MELCHIOR SELECTED TRUST Société d Investissement à Capital Variable 20, Boulevard Emmanuel Servais L-2535 Luxembourg R.C.S. Luxembourg B

Transcription

1 MELCHIOR SELECTED TRUST Société d Investissement à Capital Variable 20, Boulevard Emmanuel Servais L-2535 Luxembourg R.C.S. Luxembourg B NOTICE TO SHAREHOLDERS OF MELCHIOR SELECTED TRUST THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE. By registered mail 12 February 2015 Dear Shareholder, The board of directors of Melchior Selected Trust (the Fund ) would like to advise you as a shareholder of one of the sub-funds of the Fund (the Sub-Funds ) that it has decided to amend and to update the prospectus of the Fund dated December 2013 (the Prospectus ). Please be informed that all the different changes introduced in the Prospectus do not require the approval of the shareholders of the Fund (the Shareholders ). As a result, we recommend you to read this letter so you are aware of the changes. Please be further informed that the board of directors of the Fund (the Board ) contemplates to modify the articles of incorporation of the Fund (the Articles ). Such changes to the Articles will have to be approved by an extraordinary general meeting of shareholders which will be held before notary in Luxembourg on 23 February In this respect, you will receive a convening notice providing all the details in relation to this meeting and the agenda of this meeting. I) AMENDMENTS TO THE PROSPECTUS CONCERNING ALL THE SHAREHOLDERS OF THE FUND ( INTRODUCTION AND PART A: GENERAL FUND INFORMATION ) 1. Simplifying the denomination of each Sub-Fund Whereas the denomination of the Fund will remain unchanged, the name of each Sub-Fund has been simplified by replacing the reference of Melchior Selected Trust by Melchior. The Prospectus has been updated accordingly. 2. Changes in relation to the composition of the Board The Prospectus has been updated in order to reflect the resignation of Mr Magnus Spence and of Mr Niccolò Caissotti di Chiusano from the Board and the co-optation of Mr Hamish Findlater in replacement of Mr Magnus Spence. The Board is now composed of Mr Ulrich Lichtenberg, Mr Hamish Findlater, Mr Geoffroy Linard de Guertechin, and Mr Richard Jones.

2 3. Changes in relation to the management company of the Fund The Prospectus has been updated in order to reflect the new denomination and the new address of the registered office of the management company of the Fund which will be as follows: Edmond de Rothschild Asset Management (Luxembourg) located at 20, Boulevard Emmanuel Servais, L-2535 Luxembourg. The Prospectus has been further updated so as to reflect the new composition of the board of directors of the management company and the conducting persons of the management company. 4. Changes in relation to the Custodian, Paying, Domiciliary, Registrar, Transfer and Administrative Agent The term Custodian has been replaced throughout the Prospectus by the term Depositary Bank in order to reflect the terminology used in the depositary bank agreement entered into between the Fund and Banque Privée Edmond de Rothschild Europe on 4 October The Prospectus has also been updated in order to reflect the new denomination of the entity acting as the Depositary Bank and Domiciliary Agent, by replacing the name Banque Privée Edmond de Rothschild Europe by the name Edmond de Rothschild (Europe), and also to confirm that the entity acting as the Administrative Agent, Paying, Registrar and Transfer Agent is now Edmond de Rothschild Asset Management (Luxembourg). 5. Closure and amalgamation of classes of shares of the Sub-Funds The Prospectus has been updated so as to enable the Board to allow the closure and the amalgamation of classes of shares of the Sub-Funds. 6. Further updates in the general part of the Prospectus The following changes have been inserted in the Prospectus: - a new paragraph has been inserted at the end of the section Introduction of the Prospectus in order to specify that the investors considered as restricted persons or covered persons under the rules of the Financial Industry Regulatory Authority are not eligible to invest in the Fund (unless an exemption applies); - the directory has been updated to reflect that (i) Edmond de Rothschild (Europe) will act as Depositary Bank and Domiciliary Agent and (ii) Edmond de Rothschild Asset Management (Luxembourg) will act as Administrative Agent, Paying, Registrar and Transfer Agent; as a result, a corresponding change has been made in section XI Procedure of Subscription, Conversion and Redemption, Section XII Determination of the Net Asset Value section XIV Charges and Expenses and in section XVI Depositary Bank, Domiciliary, Administrative, Paying, Registrar and Transfer Agent of the Prospectus; Edmond de Rothschild Asset Management (Luxembourg) may also delegate or sub-contract all or part of its functions and duties to third parties;

