Clear Beyond WordsVisual Thinking And Why You Can’t Communicate Without It

Plain Talk in Complex Times, Arlington VA September 7, 2012

Josiah Fisk President, More Carrot LLC Boston

What Do We Mean By “Visual”?

7.5 Peer Assisted Networking Technology.

7.5 Beer Assisted Networking Technology.

7.5 Peer-Assisted Networking Technology.

BPVisual Difference

Intuitive

BPConceptual Difference

Learned

Image

P

Letter

P

Image

P:-

Some Intuitive Things

Groupings

Relative size

Similarity

Difference

Hierarchy

Singularity

Ambiguity

Shape Completion

The Tyranny of the Visual — I

Cue The President

Palm Beach County, Florida November 7, 2000

No punch hole

Reform Party

?

Over 3 times more Reform Party votes than next-highest Florida county.

Over 19,000 ballots disqualified for double votes.

Election decided by 537 votes.

. . . or by one person who didn’t understand the power of the visual.

Source: New York Times, various issues, 2000

The Tyranny of the Visual — II

It’s The Blue Spray Can

Laundry starch

Oven cleaner

Same type of container

Same color

Same font

Virtually identical names

Yellow block letters

Yellow starburst

Description very small

The Tyranny of the Visual — III

It’s OK, Nobody Died

Paralyzing drug used in surgery.

Drug that reverses paralyzing drug: same container type, same cap and label color, same drawer.

Five of six surgeons at Denver hospital gave the wrong drug at least once.

?

?

Switched to color- coded containers.

Put each drug in a different drawer.

No further problems reported.

Source: New York Times, 5 Dec 1999

The Tyranny of the Visual — IV

Actually, It Is Rocket Science

Facts that cast doubt on wisdom of launch

Recom-mendation

to launch

Would You Launch The Challenger?

Source: Edward Tufte, Visual Explanations

Would You Launch The Challenger?

Forecast temperatures on launch day

12

8

4

0250

O-r

ing

dam

age

ind

ex

Temperature (oF) of joints

300 350 400 450 500 550 600 650 700 750 800 850

Would You Launch The Challenger?

Putting the Visual to Work

Street Smarts

Manhattan Street Vendor

Manhattan Street Vendor Regulations

Source: candychang.com

Title

Introduction

Four topic sections

Demonstrations — I

We Excel At Bad Visual Cues

Actual menu, Microsoft Excel

Demonstrations — II

Roadside Assistance

Demonstrations — III

Here’s Looking At You, KIID

Content and order prescribed

2 pages, plain language

Required in 2012 of all EU mutual funds

Key Investor Information Document (KIID)

Key Investor InformationThis document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.Selectum Belgium Fund A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class R Retail LU0652588970 Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium Objectives and Investment Policy The Sub-Fund has as its objective to offer shareholders a maximum increase in their investment over the medium term (5 - 7 years).The Investment Manager anticipates that under normal market conditions the Sub-Fund will mainly invest in a broad mix of equi-ties from issuers in Belgium. Equities are securities that represent a share in the business results of a company.The Sub-Fund may use derivatives for efficient portfolio management or for hedging. Derivatives are financial instruments whose value is linked to one or more rates, indexes, share prices or other values. Hedging means seeking to reduce or cancel out exposure to various investment risks. The Investment Manager performs inten sive research on individual companies, focusing on their fundamental qualities and their potential to increase cash flows. The Investment Manager uses a vigorous and ongoing process of analysis that includes research as well as inter views with senior management.The Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.The reference currency of the Sub-Fund is EUR.Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.Selectum Belgium Fund A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class R Retail LU0652588970 Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium Objectives and Investment Policy The Sub-Fund has as its objective to offer shareholders a maximum increase in their investment over the medium term (5 - 7 years).The Investment Manager anticipates that under normal market conditions the Sub-Fund will mainly invest in a broad mix of equi-ties from issuers in Belgium. Equities are securities that represent a share in the business results of a company.The Sub-Fund may use derivatives for efficient portfolio management or for hedging. Derivatives are financial instruments whose value is linked to one or more rates, indexes, share prices or other values. Hedging means seeking to reduce or cancel out exposure to various investment risks. The Investment Manager performs inten sive research on individual companies, focusing on their fundamental qualities and their potential to increase cash flows. The Investment Manager uses a vigorous and ongoing process of analysis that includes research as well as inter views with senior management.The Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.The reference currency of the Sub-Fund is EUR.Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

