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FUND WITH SUB-FUNDS
MERITUM FIZ is a non-public asset investment fund, organized and operating on the basis of a permit granted by the
Financial Supervision Commission pursuant to the rules defined by the provisions of the Law on Investment Funds dated
May 27, 2004 (Journal of Laws No. 146, item. 1546 as amended) and the Statute.
MERITUM FIZ is a closed investment fund with sub-funds. After collecting payments for first series investment certificates
of sub-fund A in November 2006 and registration of MERITUM FIZ, MERITUM FIZ will create other sub-funds. Sub-funds do not
have legal personality. Net asset value of each sub-fund is determined separately enabling the holder of investment
certificates of a given sub-fund to compare the value of purchased sub-fund certificates with particular assets acquired
from such sub-fund's financial means.
INVESTMENT STRATEGY
MERITUM FIZ is a closed investment fund dedicated to sophisticated investors seeking high return rates on investment
capital with low correlation with public market's returns.
The investment purpose of each MERITUM FIZ sub-fund is an increase in such sub-fund asset value resulting from an
increase in value of investments and generating net income on investments to achieve the invested capital return rate
at the level significantly exceeding the inflation level. A sub-fund does not guarantee that the investment purpose
will be reached, however, it will make all efforts to do so.
Each sub-fund of MERITUM FIZ may invest its assets in:
- shares, rights to shares, preemptive rights, subscription warrants
- shares in limited liability companies
- debt securities
- receivables and loans excluding those due from individuals
- money market instruments
- investment funds participation units and investment certificates as well as participation tiles issued by
common investing institutions having their set abroad
- foreign currencies
- on condition that they are disposable
- deposits.
Each sub-fund of MERITUM FIZ invests at least 80% of its assets' value in assets other than:
- securities being subject of a public offer or securities admitted to public trading on the regulated
market unless they became subject of a public offer or were admitted to public trading on the regulated
market after their acquisition by a given sub-fund and
- money market instruments, unless they were issued by non-public companies whose shares constitute a part
of a given sub-fund portfolio.
General criteria for investment selection are:
- maximalizing return rate while preserving the safety of a given investment
- optimalizing return rate
- liquidating within the investment term specified by the issue conditions for a give issue of investment certificates.
A sub-fund makes long-term investments where an increase in value is most probable based on a fundamental analysis.
In particular, sub-fund will invest in shares of companies which deport the "idea of creating value for a shareholder",
i.e. companies which having implemented accurate information policy may, in accordance with the criteria defined by a
sub-fund, achieve more than an average return on capital by concentrating on most profit generating undertakings.
Detailed criteria for investment selection are:
- possibility of exercising owner's supervision over the entities whose shares or loans are subject of investment
- possibility of realizing value from the purchased debt by debt restructuring or market value increase
- identifiable investment value creation strategy
- the potential for and probability of investment value increase.
DESCRIPTION OF MERITUM FIZ ACTIVITIES
The exclusive activity of MERITUM FIZ is investing financial means gathered through non-public offering to acquire
investment certificates, in securities, money market instruments and other proprietary rights defined in the Law on
Investment Funds dated May 27, 2004 (Journal of Laws No. 146, item. 1546 as amended) and the Statute. The governing
bodies of MERITUM TFI are: HEXAGON TFI and the Investors' Meeting.
HEXAGON TFI acts in the interests of all participants of MERITUM FIZ in accordance with the provisions of the Statute and
the Law on Investment Funds dated May 27, 2004 (Journal of Laws No. 146, item. 1546 as amended). HEXAGON TFI is liable
to the participants for all damages caused by non-performance or improper performance of its duties regarding representation
and management of MERITUM FIZ, unless such non-performance or improper performance was caused by circumstances for which
HEXAGON TFI is not responsible.
Entitled to participate in the Investors' Meeting are the participants of MERITUM FIZ who not later than 7 days before the
Investors' Meeting notify HEXAGON TFI of their intention to participate in the Investors' Meeting. The Investors' Meeting has
the right to adopt resolutions of the following matters:
- dissolving the fund
- accepting annual joint financial statements of the fund and annual unit financial statements of the sub-funds
- granting consent for a change of the depositary
- granting consent for issuing new investment certificates
- granting consent for issuing bonds
- granting consent for pledging investment certificates other than those of sub-fund A
- amending the Statute by excluding the preemptive rights to acquire new investment certificates
- liquidating a sub-fund
- buying out investment certificates on conditions specified in the Statute
- paying out income from disposing of sub-fund's investments.
The depositary maintaining the fund's asset register pursuant to the agreement on maintaining the fund's asset register is
RAIFFEISEN BANK POLSKA S.A. with its seat in Warsaw at 20 Piękna Str. The depositary acts in the interest of the participants
of the fund independently form HEXAGON TFI. The depositary's duties have been specified by the law and the agreement on
maintaining the fund's asset register, which does no limit the scope of the depositary's liability defined by the law.
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