Davy s p.l.c. An open-ended umbrella investment company with variable capital and segregated liability between sub-funds incorporated with limited liability in Ireland under Companies Act 2014 with registration number 533779 SUPPLEMENT Davy SRI Dated 18 2015 1
1 IMPORTANT INFORMATION The Directors in Prospectus, accept responsibility for information contained in this Supplement and Prospectus. To best knowledge and belief Directors (who have taken all reasonable care to ensure that such is case) information contained in this Supplement and in Prospectus is in accordance with facts and does not omit anything likely to affect import such information. The Directors accept responsibility accordingly. Shareholders should note that all fees and expenses charged to capital. Thus on repurchase holdings shareholders may not receive back full amount invested and this will have effect lowering capital value shareholders investment. Shareholders should note that dividends paid out capital, refore capital may be eroded, distribution is achieved by forgoing potential for future capital growth and this cycle may continue until all capital is depleted. This Supplement contains information relating specifically to Davy SRI ( ""), a Davy s p.l.c. ( "Company"), an open-ended umbrella fund with segregated liability between sub-funds authorised by Central Bank as a UCITS pursuant to Regulations. This Supplement forms part and should be read in context and in conjunction with Prospectus for Company dated 18 2015 ( "Prospectus"). As price Shares in each may fall as well as rise, Company shall not be a suitable investment for an investor who cannot sustain a loss on ir investment. The is suitable for investors who are prepared to accept a high level volatility. The may invest in Financial Derivative Instruments ("FDIs") for investment, hedging and efficient portfolio management purposes. (See "Borrowing and Leverage" below for details leverage effect investing in FDIs). CVV/685914-000003/15442797v23 2
2 DEFINITIONS Base Currency means Euro; Business Day means any day (or than a Saturday or Sunday) on which commercial banks are open for business in Dublin and/or such or day or days as may be determined by Directors from time to time and as notified to Shareholders in advance; Dealing Day means each Business Day and/or such or day or days as Directors may in ir absolute discretion determine and notify in advance to Shareholders provided that re shall be at least two Dealing Days in each Month (with at least one Dealing Day per two week period); Dealing Deadline in respect subscriptions and repurchases means 10.00 a.m. (Irish time) on Business Day immediately preceding Dealing Day, or such or time for Dealing Day as may be determined by Directors and notified in advance to Shareholders provided always that Dealing Deadline is no later than Valuation Point; Distribution Date means dates or dates by reference to which a distribution may at discretion Directors be declared which shall usually be 30 June and 31 December in each year; Investment Manager means Davy Asset Management Limited; Minimum Size means 5,000,000 or such or amount as Directors may in ir absolute discretion determine; Settlement Date in respect subscriptions and repurchases respectively shall have meaning outlined in section entitled "Key Information for Buying and Selling Shares" below; Valuation Point means close business in market where assets are listed or traded on first Business Day immediately preceding Dealing Day by reference to which Net Asset Value per Share is determined provided such point will in no case precede close business in market that closes first on Business Day. All or defined terms used in this Supplement shall have same meaning as in Prospectus. CVV/685914-000003/15442797v23 3
3 INFORMATION ON THE FUND 3.1 Investment Objective, Investment Policies and Investment Strategy (a) Investment Objective: The investment objective is to seek to achieve long-term capital growth by investing in equity markets across globe. There can be no assurance that will achieve its investment objective. (b) Investment Policies: The intends to achieve its investment objective by investing in shares a range generally high quality, large capitalisation (i.e. in excess 10 billion), and companies with diversification by sector and country (i.e. OECD Member States). The weighting between various market sectors examples market sectors, include, but not limited to, financials sector, e.g. banks, insurance and development stock and industrials sector, e.g. building products, airlines and construction and engineering) and countries is determined by views Investment Manager based on perceived relative merits each market sector and country at any point in time. The companies selected from an ethical and social responsibility standpoint. The Investment Manager's ongoing investment policy for shall take due account nature trading activities carried on by such corporations and shall include criteria aimed at determining suitability selection from an ethical and socially responsible