1 of 2Key Investor Information Selectum Belgium Fund Class F Founder

Key Investor Information 28 September 2011

Objectives and Investment Policy Objective To offer shareholders a maximum increase in their investment over the medium term (5 - 7 years).

Portfolio Securities The Investment Manager anticipates that under normal market conditions the Sub-Fund will mainly invest in a broad mix of equities from issuers in Belgium. The Sub-Fund may use derivatives for efficient portfolio management or for hedging.

Investment Process The Investment Man ager performs inten sive research on individual companies, focusing on their fundamental qualities and their potential to increase cash flows. The Investment Manager uses a vigorous and ongoing process of analysis that includes research as well as inter views with senior management.

Designed For Investors who understand the risks of the Sub-Fund and intend to invest for at least 5 - 7 years.

Reference Currency EUR

Terms to UnderstandEquities Securities that represent a share in the business results of a company.

Derivatives Financial instruments whose value is linked to one or more rates, indexes, share prices or other values.

Hedging Seeking to reduce or cancel out exposure to various investment risks.

Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.

The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

Risk and Reward Profile

1 2 3 4 5 6 7

Lower potential risk/reward Not risk-free.

Higher potential risk/reward

The value of an investment in the Sub-Fund can go up and down. When you sell your shares, they may be worth less than what you paid for them. If your currency as an investor is different from the subscription currency of the Sub-Fund, changes in currency exchange rates could reduce any investment gains or increase any investment losses.

The risk/reward rating above is an estimate; it is not guaranteed. The rating is based on medium-term volatility (variations in the Fund’s share price over a recent period, generally several years). Going forward, the Sub-Fund’s actual volatility could be lower or higher, and its rated risk/reward level may be changed.

The Sub-Fund’s risk level reflects the following factor:

• The Sub-Fund invests in stocks, which in general are riskier than bonds or money market instruments.

The rating does not reflect the possible effects of unusual mar-ket conditions or large unpredictable events, which could amplify everyday risks and could trigger other risks, such as:

Counterparty risk The Sub-Fund could lose money if an entity with which it does business becomes unwilling or unable to honor its commitments to the Sub-Fund.

Derivatives risk Certain derivatives could increase Sub-Fund volatility or expose the Sub-Fund to losses greater than the cost of the derivative.

Liquidity risk Certain securities could become hard to value, or to sell at a desired time and price.

Management risk Portfolio management techniques that have worked well in normal market conditions could prove ineffective or detrimental during unusual conditions.

A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275 Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium

This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.

Selectum Belgium Fund

Selectum Belgium Fund A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class R Retail LU0652588970 Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium Objectives and Investment Policy The Sub-Fund has as its objective to offer shareholders a maximum increase in their investment over the medium term (5 - 7 years).The Investment Manager anticipates that under normal market conditions the Sub-Fund will mainly invest in a broad mix of equi-ties from issuers in Belgium. Equities are securities that represent a share in the business results of a company.The Sub-Fund may use derivatives for efficient portfolio management or for hedging. Derivatives are financial instruments whose value is linked to one or more rates, indexes, share prices or other values. Hedging means seeking to reduce or cancel out exposure to various investment risks. The Investment Manager performs inten sive research on individual companies, focusing on their fundamental qualities and their potential to increase cash flows. The Investment Manager uses a vigorous and ongoing process of analysis that includes research as well as inter views with senior management.The Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.The reference currency of the Sub-Fund is EUR.Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

1 of 2Key Investor Information Selectum Belgium Fund Class F Founder

Key Investor Information 28 September 2011

Objectives and Investment Policy Objective To offer shareholders a maximum increase in their investment over the medium term (5 - 7 years).

