IMPORTANT INFORMATION

Changes to Investment Manager and Distributor
On 14 July 2010 the following occurred;
Armstrong Investment Managers LLP (“Armstrong”) was appointed as Investment Manager and Distributor to each of the sub- funds of the Company. Armstrong in turn appointed Investec Asset Management Limited as sub-Investment Manager of the Select Cautious Fund and Premier Fund Managers Limited as sub-Investment Manager of the Select Equity Income Fund.  

Sarasin & Partners LLP resigned as the Investment Manager of the Dynamic Balanced Income & Growth Fund, the Dynamic Conservative Growth Fund, the Dynamic Euro Conservative Growth Fund, the Dynamic Growth Fund and the Dynamic US Dollar Fund. GAM International Management Limited resigned as Investment Manager of the Select Global Equity Fund. Investec Investment Management Limited resigned as Investment Manager of the Select Cautious Return Fund and Premier Fund Managers Limited resigned as Investment Manager of the Select Equity Income Fund.

Changes to Investment Management fees
Armstrong Investment Managers LLP will receive a composite fee of 1.5% for Investment Management Services, Distribution and Marketing services. This fee replaces the previous separate fees paid for Investment Management Services and Distribution Services. Premier Fund Managers Limited will now receive a separate fee of up to 0.20% for their role as Promoter for each of the sub-funds.

Change to Dealing Frequency
On 22 July 2010 all Funds moved to daily dealing from weekly dealing with each business Day (as defined in the supplement of Company) being a Dealing Day.