the interests of unitholders, in particular:

a. when a stock exchange or a regulated market on which a substantial

portion of the subfund assets is valuated is closed (except for weekends or for ordinary bank holidays) or if trading thereon is restricted or suspended;

b. in emergency situations if the Management Company cannot access

investments belonging to a subfund or is unable to freely transfer the transaction value of investment purchases or sales or properly calculate the unit value.

2. The Management Company will immediately publish the suspension or

resumption of the calculation of unit value in at least one daily newspaper in the countries in which units in the respective subfund are admitted for official distribution, and will notify all unitholders who have offered units for redemption.

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Article 9 Redemption and conversion of units

1. Unitholders of a subfund are entitled to request the redemption of their units at the unit value at any time, less any applicable redemption fees (“redemption price”). Shares will only be redeemed on a valuation date. The redemption price shall be paid in the subfund currency within three banking days in Luxembourg after the corresponding valuation day upon return of the units.

2. Unless otherwise provided for in the annex to the respective subfund,

redemption applications received by the Management Company no later than 4.30 p.m. (Luxembourg time) on the day before the valuation day will be settled at the unit value of the following valuation day, and redemption applications received by the Management Company after 4.30 p.m. (Luxembourg time) on the day before the valuation day will be settled at the unit value of the second following valuation day.

3. The Management Company is entitled to carry out comprehensive

redemptions of more than 10% of the respective net subfund assets that cannot be covered using the subfund’s liquid funds and authorised borrowing once the corresponding assets of the respective subfund have been sold without delay. Investors who have offered their units for redemption will be notified immediately in an appropriate manner of any suspension of redemption and resumption of the same.

4. Units are exchanged on the basis of the unit value of the corresponding unit

classes or the corresponding subfund. A conversion fee may be charged by the distributor of the subfund into which conversion is made. If a conversion fee is charged, then it will be a maximum of 1% of the unit value of the subfund into which the conversion is to be made; this does not affect any additional payment on any difference between the sales charges on the unit value of the subfund in question. Unless otherwise provided for in the annex to the respective subfund, conversion applications received by the Management Company no later than 4.30 p.m. (Luxembourg time) on the day before the valuation day will be settled at the unit value of the following valuation day, and conversion applications received by the Management Company after 4.30 p.m. (Luxembourg time) on the day before the valuation day will be settled at the unit value of the second following valuation day.

5. The Custodian Bank is only obliged to make the payment if there are no

legal restrictions, such as exchange control legislation, or any other circumstances beyond the control of the Custodian Bank, which would prohibit the Custodian Bank from transferring the redemption proceeds into the country of the investor.

6. With regard to all subfunds, the Management Company may unilaterally

redeem units against payment of the redemption price, insofar as this is deemed necessary in the interests of all unitholders or for the protection of the Management Company or the respective subfund.

Article 10 Accounting year and auditing

1. The accounting year of the Fund is determined in the Sales Prospectus of that Fund.

2. The annual accounts of the Fund will be audited by an auditor appointed by

the Management Company.

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Article 11 Use of income

1. A subfund's use of income is determined in its annex to the Sales Prospectus. The Management Company decides for each subfund whether and when a distribution will occur.

If unit classes are formed for a subfund, this and any authorisation for distribution can be found in the corresponding annex to the Sales Prospectus.

2. Dividends may be distributed in cash or in the form of bonus units. 3. In accordance with the Management Company, in addition to distributions of

regular net income, distributions may be made in part or in whole at any time of realised capital gains, gains from the sale of subscription rights and/or other non-recurring income less realised capital losses, as well as other assets, provided the net fund assets do not fall below the minimum limit pursuant to Article 1(2) as a result of the distribution. If the respective annex provides for the distribution of income, the income may, in derogation of this, be accumulated upon a special decision of the Management Company.

4. Dividends are paid out on the units in circulation on the dividend day. Any proceeds that are not claimed within five years of publication of a dividend announcement shall be forfeited in favour of the particular subfund.

5. If the respective annex provides for the distribution of income, upon a

special decision of the Management Company, in addition to distributions of regular net income, distributions may be made in part or in whole at any time of realised capital gains, gains from the sale of subscription rights and/or other non-recurring income less realised capital losses, as well as other assets, provided the net fund assets do not fall below the minimum limit pursuant to Article 1(2) as a result of the distribution.

Article 12 Duration and liquidation of the Fund and the Subfunds Merger of the Fund and Subfunds

I. 1. The fund has been established for an indefinite period of time.

The Management Company may establish individual subfunds for an indefinite period. The term is specified in the respective annex to the Subfund. Subfunds are automatically dissolved upon expiry of their terms, if applicable. The Management Company may also wind up existing subfunds or the entire Fund at any time, provided that the net subfund assets of a subfund or the net assets of the entire Fund fall below an amount that the Management Company considers to be a minimum amount for ensuring efficient management as well as within the framework of a rationalisation or if the economic and/or political conditions change.

2. The dissolution of the Fund is required in the following cases:

a. if the Custodian Bank agreement is terminated without the

appointment of a new Custodian Bank within the legal or contractual deadlines;

b. if the Management Company files for bankruptcy or is dissolved for

any reason whatsoever;

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c. if the total Fund assets have remained under one quarter of the minimum limit set out in Article 1(2) of the Management Regulations for more than six months;

d. in other cases provided for in the Law of 17 December 2010.

3. If circumstances arise leading to the dissolution of the Fund or Subfund, the issue and redemption of units will be suspended. The custodian bank, on instruction from the management company or, where appropriate, from the liquidators appointed by the same or by the custodian bank, will distribute the liquidation proceeds less the liquidation costs and fees (“net liquidation proceeds”) among the unitholders of the respective subfund according to their entitlement.

Any net liquidation proceeds that are not claimed by unitholders by the time the liquidation process has ended will be deposited by the Custodian Bank after the liquidation process has ended at the Caisse des Consignations in Luxembourg for the account of the entitled unitholders. These sums are then forfeited if they are not claimed within the statutory period.

4. Neither unitholders, their heirs, successors in title or creditors may apply

for the dissolution or partitioning of a fund or a subfund. II.

The Management Company may decide, after prior approval from the CSSF in accordance with the conditions and procedures designated by the Law of 17 December 2010, to merge two or more subfunds of the Fund with each other or the fund or possibly a subfund of the Fund with another undertaking for collective investment in transferable securities ("UCITS") or a subfund of this UCITS, whereby this other UCITS may be established both in Luxembourg and in another Member State. The merger decision will be published in a newspaper determined by the Management Company in those countries in which units of the Fund or the Subfund(s) are distributed. The unitholders affected have the right, at no charge, to redeem their units at the unit value within 30 days or, if applicable in individual cases, to convert them into units of another fund with a similar investment policy managed by the same Management Company or another company with which the Management Company is related by common management or control, or by a substantial direct or indirect holding. The units of unitholders who have not requested redemption or conversion of their units are replaced on the basis of the unit values on the effective date of the amalgamation by units of the absorbing UCITS or subfund. Where required, the unitholders will receive settlement of fractional units. There is no possibility of a merger of the Fund or a Subfund with a Luxembourg undertaking for collective investment ("UCI") or with a Subfund of such UCI that is not a UCITS. Legal, advisory or management costs that are associated with the preparation or implementation of a merger are not charged to the fund or its unitholders.

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Article 13 Costs

1. Besides the fees listed in the Sales Prospectus (plus VAT, where applicable), the following costs may be charged to a subfund, together with any applicable VAT:

a. all costs incurred in relation to the acquisition, disposal and management

of assets, in particular customary bank charges for securities transactions and transactions involving other assets and rights of the Subfund and the safeguarding of such assets and rights, as well as customary bank charges for the safeguarding of foreign investment shares abroad;

b. all taxes and similar duties, which are chargeable to the assets, the

income or the expenses of the Subfund; c. costs for legal advice incurred by the management company or the

Custodian Bank if they have acted in the interests of the unitholders of the Subfund;

d. fees and costs for fund auditors; e. costs for the creation, preparation, storage, publication, printing and

dispatch of all documents required by the Fund, in particular unit certificates and coupon renewal sheets, the Sales Prospectus, the Key Investor Information (Key Investor Information Documents), the Annual and Semi-Annual Reports, the schedule of assets, the notifications to the shareholders, the notices of convening of meetings, sales notifications and/or applications for approval in the countries in which units in a subfund are sold, correspondence with the respective supervisory authorities;

f. costs for cashing dividend coupons; g. costs in relation to the drawing up, depositing and publication of the

Management Regulations and other documents concerning the Fund, such as the prospectuses, including expenses for applications to register with or written remarks for all official bodies and stock exchanges (including local security dealer associations), which must be sought in relation to the fund or the offering of its units;

h. printing and distribution expenses for the annual and half-yearly reports

for the unitholders in all requisite languages, as well as printing and operating expenses for any other reports and documents required in accordance with the applicable laws or regulations of the authorities in question;

i. costs for publications for the unitholders; j. a reasonable proportion of the costs for advertising and such costs as are

incurred directly in regard to the offering for sale and sale of units; k. fees for both domestic and foreign supervisory authorities as well as fees,

expenses and other costs of the Paying Agents, Information Agents, Sales Agents and other agents that must be appointed abroad, that are incurred in connection with the assets of the respective subfund;

l. costs for performance attribution;

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m. costs for credit assessments for the Fund and/or Subfunds by nationally and internationally approved rating agencies;

n. expenses incurred by any investment committee as well as costs for

associations representing interests and ongoing costs in connection with a possible stock exchange listing;

o. any other extraordinary or irregular expenditure that would customarily

be charged to the Subfund account; p. all third-party administration and safekeeping charges, which are

charged by other correspondent banks and/or clearing agencies (e.g. Clearstream Banking S.A.) for the assets of each subfund, as well as all third-party settlement, dispatch and insurance fees that are incurred in connection with the securities transactions of each subfund in fund units;

q. the transaction costs for the issue and redemption of units; r. management fees payable for the Fund or Subfund at the authorities,

especially management fees of the CSSF and other supervisory authorities as well as fees for lodging the documents of the Fund;

s. insurance costs; t. Expenses of the Board of Directors of the Management Company; u. General operating costs of the fund

2. All costs will be charged first against the fund’s ordinary income, then against

the capital gains and then against the respective subfund assets. 3. The assets of each subfund are only liable for the liabilities and costs for

the subfund in question. As a result, the costs of the individual subfunds, including set-up costs, are charged separately, provided that they affect only the subfund in question; otherwise, the costs are charged proportionally to the individual subfunds.

4. The set-up costs of the Fund, including the preparation, printing and

publication of the Sales Prospectus and Management Regulations, are written down within the first five financial years and charged to the Subfund existing on the day of its inception. Should additional subfunds be opened after the founding of the Fund, any accrued set-up costs that have still not been fully written off can be proportionately charged; likewise, the additional subfunds bear their respective specific launch costs; these costs can also be written off over a period of a maximum of five years from the launch date.

5. Parts of administrative and service charges that are listed in the Sales

Prospectus can be passed on to intermediaries, in particular as compensation for commercial services. This may also involve significant parts. The Management Company, the Custodian Bank, the Distributor, any investment manager who is appointed and/or the Investment Adviser may use sales support from third parties using any monies received, the calculation for which is typically based on brokered stocks.

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Article 14 Expiry of claims and presentation period

1. Claims made by the unitholders against the Management Company or the Custodian Bank cannot be brought before a court more than five years after the claim’s date of origin; this does not apply to Article 12(4) of the Management Regulations.

2. The presentation period for coupons is five years with effect from

publication of the respective dividend declaration.

Article 15 Amendments

Subject to the approval of the Custodian Bank, the Management Company may amend the Management Regulations at any time, in whole or in part.