Portfolio Securities The Investment Manager anticipates that under normal market conditions the Sub-Fund will mainly invest in a broad mix of equities from issuers in Belgium. The Sub-Fund may use derivatives for efficient portfolio management or for hedging.

Investment Process The Investment Man ager performs inten sive research on individual companies, focusing on their fundamental qualities and their potential to increase cash flows. The Investment Manager uses a vigorous and ongoing process of analysis that includes research as well as inter views with senior management.

Designed For Investors who understand the risks of the Sub-Fund and intend to invest for at least 5 - 7 years.

Reference Currency EUR

Terms to UnderstandEquities Securities that represent a share in the business results of a company.

Derivatives Financial instruments whose value is linked to one or more rates, indexes, share prices or other values.

Hedging Seeking to reduce or cancel out exposure to various investment risks.

Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.

The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

Risk and Reward Profile

1 2 3 4 5 6 7

Lower potential risk/reward Not risk-free.

Higher potential risk/reward

The value of an investment in the Sub-Fund can go up and down. When you sell your shares, they may be worth less than what you paid for them. If your currency as an investor is different from the subscription currency of the Sub-Fund, changes in currency exchange rates could reduce any investment gains or increase any investment losses.

The risk/reward rating above is an estimate; it is not guaranteed. The rating is based on medium-term volatility (variations in the Fund’s share price over a recent period, generally several years). Going forward, the Sub-Fund’s actual volatility could be lower or higher, and its rated risk/reward level may be changed.

The Sub-Fund’s risk level reflects the following factor:

• The Sub-Fund invests in stocks, which in general are riskier than bonds or money market instruments.

The rating does not reflect the possible effects of unusual mar-ket conditions or large unpredictable events, which could amplify everyday risks and could trigger other risks, such as:

Counterparty risk The Sub-Fund could lose money if an entity with which it does business becomes unwilling or unable to honor its commitments to the Sub-Fund.

Derivatives risk Certain derivatives could increase Sub-Fund volatility or expose the Sub-Fund to losses greater than the cost of the derivative.

Liquidity risk Certain securities could become hard to value, or to sell at a desired time and price.

Management risk Portfolio management techniques that have worked well in normal market conditions could prove ineffective or detrimental during unusual conditions.

A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275 Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium

This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.

Selectum Belgium Fund

A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class R Retail LU0652588970 Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium Objectives and Investment Policy The Sub-Fund has as its objective to offer shareholders a maximum increase in their investment over the medium term (5 - 7 years).The Investment Manager anticipates that under normal market conditions the Sub-Fund will mainly invest in a broad mix of equi-ties from issuers in Belgium. Equities are securities that represent a share in the business results of a company.The Sub-Fund may use derivatives for efficient portfolio management or for hedging. Derivatives are financial instruments whose value is linked to one or more rates, indexes, share prices or other values. Hedging means seeking to reduce or cancel out exposure to various investment risks. The Investment Manager performs inten sive research on individual companies, focusing on their fundamental qualities and their potential to increase cash flows. The Investment Manager uses a vigorous and ongoing process of analysis that includes research as well as inter views with senior management.The Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.The reference currency of the Sub-Fund is EUR.Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

1 of 2Key Investor Information Selectum Belgium Fund Class F Founder

Key Investor Information 28 September 2011

Objectives and Investment Policy Objective To offer shareholders a maximum increase in their investment over the medium term (5 - 7 years).

Portfolio Securities The Investment Manager anticipates that under normal market conditions the Sub-Fund will mainly invest in a broad mix of equities from issuers in Belgium. The Sub-Fund may use derivatives for efficient portfolio management or for hedging.

Investment Process The Investment Man ager performs inten sive research on individual companies, focusing on their fundamental qualities and their potential to increase cash flows. The Investment Manager uses a vigorous and ongoing process of analysis that includes research as well as inter views with senior management.

Designed For Investors who understand the risks of the Sub-Fund and intend to invest for at least 5 - 7 years.

Reference Currency EUR

Terms to UnderstandEquities Securities that represent a share in the business results of a company.

