We, TMF Trustees Singapore Limited, as the trustees of the Sub-fund, would like to inform the unitholders that the Sub-fund will be terminated with effect from 28 February 2021 (or such later date as we may decide) (“Termination Date”).

On 28 July 2016, the Fund Administrator, Aria Fund Services (“Fund Administrator”) issued a letter titled “Compulsory Redemption of all Shareholders Liquidation of the Fund” to all Holders of the Sub-fund, where the Fund Administrator informed that the Sub-fund would be wound up entirely, among others.

As of 30 April 2019, the manager, Da Vinci Invest Ltd, has been dissolved. Clause 20.3(a) of the Ninth Amending and Restating Deed dated 24 September 2014 (the “Trust Deed”), being supplemental to a trust deed dated 8 September 2006, as amended, constituting the Fund, provides that the Sub-fund may be terminated if a new manager has not been appointed under clause 16.11 of the Trust Deed. In light of the dissolution of the manager, we are taking steps to terminate the Sub-fund in accordance with clause 20.3(a) of the Trust Deed.

It has become cost inefficient to continue operate the Sub-fund, and we are therefore of the view that it would be in the interests of the unitholders of the Sub-fund to terminate the Sub-fund.

After taking into account the deductions permitted under the Trust Deed, upon the termination of the Sub-fund, there will be no proceeds for distribution to any unitholders.

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