Subscriptions & Redemptions

Subscriptions

Subscription forms and prospectus can be obtained under Information or from
Carnegie Fund Management Company S.A.
Centre Europe, 5, Place de la Gare
PO Box 1141
L-1011 Luxembourg

Telephone: (+352) 40 40 301
Telefax: (+352) 26 48 78 610

Or at
Carnegie Asset Management
Dampfærgevej 26
DK-2100
Copenhagen

Telephone: (+45) 35 46 35 00
Telefax: (+45) 35 46 35 46

The initial subscription period ends 20 June 2003. The Fund will hereafter be open monthly for new subscriptions. Subscription applications/instructions must be received by Banque Carnegie Luxembourg S.A. at least 5 business days before the relevant month end valuation date.

It should be noted that the minimum initial subscription is EUR 10,000. Subsequent minimum investment amounts are EUR 5,000.

Redemptions

Redemptions are processed on a monthly basis, the instruction must be received by Banque Carnegie Luxembourg S.A. no later then 30 days before the month ends.

The Fund's administrator
Carnegie Fund Management Company S.A.
Centre Europe, 5, Place de la Gare
PO Box 1141
L-1011 Luxembourg

Telephone: (+352) 40 40 301
Telefax: (+352) 26 48 78 610