Addendum for German investors

SKAGEN AS has established a Branch in Germany in December 2018.

SKAGEN AS Branch Germany

Barckhausstrasse 1

60325 Frankfurt

www.skagenfunds.de

Exchange and Redemption of Units

Applications for subscription, redemption and conversion of units should be sent to the SKAGEN AS Branch in Germany for onward transmission to SKAGEN AS. Unit holders resident in Germany may request to have all payments (redemption proceeds, distributions and any other payments) be made for their benefit through the SKAGEN AS Branch in Germany.

Documents and Notices

The Prospectus, the Key Investor Information Documents, the Articles of Association of the company, the audited annual accounts and half-yearly accounts may be inspected at and are available free of charge from the SKAGEN AS Branch in Germany either via regular mail or per e-mail.

Notifications to the unit holders, if any, are available from the SKAGEN AS Branch in Germany and are communicated to shareholders via unit holder letter.

Furthermore, subscription, redemption and conversion prices of the units and any notices to the unit holders additional information, which is also available free of charge at the SKAGEN AS Branch in Germany.

Publications

Subscription, redemption and conversion prices of the units will be available at www.wmdaten.com and at the offices of the German Information Agent.

Any notices to the unit holders will be published in the German Federal Gazette (www.bundesanzeiger.de).

Particular events

In addition, communications to investors in the Federal Republic of Germany by means of a durable medium in the following cases:

• suspension of the redemption of the units,
• termination of the management of the fund or its liquidation,
• any amendments to the fund rules which are inconstant with the previous investment principles, which affect material investor rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool,
• merger of the fund with one or more other funds and
• the change of the fund into a feeder fund or the modification of a master fund.

Subscription prices and redemption prices will be available at www.wmdaten.com and at the offices of the German Information Agent.