Derivatives Financial instruments whose value is linked to one or more rates, indexes, share prices or other values.

Hedging Seeking to reduce or cancel out exposure to various investment risks.

Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.

The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

Risk and Reward Profile

1 2 3 4 5 6 7

Lower potential risk/reward Not risk-free.

Higher potential risk/reward

The value of an investment in the Sub-Fund can go up and down. When you sell your shares, they may be worth less than what you paid for them. If your currency as an investor is different from the subscription currency of the Sub-Fund, changes in currency exchange rates could reduce any investment gains or increase any investment losses.

The risk/reward rating above is an estimate; it is not guaranteed. The rating is based on medium-term volatility (variations in the Fund’s share price over a recent period, generally several years). Going forward, the Sub-Fund’s actual volatility could be lower or higher, and its rated risk/reward level may be changed.

The Sub-Fund’s risk level reflects the following factor:

• The Sub-Fund invests in stocks, which in general are riskier than bonds or money market instruments.

The rating does not reflect the possible effects of unusual mar-ket conditions or large unpredictable events, which could amplify everyday risks and could trigger other risks, such as:

Counterparty risk The Sub-Fund could lose money if an entity with which it does business becomes unwilling or unable to honor its commitments to the Sub-Fund.

Derivatives risk Certain derivatives could increase Sub-Fund volatility or expose the Sub-Fund to losses greater than the cost of the derivative.

Liquidity risk Certain securities could become hard to value, or to sell at a desired time and price.

Management risk Portfolio management techniques that have worked well in normal market conditions could prove ineffective or detrimental during unusual conditions.

A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275 Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium

This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.

Selectum Belgium Fund

Objectives and Investment Policy The Sub-Fund has as its objective to offer shareholders a maximum increase in their investment over the medium term (5 - 7 years).The Investment Manager anticipates that under normal market conditions the Sub-Fund will mainly invest in a broad mix of equi-ties from issuers in Belgium. Equities are securities that represent a share in the business results of a company.The Sub-Fund may use derivatives for efficient portfolio management or for hedging. Derivatives are financial instruments whose value is linked to one or more rates, indexes, share prices or other values. Hedging means seeking to reduce or cancel out exposure to various investment risks. The Investment Manager performs inten sive research on individual companies, focusing on their fundamental qualities and their potential to increase cash flows. The Investment Manager uses a vigorous and ongoing process of analysis that includes research as well as inter views with senior management.The Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.The reference currency of the Sub-Fund is EUR.Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

1 of 2Key Investor Information Selectum Belgium Fund Class F Founder

Key Investor Information 28 September 2011

Objectives and Investment Policy Objective To offer shareholders a maximum increase in their investment over the medium term (5 - 7 years).

Portfolio Securities The Investment Manager anticipates that under normal market conditions the Sub-Fund will mainly invest in a broad mix of equities from issuers in Belgium. The Sub-Fund may use derivatives for efficient portfolio management or for hedging.

Investment Process The Investment Man ager performs inten sive research on individual companies, focusing on their fundamental qualities and their potential to increase cash flows. The Investment Manager uses a vigorous and ongoing process of analysis that includes research as well as inter views with senior management.

Designed For Investors who understand the risks of the Sub-Fund and intend to invest for at least 5 - 7 years.

Reference Currency EUR

Terms to UnderstandEquities Securities that represent a share in the business results of a company.

Derivatives Financial instruments whose value is linked to one or more rates, indexes, share prices or other values.

Hedging Seeking to reduce or cancel out exposure to various investment risks.

Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.

The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

Risk and Reward Profile

1 2 3 4 5 6 7

Lower potential risk/reward Not risk-free.

Higher potential risk/reward

The value of an investment in the Sub-Fund can go up and down. When you sell your shares, they may be worth less than what you paid for them. If your currency as an investor is different from the subscription currency of the Sub-Fund, changes in currency exchange rates could reduce any investment gains or increase any investment losses.

The risk/reward rating above is an estimate; it is not guaranteed. The rating is based on medium-term volatility (variations in the Fund’s share price over a recent period, generally several years). Going forward, the Sub-Fund’s actual volatility could be lower or higher, and its rated risk/reward level may be changed.

