Important noticeShareholders noticeMeeting notice
 

Shareholder's Notice

During the year 2008, we amended the Prospectus to give the Board more discretion in the application of entry and exit charges on the Fund. These charges are intended to compensate the Fund for transaction costs arising on investing inflows or liquidating holdings to finance outflows. The Board took the view that the procedure by which these charges are applied is uneven and potentially unfair in operation. This makes it difficult for the Fund to maintain a level playing field between subscribers, redeemers and continuing investors. Furthermore, the Fund’s investment approach means that inflows do not automatically give rise to transaction costs and outflows can be financed from cash balances. In these circumstances, the Board took a decision to waive the charges

entirely. We have now been advised by the AFM, the Dutch regulatory authority, that we should re-instate the charges in question, so this was done with effect from March 6th, 2009.

 

This means that as from 6 March 2009 the Transaction Price is determined as follows:

 

â  in case the balance of the purchases and repurchases of Ordinary Shares on a Execution Day results in a net repurchase of Ordinary Shares the Transaction Price is the NAV -0,35%.

 

â  in case the balance of the purchases and repurchases of Ordinary Shares on a Execution Day results in a net purchase of Ordinary Shares the Transaction Price is the NAV + 0,35%.

 

11 March 2009,

The Board of Directors