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Institutional account opening
For institutional investors, a quick custody account opening procedure by fax ensures
the smooth running of operations when subscribing for the first time. An institutional
account opening form will be forwarded upon request to institutional investors by
Sparinvest S.A. in Luxembourg. The institutional application form can also be
downloaded here.

Account opening documentation required 
RBC Dexia Investor Services Bank S.A. in Luxembourg will contact the investor in respect of account opening documentation required.

Orders 
Orders can be managed via the fund platforms Fundsettle/Euroclear and Vestima/Clearstream or can be sent via fax to RBC Dexia Investor Services Bank S.A. the Transfer Agent of Luxembourg domiciled Sparinvest product range.
 
French institutional investors have the possibility to trade via Euroclear France or may fax their orders to RBC Dexia Investor Services France S.A. in Paris.

Cut-off time 
The daily cut-off time for order being sent to RBC Dexia Investor Services Bank S.A. in Luxembourg is 17:00 (CET) on a bank business day in Luxembourg.

Trading via Internet 
Trades can be processed via RBC Dexia Investor Services Internet dealing system “Sara” (Shareholder Accounting & Registration Application). Accessible through a client server or via an Internet interface, this application operates in real time and is available in English, as well as in five other languages (French, German, Dutch, Italian and Spanish). For further information in respect of this system, please contact customer services of RBC Dexia Investor Services Bank S.A. in Luxembourg.

Phone trading 
Phone trading is not accepted.

Minimum holding amount 
If, as a result of a redemption, the value of a shareholder’s holding in a Class would become less than the relevant minimum holding amount as indicated above, then the Company may elect to redeem the entire holding of such shareholder in the relevant Class. It is expected that such redemptions will not be implemented if the value of the shareholder’s shares falls below the minimum investment limits solely as a result of market conditions. Thirty calendar days prior written notice will be given to shareholders whose shares are being redeemed to allow them to purchase sufficient additional shares so as to avoid such compulsory redemption.

Redemption notice period 
There is no redemption notice period but if requests for redemptions on any valuation date exceed 10% of the Net Asset Value of the fund shares, Sparinvest reserves the right to postpone redemption of all or part of such shares to the following valuation date. On the following valuation date such requests will be dealt with in priority to any subsequent requests for redemption.

Redemption order 
Any redemption order sent to RBC Dexia must state at least the following instructions:
• Name of fund, sub-fund and share-class
• ISIN code
• Amount or shares to redeem
• Account number in the register
• Reference of the order (if applicable)
• Standard payment instructions
• Authorized signature(s) 

Address details of RBC Dexia
RBC Dexia Investor Services Bank S.A.
14, rue Porte de France
L-4360 Esch-sur-Alzette
Luxemboug

Customer Services / Dealing Team
Phone: + 352 26 05 97 30
Fax: + 352 24 60 95 00
Email: customerservices@rbcdexia-is.net

RBC Dexia Investor Services France S.A.
105, rue Réaumur
F-75002 Paris
France

Customer Services / Dealing Team
Ms. Morgan Luo
Phone: + 33 (0)1 70 37 85 23
Mr. Pierre Bodu
Phone: + 33 (0)1 70 37 85 34
Fax: + 33 (0)1 70 37 85 31
Email:  disb_at@rbcdexia-is.net

Order Execution 
Orders received before the cut-off will be dealt with prices established on that bank business day.

Confirmations 
Trades are confirmed by fax or SWIFT on the business day following traded date (T+1). Such confirmations listing full transaction details are normally issued prior to 12:00 a.m.

Settlement period 
The settlement period for subscriptions and redemptions in the fund is three (3) business days (Luxembourg bank business days) after the relevant trade date (T).

Fee structure

Subscription fee
For all retail share classes: the subscription fee (if any) is payable to the nominee, distributor or sub-distributor. Clients investing in the institutional share-classes are trading at NAV.

Redemption fee
There is no redemption fee.

Swing Pricing
Investments in the Sub-Funds are intended for long-term purposes only. The Company will take reasonable steps to seek to prevent short-term trading. Excessive short-term trading into and out of a Sub-Fund can disrupt portfolio investment strategies and may increase expenses, and adversely affect investment returns, for all shareholders, including long-term shareholders.
A Sub-Fund may indeed suffer a reduction in value as a result of the costs incurred in the dealings in the Sub-Funds’ investments (caused by subscriptions, redemptions and/or switches in and out of the Sub-Funds. 
In order to mitigate against the above-described excessive trading and dilution, and consequent potential adverse effect on remaining shareholders, the Board of Directors may apply “swing pricing”, i.e. adjust the Net Asset Value in the manner described below. 
If on any Valuation Date the aggregate transactions in shares of all Classes of a Sub-Fund result in a net increase or decrease of shares which exceeds a threshold set by the Board of Directors from time to time for that Sub-Fund (relating to the cost of market dealing for that Sub-Fund), the Net Asset Value of the Sub-Fund will be adjusted by an amount (not exceeding 2.5% of that Net Asset Value) which reflects in particular but not exclusively the estimated fiscal charges and dealing costs that may be incurred by the Sub-Fund and the estimated bid/offer spread of the assets in which the Sub-Fund invests. The adjustment will be an addition when the net movement results in an increase of all shares of the Company and a deduction when it results in a decrease.