Article 16 Publications

1. The first valid version of the Management Regulations, as well as any amendments, shall be entered in the trade and commercial register of the Luxembourg District Court and published by way of notice of deposit in the "Mémorial, Recueil des Sociétés et Associations", the Official Journal of the Grand Duchy of Luxembourg.

2. Issue and redemption prices can be obtained from the Management

Company, the Custodian Bank, the Paying Agents, Information Agents and Distributors. If required by law and so determined by the Management Company, the current issue and redemption prices will also be published in at least one national daily newspaper in the countries in which the units are publicly distributed. This also applies for any other information, especially compulsory notifications, to the unitholders. The Management Company may specify that the issue and redemption price of a subfund is only published on the website (www.axxion.lu). The current Sales Prospectus, the Key Investor Information (Key Investor Information Documents), the Annual and Semi-Annual Reports of the Fund may also be made available on the website.

3. For each fund, the Management Company creates a Sales Prospectus, the

Key Investor Information (Key Investor Information Documents) and an audited Annual and Semi-Annual Report, in accordance with the legal provisions of the Grand Duchy of Luxembourg.

4. Unitholders may obtain the documents listed under Paragraph 3 of this

Article at the registered office of the Management Company, the Custodian Bank and at each Paying Agent, Information Agent and Distributor.

5. The liquidation of the Fund shall be published by the Management

Company in the “Mémorial” and in at least two national daily newspapers, one of which is a Luxembourg newspaper, in accordance with Article 12 of the Management Regulations and statutory regulations.

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Article 17 Applicable law, jurisdiction and official language of the contract

1. The Management Regulations are subject to Luxembourg law. In particular, these regulations are supplemented by the provisions of the Law of 17 December 2010. This also applies to all legal relations between the unitholders, the Management Company and the Custodian Bank.

2. All legal disputes between unitholders, the Management Company and the

Custodian Bank are subject to the jurisdiction of the respective court in the Grand Duchy of Luxembourg. With regard to matters relating to a subfund, the Management Company and the Custodian Bank will be entitled to submit both themselves and such subfund to the jurisdiction and law of each country in which units of this subfund are publicly distributed, insofar as the matter relates to claims of investors resident in the country in question.

3. The German version of these Management Regulations is binding.

Article 18 Effective date

These Management Regulations come into effect on 01 November 2012. Luxembourg, 26 October 2012 The Management Company Axxion S.A. The Custodian Bank Banque de Luxembourg

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Annexes to the Sales Prospectus Annex 1 MULTI STRUCTURE FUND – GREIFF Special Value

Investment objectives

The objective of the investment policy of the Subfund is to generate an above-average, long-term growth in the value of the invested assets in the EUR fund currency.

Investment policy The Subfund may invest its assets in transferable securities and money market instruments of all kinds listed on a stock exchange or traded on another regulated market that operates regularly, is recognised and open to the public; examples of securities and instruments include shares, bonds (incl. fixed and variable rate bonds, zero coupon bonds, accrued interest bonds, stepped interest bonds), bearer bonds (incl. fixed and variable rate bearer bonds, discounted and accrued interest bearer bonds, stepped interest bearer bonds), debentures, certificates, money market instruments, participation and dividend-right certificates, convertible bonds and bonds with warrants; the subscription warrants of the warrant bonds relate exclusively to the base value, as defined by Article 41(I) of the Law of 17 December 2010 (transferable securities and money market instruments) or by financial indices, interest rates, exchange rates or currencies. Issuers of securities and money market instruments may originate locally or from abroad. The securities and money market instruments may also be in non-euro currencies. The subfund assets are not subject to any restrictions in terms of regional or sectoral focus areas. The subfund may also hold money market instruments, cash assets and time deposits of up to 100% in any currency and amount. The Subfund may invest in structured securities products (certificates), provided they are securities pursuant to Article 41(1) of the Law of 17 December 2010 relating to undertakings for collective investment and Article 2 of the Grand Ducal Regulation of 08 February 2008 and point 17 of the CESR∗ guideline CESR∗/07-044. The underlyings for the certificates may be any of the following: equity stock and rights, debt securities and rights such as equities, equity-like securities, participation and dividend-right certificates, fixed and variable-rate bonds including asset-backed securities (the ABS segment, up to a maximum of 20% of the net subfund assets), debt securities, convertible securities, option bonds, hedge funds, private equity investments, volatility investments, real estate and land investments, microfinance investments, commodities/goods and precious metals excluding a physical delivery, exchange rates, currencies, interest rates, funds on the mentioned underlyings and corresponding indices on the aforementioned underlyings.

∗ As at 01 January 2011 ESMA (European Securities and Markets Authority) ∗ As at 01 January 2011 ESMA (European Securities and Markets Authority)

48

Steps are taken to ensure that the financial indices mentioned are adequately diversified. The indices are chosen such that they form an adequate reference base for the market to which they relate. The indices are also published by appropriate means. If the underlyings of the structured securities products (certificates) are not the underlyings pursuant to Article 41 (I) of the Law of 17 December 2010 relating to undertakings for collective investment and Article 2 of the Grand Ducal Regulation of 08 February 2008, they are certificates that map the underlying almost 1:1. These structured securities products (certificates) must not contain an embedded derivative according to Article 2 (3) and/or Article 10 of the Grand Ducal Regulation of 08 February 2008 and point 23 CESR∗/07-044. In the context of the legal provisions and restrictions, the acquisition or sale of warrants, options, futures and the conclusion of other forward transactions is permitted for hedging against possible price decreases on the capital markets for speculation purposes and for efficient portfolio management. The underlying assets here will be instruments as defined in Article 41(1) of the Law of 17. December 2010 (securities and money market instruments) or financial indices, interest rates, exchange rates or currencies. The financial indices meet the requirements of Article 44 of the Law of 17 December 2010 and Article 9 of the Grand Ducal Regulation of 08 February 2008. Steps are taken to ensure that the financial indices mentioned are adequately diversified. The indices are chosen such that they form an adequate reference base for the market to which they relate. The indices are also published by appropriate means. Depending on the assessment of the market situation, the sub-fund assets may also be fully invested (no more than 100%) in one of the aforementioned investment segments, insofar as the investment policy for individual investment segments does not provide for any special restrictions. Depending on the situation on the stock market, the investments targeted by the Subfund may be highly diversified, which means that it constantly adjusts to the situation on the international capital markets. Up to 10% of net subfund assets can be invested in unlisted securities and unlisted money market instruments. Investments in all types of target funds are excluded, so that the Subfund is essentially an umbrella fund. The Subfund may also invest in other admissible assets, within the terms of the investment restrictions laid down in the Management Regulations.

Profile of the typical investor Investors should be seeking a long-term investment. The high return expectations of the investor are matched by a high tolerance for risk. The risks are mainly currency risk, credit risk, market interest rate risk and equity price risk.

∗ As at 01 January 2011 ESMA (European Securities and Markets Authority)

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Securities Identification Number Unit class P Unit class I

A0RDSU A0RDST

ISIN code Unit class P Unit class I

LU0404916784 LU0404916867

Minimum investment+ Unit class P Unit class I

none EUR 50,000

Initial issue price (plus sales charge) Unit class P Unit class I

EUR 100 EUR 100 (Fees and other costs incurred in the countries in which the Fund is distributed may be added to the issue price.)

Initial subscription period Unit class P Unit class I

19. – 22 December 2008 19. – 22 December 2008

Payment of the initial subscription price Unit class P Unit class I

29 December 2008 29 December 2008

Payment of the issue and redemption prices

Within three banking days in Luxembourg of the corresponding valuation day

Front-load fee (in % of unit value) Unit class P Unit class I

up to 5% up to 5%

+ At its discretion, the Management Company may derogate from the minimum investment.

50

Redemption fee (in % of unit value) Unit class P Unit class I

currently none currently none

Exchange fee (in % of unit value) Unit class P Unit class I

none none

Savings plan Unit class P Unit class I

from EUR 50 monthly, including front-end load none

Management fee (as a percentage of subfund assets) Unit class P Unit class I

up to 2% p.a. up to 1.50% p.a.

Performance fee The Management Company is also entitled to receive a performance fee each financial year, as long as the unit value adjusted for distributions or capital measures outperforms the 3-month Euribor plus 350 base points p.a. (hurdle rate) and the increase in value is higher than the current high watermark. The performance fee, amounting to 15% of outperformance, is calculated on each valuation day based on the average number of units in circulation and paid out annually in arrears. The unit value adjusted for distributions or capital measures at the end of the previous financial year is used to index the 3-month Euribor plus 350 base points p.a. (hurdle rate) to calculate the performance fee for the following financial year. Net accrued capital losses in a financial year are carried forward to future financial years, incurring a performance fee only if the unit price, adjusted for distributions or capital measures at the end of each financial year, reaches a new high ("high-water mark"). GREIFF capital management AG was appointed Investment Manager with effect from 20 April 2011. The unit price on this date is the new starting amount for calculating the performance fee. This fee does not include any value-added tax.

Service charge for unit classes P and I (as a percentage of subfund assets) (e.g. for marketing measures and sales support for the benefit of the Management Company)

up to 0.24% p.a.

51

Custodian bank fee (as a percentage of subfund assets)

up to 0.06% p.a. (min. EUR 9,000 p.a.)

Transaction fee to the Custodian

up to EUR 100 per standard security transaction

Central administration fee (as a percentage of subfund assets)

Fixed base fee of up to EUR 24,000 p.a. plus up to 0.04% p.a. and up to EUR 15 per transaction

Registrar and Transfer Agent fee

Fixed base fee of up to EUR 3,000 p.a. plus up to EUR 30 per transaction

Other costs and fees

Additional costs and fee may be charged to subfund assets, as described in the Management Regulations.

Sub-fund currency

EUR

Securitisation of unit certificates

Units are made available through an entry in the fund unit certificate register in the form of unit confirmations. The units may also be certified in global certificates; investors have no claim to delivery of actual units.

Application of income Reinvested

Stock-exchange listing Not provided

Authorised for sale in Grand Duchy of Luxembourg Federal Republic of Germany Republic of Austria

Risk management

Method: commitment approach

Duration of the subfund

The sub-fund has been established for an indefinite period of time.

52

Publication in Memorial C: - Management regulations dated

19 December 2008 - Amendments to the management

regulations of 20 April 2011 - Amendments to the management

regulations of 31 December 2011 - Amendments to the management

regulations of 01 September 2012

25 February 2009 01 June 2011 31 January 2012 25 September 2012

Costs which may be paid from the Subfund's assets

Management fee

The Management Company may charge a fee of up to 2% p.a. for unit class P and up to 1.50% p.a. for unit class I of the assets of the Subfund, which is calculated on each valuation day on the basis of the subfund assets and paid out monthly in arrears. This fee does not include any value-added tax.

Performance fee The Management Company is also entitled to receive a performance fee each financial year, as long as the unit value adjusted for distributions or capital measures outperforms the 3-month Euribor plus 350 base points p.a. (hurdle rate) and the increase in value is higher than the current high watermark. The performance fee, amounting to 15% of outperformance, is calculated on any valuation date based on the average number of units in circulation and paid out annually in arrears. The unit value adjusted for distributions or capital measures at the end of the previous financial year is used to index the 3-month Euribor plus 350 base points p.a. (hurdle rate) to calculate the performance fee for the following financial year. Net accrued capital losses in a financial year are carried forward to future financial years, incurring a performance fee only if the unit price, adjusted for distributions or capital measures at the end of each financial year, reaches a new high ("high-water mark"). GREIFF capital management AG was appointed Investment Manager with effect from 20 April 2011. The unit price on this date is the new starting amount for calculating the performance fee. This fee does not include any value-added tax.