3 - relevant updates have been inserted in the Prospectus in order to reflect the new requirements of the revised ESMA guidelines 2014/937 on ETFs and other UCITS and the related requirements of the CSSF; - all the references to the share class D (denominated in GBP) have been removed from the Prospectus; - the sections in relation to Money Laundering Prevention - Luxembourg, Determination of the Net Asset Value, Management Company, Depositary Bank, Domiciliary and Administrative, Paying, Registrar and Transfer Agent, have been duly updated so as to reflect the latest changes inserted in the Articles or by the relevant delegation agreements, where applicable; - a swing pricing mechanism was inserted in the sub-section Subscription of Shares and shall read as follows: Alternatively, the Board of Directors may apply the swing pricing mechanism as described herein. Sub-Funds may suffer dilution of the Net Asset Value per Shares due to investors buying or selling Shares at a price that does not take into account dealing and other costs arising when the Investment Manager makes or sells investments to accommodate cash inflows or outflows. To counteract this, a partial swing pricing mechanism may be adopted to protect shareholders' interests. If on the Valuation Day, the aggregate net transactions in Shares for a Sub-Fund exceeds a predetermined threshold, as determined by the Board of Directors from time to time, the net asset value may be adjusted upwards or downwards to reflect net inflows and net outflows respectively. The extent of the price adjustment will be set by the Board of Directors to reflect dealing and other costs. Such adjustment is not expected to exceed 1 % of the original Net Asset Value per Share.. II) AMENDMENTS TO THE PROSPECTUS CONCERNING THE SUB-FUNDS OF MELCHIOR SELECTED TRUST ( PART B: SPECIFIC INFORMATION ) Shareholders should note in particular the following amendments: 1. Clarification of the Investment Policy of the sub-fund Melchior Selected Trust: Global Multi-Asset Fund (renamed Melchior Global Multi-Asset Fund) - Appendix III The section Specific Investment Policy and Restrictions of this appendix has been clarified in relation to the use of swaps as including total return swaps, and a clarification has been inserted as regards the commercially understood true leverage level of this Sub-fund. 2. Clarification in relation to the sub-fund Melchior Selected Trust: European Absolute Return Fund (renamed Melchior European Absolute Return Fund) - Appendix IV The level of leverage of this Sub-Fund has been adjusted from 200% to 300% and a clarification has been inserted as regards the commercially understood true leverage level of this Sub-fund. The reference to the share class M GBP (2013) of this sub-fund has been removed to the extent all shares have been redeemed.

4 The sub-section Performance Fee of this appendix has been clarified to reflect that the performance test is made taking into account 1 month LIBOR in the currency of the relevant share class instead of 1 month Euro LIBOR for all share classes. 3. Clarification in relation to the sub-fund Melchior Selected Trust: European Enhanced Absolute Return Fund (renamed Melchior European Enhanced Absolute Return Fund) - Appendix V The level of leverage of this Sub-Fund has been adjusted from 400% to 600% and a clarification has been inserted as regards the commercially understood true leverage level of this Sub-fund. The sub-section Performance Fee of this appendix has been clarified to reflect that the performance test is made taking into account 1 month LIBOR in the currency of the relevant share class instead of 1 month Euro LIBOR for all share classes. In addition a third test (a high watermark test) has been inserted to calculate the performance fee. Further information: All the changes to the Prospectus will become effective on 13 March The decisions of the Board shall also be reflected in the updated Prospectus which shall be at the disposal of the shareholders at the registered office of the Fund on or about 13 March If you would like additional information regarding the changes or wish to discuss any of our Sub- Funds, please contact your financial adviser in the first instance or your local Dalton Capital office using the following contact info@daltonsp.com. For further information on our Sub-Funds, visit our website, We thank you for your investment in the Fund. Yours faithfully, For the board of directors All defined terms in this letter shall have the same meaning as those defined terms as set out in the Prospectus of the Fund. Copies of the Fund s Prospectus, the Key Investor Information Document and the Articles of Incorporation may be obtained free of charge during normal office hours at the registered office of the Fund in Luxembourg or via the copromoter s website ( The Directors of the Fund are responsible for the accuracy of the contents of this letter. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this letter is in accordance with the facts and does not omit anything likely to affect the import of such information. The Directors accept responsibility accordingly.

