„INVL Emerging Europe Bond Fund“, a subfund of INVL Asset Management, a subsidiary of Invalda INVL, will be managed from Luxembourg - Seite 3

Due to the aforementioned changes, the name of RTS is being changed to INVL Russia ex-Government Equity Subfund.

The rate and the principle of calculation of the RTS performance fee is also changing. Upon the entry into force of the new wording, the performance fee will be 20 per cent (currently it is 15 per cent) of the increase in the RTS net asset value exceeding the 8 per cent hurdle rate over the last 3 years. The current 15 per cent performance fee is calculated on the basis of a simple increase in value. For three years from the entry into force of the new wording of the Rules, the 8 per cent hurdle rate criterion will be applied only from the entry into force of the new wording of the Rules, i.e. the hurdle rate will not be applied retroactively. In the opinion of the Management Company, the adjusted formula for calculation of the performance fee, which introduces additional criteria, will ensure that the performance fee is applied to clients only when the RTS subfund steadily generates a high return over the medium term.

As until now, the increase in the net asset value will be calculated according to the high watermark principle. The highest peak in value reached since the entry into force of the new wording of the Rules will not be recalculated, i.e. the historical highest peak will continue to be used.

Cut-off time for applications to purchase, switch and sell is changed

The cut-off time for applications to purchase, switch and sell investment units of all the subfunds constituting the Fund is being changed from 24:00 hrs to 11:00 hrs. This means that applications received before 11:00 hrs and paid by 23:59 hrs on the same day will be carried out on the basis of the value as of the date of submission of the application, and applications received after 11:00 hrs and paid by 23:59 hrs on the same day will be subject to the value as of the nearest business day. In the event of a difference between the date of receipt of the application and the payment date, the value effective as of the payment date will be applied. Further information on the rules for submission and carrying out of applications is provided in the Prospectus of the Subfunds which is available on the website: www.invl.com.