The Sub-Fund’s risk level reflects the following factor:

• The Sub-Fund invests in stocks, which in general are riskier than bonds or money market instruments.

The rating does not reflect the possible effects of unusual mar-ket conditions or large unpredictable events, which could amplify everyday risks and could trigger other risks, such as:

Counterparty risk The Sub-Fund could lose money if an entity with which it does business becomes unwilling or unable to honor its commitments to the Sub-Fund.

Derivatives risk Certain derivatives could increase Sub-Fund volatility or expose the Sub-Fund to losses greater than the cost of the derivative.

Liquidity risk Certain securities could become hard to value, or to sell at a desired time and price.

Management risk Portfolio management techniques that have worked well in normal market conditions could prove ineffective or detrimental during unusual conditions.

A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275 Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium

This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.

Selectum Belgium Fund

The Investment Manager anticipates that under normal market conditions the Sub-Fund will mainly invest in a broad mix of equi-ties from issuers in Belgium. Equities are securities that represent a share in the business results of a company.The Sub-Fund may use derivatives for efficient portfolio management or for hedging. Derivatives are financial instruments whose value is linked to one or more rates, indexes, share prices or other values. Hedging means seeking to reduce or cancel out exposure to various investment risks. The Investment Manager performs inten sive research on individual companies, focusing on their fundamental qualities and their potential to increase cash flows. The Investment Manager uses a vigorous and ongoing process of analysis that includes research as well as inter views with senior management.The Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.The reference currency of the Sub-Fund is EUR.Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

1 of 2Key Investor Information Selectum Belgium Fund Class F Founder

Key Investor Information 28 September 2011

Objectives and Investment Policy Objective To offer shareholders a maximum increase in their investment over the medium term (5 - 7 years).

Portfolio Securities The Investment Manager anticipates that under normal market conditions the Sub-Fund will mainly invest in a broad mix of equities from issuers in Belgium. The Sub-Fund may use derivatives for efficient portfolio management or for hedging.

Investment Process The Investment Man ager performs inten sive research on individual companies, focusing on their fundamental qualities and their potential to increase cash flows. The Investment Manager uses a vigorous and ongoing process of analysis that includes research as well as inter views with senior management.

Designed For Investors who understand the risks of the Sub-Fund and intend to invest for at least 5 - 7 years.

Reference Currency EUR

Terms to UnderstandEquities Securities that represent a share in the business results of a company.

Derivatives Financial instruments whose value is linked to one or more rates, indexes, share prices or other values.

Hedging Seeking to reduce or cancel out exposure to various investment risks.

Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.

The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

Risk and Reward Profile

1 2 3 4 5 6 7

Lower potential risk/reward Not risk-free.

Higher potential risk/reward

The value of an investment in the Sub-Fund can go up and down. When you sell your shares, they may be worth less than what you paid for them. If your currency as an investor is different from the subscription currency of the Sub-Fund, changes in currency exchange rates could reduce any investment gains or increase any investment losses.

The risk/reward rating above is an estimate; it is not guaranteed. The rating is based on medium-term volatility (variations in the Fund’s share price over a recent period, generally several years). Going forward, the Sub-Fund’s actual volatility could be lower or higher, and its rated risk/reward level may be changed.

The Sub-Fund’s risk level reflects the following factor:

• The Sub-Fund invests in stocks, which in general are riskier than bonds or money market instruments.

The rating does not reflect the possible effects of unusual mar-ket conditions or large unpredictable events, which could amplify everyday risks and could trigger other risks, such as:

Counterparty risk The Sub-Fund could lose money if an entity with which it does business becomes unwilling or unable to honor its commitments to the Sub-Fund.

Derivatives risk Certain derivatives could increase Sub-Fund volatility or expose the Sub-Fund to losses greater than the cost of the derivative.

Liquidity risk Certain securities could become hard to value, or to sell at a desired time and price.

Management risk Portfolio management techniques that have worked well in normal market conditions could prove ineffective or detrimental during unusual conditions.