5 MELCHIOR SELECTED TRUST Société d Investissement à Capital Variable 20, Boulevard Emmanuel Servais L-2535 Luxembourg R.C.S. Luxembourg B NOTICE TO SHAREHOLDERS OF MELCHIOR SELECTED TRUST THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE. By registered mail 12 February 2015 Dear Shareholder, The board of directors of Melchior Selected Trust (the Fund ) would like to advise you as a shareholder of one of the sub-funds of the Fund (the Sub-Funds ) that it has decided to amend and to update the prospectus of the Fund dated December 2013 (the Prospectus ). Please be informed that all the different changes introduced in the Prospectus do not require the approval of the shareholders of the Fund (the Shareholders ). As a result, we recommend you to read this letter so you are aware of the changes. Please be further informed that the board of directors of the Fund (the Board ) contemplates to modify the articles of incorporation of the Fund (the Articles ). Such changes to the Articles will have to be approved by an extraordinary general meeting of shareholders which will be held before notary in Luxembourg on 23 February In this respect, you will receive a convening notice providing all the details in relation to this meeting and the agenda of this meeting. I) AMENDMENTS TO THE PROSPECTUS CONCERNING ALL THE SHAREHOLDERS OF THE FUND ( INTRODUCTION AND PART A: GENERAL FUND INFORMATION ) 1. Simplifying the denomination of each Sub-Fund Whereas the denomination of the Fund will remain unchanged, the name of each Sub-Fund has been simplified by replacing the reference of Melchior Selected Trust by Melchior. The Prospectus has been updated accordingly. 2. Changes in relation to the composition of the Board The Prospectus has been updated in order to reflect the resignation of Mr Magnus Spence and of Mr Niccolò Caissotti di Chiusano from the Board and the co-optation of Mr Hamish Findlater in replacement of Mr Magnus Spence. The Board is now composed of Mr Ulrich Lichtenberg, Mr Hamish Findlater, Mr Geoffroy Linard de Guertechin, and Mr Richard Jones.

6 3. Changes in relation to the management company of the Fund The Prospectus has been updated in order to reflect the new denomination and the new address of the registered office of the management company of the Fund which will be as follows: Edmond de Rothschild Asset Management (Luxembourg) located at 20, Boulevard Emmanuel Servais, L-2535 Luxembourg. The Prospectus has been further updated so as to reflect the new composition of the board of directors of the management company and the conducting persons of the management company. 4. Changes in relation to the Custodian, Paying, Domiciliary, Registrar, Transfer and Administrative Agent The term Custodian has been replaced throughout the Prospectus by the term Depositary Bank in order to reflect the terminology used in the depositary bank agreement entered into between the Fund and Banque Privée Edmond de Rothschild Europe on 4 October The Prospectus has also been updated in order to reflect the new denomination of the entity acting as the Depositary Bank and Domiciliary Agent, by replacing the name Banque Privée Edmond de Rothschild Europe by the name Edmond de Rothschild (Europe), and also to confirm that the entity acting as the Administrative Agent, Paying, Registrar and Transfer Agent is now Edmond de Rothschild Asset Management (Luxembourg). 5. Closure and amalgamation of classes of shares of the Sub-Funds The Prospectus has been updated so as to enable the Board to allow the closure and the amalgamation of classes of shares of the Sub-Funds. 6. Further updates in the general part of the Prospectus The following changes have been inserted in the Prospectus: - a new paragraph has been inserted at the end of the section Introduction of the Prospectus in order to specify that the investors considered as restricted persons or covered persons under the rules of the Financial Industry Regulatory Authority are not eligible to invest in the Fund (unless an exemption applies); - the directory has been updated to reflect that (i) Edmond de Rothschild (Europe) will act as Depositary Bank and Domiciliary Agent and (ii) Edmond de Rothschild Asset Management (Luxembourg) will act as Administrative Agent, Paying, Registrar and Transfer Agent; as a result, a corresponding change has been made in section XI Procedure of Subscription, Conversion and Redemption, Section XII Determination of the Net Asset Value section XIV Charges and Expenses and in section XVI Depositary Bank, Domiciliary, Administrative, Paying, Registrar and Transfer Agent of the Prospectus; Edmond de Rothschild Asset Management (Luxembourg) may also delegate or sub-contract all or part of its functions and duties to third parties;