standpoint. To this end, will exclude companies portfolio in breach negative criteria, including but not necessarily restricted to, such areas as tobacco manufacture, pornography, gambling, armaments, oppressive regimes and human rights abuses, while incorporating a strong bias towards those which demonstrate responsible corporate and environmental governance. The appropriateness criteria used to determine suitability selection from an ethical and socially responsible standpoint shall be determined and reviewed by Investment Manager from time to time. Each 's investments, apart from cash, traded or listed on permitted markets as detailed in Appendix II Prospectus ("Recognised Exchanges") as defined in Prospectus. However, it should be noted that, although securities companies in which invests listed or traded on Recognised Exchanges, certain issuers may be located in countries which are not included in definition Recognised Exchanges. The may not invest more than 20% net assets in authorised open-ended UCITS which will include, for avoidance doubt, Exchange Traded s ("ETFs") and non- UCITS Collective Investment Schemes ("CIS"). In respect investment in such CIS, will at all times comply with provisions Regulations and requirements Central Bank in respect any investments in CIS. The CIS that may invest in will be authorised as UCITS or non-ucits CIS, consist regulated collective investment schemes which may be domiciled in a member state EEA, U.S., Jersey, Guernsey or Isle Man (in accordance with provisions Guidance Note 2/03). The may not invest more than 20% net assets in emerging markets. Cash, commercial paper (i.e. short term paper issued by credit institutions), and money market obligations such as short and medium-term treasury bills and treasury notes (both fixed and floating rate) issued or guaranteed by a national government or its agencies or instrumentalities, certificates deposit, bankers' acceptances, commercial paper and floating rate notes (i.e. bonds which have a variable coupon) held by to provide liquidity and in a manner consistent with 's investment objective and policies and subject to Regulations and restrictions set out in Prospectus. In normal market conditions CVV/685914-000003/15442797v23 4
fully invested in equities, subject to Investment Manager's discretion to invest up to 10% in cash. The may invest in or sub-funds Company, where such investments are appropriate to investment objective and policies (See "Cross Investing" below for furr details). The may also use FDIs for investment, efficient portfolio management and/or hedging purpose as described in section 3.2 below. (c) Investment Strategy The investment approach utilises a combination both quantitative and fundamental analysis (for example, dividend yield, P/E Ratios, balance sheet). The is managed using a strong, disciplined and structured investment process. The initial stage investment process involves utilisation an ethical screen to ensure that invests in companies that operate in an ethical manner excluding companies portfolio in breach negative criteria,including but not necessarily restricted to, such areas, as tobacco manufacture, pornography, gambling, armaments, oppressive regimes and human rights abuses, while incorporating a strong bias toward those which demonstrate responsible corporate environmental governance. Stocks that meet ethical criteria are passed through a second investment screening process, which narrows universe to a sub-set stocks which broadly display following characteristics: 1. Large-cap companies; 2. Established pritability; 3. Attractive medium term earnings (top line revenue and underlying pritability) growth relative to peers and 4. Financially stable, strong consistent balance sheet without high levels leverage. The Investment Manager undertakes fundamental research on candidates within investable universe. This involves industry/sector research, company analysis and valuation work e.g. examining company s balance sheet, estimating stock valuations based upon Investment Manager's view for company s future. The Investment Manager looks to identify key growth drivers business, competitive landscape, strategic outlook for company and potential risks in industry, geography or company specific risks. The Investment Manager will endeavour to construct a global portfolio, using an active, bottom-up approach. Geographic and sector weightings are regularly reviewed to ensure that remains suitably diversified from a risk perspective. 3.2 Use Derivatives and Efficient Portfolio Management Techniques The may engage in transactions in FDI for purposes investment, efficient portfolio management and/or to protect against exchange risks within conditions and limits laid down by Central Bank from time to time. The Investment Manager will look to ensure that techniques and instruments used are economically appropriate in that y realised in a cost-effective way. Such techniques and instruments (details which are outlined below) are options and forwards. Warrants, share purchase rights and convertible securities will not be directly acquired but may be issued to pursuant to its investment in a particular security and, in such cases, may be retained for purposes efficient portfolio management and traded or exercised when considered appropriate. Options An option contains right to buy or sell a specific quantity a specific asset at a fixed price at or before a specified future date. There are two forms options: put or call options. Put options CVV/685914-000003/15442797v23 5
