Oyster European Mid & Small

Cap EUR2

Fund Investment Objectives

The objective of this sub-fund is to provide its investors with capital growth, principally by investing in transferable securities of European issuers, at least two thirds of which, after deduction of cash, have a stock market capitalization of less than EURO 5 billion. At lease 75% of the Sub-funds assets are invested at all times in equities or similar instruments issued by companies based in a member state of the EU, in Norway or Iceland. The sub-fund may invest in Russian equities and other similar instruments in accordance with the provisions of section 13 and 17 of the present prospectus. The Sub-fund shall not invest more than 10% of its net assets in units of UCITS and/or other UCIs. The Sub-fund may also invest in derivative finanacial instruments in order to manage its portfolio efficiently and to protect its assets and liabilities.