Service charge

As reimbursement for the costs associated with ongoing support of the unitholders, the Management Company is entitled to receive a service charge of up to 0.24% p.a. of the assets of the Subfund paid out of the Subfund and calculated on each valuation day on the basis of the subfund assets and paid out monthly in arrears. This fee does not include any value-added tax.

53

Custodian bank fee

The Custodian Bank receives a fee of up to 0.06% p.a. of the subfund assets (at least EUR 9,000 p.a.), which is calculated on each valuation date on the basis of the subfund assets and paid out monthly in arrears. The Custodian Bank receives costs and expenses related to holding subfund assets in custody incurred by the Custodian as a result of permissible and subcontracting with third parties in line with customary market practice and in accordance with Article 3(2) of the Management Regulations. This fee does not include any value-added tax.

Transaction fee to the Custodian

The Custodian Bank will receive from the assets of the Subfund a custodian processing fee of up to EUR 100 per standard security transaction. This fee does not include any value-added tax.

Central administration fee

The Central Administration Agent receives a fixed base fee of up to EUR 24,000 p.a. and a variable fee of up to 0.04% p.a. of the Subfund's assets, which is calculated on each valuation date on the basis of the subfund assets and paid out monthly in arrears. A transaction booking fee of up to EUR 15 per transaction is also applied. This fee does not include any value-added tax.

Registrar and Transfer Agent fee The Registrar and Transfer Agent receives, from the Subfund's assets, a fixed base fee of up to EUR 3,000 p.a. and a transaction fee of up to EUR 30 per transaction. This fee does not include any value-added tax.

54

Annex 2 MULTI STRUCTURE FUND – INVESTTOR SRI Global

Investment objectives

The aim of the subfund’s investment policy is to generate regular income while at the same time ensuring long-term capital preservation by investing the subfund assets in the international capital markets.

Investment policy The Subfund may invest its assets in equities, equity index and equity basket certificates and certificates on legally permitted financial investments listed or traded on other recognised markets which are open to the public and function in a regular fashion (provided they are securities pursuant to Article 41(1) of the law of 17 December 2010), money market instruments and bonds of all types of domestic and foreign issuers, including zero-coupon, variable rate bonds, convertible bonds and bonds with warrants, whose warrants are on securities, as well as certificates on all the aforesaid underlyings. To a lesser extent, it may also invest in bonds with warrants on securities. The Subfund can invest up to 10% of net subfund assets in target funds within the statutory framework. Units in market-traded Directive-compliant (within the meaning of the Luxembourg Law of 17 December 2010 on undertakings for collective investment) investment units (Exchange Traded Funds) can also be acquired for the sub-fund; these can be actively and passively managed special funds. The target fund units acquired will without exception have been established under the laws of an EU Member State, Switzerland, Liechtenstein, the USA, Hong Kong, Canada, Japan or Norway. Up to 10% of net subfund assets can be invested in unlisted securities and unlisted money market instruments. This limit also includes investments of up to 10% of net subfund assets in special funds, regulated open-end property funds, private equity funds, hedge funds, open funds of funds and funds that invest directly or indirectly in commodities and for which physical delivery is excluded, provided that the above funds are subject to supervision equivalent to that of the CSSF and Article 2 of the Grand Ducal Regulation of 08 February 2008. The Subfund invests up to 10% of the net subfund assets in target funds of any kind so that the Subfund is essentially an umbrella fund. The subfund may also hold money market instruments, cash assets and time deposits of up to 100% in any currency and amount.

55

The Subfund may invest in structured securities products (certificates), provided they are securities pursuant to Article 41(1) of the Law of 17 December 2010 relating to undertakings for collective investment and Article 2 of the Grand Ducal Regulation of 08 February 2008 and point 17 of the CESR∗ guideline CESR∗/07-044. The underlyings for the certificates may be any of the following: equity stock and rights, debt securities and rights such as equities, equity-like securities, participation and dividend-right certificates, fixed and variable-rate bonds including asset-backed securities (the ABS segment, up to a maximum of 20% of the net subfund assets), debt securities, convertible securities, option bonds, hedge funds, private equity investments, volatility investments, real estate and land investments, microfinance investments, commodities/goods and precious metals excluding a physical delivery, exchange rates, currencies, interest rates, funds on the mentioned underlyings and corresponding indices on the aforementioned underlyings. Steps are taken to ensure that the financial indices mentioned are adequately diversified. The indices are chosen such that they form an adequate reference base for the market to which they relate. The indices are also published by appropriate means. If the underlyings of the structured securities products (certificates) are not the underlyings pursuant to Article 41 (I) of the Law of 17 December 2010 relating to undertakings for collective investment and Article 2 of the Grand Ducal Regulation of 08 February 2008, they are certificates that map the underlying almost 1:1. These structured securities products (certificates) must not contain an embedded derivative according to Article 2 (3) and/or Article 10 of the Grand Ducal Regulation of 08 February 2008 and point 23 CESR∗/07-044. The Subfund may also invest in other admissible assets, within the terms of the investment restrictions laid down in the management regulations. In the context of the legal provisions and restrictions, the acquisition or sale of warrants, options, futures and the conclusion of other forward transactions is permitted for hedging against possible price decreases on the capital markets for speculation purposes and for efficient portfolio management. The underlying assets here will be instruments as defined in Article 41(1) of the Law of 17 December 2010 (securities and money market instruments) or financial indices, interest rates, exchange rates or currencies. The financial indices meet the requirements of Article 44 of the Law of 17 December 2010 and Article 9 of the Grand Ducal Regulation of 08 February 2008. Steps are taken to ensure that the financial indices mentioned are adequately diversified. The indices are chosen such that they form an adequate reference base for the market to which they relate. The indices are also published by appropriate means. Depending on the situation on the stock market, the investments targeted by the subfund may be highly diversified, which means that it constantly adjusts to the situation on the international capital markets, within the restrictions imposed by its investment policy.

∗ As at 01 January 2011 ESMA (European Securities and Markets Authority) ∗ As at 01 January 2011 ESMA (European Securities and Markets Authority) ∗ As at 01 January 2011 ESMA (European Securities and Markets Authority)

56

Profile of the typical investor Investors should be seeking a long-term investment. The high return expectations of the investor are matched by a high tolerance for risk. The risks are mainly currency risk, credit risk, market interest rate risk and equity price risk.

Securities Identification Number Unit class A* Unit class P

A1CVE2 A0RD5M

ISIN code Unit class A*

Unit class P

LU0498676971 LU0404917329

Minimum investment+ Unit class A* Unit class P

EUR 1,000 EUR 1,000

Initial issue price (plus sales charge) Unit class A* Unit class P

EUR 50 EUR 50 (Fees and other costs incurred in the countries in which the Fund is distributed may be added to the issue price.)

Initial subscription period Unit class A* Unit class P

17 – 18 May 2010 17 – 18 May 2010

Payment of the initial subscription price Unit class A* Unit class P

21 May 2010 21 May 2010

Payment of the issue and redemption prices

Within three banking days in Luxembourg of the corresponding valuation day

* Unit class A is available to investors for subscription if they would like to use an online platform offered by the Distributor as an additional service. This is a secure platform which can only be accessed by registered investors of unit class A. + At its discretion, the Management Company may derogate from the minimum investment.

57

Front-load fee (in % of unit value) Unit class A* Unit class P

up to 1% up to 5%

Redemption fee (in % of unit value) Unit class A* Unit class P

up to 2% currently none

Conversion fee when converting from another subfund to the INVESTTOR SRI Global subfund (in % of the unit value and in favour of the Distributors of the Subfund in which the conversion takes place) Unit class A* Unit class P

up to 1% up to 1%

Conversion fee for switching between unit classes in the INVESTTOR SRI Global subfund (in % of the unit value and in favour of the Distributors of the Subfund in which the conversion takes place) Unit class A* Unit class P

up to 1% up to 2%

Savings plan Unit class A* Unit class P

none from EUR 100 monthly, including front-end load

Management fee (as a percentage of subfund assets) Unit class A* Unit class P

up to 1.25% p.a. up to 1.25% p.a.

* Unit class A is available to investors for subscription if they would like to use an online platform offered by the Distributor as an additional service. This is a secure platform which can only be accessed by registered investors of unit class A. * Unit class A is available to investors for subscription if they would like to use an online platform offered by the Distributor as an additional service. This is a secure platform which can only be accessed by registered investors of unit class A.

58

Service charge (as a percentage of subfund assets) (e.g. for marketing measures and sales support for the benefit of the Management Company)

up to 0.27% p.a. (currently min. EUR 1,500 p.m.; from 01 January 2013 min. EUR 2,000 p.m.)

Custodian bank fee (as a percentage of subfund assets)

up to 0.06% p.a. (min. EUR 9,000 p.a.)

Transaction fee to the Custodian

up to EUR 100 per standard security transaction

Central administration fee (as a percentage of subfund assets)

Fixed base fee of up to EUR 24,000 p.a. plus up to 0.04% p.a. and up to EUR 15 per transaction

Registrar and Transfer Agent fee

Fixed base fee of up to EUR 3,000 p.a. plus up to EUR 30 per transaction

Other costs and fees

Additional costs and fee may be charged to subfund assets, as described in the Management Regulations.

Sub-fund currency

EUR

Securitisation of unit certificates

Units are made available through an entry in the fund unit certificate register in the form of unit confirmations. The units may also be certified in global certificates; investors have no claim to delivery of actual units.

Application of income distributing

Stock-exchange listing Not provided

Authorised for sale in Grand Duchy of Luxembourg Federal Republic of Germany

59

Risk management

Method: relative value at risk Limit of total risk: up to 200% Benchmark portfolio: MSCI World EUR Index Expected leverage: currently 120% Maximum possible leverage: up to 200% The relevant lever arose from the relationship of the value at risk for the Fund to the value at risk of the comparison asset.

Duration of the subfund

The sub-fund has been established for an indefinite period of time. The Management Company may liquidate the subfund if its assets fall below EUR 1.5 million.

Publication in Memorial C: - Management regulations dated

19 December 2008 - Amendments to the management

regulations of 20 April 2011 - Amendments to the management

regulations of 31 December 2011 - Amendments to the management

regulations of 01 September 2012

25 February 2009 01 June 2011 31 January 2012 25 September 2012

Costs which may be paid from the Subfund's assets

Management fee

The Management Company is entitled to receive a fee of up to 1.25% p.a. from the assets of the Subfund which will be calculated on each valuation day on the basis of the subfund assets and paid out monthly in arrears. This fee does not include any value-added tax.

Service charge

To settle the costs associated with ongoing support of the unitholders, the Management Company may receive a service charge of up to 0.27% p.a. of the subfund assets (currently min. EUR 1,500 p.m.; from 01 January 2013 min. EUR 2.000,- p.m.), calculated on each valuation day on the basis of the subfund assets and paid out monthly in arrears. This fee does not include any value-added tax.

60

Custodian bank fee

The Custodian Bank receives a fee of up to 0.06% p.a. of the subfund assets (at least EUR 9,000 p.a.), which is calculated on each valuation date on the basis of the subfund assets and paid out monthly in arrears. The Custodian Bank receives costs and expenses related to holding subfund assets in custody incurred by the Custodian as a result of permissible and subcontracting with third parties in line with customary market practice and in accordance with Article 3(2) of the Management Regulations. This fee does not include any value-added tax.

Transaction fee to the Custodian

The Custodian Bank will receive from the assets of the Subfund a custodian processing fee of up to EUR 100 per standard security transaction. This fee does not include any value-added tax.

Central administration fee

The Central Administration Agent receives a fixed base fee of up to EUR 24,000 p.a. and a variable fee of up to 0.04% p.a. of the Subfund's assets, which is calculated on each valuation date on the basis of the subfund assets and paid out monthly in arrears. A transaction booking fee of up to EUR 15 per transaction is also applied. This fee does not include any value-added tax.

