DIVA SYNERGY LIMITED - Bernheim, Dreyfus & Co.

DIVA SYNERGY LIMITEDb) The Net Asset Value of the Second Series of Shares will have increased from€1,000 to €1,100 - therefore the NAV per Share will be €1,080 net of IncentiveFee accrual. (Net €20 Incentive Fee – 20% of €100)5. At the beginning of the third month a new subscriber invests € lm and receives 1,000“Third” Series Shares at €1,000 per Share.6. Let us assume that the NAV of the Class declines by 2% during the third month. Thus:a) The gross NAV of the Lead Series of Shares will have fallen from €1,210 to€1,185.80. Therefore no incentive fee is payable as the last HWM was €1,210.b) The gross NAV per Share of the Second Series will be €1,078. Therefore noincentive fee is payable as the last HWM was €1,100.c) The NAV of the Third Series of Shares will have declined from €1,000 to €980,which will be the NAV per Share, because there will be no Incentive Fee payable.ConsolidationBecause both the Lead Series and the Second Series of Shares ended the quarterly period withnew High Water Marks upon which Incentive Fees were paid, these Shares will be consolidated.Therefore:1. The Second Series of Shares will be redeemed at €1,078, which will result in totalredemption proceeds of €1,078.2. This sum will now be reinvested into the Lead Series of Shares at the Net Asset Value perShare of the Lead Series, which will now be € 1185.80 As a result, the Shareholder, whooriginally had held the Second Series of Shares, will receive 909.09 Shares of the LeadSeries (€1,078 divided by €1,185.80).3. Because the Third Series of Shares did not reach a new High Water Mark, they willremain in existence and will not be consolidated until the end of a subsequent quarterlyperiod, in which they do achieve a new High Water Mark.4. New Shareholders subscribing at the beginning of the new quarter will subscribe for LeadSeries Shares at €1,185.80 per Share.5. It should be noted that, in the unlikely event that, the NAV of a new Series of Shares hasnot changed, at the quarter date, from the issue price of €1,000 per Share, that Series ofShares will be nevertheless consolidated into the Lead Series, providing that Lead Serieshas achieved a new High Water Mark and is not suffering from a carried forward lossfrom a previous quarter.In the event of termination of the Investment Management Agreement, the Management Fee andthe Incentive Fee shall be computed by treating the effective date of termination as if it were thelast day of the applicable payment period for each fee.Under the terms of the Investment Management Agreement, the services of the InvestmentManager to the Fund are not deemed to be exclusive and the Investment Manager is free to rendersimilar services to others.The Investment Manager may aggregate transactions for the Fund with transactions of the sameinstrument for other clients of the Investment Manager.DIVA SYNERGY – CLASS A (€uro)23