are contracts sold for a premium that give to buyer right, but not obligation, to sell to seller a specified quantity a particular asset (or financial instrument) at a specified price. Call options are similar contracts sold for a premium that give buyer right, but not obligation, to buy seller a specified quantity a particular asset (or financial instrument) at a specified price. Options may also be cash-settled. The may use such instruments to hedge against market risk or gain exposure to underlying equity. Any option entered into by in accordance with limits prescribed by law. Forwards Forward currency contracts could be used to hedge against currency risk that has resulted from assets held by that are not in Base Currency. The, may, for example, use forward currency contracts by selling forward a foreign currency against Base Currency to protect from foreign exchange rate risk that has arisen from holding assets in that currency. Direct and indirect operational costs and/or fees (which do not include hidden revenue) arising from use FDIs for EPM purposes may be deducted revenue delivered to Company. Such costs and/or fees are payable to counterparty to FDI in question and such counterparty may or may not be related to Investment Manager or Custodian. All revenues generated from such FDIs, net direct and indirect operational costs, returned to Company. Collateral or margin may be passed by to a counterparty or broker in respect OTC FDI transaction. Please refer to section Prospectus entitled "Collateral Policy" for furr details. The use FDI and efficient portfolio management techniques for purposes outlined above will expose to risks disclosed under section Prospectus entitled "Risk Factors". 3.3 Borrowing and Leverage (a) Borrowing The Company may only borrow on a temporary basis for account and aggregate amount such borrowings may not exceed 10% Net Asset Value. In accordance with provisions Regulations, Company may charge assets as security for borrowings. (b) Leverage The may utilise FDI as referred to in section headed "Use Derivatives and Efficient Portfolio Management Techniques" above. The will use commitment approach to accurately measure, monitor and manage market risk and calculate its exposures. Global exposure and leverage as a result its investment in FDI (calculated using commitment approach) shall not exceed 100% Net Asset Value. The Investment Manager does not expect use FDIs to significantly increase 's risk prile. The Company on behalf has filed with Central Bank its risk management process which enables it to accurately measure, monitor and manage various risks associated with use FDI. Any FDI not included in risk management process will not be utilised until such time as a revised submission has been provided to Central Bank. The Company will, on request, provide supplementary information to Shareholders relating to risk management CVV/685914-000003/15442797v23 6
methods employed, including quantitative limits that are applied and any recent developments in risk and yield characteristics main categories investments 3.4 Investment Restrictions Investors must note that Company and adheres to restrictions and requirements set out under Regulations, as may be amended from time to time. These are set out in Appendix I to Prospectus. In accordance with requirements Central Bank, will apply for a derogation from some investment restrictions for six months following date first issue Shares pursuant to Regulations but will observe principle risk-spreading. Please refer to section 5.5 Appendix I Prospectus for furr details. 3.5 Cross Investing Subject to requirements Central Bank, and if this is considered appropriate to investment objective and policies, may invest in or s Company. Any commission received by Investment Manager in respect such investment paid into assets. In addition, no Preliminary Charge, Repurchase Charge or Exchange Charge may be charged on cross-investing s investment. In order to avoid double-charging management and/or performance fees, may not be charged an Investment Management Fee or performance fee in respect that part its assets invested in or s Company unless such investment in anor is made into a Class Shares that does not attract any Investment Management Fee or performance fee. Investment may not be made by in a which itself cross-invests in anor within Company. Please also refer to section Prospectus entitled "Cross-Investment". 