Registrar and Transfer Agent fee The Registrar and Transfer Agent receives, from the Subfund's assets, a fixed base fee of up to EUR 3,000 p.a. and a transaction fee of up to EUR 30 per transaction. This fee does not include any value-added tax.

61

Annex 3 MULTI STRUCTURE FUND – FOUR SEASONS FUND

Investment objectives

The objective of the Subfund is long-term capital accumulation and the generation of a medium-term positive absolute return. The fund strategy is based on the macroeconomic theory of Nikolai Kondratieff, which makes statements on short- and long-term economic cycles (so-called Kondratieff waves). According to this theory, economic growth potential is determined based on technical achievements, resulting in the following cycles: Upturn phase (“Kondratieff Spring”), strong growth phase (“Kondratieff Summer”), recession (“Kondratieff Autumn”) and depression (“Kondratieff Winter”). The tactical focus of the Subfund is then determined depending on the current wave. The subfund assets can therefore be flexibly invested in shares, bonds, currencies, commodities in the context of permissible financial instruments according to the Law of 17 December 2010 and liquid funds between 0 and 100%. The Subfund can also fully invest its assets in the so-called emerging markets. The investment is not focused on particular regions but on individual innovative companies worldwide. The fund strategy does not follow a rigid benchmark. Investment decisions concerning currency risk are based on a global macroeconomic analysis and, in particular, on the outlook for growth, inflation and the fiscal and budgetary policy of various countries and economic areas. The fund price can fluctuate sharply in the short term, which can lead to high risks for the investor in the short term. The Fund is suitable for medium to long-term oriented investors, who can tolerate the probable short-term volatility of the Fund. In order to achieve the positive earnings target, the average medium-term holding period shall be between at least 3 to 5 years. High risks can be associated with investing in the Fund, but these are countered by correspondingly high profit opportunities. The medium-term aim should be a significant absolute return.

Investment policy In order to reach its objectives, the Subfund may dynamically design the various portfolio components according to market conditions. The Subfund invests its assets on a stock exchange or another regulated market that operates regularly, is recognised and open to the public, in securities and money market instruments of all kinds, such as stocks, bonds, bearer bonds, debentures, certificates, money market instruments, participation and dividend-right certificates, convertible bonds and bonds with warrants; the warrants relate exclusively to base values as defined in Article 41(I) of the Law of 17 December 2010 (transferable securities and money market instruments) or financial indices, interest rates or currencies.

62

The Subfund may invest in structured securities products (certificates), provided they are securities pursuant to Article 41(1) of the Law of 17 December 2010 relating to undertakings for collective investment and Article 2 of the Grand Ducal Regulation of 08 February 2008 and point 17 of the CESR∗ guideline CESR∗/07-044. The underlyings for the certificates may be any of the following: equity stock and rights, debt securities and rights such as equities, equity-like securities, participation and dividend-right certificates, fixed and variable-rate bonds including asset-backed securities (the ABS segment, up to a maximum of 20% of net subfund assets), debt securities, convertible securities, option bonds, hedge funds, private equity investments, volatility investments, real estate and land investments, microfinance investments, commodities/goods and precious metals excluding a physical delivery, exchange rates, currencies, interest rates, funds on the mentioned underlyings and corresponding indices on the aforementioned underlyings. In the case of the aforesaid financial indices, it is ensured that they are adequately diversified. The indices are chosen such that they form an adequate reference base for the market to which they relate. Furthermore, the indices are also published using appropriate means. If the underlyings of the structured securities products (certificates) are not the underlyings pursuant to Article 41 (I) of the Law of 17 December 2010 relating to undertakings for collective investment and Article 2 of the Grand Ducal Regulation of 08 February 2008, they are certificates that map the underlying almost 1:1. These structured securities products (certificates) must not contain embedded derivatives according to Article 2(3) and/or Article 10 of the Grand Ducal Regulation of 08 February 2008 and point 23 CESR∗/07-044. The Subfund can invest up to 10% of net subfund assets in target funds within the statutory framework. Units in market-traded Directive-compliant (within the meaning of the Luxembourg Law of 17 December 2010 on undertakings for collective investment) investment units (Exchange Traded Funds) can also be acquired for the sub-fund; these can be actively and passively managed special funds. The fund units acquired will without exception have been launched under the law of an EU Member State, Switzerland, Liechtenstein, the United States, Hong Kong, Canada, Japan or Norway. Up to 10% of net subfund assets can be invested in unlisted securities and unlisted money market instruments. This limit also includes investments in special funds, regulated open-ended real estate funds, private equity funds, hedge funds, open funds of funds and funds that invest directly or indirectly in commodities and for which physical delivery is excluded, provided that the above funds are subject to supervision equivalent to that of the CSSF and Article 2 of the Grand Ducal Regulation of 08 February 2008. Up to 10% of the net subfund assets is invested in target funds of any kind so that the Subfund is essentially an umbrella fund. The subfund may also hold money market instruments, cash assets and time deposits of up to 100% in any currency and amount.

∗ As at 01 January 2011 ESMA (European Securities and Markets Authority) ∗ As at 01 January 2011 ESMA (European Securities and Markets Authority) ∗ As at 01 January 2011 ESMA (European Securities and Markets Authority)

63

In the context of the legal provisions and restrictions, the acquisition or sale of warrants, options, futures and the conclusion of other forward transactions is permitted for hedging against possible price decreases on the capital markets for speculation purposes and for efficient portfolio management. The underlying assets here will be instruments within the meaning of Article 41(1) of the Law of 17 December 2010 or financial indices, interest rates, exchange rates or currencies. The financial indices meet the requirements of Article 44 of the Law of 17 December 2010 and Article 9 of the Grand Ducal Regulation of 08 February 2008. Steps are taken to ensure that the financial indices mentioned are adequately diversified. The indices are chosen such that they form an adequate reference base for the market to which they relate. The indices are also published by appropriate means. Depending on the situation on the stock market, the investments targeted by the subfund may be highly diversified, which means that it constantly adjusts to the situation on the international capital markets, within the restrictions imposed by its investment policy.

Profile of the typical investor Investors should be seeking a medium- to long-term investment. The high return expectations of the investor are matched by a high tolerance for risk. Returns are not correlated to a benchmark. Investors should be prepared to tolerate possibly high volatility.

Securities Identification Number Unit class P Unit class I

A0RD5P A1JYTE

ISIN code Unit class P Unit class I

LU0404917758 LU0787086890

Minimum investment1 Unit class P Unit class I

EUR 1,000 EUR 250,000

Minimum follow-up investment2 Unit class I

EUR 100,000

1 At its discretion, the Management Company may derogate from the minimum investment. 2 At its discretion, the Management Company may derogate from the minimum follow-up investment.

64

Initial issue price (plus sales charge) Unit class P Unit class I

EUR 100 EUR 100 (Fees and other costs incurred in the countries in which the Fund is distributed may be added to the issue price.)

Initial subscription period Unit class P Unit class I

23 November – 04 December 2009 03 December – 28 December 2012

Payment of the initial subscription price Unit class P Unit class I

09 December 2009 02 January 2013

Payment of the issue and redemption prices

Within three banking days in Luxembourg of the corresponding valuation day

Front-load fee (in % of unit value) Unit class P Unit class I

up to 5% none

Redemption fee (in % of unit value) Unit class P Unit class I

currently none none

Exchange fee (in % of unit value) Unit class P Unit class I

none none

Savings plan Unit class P Unit class I

from EUR 50 monthly, including front-end load None

65

Management fee (as a percentage of subfund assets) Unit class P Unit class I

up to 1.50% p.a. up to 0.90% p.a.

Performance fee The Management Company is also entitled to receive a performance fee each financial year, as long as the unit value adjusted for dividend payments or capital measures outperforms the 3-month Euribor plus 200 base points p.a. (hurdle rate). The performance fee, amounting to 20% of outperformance, is calculated on any valuation date based on the average number of units in circulation and paid out annually in arrears. The unit value adjusted for distributions or capital measures at the end of the previous financial year is used to index the 3-month Euribor plus 200 base points (hurdle rate) to calculate the performance fee for the following financial year. A performance fee is only payable if the highest unit value adjusted for distributions or capital measures outperforms the previous three financial year ends.

Service charge (as a percentage of subfund assets) (e.g. for marketing measures and sales support for the benefit of the Management Company)

up to 0.30% p.a. (min. EUR 4,166.67 p.m.)

Custodian bank fee (as a percentage of subfund assets)

up to 0.06% p.a. (min. EUR 9,000 p.a.)

Transaction fee to the Custodian

up to EUR 100 per standard security transaction

Central administration fee (as a percentage of subfund assets)

Fixed base fee of up to EUR 24,000 p.a. plus up to 0.04% p.a. and up to EUR 15 per transaction

Registrar and Transfer Agent fee

Fixed base fee of up to EUR 3,000 p.a. plus up to EUR 30 per transaction

Other costs and fees

Additional costs and fee may be charged to subfund assets, as described in the Management Regulations.

66

Sub-fund currency

EUR

Securitisation of unit certificates

Units are made available through an entry in the fund unit certificate register in the form of unit confirmations. The units may also be certified in global certificates; investors have no claim to delivery of actual units.

Application of income Reinvested

Stock-exchange listing Not provided

Authorised for sale in Grand Duchy of Luxembourg Federal Republic of Germany

Risk management

Method: relative value at risk Limit of total risk: up to 200% Benchmark portfolio: MSCI World EUR Index Expected leverage: no leverage Maximum possible leverage: up to 200% The relevant lever arose from the relationship of the value at risk for the Fund to the value at risk of the comparison asset.

Duration of the subfund

The sub-fund has been established for an indefinite period of time. The Management Company may liquidate the subfund if its assets fall below EUR 1.5 million.

Publication in Memorial C: - Management regulations dated

19 December 2008 - Amendments to the management

regulations of 20 April 2011 - Amendments to the management

regulations of 31 December 2011 - Amendments to the management

regulations of 01 September 2012

25 February 2009 01 June 2011 31 January 2012 25 September 2012

67

Costs which may be paid from the Subfund's assets

Management fee

The Management Company may charge a fee of up to 1.50% p.a. for unit class P and up to 0.90% p.a. for unit class I of the assets of the Subfund, which is calculated on each valuation date on the basis of the subfund assets and paid out monthly in arrears. This fee does not include any value-added tax.

Performance fee

The Management Company is also entitled to receive a performance fee each financial year, as long as the unit value adjusted for dividend payments or capital measures outperforms the 3-month Euribor plus 200 base points p.a. (hurdle rate). The performance fee, amounting to 20% of outperformance, is calculated on any valuation date based on the average number of units in circulation and paid out annually in arrears. The unit value adjusted for distributions or capital measures at the end of the previous financial year is used to index the 3-month Euribor plus 200 base points (hurdle rate) to calculate the performance fee for the following financial year. A performance fee is only payable if the highest unit value adjusted for distributions or capital measures outperforms the previous three financial year ends. This fee does not include any value-added tax.

Service charge

To settle the costs associated with ongoing support of the unitholders, the Management Company may receive a service charge of up to 0.30% p.a. of the subfund assets (currently min. EUR 4,166.67 p.m.) calculated on each valuation date on the basis of the subfund assets and paid out monthly in arrears. This fee does not include any value-added tax.

Custodian bank fee

The Custodian Bank receives a fee of up to 0.06% p.a. of the subfund assets (at least EUR 9,000 p.a.), which is calculated on each valuation date on the basis of the subfund assets and paid out monthly in arrears. The Custodian Bank receives costs and expenses related to holding subfund assets in custody incurred by the Custodian as a result of permissible and subcontracting with third parties in line with customary market practice and in accordance with Article 3(2) of the Management Regulations. This fee does not include any value-added tax.