7 - relevant updates have been inserted in the Prospectus in order to reflect the new requirements of the revised ESMA guidelines 2014/937 on ETFs and other UCITS and the related requirements of the CSSF; - all the references to the share class D (denominated in GBP) have been removed from the Prospectus; - the sections in relation to Money Laundering Prevention - Luxembourg, Determination of the Net Asset Value, Management Company, Depositary Bank, Domiciliary and Administrative, Paying, Registrar and Transfer Agent, have been duly updated so as to reflect the latest changes inserted in the Articles or by the relevant delegation agreements, where applicable; - a swing pricing mechanism was inserted in the sub-section Subscription of Shares and shall read as follows: Alternatively, the Board of Directors may apply the swing pricing mechanism as described herein. Sub-Funds may suffer dilution of the Net Asset Value per Shares due to investors buying or selling Shares at a price that does not take into account dealing and other costs arising when the Investment Manager makes or sells investments to accommodate cash inflows or outflows. To counteract this, a partial swing pricing mechanism may be adopted to protect shareholders' interests. If on the Valuation Day, the aggregate net transactions in Shares for a Sub-Fund exceeds a predetermined threshold, as determined by the Board of Directors from time to time, the net asset value may be adjusted upwards or downwards to reflect net inflows and net outflows respectively. The extent of the price adjustment will be set by the Board of Directors to reflect dealing and other costs. Such adjustment is not expected to exceed 1 % of the original Net Asset Value per Share.. II) AMENDMENTS TO THE PROSPECTUS CONCERNING THE SUB-FUNDS OF MELCHIOR SELECTED TRUST ( PART B: SPECIFIC INFORMATION ) Shareholders should note in particular the following amendments: 1. Clarification of the Investment Policy of the sub-fund Melchior Selected Trust: Global Multi-Asset Fund (renamed Melchior Global Multi-Asset Fund) - Appendix III The section Specific Investment Policy and Restrictions of this appendix has been clarified in relation to the use of swaps as including total return swaps, and a clarification has been inserted as regards the commercially understood true leverage level of this Sub-fund. 2. Clarification in relation to the sub-fund Melchior Selected Trust: European Absolute Return Fund (renamed Melchior European Absolute Return Fund) - Appendix IV The level of leverage of this Sub-Fund has been adjusted from 200% to 300% and a clarification has been inserted as regards the commercially understood true leverage level of this Sub-fund. The reference to the share class M GBP (2013) of this sub-fund has been removed to the extent all shares have been redeemed.

8 The sub-section Performance Fee of this appendix has been clarified to reflect that the performance test is made taking into account 1 month LIBOR in the currency of the relevant share class instead of 1 month Euro LIBOR for all share classes. 3. Clarification in relation to the sub-fund Melchior Selected Trust: European Enhanced Absolute Return Fund (renamed Melchior European Enhanced Absolute Return Fund) - Appendix V The level of leverage of this Sub-Fund has been adjusted from 400% to 600% and a clarification has been inserted as regards the commercially understood true leverage level of this Sub-fund. The sub-section Performance Fee of this appendix has been clarified to reflect that the performance test is made taking into account 1 month LIBOR in the currency of the relevant share class instead of 1 month Euro LIBOR for all share classes. In addition a third test (a high watermark test) has been inserted to calculate the performance fee. Further information: All the changes to the Prospectus will become effective on 13 March The decisions of the Board shall also be reflected in the updated Prospectus which shall be at the disposal of the shareholders at the registered office of the Fund on or about 13 March If you would like additional information regarding the changes or wish to discuss any of our Sub- Funds, please contact your financial adviser in the first instance or your local Dalton Capital office using the following contact info@daltonsp.com. For further information on our Sub-Funds, visit our website, We thank you for your investment in the Fund. Yours faithfully, For the board of directors All defined terms in this letter shall have the same meaning as those defined terms as set out in the Prospectus of the Fund. Copies of the Fund s Prospectus, the Key Investor Information Document and the Articles of Incorporation may be obtained free of charge during normal office hours at the registered office of the Fund in Luxembourg or via the copromoter s website ( The Directors of the Fund are responsible for the accuracy of the contents of this letter. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this letter is in accordance with the facts and does not omit anything likely to affect the import of such information. The Directors accept responsibility accordingly.