3.6 Prile a Typical Investor A typical investor seeking to achieve a return on ir investment in medium to long term. 3.7 Risk Factors Investors should read and consider section Prospectus entitled "RISK FACTORS" before investing in. However, not all risks disclosed in "RISK FACTORS" section Prospectus material to an investment in this particular. In addition to above referenced risks, investors should also consider particular implications following risks that are to an investment in. Fees and expenses may be charged to capital where insufficient income has been generated by to cover fees and expenses. Thus, on repurchases holdings Shareholders may not receive back full amount invested and this will have effect lowering capital value ir investment. There is a greater risk refore that capital may be eroded and income achieved by foregoing potential for future capital growth your investment and value future returns may also be diminished. Investors should note however that distributions made during life are a form capital reimbursement. CVV/685914-000003/15442797v23 7
Currency Fluctuations The performance assets held by may be strongly influenced by movements in currency rates because currency positions held by may not correspond with securities positions held. The risks described in Prospectus should not be considered to be an exhaustive list risks which potential investors should consider before investing in. Potential investors should be aware that an investment in may be exposed to or risks from time to time. 3.8 Key Information for Buying and Selling Shares Class Class Currency*** Initial Offer Period* Initial Price Issue Minimum Shareholding** Minimum Initial Investment Amount** Minimum Additional Investment Amount** A Accumulating Euro 9.00am (Irish in SRI, a subfund 2015, A Distributing Euro 9.00am (Irish in SRI, a subfund 2015, CVV/685914-000003/15442797v23 8
B Accumulating Euro 9.00am (Irish in SRI, a subfund 2015, B Distributing Euro 9.00am (Irish in SRI, a subfund 2015, C Accumulating Euro 9.00am (Irish in SRI, a subfund 2015, CVV/685914-000003/15442797v23 9
D Accumulating Euro 9.00am (Irish in SRI, a subfund 2015, E Accumulating Euro 9.00am (Irish in SRI, a subfund 2015, F Accumulating Euro 9.00am (Irish in SRI, a subfund CVV/685914-000003/15442797v23 10
2015, G Accumulating Euro 9.00am (Irish in SRI, a subfund 2015, H Accumulating Euro 9.00am (Irish in SRI, a subfund 2015, I Accumulating Euro 9.00am (Irish in SRI, a subfund CVV/685914-000003/15442797v23 11
J Distributing Euro 9.00am (Irish K Distributing Euro 9.00am (Irish L Distributing Euro 9.00am (Irish 2015, in SRI, a subfund 2015, in SRI, a subfund 2015, in SRI, a sub- CVV/685914-000003/15442797v23 12
M Distributing Euro 9.00am (Irish N Distributing Euro 9.00am (Irish fund 2015, in SRI, a subfund 2015, in SRI, a subfund 2015, O Accumulating Sterling 9.00am (Irish 500 500 100 CVV/685914-000003/15442797v23 13
P Distributing Sterling 9.00am (Irish in SRI, a subfund 2015, was 1,582 in SRI, a subfund 2015, was 1,582 500 500 100 Q Accumulating Sterling 9.00am (Irish in SRI, a subfund 2015, was 1,582 500 500 100 CVV/685914-000003/15442797v23 14
R Distributing Sterling 9.00am (Irish in SRI, a subfund 2015, was 1,582 500 500 100 S Accumulating Sterling 9.00am (Irish in SRI, a subfund 2015, was 1,582 500 500 100 T Distributing Sterling 9.00am (Irish in SRI, a subfund 2015, 500 500 100 CVV/685914-000003/15442797v23 15
was 1,582 U Accumulating Sterling 9.00am (Irish in SRI, a subfund 2015, was 1,582 500 500 100 V Distributing Sterling 9.00am (Irish in SRI, a subfund 2015, was 1,582 500 500 100 X Accumulating Sterling 9.00am (Irish in SRI, a subfund 500 500 100 CVV/685914-000003/15442797v23 16
Y Distributing Sterling 9.00am (Irish 2015, was 1,582 in SRI, a subfund 2015, was 1,582 500 500 100 *The Initial Offer Period may be shortened or extended by Directors. The Central Bank notified in advance any such shortening or extension if subscriptions for Shares have been received and orwise shall be notified subsequently, on an annual basis. **Subject to discretion Directors (or ir delegate) in each case to allow lesser amounts. *** Unhedged Currency es. A currency conversion will take place on subscription, redemption and distributions at prevailing exchange rates. The value Share expressed in Class currency may be subject to exchange rate risk in relation to Base Currency. Applications for Shares and applications for repurchase Shares must be received by Dealing Deadline. Applications for Shares will only be accepted on a cleared funds basis in Base Currency. Applications received after Dealing Deadline for Dealing Day shall be deemed to have been received by next Dealing Deadline, save in exceptional circumstances where Directors may in ir absolute discretion (reasons to be documented) determine and provided Applications are received before Valuation Point for Dealing Day. Repurchase requests received after Dealing Deadline shall be treated as having been received by following Dealing Deadline, save in exceptional circumstances where Directors may in ir absolute discretion (reasons to be documented) determine and provided y are received before Valuation Point for Dealing Day. Subscription Settlement Date: Subscription monies should be paid to account specified in Application Form (or such or account specified by Administrator) so as to be received by no later than three Business Days after Dealing Day. If payment in full and/or a properly completed Application Form have not been received by times stipulated above, application may be refused. Repurchase Settlement Date: Payment Repurchase Proceeds made by electronic transfer to account redeeming Shareholder at risk and expense Shareholder CVV/685914-000003/15442797v23 17