Transaction fee to the Custodian

The Custodian Bank will receive from the assets of the Subfund a custodian processing fee of up to EUR 100 per standard security transaction. This fee does not include any value-added tax.

68

Central administration fee

The Central Administration Agent receives a fixed base fee of up to EUR 24,000 p.a. and a variable fee of up to 0.04% p.a. of the Subfund's assets, which is calculated on each valuation date on the basis of the subfund assets and paid out monthly in arrears. A transaction booking fee of up to EUR 15 per transaction is also applied. This fee does not include any value-added tax.

Registrar and Transfer Agent fee The Registrar and Transfer Agent receives, from the Subfund's assets, a fixed base fee of up to EUR 3,000 p.a. and a transaction fee of up to EUR 30 per transaction. This fee does not include any value-added tax.

69

Annex 4 MULTI STRUCTURE FUND – 4D Asset-Oszillator

Investment objectives The objective of the Subfund is to generate a reasonable growth in the value of the invested assets.

Investment policy Units in target funds may be acquired for the Subfunds within the statutory framework. Units in market-traded Directive-compliant (within the meaning of the Luxembourg Law of 17 December 2010 on undertakings for collective investment) investment units (Exchange Traded Funds) can also be acquired for the sub-fund; these can be actively and passively managed special funds. The management fees of the funds acquired by the subfund may not exceed 3.50% p.a. The fund units acquired will without exception have been launched under the law of an EU Member State, Switzerland, Liechtenstein, the US, Hong Kong, Canada, Japan or Norway. In addition, the Subfund may invest its assets in transferable securities and money market instruments of all kinds listed on a stock exchange or traded on another regulated market that operates regularly, is recognised and open to the public; examples of securities and instruments include shares, bonds (incl. fixed and variable rate bonds, zero coupon bonds, accrued interest bonds, stepped interest bonds), bearer bonds (incl. fixed and variable rate bearer bonds, discounted and accrued interest bearer bonds, stepped interest bearer bonds), debentures, certificates, money market instruments, participation and dividend-right certificates, convertible bonds and bonds with warrants; the subscription warrants of the warrant bonds relate exclusively to base values as defined by Article 41(I) of the Law of 17 December 2010 (transferable securities and money market instruments) or by financial indices, interest rates, exchange rates or currencies. The Subfund may invest in structured securities products (certificates), provided they are securities pursuant to Article 41(1) of the Law of 17 December 2010 relating to undertakings for collective investment and Article 2 of the Grand Ducal Regulation of 08 February 2008 as well as point 17 of the CESR∗ guideline CESR∗/07-044. The underlyings for the certificates may be any of the following: equity stock and rights, debt securities and rights such as equities, equity-like securities, participation and dividend-right certificates, fixed and variable-rate bonds including asset-backed securities (the ABS segment, up to a maximum of 20% of the net subfund assets), debt securities, convertible securities, option bonds, hedge funds, private equity investments, volatility investments, real estate and land investments, microfinance investments, commodities/goods and precious metals excluding a physical delivery, exchange rates, currencies, interest rates, funds on the mentioned underlyings and corresponding indices on the aforementioned underlyings.

∗ As at 01 January 2011 ESMA (European Securities and Markets Authority) ∗ As at 01 January 2011 ESMA (European Securities and Markets Authority)

70

Steps are taken to ensure that the financial indices mentioned are adequately diversified. The indices are chosen such that they form an adequate reference base for the market to which they relate. The indices are also published by appropriate means. If the underlyings of the structured securities products (certificates) are not the underlyings pursuant to Article 41 (I) of the Law of 17 December 2010 relating to undertakings for collective investment and Article 2 of the Grand Ducal Regulation of 08 February 2008, they are certificates that map the underlying almost 1:1. These structured securities products (certificates) must not contain an embedded derivative according to Article 2 (3) and/or Article 10 of the Grand Ducal Regulation of 08 February 2008 and point 23 CESR∗/07-044. Issuers of securities and money market instruments may originate locally or from abroad. The securities and money market instruments may also be in non-euro currencies. The subfund may also hold money market instruments, cash assets and time deposits of up to 100% in any currency and amount. In the context of the legal provisions and restrictions, the acquisition or sale of warrants, options, futures and the conclusion of other forward transactions is permitted for hedging against possible price decreases on the capital markets for speculation purposes and for efficient portfolio management. The underlying assets here will be instruments within the meaning of Article 41(1) of the Law of 17 December 2010 or financial indices, interest rates, exchange rates or currencies. The financial indices meet the requirements of Article 44 of the Law of 17 December 2010 and Article 9 of the Grand Ducal Regulation of 08 February 2008. Steps are taken to ensure that the financial indices mentioned are adequately diversified. The indices are chosen such that they form an adequate reference base for the market to which they relate. The indices are also published by appropriate means. Up to 10% of net subfund assets can be invested in unlisted securities and unlisted money market instruments. This limit also includes investments in special funds, regulated open real estate funds, hedge funds, open funds of funds as well as funds that invest either directly or indirectly in commodities and for which a physical delivery is excluded, provided the aforementioned funds are subject to supervision equivalent to that of the Luxembourg Supervisory Authority (CSSF) and Article 2 of the Grand Ducal Regulation of 08 February 2008. Depending on the situation on the stock market, the investments targeted by the subfund may be highly diversified, which means that it constantly adjusts to the situation on the international capital markets, within the restrictions imposed by its investment policy.

Profile of the typical investor Investors should be seeking a long-term investment. The high return expectations of the investor are matched by a high tolerance for risk. The risks are mainly currency risk, credit risk, market interest rate risk and equity price risk.

∗ As at 01 January 2011 ESMA (European Securities and Markets Authority)

71

Securities Identification Number Unit class R Unit class I

A1JD3F A1JD3G

ISIN code Unit class R Unit class I

LU0665001441 LU0665001870

Minimum investment+ Unit class R Unit class I

none none

Initial issue price (plus sales charge) Unit class R Unit class I

EUR 100 EUR 100 (Fees and other costs incurred in the countries in which the Fund is distributed may be added to the issue price.)

Initial subscription period Unit class R Unit class I

28 September – 04 October 2011 28 September – 04 October 2011

Payment of the initial subscription price Unit class R Unit class I

07 October 2011 07 October 2011

Payment of the issue and redemption prices

Within three banking days in Luxembourg of the corresponding valuation day

Front-load fee (in % of unit value)

up to 5%

Redemption fee (in % of unit value)

currently none

+ At its discretion, the Management Company may derogate from the minimum investment.

72

Exchange fee (in % of unit value)

none

Savings plan Unit class R Unit class I

from EUR 50 monthly, including front-end load from EUR 50 monthly, including front-end load

Management fee (as a percentage of subfund assets) Unit class R Unit class I

up to 1.85% p.a. up to 0.85% p.a.

Performance fee Unit class R

The Management Company is also entitled to receive a performance fee each financial year of 18% of the growth in unit value, adjusted for distributions or capital measures above the 8% p.a. (hurdle rate). The performance fee is calculated on every valuation day based on the average number of units in circulation and paid out annually in arrears. The unit value adjusted for distributions or capital measures at the end of the previous financial year is used to calculate the hurdle rate for the following financial year. Net accrued capital losses in a financial year are carried forward to future financial years, incurring a performance fee only if the unit price, adjusted for distributions or capital measures at the end of each financial year, reaches a new high ("high-water mark").

Performance fee Unit class I

The Management Company is also entitled to receive a performance fee each financial year of 22% of the growth in unit value, adjusted for distributions or capital measures above the 8% p.a. (hurdle rate). The performance fee is calculated on every valuation day based on the average number of units in circulation and paid out annually in arrears. The unit value adjusted for distributions or capital measures at the end of the previous financial year is used to calculate the hurdle rate for the following financial year. Net accrued capital losses in a financial year are carried forward to future financial years, incurring a performance fee only if the unit price, adjusted for distributions or capital measures at the end of each financial year, reaches a new high ("high-water mark").

Service charge (as a percentage of subfund assets) (e.g. for marketing measures and sales support for the benefit of the Management Company)

up to 0.50% p.a.

73

Custodian bank fee (as a percentage of subfund assets)

up to 0.06% p.a. (min. EUR 9,000 p.a.)

Transaction fee to the Custodian

up to EUR 100 per standard security transaction

Central administration fee (as a percentage of subfund assets)

Fixed base fee of up to EUR 24,000 p.a. plus up to 0.04% p.a. and up to EUR 15 per transaction

Registrar and Transfer Agent fee

Fixed base fee of up to EUR 3,000 p.a. plus up to EUR 30 per transaction

Other costs and fees

Additional costs and fee may be charged to subfund assets, as described in the Management Regulations.

Sub-fund currency

EUR

Securitisation of unit certificates

Units are made available through an entry in the fund unit certificate register in the form of unit confirmations. The units may also be certified in global certificates; investors have no claim to delivery of actual units.

Application of income Unit class R Unit class I

distributing distributing

Stock-exchange listing Not provided

Authorised for sale in Grand Duchy of Luxembourg Federal Republic of Germany

74

Risk management

Method: relative value at risk Limit of total risk: up to 200% Benchmark portfolio: DAX Index Expected leverage: no leverage Maximum possible leverage: up to 200% The relevant lever arose from the relationship of the value at risk for the Fund to the value at risk of the comparison asset.

Duration of the subfund

The sub-fund has been established for an indefinite period of time. The Management Company may liquidate the subfund if its assets fall below EUR 1.5 million.

Publication in Memorial C: - Management regulations dated

19 December 2008 - Amendments to the management

regulations of 20 April 2011 - Amendments to the management

regulations of 31 December 2011 - Amendments to the management

regulations of 01 September 2011

25 February 2009 01 June 2011 31 January 2012 25 September 2012

Costs which may be paid from the Subfund's assets

Management fee

The Management Company may charge a fee of up to 1.85% p.a. for unit class R and up to 0.85% p.a. for unit class I of the assets of the subfund, which is calculated on each valuation day on the basis of the subfund assets and paid out monthly in arrears. This fee does not include any value-added tax.

Performance fee Unit class R

The Management Company is also entitled to receive a performance fee each financial year of 18% of the growth in unit value, adjusted for distributions or capital measures above the 8% p.a. (hurdle rate). The performance fee is calculated on every valuation day based on the average number of units in circulation and paid out annually in arrears. The unit value adjusted for distributions or capital measures at the end of the previous financial year is used to calculate the hurdle rate for the following financial year. Net accrued capital losses in a financial year are carried forward to future financial years, incurring a performance fee only if the unit price, adjusted for distributions or capital measures at the end of each financial year, reaches a new high ("high-water mark"). This fee does not include any value-added tax.

75

Performance fee Unit class I

The Management Company is also entitled to receive a performance fee each financial year of 22% of the growth in unit value, adjusted for distributions or capital measures above the 8% p.a. (hurdle rate). The performance fee is calculated on every valuation day based on the average number of units in circulation and paid out annually in arrears. The unit value adjusted for distributions or capital measures at the end of the previous financial year is used to calculate the hurdle rate for the following financial year. Net accrued capital losses in a financial year are carried forward to future financial years, incurring a performance fee only if the unit price, adjusted for distributions or capital measures at the end of each financial year, reaches a new high ("high-water mark"). This fee does not include any value-added tax.

Service charge

As reimbursement for the costs associated with ongoing support of the unitholders, the Management Company is entitled to receive a service charge of up to 0.50% p.a. of the Subfund's assets paid out of the Subfund and calculated on each valuation day on the basis of the subfund assets and paid out monthly in arrears. This fee does not include any value-added tax.