A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275 Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium

This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.

Selectum Belgium Fund

Equities are securities that represent a share in the business results of a company. Derivatives are financial instruments whose value is linked to one or more rates, indexes, share prices or other values. Hedging means seeking to reduce or cancel out exposure to various investment risks. The Investment Manager performs inten sive research on individual companies, focusing on their fundamental qualities and their potential to increase cash flows. The Investment Manager uses a vigorous and ongoing process of analysis that includes research as well as inter views with senior management.The Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.The reference currency of the Sub-Fund is EUR.Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

1 of 2Key Investor Information Selectum Belgium Fund Class F Founder

Key Investor Information 28 September 2011

Objectives and Investment Policy Objective To offer shareholders a maximum increase in their investment over the medium term (5 - 7 years).

Portfolio Securities The Investment Manager anticipates that under normal market conditions the Sub-Fund will mainly invest in a broad mix of equities from issuers in Belgium. The Sub-Fund may use derivatives for efficient portfolio management or for hedging.

Investment Process The Investment Man ager performs inten sive research on individual companies, focusing on their fundamental qualities and their potential to increase cash flows. The Investment Manager uses a vigorous and ongoing process of analysis that includes research as well as inter views with senior management.

Designed For Investors who understand the risks of the Sub-Fund and intend to invest for at least 5 - 7 years.

Reference Currency EUR

Terms to UnderstandEquities Securities that represent a share in the business results of a company.

Derivatives Financial instruments whose value is linked to one or more rates, indexes, share prices or other values.

Hedging Seeking to reduce or cancel out exposure to various investment risks.

Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.

The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

Risk and Reward Profile

1 2 3 4 5 6 7

Lower potential risk/reward Not risk-free.

Higher potential risk/reward

The value of an investment in the Sub-Fund can go up and down. When you sell your shares, they may be worth less than what you paid for them. If your currency as an investor is different from the subscription currency of the Sub-Fund, changes in currency exchange rates could reduce any investment gains or increase any investment losses.

The risk/reward rating above is an estimate; it is not guaranteed. The rating is based on medium-term volatility (variations in the Fund’s share price over a recent period, generally several years). Going forward, the Sub-Fund’s actual volatility could be lower or higher, and its rated risk/reward level may be changed.

The Sub-Fund’s risk level reflects the following factor:

• The Sub-Fund invests in stocks, which in general are riskier than bonds or money market instruments.

The rating does not reflect the possible effects of unusual mar-ket conditions or large unpredictable events, which could amplify everyday risks and could trigger other risks, such as:

Counterparty risk The Sub-Fund could lose money if an entity with which it does business becomes unwilling or unable to honor its commitments to the Sub-Fund.

Derivatives risk Certain derivatives could increase Sub-Fund volatility or expose the Sub-Fund to losses greater than the cost of the derivative.

Liquidity risk Certain securities could become hard to value, or to sell at a desired time and price.

Management risk Portfolio management techniques that have worked well in normal market conditions could prove ineffective or detrimental during unusual conditions.

A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275 Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium

This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.

Selectum Belgium Fund

The Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.The reference currency of the Sub-Fund is EUR.Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

1 of 2Key Investor Information Selectum Belgium Fund Class F Founder

Key Investor Information 28 September 2011

Objectives and Investment Policy Objective To offer shareholders a maximum increase in their investment over the medium term (5 - 7 years).

Portfolio Securities The Investment Manager anticipates that under normal market conditions the Sub-Fund will mainly invest in a broad mix of equities from issuers in Belgium. The Sub-Fund may use derivatives for efficient portfolio management or for hedging.

Investment Process The Investment Man ager performs inten sive research on individual companies, focusing on their fundamental qualities and their potential to increase cash flows. The Investment Manager uses a vigorous and ongoing process of analysis that includes research as well as inter views with senior management.

Designed For Investors who understand the risks of the Sub-Fund and intend to invest for at least 5 - 7 years.

Reference Currency EUR

Terms to UnderstandEquities Securities that represent a share in the business results of a company.