9 MELCHIOR SELECTED TRUST Société d Investissement à Capital Variable 20, Boulevard Emmanuel Servais L-2535 Luxembourg R.C.S. Luxembourg B NOTICE TO SHAREHOLDERS OF MELCHIOR SELECTED TRUST THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE. By registered mail 12 February 2015 Dear Shareholder, The board of directors of Melchior Selected Trust (the Fund ) would like to advise you as a shareholder of one of the sub-funds of the Fund (the Sub-Funds ) that it has decided to amend and to update the prospectus of the Fund dated December 2013 (the Prospectus ). Please be informed that all the different changes introduced in the Prospectus do not require the approval of the shareholders of the Fund (the Shareholders ). As a result, we recommend you to read this letter so you are aware of the changes. Please be further informed that the board of directors of the Fund (the Board ) contemplates to modify the articles of incorporation of the Fund (the Articles ). Such changes to the Articles will have to be approved by an extraordinary general meeting of shareholders which will be held before notary in Luxembourg on 23 February In this respect, you will receive a convening notice providing all the details in relation to this meeting and the agenda of this meeting. I) AMENDMENTS TO THE PROSPECTUS CONCERNING ALL THE SHAREHOLDERS OF THE FUND ( INTRODUCTION AND PART A: GENERAL FUND INFORMATION ) 1. Simplifying the denomination of each Sub-Fund Whereas the denomination of the Fund will remain unchanged, the name of each Sub-Fund has been simplified by replacing the reference of Melchior Selected Trust by Melchior. The Prospectus has been updated accordingly. 2. Changes in relation to the composition of the Board The Prospectus has been updated in order to reflect the resignation of Mr Magnus Spence and of Mr Niccolò Caissotti di Chiusano from the Board and the co-optation of Mr Hamish Findlater in replacement of Mr Magnus Spence. The Board is now composed of Mr Ulrich Lichtenberg, Mr Hamish Findlater, Mr Geoffroy Linard de Guertechin, and Mr Richard Jones.

10 3. Changes in relation to the management company of the Fund The Prospectus has been updated in order to reflect the new denomination and the new address of the registered office of the management company of the Fund which will be as follows: Edmond de Rothschild Asset Management (Luxembourg) located at 20, Boulevard Emmanuel Servais, L-2535 Luxembourg. The Prospectus has been further updated so as to reflect the new composition of the board of directors of the management company and the conducting persons of the management company. 4. Changes in relation to the Custodian, Paying, Domiciliary, Registrar, Transfer and Administrative Agent The term Custodian has been replaced throughout the Prospectus by the term Depositary Bank in order to reflect the terminology used in the depositary bank agreement entered into between the Fund and Banque Privée Edmond de Rothschild Europe on 4 October The Prospectus has also been updated in order to reflect the new denomination of the entity acting as the Depositary Bank and Domiciliary Agent, by replacing the name Banque Privée Edmond de Rothschild Europe by the name Edmond de Rothschild (Europe), and also to confirm that the entity acting as the Administrative Agent, Paying, Registrar and Transfer Agent is now Edmond de Rothschild Asset Management (Luxembourg). 5. Closure and amalgamation of classes of shares of the Sub-Funds The Prospectus has been updated so as to enable the Board to allow the closure and the amalgamation of classes of shares of the Sub-Funds. 6. Further updates in the general part of the Prospectus The following changes have been inserted in the Prospectus: - a new paragraph has been inserted at the end of the section Introduction of the Prospectus in order to specify that the investors considered as restricted persons or covered persons under the rules of the Financial Industry Regulatory Authority are not eligible to invest in the Fund (unless an exemption applies); - the directory has been updated to reflect that (i) Edmond de Rothschild (Europe) will act as Depositary Bank and Domiciliary Agent and (ii) Edmond de Rothschild Asset Management (Luxembourg) will act as Administrative Agent, Paying, Registrar and Transfer Agent; as a result, a corresponding change has been made in section XI Procedure of Subscription, Conversion and Redemption, Section XII Determination of the Net Asset Value section XIV Charges and Expenses and in section XVI Depositary Bank, Domiciliary, Administrative, Paying, Registrar and Transfer Agent of the Prospectus; Edmond de Rothschild Asset Management (Luxembourg) may also delegate or sub-contract all or part of its functions and duties to third parties;