Custodian bank fee

The Custodian Bank receives a fee of up to 0.06% p.a. of the subfund assets (at least EUR 9,000 p.a.), which is calculated on each valuation date on the basis of the subfund assets and paid out monthly in arrears. The Custodian Bank receives costs and expenses related to holding subfund assets in custody incurred by the Custodian as a result of permissible and subcontracting with third parties in line with customary market practice and in accordance with Article 3(2) of the Management Regulations. This fee does not include any value-added tax.

Transaction fee to the Custodian

The Custodian Bank will receive from the assets of the Subfund a custodian processing fee of up to EUR 100 per standard security transaction. This fee does not include any value-added tax.

Central administration fee

The Central Administration Agent receives a fixed base fee of up to EUR 24,000 p.a. and a variable fee of up to 0.04% p.a. of the Subfund's assets, which is calculated on each valuation date on the basis of the subfund assets and paid out monthly in arrears. A transaction booking fee of up to EUR 15 per transaction is also applied. This fee does not include any value-added tax.

76

Registrar and Transfer Agent fee The Registrar and Transfer Agent receives, from the Subfund's assets, a fixed base fee of up to EUR 3,000 p.a. and a transaction fee of up to EUR 30 per transaction. This fee does not include any value-added tax.

77

Annex 5 MULTI STRUCTURE FUND – MAMActive Global Eye

Investment objectives The aim of the subfund’s investment policy is to generate regular income while at the same time ensuring long-term capital preservation by investing the subfund assets in the international capital markets.

Investment policy The Subfund may invest up to 100% of its net assets in liquid funds and fixed deposits in any currency, on stock exchanges or another regulated market that operates regularly, is recognised and open to the public, in securities and money market instruments of all kinds, such as stocks, bonds, bearer bonds, debentures, certificates, money market instruments, participation certificates, dividend-right certificates, or convertible bonds and bonds with warrants; the warrants relate exclusively to base values as defined in Article 41(I) of the Law of 17 December 2010 (transferable securities and money market instruments) or financial indices, interest rates or currencies. The subfund may invest in structured securities products (certificates), provided they are securities pursuant to Article 41 (1) of the Law of 17 December 2010 relating to undertakings for collective investments. The underlyings for the certificates may be any of the following: equity stock and rights, debt securities and rights such as equities, equity-like securities, participation and dividend-right certificates, fixed and variable-rate bonds including asset-backed securities (the ABS segment, up to a maximum of 20% of the net subfund assets), debt securities, convertible securities, option bonds, hedge funds, private equity investments, volatility investments, real estate and land investments, microfinance investments, commodities/goods and precious metals excluding a physical delivery, exchange rates, currencies, interest rates, funds on the mentioned underlyings and corresponding indices on the aforementioned underlyings. Steps are taken to ensure that the financial indices mentioned are adequately diversified. The indices are chosen such that they form an adequate reference base for the market to which they relate. The indices are also published by appropriate means. If the underlyings of the structured securities products (certificates) are not the underlyings pursuant to Article 41 (I) of the Law of 17 December 2010 relating to undertakings for collective investment and Article 2 of the Grand Ducal Regulation of 08 February 2008, they are certificates that map the underlying almost 1:1. These structured securities products (certificates) must not contain embedded derivatives according to Article 2(3) and/or Article 10 of the Grand Ducal Regulation of 08 February 2008 and point 23 CESR∗/07-044.

∗ As at 01 January 2011 ESMA (European Securities and Markets Authority)

78

The Subfund can invest up to 10% of net subfund assets in target funds within the statutory framework. Units in market-traded Directive-compliant (within the meaning of the Luxembourg Law of 17 December 2010 on undertakings for collective investment) investment units (Exchange Traded Funds) can also be acquired for the sub-fund; these can be actively and passively managed special funds. The fund units acquired will without exception have been launched under the law of an EU Member State, Switzerland, Liechtenstein, the United States, Hong Kong, Canada, Japan or Norway. Up to 10% of net subfund assets can be invested in unlisted securities and unlisted money market instruments. This limit also includes investments in special funds, regulated open-ended real estate funds, private equity funds, hedge funds, open funds of funds and funds that invest directly or indirectly in commodities and for which physical delivery is excluded, provided that the above funds are subject to supervision equivalent to that of the CSSF and Article 2 of the Grand Ducal Regulation of 08 February 2008. Up to 10% of the net subfund assets is invested in target funds of any kind so that the Subfund is essentially an umbrella fund. Within statutory limits, placements not yet listed at the time of issue may be acquired provided stock exchange listing is obtained within one year of investment (Article 41(1)(d) of the Luxembourg Law of 17 December 2010). Depending on the assessment of the market situation, investments of the subfund assets within the aforementioned investment segments or a fund category may vary substantially. In the context of the legal provisions and restrictions, the acquisition or sale of warrants, options, futures and the conclusion of other forward transactions is permitted for hedging against possible price decreases on the capital markets for speculation purposes and for efficient portfolio management. The underlying assets here will be instruments as defined in Article 41(1) of the Law of 17 December 2010 (securities and money market instruments) or financial indices, interest rates, exchange rates or currencies. The financial indices meet the requirements of Article 44 of the Law of 17 December 2010 and Article 9 of the Grand Ducal Regulation of 08 February 2008. Steps are taken to ensure that the financial indices mentioned are adequately diversified. The indices are chosen such that they form an adequate reference base for the market to which they relate. The indices are also published by appropriate means. The use of derivatives may entail increased risks because of the leverage effect.

Profile of the typical investor Investors should be seeking a long-term investment. The high return expectations of the investor are matched by a high tolerance for risk. The risks are mainly currency risk, credit risk, market interest rate risk and equity price risk.

Securities Identification Number Unit class P

A0RD5L

79

ISIN code Unit class P

LU0404918210

Minimum investment+ Unit class P

None

Initial issue price (plus sales charge) Unit class P

EUR 100 (Fees and other costs incurred in the countries in which the Fund is distributed may be added to the issue price.)

Initial subscription period Unit class P

25. January 2012 – 25. April 2012

Payment of the initial subscription price Unit class P

30. April 2012

Payment of the issue and redemption prices

Within three banking days in Luxembourg of the corresponding valuation day

Front-load fee (in % of unit value) Unit class P

up to 5%

Redemption fee (in % of unit value) Unit class P

currently none

Exchange fee (in % of unit value) Unit class P

None

+ At its discretion, the Management Company may derogate from the minimum initial investment.

80

Savings plan Unit class P

from EUR 100 monthly, including front-end load

Management fee (as a percentage of subfund assets) Unit class P

up to 1.80% p.a.

Performance fee The Management Company is also entitled to receive a performance fee each financial year of 20% of the growth in unit value, adjusted for distributions or capital measures above the 6% p.a. (hurdle rate). The performance fee is calculated on every valuation day based on the average number of units in circulation and paid out annually in arrears. The unit value adjusted for distributions or capital measures at the end of the previous financial year is used to calculate the hurdle rate for the following financial year. Net accrued capital losses in a financial year are carried forward to future financial years, incurring a performance fee only if the unit price, adjusted for distributions or capital measures at the end of each financial year, reaches a new high ("high-water mark").

Service charge (as a percentage of subfund assets) (e.g. for marketing measures and sales support for the benefit of the Management Company)

up to 0.25% p.a. (min. EUR 2,000 p.m.)

Custodian bank fee (as a percentage of subfund assets)

up to 0.06% p.a. (min. EUR 9,000 p.a.)

Transaction fee to the Custodian

up to EUR 100 per standard security transaction

Central administration fee (as a percentage of subfund assets)

Fixed base fee of up to EUR 24,000 p.a. plus up to 0.04% p.a. and up to EUR 15 per transaction

Registrar and Transfer Agent fee

Fixed base fee of up to EUR 3,000 p.a. plus up to EUR 30 per transaction

81

Other costs and fees

Additional costs and fee may be charged to subfund assets, as described in the Management Regulations.

Sub-fund currency

EUR

Securitisation of unit certificates

Units are made available through an entry in the fund unit certificate register in the form of unit confirmations. The units may also be certified in global certificates; investors have no claim to delivery of actual units.

Application of income Reinvested

Stock-exchange listing Not provided

Authorised for sale in Grand Duchy of Luxembourg Federal Republic of Germany

Risk management

Method: relative value at risk Limit of total risk: up to 200% Benchmark portfolio: MSCI World EUR Index Expected leverage: no leverage Maximum possible leverage: up to 200% The relevant lever arose from the relationship of the value at risk for the Fund to the value at risk of the comparison asset.

Duration of the subfund

The sub-fund has been established for an indefinite period. The Management Company may liquidate the Subfund if its assets fall below EUR 1.5 million.

Publication in Memorial C: - Management regulations dated

19 December 2008 - Amendments to the management

regulations of 20 April 2011 - Amendments to the management

regulations of 31 December 2011 - Amendments to the management

regulations of 01 September 2012

25 February 2009 01 June 2011 31 January 2012 25 September 2012

82

Costs which may be paid from the Subfund's assets

Management fee

The Management Company is entitled to receive a fee of up to 1.80% p.a. for unit class P from the assets of the Subfund which will be calculated on each valuation day on the basis of the subfund assets and paid out monthly in arrears. This fee does not include any value-added tax.

Performance fee

The Management Company is also entitled to receive a performance fee each financial year of 20% of the growth in unit value, adjusted for distributions or capital measures above the 6% p.a. (hurdle rate). The performance fee is calculated on every valuation day based on the average number of units in circulation and paid out annually in arrears. The unit value adjusted for distributions or capital measures at the end of the previous financial year is used to calculate the hurdle rate for the following financial year. Net accrued capital losses in a financial year are carried forward to future financial years, incurring a performance fee only if the unit price, adjusted for distributions or capital measures at the end of each financial year, reaches a new high ("high-water mark"). This fee does not include any value-added tax.

Service charge

As reimbursement for the costs associated with ongoing support of the unitholders, the Management Company is entitled to receive a service charge of up to 0.25% p.a. (at least EUR 2,000 p.m.) of the assets of the Subfund paid out of the Subfund and calculated on each valuation day on the basis of the subfund assets and paid out monthly in arrears. This fee does not include any value-added tax.

Custodian bank fee

The Custodian Bank receives a fee of up to 0.06% p.a. of the subfund assets (at least EUR 9,000 p.a.), which is calculated on each valuation date on the basis of the subfund assets and paid out monthly in arrears. The Custodian Bank receives costs and expenses related to holding subfund assets in custody incurred by the Custodian as a result of permissible and subcontracting with third parties in line with customary market practice and in accordance with Article 3(2) of the Management Regulations. This fee does not include any value-added tax.

83

Transaction fee to the Custodian

The Custodian Bank will receive from the assets of the Subfund a custodian processing fee of up to EUR 100 per standard security transaction. This fee does not include any value-added tax.

Central administration fee

The Central Administration Agent receives a fixed base fee of up to EUR 24,000 p.a. and a variable fee of up to 0.04% p.a. of the Subfund's assets, which is calculated on each valuation date on the basis of the subfund assets and paid out monthly in arrears. A transaction booking fee of up to EUR 15 per transaction is also applied. This fee does not include any value-added tax.

Registrar and Transfer Agent fee The Registrar and Transfer Agent receives, from the Subfund's assets, a fixed base fee of up to EUR 3,000 p.a. and a transaction fee of up to EUR 30 per transaction. This fee does not include any value-added tax.

84

Annex 6 MULTI STRUCTURE FUND – VOLATILITY

Investment objectives The objective of the investment policy is to generate the highest possible growth in the value of the invested assets.