Derivatives Financial instruments whose value is linked to one or more rates, indexes, share prices or other values.

Hedging Seeking to reduce or cancel out exposure to various investment risks.

Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.

The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

Risk and Reward Profile

1 2 3 4 5 6 7

Lower potential risk/reward Not risk-free.

Higher potential risk/reward

The value of an investment in the Sub-Fund can go up and down. When you sell your shares, they may be worth less than what you paid for them. If your currency as an investor is different from the subscription currency of the Sub-Fund, changes in currency exchange rates could reduce any investment gains or increase any investment losses.

The risk/reward rating above is an estimate; it is not guaranteed. The rating is based on medium-term volatility (variations in the Fund’s share price over a recent period, generally several years). Going forward, the Sub-Fund’s actual volatility could be lower or higher, and its rated risk/reward level may be changed.

The Sub-Fund’s risk level reflects the following factor:

• The Sub-Fund invests in stocks, which in general are riskier than bonds or money market instruments.

The rating does not reflect the possible effects of unusual mar-ket conditions or large unpredictable events, which could amplify everyday risks and could trigger other risks, such as:

Counterparty risk The Sub-Fund could lose money if an entity with which it does business becomes unwilling or unable to honor its commitments to the Sub-Fund.

Derivatives risk Certain derivatives could increase Sub-Fund volatility or expose the Sub-Fund to losses greater than the cost of the derivative.

Liquidity risk Certain securities could become hard to value, or to sell at a desired time and price.

Management risk Portfolio management techniques that have worked well in normal market conditions could prove ineffective or detrimental during unusual conditions.

A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275 Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium

This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.

Selectum Belgium Fund

Equities are securities that represent a share in the business results of a company. Derivatives are financial in-struments whose value is linked to one or more rates, indexes, share prices or other values. Hedging means seeking to reduce or cancel out exposure to various investment risks.

.The reference currency of the Sub-Fund is EUR.Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

1 of 2Key Investor Information Selectum Belgium Fund Class F Founder

Key Investor Information 28 September 2011

Objectives and Investment Policy Objective To offer shareholders a maximum increase in their investment over the medium term (5 - 7 years).

Portfolio Securities The Investment Manager anticipates that under normal market conditions the Sub-Fund will mainly invest in a broad mix of equities from issuers in Belgium. The Sub-Fund may use derivatives for efficient portfolio management or for hedging.

Investment Process The Investment Man ager performs inten sive research on individual companies, focusing on their fundamental qualities and their potential to increase cash flows. The Investment Manager uses a vigorous and ongoing process of analysis that includes research as well as inter views with senior management.

Designed For Investors who understand the risks of the Sub-Fund and intend to invest for at least 5 - 7 years.

Reference Currency EUR

Terms to UnderstandEquities Securities that represent a share in the business results of a company.

Derivatives Financial instruments whose value is linked to one or more rates, indexes, share prices or other values.

Hedging Seeking to reduce or cancel out exposure to various investment risks.

Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.

The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

Risk and Reward Profile

1 2 3 4 5 6 7

Lower potential risk/reward Not risk-free.

Higher potential risk/reward

The value of an investment in the Sub-Fund can go up and down. When you sell your shares, they may be worth less than what you paid for them. If your currency as an investor is different from the subscription currency of the Sub-Fund, changes in currency exchange rates could reduce any investment gains or increase any investment losses.

The risk/reward rating above is an estimate; it is not guaranteed. The rating is based on medium-term volatility (variations in the Fund’s share price over a recent period, generally several years). Going forward, the Sub-Fund’s actual volatility could be lower or higher, and its rated risk/reward level may be changed.

The Sub-Fund’s risk level reflects the following factor:

• The Sub-Fund invests in stocks, which in general are riskier than bonds or money market instruments.

The rating does not reflect the possible effects of unusual mar-ket conditions or large unpredictable events, which could amplify everyday risks and could trigger other risks, such as:

Counterparty risk The Sub-Fund could lose money if an entity with which it does business becomes unwilling or unable to honor its commitments to the Sub-Fund.

