SVM CONTINENTAL EUROPE A

The objective of this Fund is to achieve capital growth over the long term (5 years or more) and it aims to outperform the MSCI Europe ex UK Index (or any successor index) which aims to cover 85% of the market capitalisation of listed stocks on European stock markets excluding the UK). The Fund will identify investment opportunities in undervalued companies in European equity markets which will not necessarily be prominent in mainstream indices. The Fund will invest at least 80% in equities and equity related instruments dealt in or traded on European Eligible Securities Markets. From time to time, when particular opportunities are identified, or the ACD considers it appropriate, the Fund may invest in transferrable securities which are dealt in or traded on other Eligible Securities Markets or which are otherwise permitted for this Fund.