Investment policy The Subfund may invest its assets on stock exchanges or another regulated market that operates regularly, is recognised and open to the public, in securities and money market instruments of all kinds, such as stocks, bonds, bearer bonds, debentures, certificates, money market instruments, participation and dividend-right certificates, or convertible bonds and bonds with warrants; the warrants relate exclusively to base values as defined in Article 41(I) of the Law of 17 December 2010 (transferable securities and money market instruments) or financial indices, interest rates or currencies. In the context of the legal provisions and restrictions, the acquisition or sale of warrants, options, futures and the conclusion of other forward transactions is permitted for hedging against possible price decreases on the capital markets for speculation purposes and for efficient portfolio management. The underlying assets here will be instruments as defined in Article 41(1) of the Law of 17 December 2010 (securities and money market instruments) or financial indices, interest rates, exchange rates or currencies. The financial indices meet the requirements of Article 44 of the Law of 17 December 2010 and Article 9 of the Grand Ducal Regulation of 08 February 2008. Steps are taken to ensure that the financial indices mentioned are adequately diversified. The indices are chosen such that they form an adequate reference base for the market to which they relate. The indices are also published by appropriate means. The Subfund may invest in structured securities products (certificates), provided they are securities pursuant to Article 41(1) of the Law of 17 December 2010 relating to undertakings for collective investment and Article 2 of the Grand Ducal Regulation of 08 February 2008 and point 17 of the CESR∗ guideline CESR∗/07-044. The underlyings for the certificates may be any of the following: equity stock and rights, debt securities and rights such as equities, equity-like securities, participation and dividend-right certificates, fixed and variable-rate bonds including asset-backed securities (the ABS segment, up to a maximum of 20% of the net subfund assets), debt securities, convertible securities, option bonds, hedge funds, private equity investments, volatility investments, real estate and land investments, microfinance investments, commodities/goods and precious metals excluding a physical delivery, exchange rates, currencies, interest rates, funds on the mentioned underlyings and corresponding indices on the aforementioned underlyings. Steps are taken to ensure that the financial indices mentioned are adequately diversified. The indices are chosen such that they form an adequate reference base for the market to which they relate. The indices are also published by appropriate means.

∗ As at 01 January 2011 ESMA (European Securities and Markets Authority) ∗ As at 01 January 2011 ESMA (European Securities and Markets Authority)

85

If the underlyings of the structured securities products (certificates) are not the underlyings pursuant to Article 41 (I) of the Law of 17 December 2010 relating to undertakings for collective investment and Article 2 of the Grand Ducal Regulation of 08 February 2008, they are certificates that map the underlying almost 1:1. These structured securities products (certificates) must not contain an embedded derivative according to Article 2 (3) and/or Article 10 of the Grand Ducal Regulation of 08 February 2008 and point 23 CESR∗/07-044. Depending on the assessment of the market situation, the subfund assets may also be temporarily fully invested (no more than 100%) in one of the aforesaid investment segments. The Subfund can, in derogation thereof, invest up to 10% of net subfund assets in target funds within the statutory framework. Units in market-traded Directive-compliant (within the meaning of the Luxembourg Law of 17 December 2010 on undertakings for collective investment) investment units (Exchange Traded Funds) can also be acquired for the sub-fund; these can be actively and passively managed special funds. The fund units acquired will without exception have been launched under the law of an EU Member State, Switzerland, Liechtenstein, the United States, Hong Kong, Canada, Japan or Norway. Up to 10% of net subfund assets can be invested in unlisted securities and unlisted money market instruments. This limit also includes investments in special funds, regulated open real estate funds, hedge funds, open funds of funds as well as funds that invest either directly or indirectly in commodities and for which a physical delivery is excluded, provided the aforementioned funds are subject to supervision equivalent to that of the Luxembourg Supervisory Authority (CSSF) and Article 2 of the Grand Ducal Regulation of 08 February 2008. The Subfund invests up to 10% of the net subfund assets in target funds of any kind so that the Subfund is essentially an umbrella fund. The Subfund may also hold money market instruments, cash assets and time deposits of up to 100% in any currency. Depending on the situation on the stock market, the investments targeted by the subfund may be highly diversified, which means that it constantly adjusts to the situation on the international capital markets, within the restrictions imposed by its investment policy.

Profile of the typical investor Investors should be seeking a long-term investment. The high return expectations of the investor are matched by a high tolerance for risk. The risks are mainly currency risk, credit risk, market interest rate risk and equity price risk.

∗ As at 01 January 2011 ESMA (European Securities and Markets Authority)

86

Securities Identification Number Unit class P Unit class I

A0RD5N A0JD3E

ISIN code Unit class P Unit class I

LU0404918301 LU0665001102

Minimum investment+ Unit class P Unit class I

none EUR 100,000

Initial issue price (plus sales charge) Unit class P Unit class I

EUR 100 EUR 1,000 (Fees and other costs incurred in the countries in which the Fund is distributed may be added to the issue price.)

Initial subscription period Unit class P Unit class I

28 – 30 September 2011 28 – 30 September 2011

Payment of the initial subscription price Unit class P Unit class I

05 October 2011 05 October 2011

Payment of the issue and redemption prices

Within three banking days in Luxembourg of the corresponding valuation day

Front-load fee (in % of unit value) Unit class P Unit class I

up to 5% none

+ At its discretion, the Management Company may derogate from the minimum investment.

87

Redemption fee (in % of unit value) Unit class P Unit class I

currently none currently none

Exchange fee (in % of unit value) Unit class P Unit class I

none none

Savings plan Unit class P Unit class I

none none

Management fee (as a percentage of subfund assets) Unit class P Unit class I

up to 1.80% p.a. up to 1.30% p.a.

Performance fee The Management Company is also entitled to receive a performance fee each quarter of 20% of the growth in unit value, adjusted for distributions or capital measures. The performance fee is calculated on every valuation day based on the average number of units in circulation and paid out quarterly in arrears. Net accrued capital losses in a financial quarter are carried forward to future financial quarters, incurring a performance fee only if the unit price, adjusted for distributions or capital measures at the end of each financial quarter, reaches a new high ("high-water mark").

Service charge for unit classes P and I (as a percentage of subfund assets) (e.g. for marketing measures and sales support for the benefit of the Management Company)

up to 0.50% p.a.

Custodian bank fee (as a percentage of subfund assets)

up to 0.06% p.a. (min. EUR 9,000 p.a.)

88

Transaction fee to the Custodian

up to EUR 100 per standard security transaction

Central administration fee (as a percentage of subfund assets)

Fixed base fee of up to EUR 24,000 p.a. plus up to 0.04% p.a. and up to EUR 15 per transaction

Registrar and Transfer Agent fee

Fixed base fee of up to EUR 3,000 p.a. plus up to EUR 30 per transaction

Other costs and fees

Additional costs and fee may be charged to subfund assets, as described in the Management Regulations.

Sub-fund currency

EUR

Securitisation of unit certificates

Units are made available through an entry in the fund unit certificate register in the form of unit confirmations. The units may also be certified in global certificates; investors have no claim to delivery of actual units.

Application of income distributing

Stock-exchange listing Not provided

Authorised for sale in Grand Duchy of Luxembourg Federal Republic of Germany Republic of Austria

Risk management

Method: commitment approach

Duration of the subfund

The sub-fund has been established for an indefinite period of time. The Management Company may liquidate the subfund if its assets fall below EUR 1.5 million.

89

Publication in Memorial C: - Management regulations dated

19 December 2008 - Amendments to the management

regulations of 20 April 2011 - Amendments to the management

regulations of 31 December 2011 - Amendments to the management

regulations of 01 September 2012

25 February 2009 01 June 2011 31 January 2012 25 September 2012

Costs which may be paid from the Subfund's assets

Management fee

The Management Company may charge a fee of up to 1.80% p.a. for unit class P and up to 1.30% p.a. for unit class I of the assets of the Subfund, which is calculated on each valuation date on the basis of the subfund assets and paid out monthly in arrears. This fee does not include any value-added tax.

Performance fee The Management Company is also entitled to receive a performance fee each quarter of 20% of the growth in unit value, adjusted for distributions or capital measures. The performance fee is calculated on every valuation day based on the average number of units in circulation and paid out quarterly in arrears. Net accrued capital losses in a quarter are carried forward to future quarters, incurring a performance fee only if the unit price, adjusted for distributions or capital measures at the end of each quarter, reaches a new high ("high-water mark"). This fee does not include any value-added tax.

Service charge

As reimbursement for the costs associated with ongoing support of the unitholders, the Management Company is entitled to receive a service charge of up to 0.50% p.a. of the assets of the Subfund paid out of the Subfund and calculated on each valuation day on the basis of the subfund assets and paid out monthly in arrears. This fee does not include any value-added tax.

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Custodian bank fee

The Custodian Bank receives a fee of up to 0.06% p.a. of the subfund assets (at least EUR 9,000 p.a.), which is calculated on each valuation date on the basis of the subfund assets and paid out monthly in arrears. The Custodian Bank receives costs and expenses related to holding subfund assets in custody incurred by the Custodian as a result of permissible and subcontracting with third parties in line with customary market practice and in accordance with Article 3(2) of the Management Regulations. This fee does not include any value-added tax.

Transaction fee to the Custodian

The Custodian Bank will receive from the assets of the Subfund a custodian processing fee of up to EUR 100 per standard security transaction. This fee does not include any value-added tax.

Central administration fee

The Central Administration Agent receives a fixed base fee of up to EUR 24,000 p.a. and a variable fee of up to 0.04% p.a. of the Subfund's assets, which is calculated on each valuation date on the basis of the subfund assets and paid out monthly in arrears. A transaction booking fee of up to EUR 15 per transaction is also applied. This fee does not include any value-added tax.

Registrar and Transfer Agent fee The Registrar and Transfer Agent receives, from the Subfund's assets, a fixed base fee of up to EUR 3,000 p.a. and a transaction fee of up to EUR 30 per transaction. This fee does not include any value-added tax.

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Annex 7 MULTI STRUCTURE FUND – CONTIOMAGUS

Investment objectives The aim of the Subfund’s investment policy is to achieve continuous gains by investing the Subfund assets in the international capital markets in the context of an absolute return strategy.

Investment policy With the help of a proprietary trend-based approach, the weighting of bond and equity markets – primarily on the German stock market index (DAX) – is constantly varied using permissible derivative instruments such as e.g. DAX futures, to realise the objective of a positive development of the unit price in both positive and negative market phases. The Subfund may primarily invest its assets on stock exchanges or another regulated market that operates regularly, is recognised and open to the public, in securities and money market instruments of all kind, such as stocks, bonds, bearer bonds, debentures, certificates, participation and dividend-right certificates, or convertible bonds and bonds with warrants; the warrants relate exclusively to base values as defined in Article 41(I) of the Law of 17 December 2010 (transferable securities and money market instruments) or financial indices, interest rates or currencies. The Subfund may invest in structured securities products (certificates), provided they are securities pursuant to Article 41(1) of the Law of 17 December 2010 relating to undertakings for collective investment and Article 2 of the Grand Ducal Regulation of 08 February 2008 and point 17 of the CESR∗ guideline CESR∗/07-044. The underlyings for the certificates may be any of the following: equity stock and rights, debt securities and rights such as equities, equity-like securities, participation and dividend-right certificates, fixed and variable-rate bonds including asset-backed securities (the ABS segment, up to a maximum of 20% of net subfund assets), debt securities, convertible securities, option bonds, hedge funds, private equity investments, volatility investments, real estate and land investments, microfinance investments, commodities/goods and precious metals excluding a physical delivery, exchange rates, currencies, interest rates, funds on the mentioned underlyings and corresponding indices on the aforementioned underlyings. Steps are taken to ensure that the financial indices mentioned are adequately diversified. The indices are chosen such that they form an adequate reference base for the market to which they relate. The indices are also published by appropriate means.