11 - relevant updates have been inserted in the Prospectus in order to reflect the new requirements of the revised ESMA guidelines 2014/937 on ETFs and other UCITS and the related requirements of the CSSF; - all the references to the share class D (denominated in GBP) have been removed from the Prospectus; - the sections in relation to Money Laundering Prevention - Luxembourg, Determination of the Net Asset Value, Management Company, Depositary Bank, Domiciliary and Administrative, Paying, Registrar and Transfer Agent, have been duly updated so as to reflect the latest changes inserted in the Articles or by the relevant delegation agreements, where applicable; - a swing pricing mechanism was inserted in the sub-section Subscription of Shares and shall read as follows: Alternatively, the Board of Directors may apply the swing pricing mechanism as described herein. Sub-Funds may suffer dilution of the Net Asset Value per Shares due to investors buying or selling Shares at a price that does not take into account dealing and other costs arising when the Investment Manager makes or sells investments to accommodate cash inflows or outflows. To counteract this, a partial swing pricing mechanism may be adopted to protect shareholders' interests. If on the Valuation Day, the aggregate net transactions in Shares for a Sub-Fund exceeds a predetermined threshold, as determined by the Board of Directors from time to time, the net asset value may be adjusted upwards or downwards to reflect net inflows and net outflows respectively. The extent of the price adjustment will be set by the Board of Directors to reflect dealing and other costs. Such adjustment is not expected to exceed 1 % of the original Net Asset Value per Share.. II) AMENDMENTS TO THE PROSPECTUS CONCERNING THE SUB-FUNDS OF MELCHIOR SELECTED TRUST ( PART B: SPECIFIC INFORMATION ) Shareholders should note in particular the following amendments: 1. Clarification of the Investment Policy of the sub-fund Melchior Selected Trust: Global Multi-Asset Fund (renamed Melchior Global Multi-Asset Fund) - Appendix III The section Specific Investment Policy and Restrictions of this appendix has been clarified in relation to the use of swaps as including total return swaps, and a clarification has been inserted as regards the commercially understood true leverage level of this Sub-fund. 2. Clarification in relation to the sub-fund Melchior Selected Trust: European Absolute Return Fund (renamed Melchior European Absolute Return Fund) - Appendix IV The level of leverage of this Sub-Fund has been adjusted from 200% to 300% and a clarification has been inserted as regards the commercially understood true leverage level of this Sub-fund. The reference to the share class M GBP (2013) of this sub-fund has been removed to the extent all shares have been redeemed.

12 The sub-section Performance Fee of this appendix has been clarified to reflect that the performance test is made taking into account 1 month LIBOR in the currency of the relevant share class instead of 1 month Euro LIBOR for all share classes. 3. Clarification in relation to the sub-fund Melchior Selected Trust: European Enhanced Absolute Return Fund (renamed Melchior European Enhanced Absolute Return Fund) - Appendix V The level of leverage of this Sub-Fund has been adjusted from 400% to 600% and a clarification has been inserted as regards the commercially understood true leverage level of this Sub-fund. The sub-section Performance Fee of this appendix has been clarified to reflect that the performance test is made taking into account 1 month LIBOR in the currency of the relevant share class instead of 1 month Euro LIBOR for all share classes. In addition a third test (a high watermark test) has been inserted to calculate the performance fee. Further information: All the changes to the Prospectus will become effective on 13 March The decisions of the Board shall also be reflected in the updated Prospectus which shall be at the disposal of the shareholders at the registered office of the Fund on or about 13 March If you would like additional information regarding the changes or wish to discuss any of our Sub- Funds, please contact your financial adviser in the first instance or your local Dalton Capital office using the following contact info@daltonsp.com. For further information on our Sub-Funds, visit our website, We thank you for your investment in the Fund. Yours faithfully, For the board of directors All defined terms in this letter shall have the same meaning as those defined terms as set out in the Prospectus of the Fund. Copies of the Fund s Prospectus, the Key Investor Information Document and the Articles of Incorporation may be obtained free of charge during normal office hours at the registered office of the Fund in Luxembourg or via the copromoter s website ( The Directors of the Fund are responsible for the accuracy of the contents of this letter. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this letter is in accordance with the facts and does not omit anything likely to affect the import of such information. The Directors accept responsibility accordingly.