normally within three Business Days Dealing Day and, in all cases, paid within ten Business Days Dealing Deadline for Dealing Day, provided that all required documentation has been furnished to and received by Administrator. Repurchase proceeds may at discretion Directors be paid in specie where repurchasing Shareholder requests repurchase a number Shares that represents 5% or more Net Asset Value. Repurchase requests, which represent less than 5% Net Asset Value may be satisfied by way an in specie transfer where repurchasing Shareholder has consented to same. Shares may also be subscribed in specie at discretion Directors. Please also refer to section Prospectus entitled "In specie Repurchases" and "In Specie Subscriptions". 3.9 Dividend Policy For Class A Accumulating Shares, Class B Accumulating Shares, Class C Accumulating Shares, Class D Accumulating Shares, Class E Accumulating Shares, Class F Accumulating Shares, Class G Accumulating Shares, Class H Accumulating Shares, Class I Accumulating Shares, Class O Accumulating Shares, Class Q Accumulating Shares, Class S Accumulating Shares, Class U Accumulating Shares, and Class X Accumulating Shares ( "Accumulating es") (and indicated as such in table in section above titled "Key Information for Buying and Selling Shares"), it is present intention Directors not to declare or pay dividends, and any income or gains earned by and se es, reinvested and reflected in value Shares. For Class A Distributing Shares, Class B Distributing Shares, Class J Distributing Shares, Class K Distributing Shares, Class L Distributing Shares, Class M Distributing Shares, Class N Distributing Shares, Class P Distributing Shares, Class R Distributing Shares, Class T Distributing Shares, Class V Distributing Shares and Class Y Distributing Shares ( "Distributing es") (and indicated as such in table in section above entitled "Key Information for Buying and Selling Shares"), subject to net income being available for distribution, Directors intend to declare dividends on Distribution Date and such dividends paid on or before 14th Business Day following Distribution Date to all Shareholders entered on register Shareholders at close business on Business Day immediately preceding Distribution Date and refore applicants for Shares to be dealt on or after Distribution Date will not be entitled to distribution paid in respect such Distribution Date but Shareholders seeking to repurchase ir Shares on or after Distribution Date will receive distribution paid in respect such Distribution Date. The Directors reserve right to increase or decrease frequency dividend payments, if any, at ir discretion for Distributing es. In event a change policy full details disclosed in an updated Supplement and Shareholders notified in advance. Under Articles, dividends may be paid out prits, being (i) accumulated revenue (consisting all revenue accrued including interest and dividends) less expenses and/or (ii) realised and unrealised capital gains on disposal/valuation investments and or funds less realised and unrealised accumulated capital losses ; or (iii) out capital. Dividends are paid out capital to allow provision income to Shareholders Distributing es, in event insufficient income being in for a particular period. Dividends paid to Shareholders by electronic transfer to Shareholder s bank account record on initial Application Form in currency denomination CVV/685914-000003/15442797v23 18
Distributing at expense payee and within timeframe outlined above. The net income available for distribution in respect Distributing determined in accordance with law and generally accepted accounting principles consistently applied. Please also refer to section in Prospectus entitled "Dividend Policy". Investor should note that Investment Manager intends to operate an equalisation account in respect. (For furr information about equalisation account, please refer to section in Prospectus entitled "Dividend Policy"). 3.10 Exchange Shares Shareholders may exchange between similar Classes Shares in accordance with provisions set out under heading "Exchange Shares" in Prospectus. The Directors can refuse an application to exchange between Classes Shares in accordance with provisions set out under heading "Exchange Shares". 3.11 Fees and Expenses The following fees and expenses incurred by Company on behalf and will affect Net Asset Value. Class Investment Management Fee Distributor Fee Administrator Fee Custodian Fee Performance Fee Preliminary Charge Repurchase Charge Exchange Charge A Accumulating 0.675% 0% 0.085% NAV NAV reafter: A Distributing 0.675% 0% 0.085% NAV NAV reafter: CVV/685914-000003/15442797v23 19