∗ As at 01 January 2011 ESMA (European Securities and Markets Authority) ∗ As at 01 January 2011 ESMA (European Securities and Markets Authority)

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If the underlyings of the structured securities products (certificates) are not the underlyings pursuant to Article 41 (I) of the Law of 17 December 2010 relating to undertakings for collective investment and Article 2 of the Grand Ducal Regulation of 08 February 2008, they are certificates that map the underlying almost 1:1. These structured securities products (certificates) must not contain an embedded derivative according to Article 2 (3) and/or Article 10 of the Grand Ducal Regulation of 08 February 2008 and point 23 CESR∗/07-044. In the context of the legal provisions and restrictions, the acquisition or sale of warrants, options, futures and the conclusion of other forward transactions is permitted for hedging against possible price decreases on the cash and capital markets for speculation purposes and for efficient portfolio management. The underlying assets here will be instruments as defined in Article 41(1) of the Law of 17 December 2012 (securities and money market instruments) or financial indices, interest rates, exchange rates or currencies. The financial indices meet the requirements of Article 44 of the Law of 17 December 2010 and Article 9 of the Grand Ducal Regulation of 08 February 2008. Steps are taken to ensure that the financial indices mentioned are adequately diversified. The indices are chosen such that they form an adequate reference base for the market to which they relate. The indices are also published by appropriate means. Further information on the techniques and instruments can be found in the "Information about techniques and instruments" section in the Sales Prospectus. The use of derivatives may entail increased risks because of the leverage effect. When using derivatives, the fund will on no account deviate from the investment policy described in the Sales Prospectus. The Subfund may also hold money market instruments, cash assets and time deposits of up to 100% in any currency. The Subfund can invest up to 10% of net subfund assets in target funds within the statutory framework. Units in market-traded Directive-compliant (within the meaning of the Luxembourg Law of 17 December 2010 on undertakings for collective investment) investment units (Exchange Traded Funds) can also be acquired for the sub-fund; these can be actively and passively managed special funds. The target fund units acquired will without exception have been established under the laws of an EU Member State, Switzerland, Liechtenstein, the USA, Hong Kong, Canada, Japan or Norway. Up to 10% of net subfund assets can be invested in unlisted securities and unlisted money market instruments. This limit also includes investments in special funds, regulated open-ended real estate funds, private equity funds, hedge funds, open funds of funds and funds that invest directly or indirectly in commodities and for which physical delivery is excluded, provided that the above funds are subject to supervision equivalent to that of the CSSF and Article 2 of the Grand Ducal regulation of 08 February 2008. The Subfund invests up to 10% of the net subfund assets in target funds of any kind so that the Subfund is essentially an umbrella fund. Depending on the situation on the stock market, the investments targeted by the subfund may be highly diversified, which means that it constantly adjusts to the situation on the international capital markets, within the restrictions imposed by its investment policy.

∗ As at 01 January 2011 ESMA (European Securities and Markets Authority)

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Profile of the typical investor Investors should be seeking a long-term investment. The high return expectations of the investor are matched by a high tolerance for risk. The risks are mainly currency risk, credit risk, market interest rate risk and equity price risk.

Securities Identification Number Unit class P

A0RD5K

ISIN code Unit class P

LU0404918483

Minimum investment+ Unit class P

EUR 1,000

Initial issue price (plus sales charge) Unit class P

EUR 100 (Fees and other costs incurred in the countries in which the Fund is distributed may be added to the issue price.)

Initial subscription period Unit class P

04 – 05 November 2010

Payment of the initial subscription price Unit class P

10 November 2010

Payment of the issue and redemption prices

Within three banking days in Luxembourg of the corresponding valuation day

Front-load fee (in % of unit value) Unit class P

up to 5%

Redemption fee (in % of unit value) Unit class P

currently none

+ At its discretion, the Management Company may derogate from the minimum investment.

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Exchange fee (in % of unit value) Unit class P

none

Savings plan Unit class P

from EUR 50 monthly, including front-end load

Management fee (as a percentage of subfund assets) Unit class P

up to 1% p.a.

Performance fee The Management Company is also entitled to a performance fee each financial year of 20% of the increase in value of the unit value adjusted for distributions or capital measures. The performance fee is calculated on every valuation day based on the average number of units in circulation and paid out annually in arrears. Impairment losses in the unit value at the end of the financial year in question are not carried forward to the following financial year and do not have to be recouped. Each financial year is considered separately when calculating the performance fee.

Service charge (as a percentage of subfund assets) (e.g. for marketing measures and sales support for the benefit of the Management Company)

up to 0.80% p.a.

Custodian bank fee (as a percentage of subfund assets)

up to 0.06% p.a. (min. EUR 9,000 p.a.)

Transaction fee to the Custodian

up to EUR 100 per standard security transaction

Central administration fee (as a percentage of subfund assets)

Fixed base fee of up to EUR 24,000 p.a. plus up to 0.04% p.a. and up to EUR 15 per transaction

Registrar and Transfer Agent fee Fixed base fee of up to EUR 3,000 p.a. plus up to EUR 30 per transaction

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Other costs and fees

Additional costs and fee may be charged to subfund assets, as described in the Management Regulations.

Sub-fund currency

EUR

Securitisation of unit certificates

Units are made available through an entry in the fund unit certificate register in the form of unit confirmations. The units may also be certified in global certificates; investors have no claim to delivery of actual units.

Application of income Reinvested

Stock-exchange listing Not provided

Authorised for sale in Grand Duchy of Luxembourg Federal Republic of Germany

Risk management

Method: relative value at risk Limit of total risk: up to 200% Benchmark portfolio: DAX Index Expected leverage: no leverage Maximum possible leverage: up to 200% The relevant lever arose from the relationship of the value at risk for the Fund to the value at risk of the comparison asset.

Duration of the subfund

The sub-fund has been established for an indefinite period of time. The Management Company may liquidate the subfund if its assets fall below EUR 1.5 million.

Publication in Memorial C: - Management regulations dated

19 December 2008 - Amendments to the management

regulations of 20 April 2011 - Amendments to the management

regulations of 31 December 2011 - Amendments to the management

regulations of 01 September 2012

25 February 2009 01 June 2011 31 January 2012 25 September 2012

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Costs which may be paid from the Subfund's assets

Management fee

The Management Company is entitled to receive a fee of up to 1% p.a. for unit class P from the assets of the Subfund which will be calculated on each valuation day on the basis of the subfund assets and paid out monthly in arrears. This fee does not include any value-added tax.

Performance fee

The Management Company is also entitled to a performance fee each financial year of 20% of the increase in value of the unit value adjusted for distributions or capital measures. The performance fee is calculated on every valuation day based on the average number of units in circulation and paid out annually in arrears. Impairment losses in the unit value at the end of the financial year in question are not carried forward to the following financial year and do not have to be recouped. Each financial year is considered separately when calculating the performance fee. This fee does not include any value-added tax.

Service charge

As reimbursement for the costs associated with ongoing support of the unitholders, the Management Company is entitled to receive a service charge of up to 0.80% p.a. of the assets of the Subfund paid out of the Subfund and calculated on each valuation day on the basis of the subfund assets and paid out monthly in arrears. This fee does not include any value-added tax.

Custodian bank fee

The Custodian Bank receives a fee of up to 0.06% p.a. of the subfund assets (at least EUR 9,000 p.a.), which is calculated on each valuation date on the basis of the subfund assets and paid out monthly in arrears. The Custodian Bank receives costs and expenses related to holding subfund assets in custody incurred by the Custodian as a result of permissible and subcontracting with third parties in line with customary market practice and in accordance with Article 3(2) of the Management Regulations. This fee does not include any value-added tax.

Transaction fee to the Custodian

The Custodian Bank will receive from the assets of the Subfund a custodian processing fee of up to EUR 100 per standard security transaction. This fee does not include any value-added tax.

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Central administration fee

The Central Administration Agent receives a fixed base fee of up to EUR 24,000 p.a. and a variable fee of up to 0.04% p.a. of the Subfund's assets, which is calculated on each valuation date on the basis of the subfund assets and paid out monthly in arrears. A transaction booking fee of up to EUR 15 per transaction is also applied. This fee does not include any value-added tax.

Registrar and Transfer Agent fee The Registrar and Transfer Agent receives, from the Subfund's assets, a fixed base fee of up to EUR 3,000 p.a. and a transaction fee of up to EUR 30 per transaction. This fee does not include any value-added tax.

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Notes for investors in the Federal Republic of Germany

This information is intended for investors and potential purchasers in the Federal Republic of Germany, by providing specific details and supplementary information to the prospectus with respect to the current public distribution of the subfunds in the Federal Republic of Germany. Units may be subscribed for, redeemed and converted at the Distributors listed in this Sales Prospectus. Information agent for Federal Republic of Germany: Fondsinform GmbH Rudi-Schillings-Str. 9 D-54296 Trier www.fondsinform.de Redemptions, any distributions and other payments to unitholders are made directly by the Custodian Bank. The full Sales Prospectus including the Management Regulations, the Key Investor Information (Key Investor Information Documents), the Annual and Semi-Annual Reports and the issue, exchange and redemption prices may be obtained free of charge by the unitholders from the Information Agents and Distributors in the Federal Republic of Germany. At those locations, the contracts listed under "Publications" and the Articles of Association of the Management Company may also be inspected. The Key Investor Information (Key Investor Information Documents) may be downloaded from the website (www.axxion.lu). On request, a hard-copy version will also be made available by the Management Company, the Information Agents and the Distributors. Issue, exchange and redemption prices are exclusively published on the website of the Management Company (www.axxion.lu). Compulsory notifications to the unitholders are published in the Federal Republic of Germany in the Börsen-Zeitung“ (Frankfurt am Main). Tax verification obligations for Germany: At the request of the German tax authorities, the Management Company must establish, for example, the accuracy of the bases for taxation declared. The basis for the calculation of this information can be interpreted in various ways, and there can be no assurance given to the effect that the German tax authorities will accept the method used by the Management Company's methodology for calculating in every significant aspect. In addition, investors should be aware that in general, if errors are identified for past years, the correction will not be made for the past years, but must be taken into account in the declaration for the current financial year. Correspondingly, the correction may involve a charge or a benefit for investors who receive a distribution or have been allocated an accumulation in the course of the current financial year.

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Notes for investors in Austria

This information is intended for investors and potential purchasers in the Republic of Austria, by providing specific details and supplementary information to the Prospectus with respect to the current public distribution of the MULTI STRUCTURE FUND – GREIFF Special Value and MULTI STRUCTURE FUND - VOLATILITY subfunds in the Republic of Austria. The Paying Agent and Information Agent in Austria for fund units on public sale in Austria is the RAIFFEISEN BANK INTERNATIONAL AG, Am Stadtpark 9, A1030 Vienna. Redemption applications for units of subfunds sold in Austria are submitted to the Austrian Paying Agent. It will also undertake the settlement and disbursement of the redemption price in collaboration with the Management Company and the Custodian Bank. Unitholders may obtain the Sales Prospectus, including the Management Regulations, the Key Investor Information (Key Investor Information Documents), the Annual and Semi-Annual Reports and the issue and redemption prices free of charge from the Paying Agents, Information Agents and Distributors in the Republic of Austria. The aforementioned documents and information can be downloaded from the website (www.axxion.lu). On request, a hard-copy version will also be made available by the Management Company, the Paying Agent and Information Agent or the Distributors. The issue and redemption prices will also be published online at www.axxion.lu on trading days; they may also be requested from the Austrian paying agent. Other notices to unitholders will be published both on the website www.axxion.lu and – where required by law - in Austria in "Der Standard" newspaper and may be requested from the Austrian Paying Agent.

Axxion S.A. 1B, rue Gabriel Lippmann

L-5365 Luxemburg-Munsbach

Tel: +352 / 76 94 94 -1 Fax: +352 / 76 94 94 - 555

info@axxion.lu www.axxion.lu