Foreign Exchange Fees 
The Net Asset Value of share Classes denominated in a currency other than the Reference Currency of the relevant Sub-Fund will be adjusted upwards or downwards according to comparable principles as described above applying at Class level to compensate for foreign exchange costs by an amount of 0.05% of that Net Asset Value. Fees will be calculated on the basis of the adjusted Net Asset Value.

Switch fee
No conversion commission will be charged. Shareholders may be requested to bear the difference in subscription fee between the sub-fund they leave and the sub-fund of which they become shareholders, should the subscription fee of the sub-fund into which the shareholders are converting their shares be higher than the commission of the sub-fund they leave.

Reference currency of sub-funds

Bank details 

NAV 
The sub-funds are priced daily - on each business day in Luxembourg.

NAV publication

Prices are also available on this web site under Fund Range

Shareholders register 
Shares are held under registered form as a record of entry in the register maintained by RBC Dexia Investor Services Bank S.A. Further to a nominee agreement with a distributor, said sub-fund shares can be held separately in the register of the duly appointed nominee whose bulk holdings will be registered in the register maintained by RBC Dexia Investor Services Bank SA. No custody fee will be charged by RBC Dexia Investor Services Bank S.A. to shareholders, in the case of the Luxembourg-based Sparinvest sub-funds.

Conversion between sub-fund/share-classes 
Shares of any share-class may be converted into shares of any other share-class of the same or any other sub-fund of the same Umbrella fund. Following formula will be used to manage the switch:

       (B x C)
A = --------------- * EX
       E

A = The number of shares in the new class of shares to be issued
B = The number of shares in the original class of shares
C = The Net Asset Value per share in the original class of shares
E = The Net Asset Value per share of the new class of shares

EX: being the exchange rate on the conversion day in question between the currency of the class of shares to be converted and the currency of the class of shares to be assigned. In the case no exchange rate is needed the formula will be multiplied by 1.

Taxation in Luxembourg 
Institutional investors are, at present, not subject to any Luxembourg capital gains, income, withholding, gift, estate, inheritance or other tax with respect to shares owned by them. The fund is however subject to an annual tax of 0.05% on the aggregate Net Asset Value of the “retail” share-classes and 0.01% on the aggregate Net Asset Value of the “institutional” share-classes.

Dividend payment 
A yearly dividend will normally be paid in respect of the “distributing” share-classes. The dividend will be paid in the currency of the respective share-classes.

Standard reporting 
Monthly fact sheets outlining performance figures, sector-, country- and geographic breakdown can be provided to Sparinvest’s clients on request. Such mailing is done electronically or via normal mail. These monthly fact sheets are also available on this web. Daily fact sheets, with daily updated performance figures are available at the same site.

Representative offices of Sparinvest S.A. 

Austria
Sparinvest S.A., (Luxembourg)
Repräsentanz Österreich
Schottenring 16/2
A-1010 Wien
Austria
Phone: +43 (0)1 53 712 40 00
Fax: +43 (0)1 53 35 842

France
Sparinvest S.A., Luxembourg
Bureau de Représentation France
4, rue du Général Lanrezac
F-75017 Paris
France
Phone: +33 (0)1 58 05 22 55
Fax: +33 (0)1 58 05 22 59

Germany
Sparinvest S.A. (Luxembourg)
Repräsentanz Deutschland
An der Welle 4
D-60422 Frankfurt am Main
Germany
Phone: +49 (0)69 71 58 96 90 
Fax: +49 (0)69 71 03 49 80

The Netherlands 
Sparinvest S.A. (Luxembourg)
Netherlands Representative Office
Laan van Kronenburg 2
5th Floor
1183 AS Amstelveen
The Netherlands
Phone: +31 (0)20 545 20 00
Fax: +31 (0)20 545 20 19

Sweden
Sparinvest S.A., (Luxembourg)
Swedish Representative Office
Kungsgatan 33, 5th floor
SE-111 56 Stockholm
Sweden
Phone: +46 84 40 46 70
Fax: +46 84 40 46 71

Paying Agent 

Austria
Erste Bank der oesterreichischen Sparkassen AG
Graben 21
A-1010 Wien
Austria
Phone: +43 (0)50100 12139
Fax: +43 (0)50100 9 12139

Further information Please feel free to contact:
Sparinvest S.A.
Client Services
28, Boulevard Royal
L-2449 Luxembourg
Phone: +352 26 27 47 1
Fax: +352 26 27 47 99
Email: mail@sparinvest.lu

RBC Dexia Investor Services Bank S.A.
Customer Services
14, rue Porte de France
L-4360 Esch-sur-Alzette
Luxembourg
Phone: + 352 26 05 97 30
Fax: + 352 24 60 95 00
Email: customerservices@rbcdexia-is.net