B Accumulating 1.35% 0% 0.085% NAV NAV reafter: B Distributing 1.35% 0% 0.085% NAV NAV reafter: C Accumulating 0.90% 0% 0.085% NAV NAV reafter: D Accumulating 1% 0% 0.085% NAV NAV Within CVV/685914-000003/15442797v23 20
reafter: E Accumulating 0.55% 0% 0.085% NAV NAV reafter: F Accumulating 0.75% 0% 0.085% NAV NAV reafter: G Accumulating 1.10% 0% 0.085% NAV NAV reafter: CVV/685914-000003/15442797v23 21
H Accumulating 1.20% 0% 0.085% NAV NAV reafter: I Accumulating 1.50% 0% 0.085% NAV NAV reafter: J Distributing 0.55% 0% 0.085% NAV NAV reafter: K Distributing 0.75% 0% 0.085% NAV NAV CVV/685914-000003/15442797v23 22
reafter: L Distributing 1.10% 0% 0.085% NAV NAV reafter: M Distributing 1.20% 0% 0.085% NAV NAV reafter: N Distributing 1.50% 0% 0.085% NAV NAV CVV/685914-000003/15442797v23 23
reafter: O Accumulating 0.675% 0% 0.085% NAV NAV reafter: P Distributing 0.675% 0% 0.085% NAV NAV reafter: Q Accumulating 1.35% 0% 0.085% NAV NAV reafter: R Distributing 1.35% 0% 0.085% CVV/685914-000003/15442797v23 24
NAV NAV Shares: up reafter: S Accumulating 0.55% 0% 0.085% NAV NAV reafter: T Distributing 0.55% 0% 0.085% NAV NAV reafter: U Accumulating 0.75% 0% 0.085% NAV NAV CVV/685914-000003/15442797v23 25
Shares: up reafter: V Distributing 0.75% 0% 0.085% NAV NAV reafter: X Accumulating 1.10% 0% 0.085% NAV NAV reafter: Y Distributing 1.10% 0% 0.085% NAV NAV reafter: Investment Management Fee & Expenses CVV/685914-000003/15442797v23 26
The Investment Manager shall be entitled to maximum annual Investment Management Fee equal to a percentage Net Asset Value Class detailed in above table. Such fee shall be calculated and accrued at each Valuation Point and payable monthly in arrears. The Investment Manager is also entitled to its reasonable out--pocket expenses out assets. Distributor Fee & Expenses The Distributor shall be entitled to maximum annual Distributor Fee equal to a percentage Net Asset Value Class detailed in above table. Such fee shall be calculated and accrued at each Valuation Point and payable monthly in arrears. The Distributor is also entitled to its reasonable out--pocket expenses out assets. Custodian Fee & Expenses The Custodian shall be entitled to an annual Custodian Fee equal to a percentage Net Asset Value Class, detailed in above table, subject to a minimum monthly fee 600 toger with reasonable costs and expenses incurred by Custodian in performance its duties as Custodian. These fees shall accrue and be calculated on each Dealing Day and shall be payable monthly in arrears. The Custodian shall also be entitled to be reimbursed out assets all agreed sub-custodian fees, expenses and transaction charges (which charged at normal commercial rates) and as agreed with Directors. Administrator Fee & Expenses The Administrator shall be entitled to maximum annual Administrator Fee equal to a percentage Net Asset Value Class detailed in above table. Such fee shall be calculated and accrued at each Valuation Point and payable monthly in arrears. The Administrator shall be also be entitled to a minimum annual fee 30,000 per year and a transaction fee for each transaction conducted pursuant to Administration Agreement which charged at normal commercial rates. The Administrator is also entitled to its reasonable out--pocket expenses out assets. 3.12 Or Fees and Expenses This section should be read in conjunction with section entitled "Fees and Expenses" in Prospectus. (a) Anti-Dilution Levy The Directors reserve right to impose an Anti-Dilution Levy in case net subscriptions and/or net repurchases on a transaction basis as a percentage adjustment (to be communicated to Administrator) on value subscription/repurchase calculated for purposes determining a subscription price or repurchase price to reflect impact or dealing costs relating to acquisition or disposal assets and to preserve value underlying assets where y consider such a provision to be in best interests a. Such amount added to price at which Shares issued in case net subscription requests and deducted price at which Shares repurchased in case net repurchase requests. Any such sum paid into account. CVV/685914-000003/15442797v23 27
(b) Establishment Expenses The fees and expenses incurred in connection with establishment will not exceed 10,000. These fees and expenses paid out assets and amortised over first five years. This section should be read in conjunction with section entitled "Fees and Expenses" in Prospectus. 3.13 Miscellaneous There are currently 18 or s Company in existence, namely Davy Discovery Equity Davy Global Bond Davy Strategic Global Brands Equity Global High Yield Equity Davy Ethical Equity Davy Cautious Growth Davy Balanced Growth Davy Long Term Growth Davy Defensive Income Davy Fixed Income Davy Income Davy Cash Davy Fixed Interest Davy UK GPS Cautious Growth Davy UK GPS Balanced Growth Davy UK GPS Long Term Growth Additional s Company may be added in future with prior approval Central Bank. CVV/685914-000003/15442797v23 28