DIVA SYNERGY UCITS FUND - Bernheim, Dreyfus & Co.

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Competitive Advantage Unique Portfolio Construction • Dynamic optimization of the portfolio allocation between the two strategies (Merger Arbitrage and Pre-Event Driven) to achieve the target return and volatility regardless of the business cycle and market conditions Experienced Management Team A Focus on Discipline Tactical Flexibility Proven experience • Complementary profiles in mergers and acquisitions, trading and asset management • A thorough knowledge of several industries • An extensive network of contacts established over the years • A rigorous investment process • Strict buying and selling policies • Ongoing monitoring of performance indicators and portfolio risk • The team's expertise in fundamental analysis, trading and investment behavior, allows it to make a quick reading of the market and adjust the portfolio accordingly • A good understanding of complex transactions • Corriente/Resources; Apache/Mariner; Hospira/Javelin • An indepth understanding of the EU Antitrust process • Oracle/Sun Microsystems; Intel/McAfee; Tom Tom/Tele Atlas; Nokia/Navteq • A good understanding of the dynamics of hostile transactions • Kraft/Cadbury; Sanofi/Genzyme • A solid track-record of identifying potential M&A targets • Solvay/Rhodia; International Power/GDF Suez; Rio Tinto/Alcan • Nimble Approach to Risk • BHP Billiton/Potash; BASF/CIBA 8
Diva Synergy (Ucits) Risk Profile The Fund may be exposed to the following main types of risks. Any of these risks may cause a significant fall of the Fund’s Net Asset Value. • Risk of capital loss: Investors are warned that the capital they invest is not guaranteed and therefore they may not receive back the full amount invested. • Risk of non-occurrence of the announced or anticipated merger or acquisition: Merger arbitrage consists of taking advantage of the difference between the current stock price of the target and the price offered by the acquirer (the spread). If the transaction is completed, a gain consisting of the spread is realised. However, if the transaction fails to complete, a loss is likely to be incurred as the anticipated control premium usually paid to the target shareholders by the acquirer is lost. • Risk of not achieving the Fund’s objective - discretionary management risk: The Fund relies on the managers’ ability to assess the value of companies and determine the outcome of mergers and acquisitions situations. There is a risk that the Fund may not be invested in the bestperforming situations at any given time. • Counterparty risk: In the case of products traded over the counter (OTC), the Fund may have to bear additional risks related to counterparty exposure. This risk measure the losses incurred by the Fund in respect of commitments entered into with a counterparty. The default of the counterparty may cause a significant decrease in the net asset value (NAV) of the Fund. In general, these transactions are entered into in line with regulatory requirements such as collaterals and margin calls. • Foreign exchange risk: The Fund buys and sells securities denominated in currencies other than the Fund’s currency. In spite of its policy of hedging the invested assets, the Fund’s net asset value may be adversely impacted if changes in the foreign exchange markets negatively affect gains generated over two hedging periods. • Interest rate risk: The Fund may be up to 100% exposed to short-term interest rate risk via debt securities and money market instruments. Interest rate risk is the risk associated with a rise in interest rates, which can trigger a fall in the price of certain debt securities and money market instruments, and thereby a fall in the net asset value of the Fund • Credit risk: The risk of a downgrade in the credit rating of an issuer, or of that issuer defaulting. The value of the debt instruments in which the Fund is invested may fall, which could result in a fall in the net asset value. • High-yield risk: There is also a high-yield risk arising from the fact that the Fund may invest in high-yield bonds (rated at least B- by Standard & Poor’s or Caa1 by Moody’s). These securities carry a significant risk of default. 9
Page 1 and 2: DIVA SYNERGY UCITS FUND An Event-Dr
Page 3 and 4: Table of Contents Introduction to D
Page 5 and 6: Overview of Diva Synergy UCITS Diva
Page 7 and 8: 2. Pre-Event Merger Arbitrage - Ant
Page 9 and 10: Structure of Portfolio Market Volat
Page 11: Risk Management Risk Management Too
Page 15 and 16: M&A Market in 2011 Positive market
Page 17 and 18: Pre Event Driven Portfolio - Case S
Page 19 and 20: Portfolio Managers (as at June 1 st

DIVA SYNERGY UCITS FUND - Bernheim, Dreyfus & Co.

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