Derivatives risk Certain derivatives could increase Sub-Fund volatility or expose the Sub-Fund to losses greater than the cost of the derivative.

Liquidity risk Certain securities could become hard to value, or to sell at a desired time and price.

Management risk Portfolio management techniques that have worked well in normal market conditions could prove ineffective or detrimental during unusual conditions.

A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275 Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium

This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.

Selectum Belgium Fund

Equities are securities that represent a share in the business results of a company. Derivatives are financial in-struments whose value is linked to one or more rates, indexes, share prices or other values. Hedging means seeking to reduce or cancel out exposure to various investment risks.

.

Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

1 of 2Key Investor Information Selectum Belgium Fund Class F Founder

Key Investor Information 28 September 2011

Objectives and Investment Policy Objective To offer shareholders a maximum increase in their investment over the medium term (5 - 7 years).

Portfolio Securities The Investment Manager anticipates that under normal market conditions the Sub-Fund will mainly invest in a broad mix of equities from issuers in Belgium. The Sub-Fund may use derivatives for efficient portfolio management or for hedging.

Investment Process The Investment Man ager performs inten sive research on individual companies, focusing on their fundamental qualities and their potential to increase cash flows. The Investment Manager uses a vigorous and ongoing process of analysis that includes research as well as inter views with senior management.

Designed For Investors who understand the risks of the Sub-Fund and intend to invest for at least 5 - 7 years.

Reference Currency EUR

Terms to UnderstandEquities Securities that represent a share in the business results of a company.

Derivatives Financial instruments whose value is linked to one or more rates, indexes, share prices or other values.

Hedging Seeking to reduce or cancel out exposure to various investment risks.

Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.

The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

Risk and Reward Profile

1 2 3 4 5 6 7

Lower potential risk/reward Not risk-free.

Higher potential risk/reward

The value of an investment in the Sub-Fund can go up and down. When you sell your shares, they may be worth less than what you paid for them. If your currency as an investor is different from the subscription currency of the Sub-Fund, changes in currency exchange rates could reduce any investment gains or increase any investment losses.

The risk/reward rating above is an estimate; it is not guaranteed. The rating is based on medium-term volatility (variations in the Fund’s share price over a recent period, generally several years). Going forward, the Sub-Fund’s actual volatility could be lower or higher, and its rated risk/reward level may be changed.

The Sub-Fund’s risk level reflects the following factor:

• The Sub-Fund invests in stocks, which in general are riskier than bonds or money market instruments.

The rating does not reflect the possible effects of unusual mar-ket conditions or large unpredictable events, which could amplify everyday risks and could trigger other risks, such as:

Counterparty risk The Sub-Fund could lose money if an entity with which it does business becomes unwilling or unable to honor its commitments to the Sub-Fund.

Derivatives risk Certain derivatives could increase Sub-Fund volatility or expose the Sub-Fund to losses greater than the cost of the derivative.

Liquidity risk Certain securities could become hard to value, or to sell at a desired time and price.

Management risk Portfolio management techniques that have worked well in normal market conditions could prove ineffective or detrimental during unusual conditions.

A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275 Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium

This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.

Selectum Belgium Fund

Equities are securities that represent a share in the business results of a company. Derivatives are financial in-struments whose value is linked to one or more rates, indexes, share prices or other values. Hedging means seeking to reduce or cancel out exposure to various investment risks.

.

Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

1 of 2Key Investor Information Selectum Belgium Fund Class F Founder

Key Investor Information 28 September 2011

Objectives and Investment Policy Objective To offer shareholders a maximum increase in their investment over the medium term (5 - 7 years).

Portfolio Securities The Investment Manager anticipates that under normal market conditions the Sub-Fund will mainly invest in a broad mix of equities from issuers in Belgium. The Sub-Fund may use derivatives for efficient portfolio management or for hedging.

Investment Process The Investment Man ager performs inten sive research on individual companies, focusing on their fundamental qualities and their potential to increase cash flows. The Investment Manager uses a vigorous and ongoing process of analysis that includes research as well as inter views with senior management.

Designed For Investors who understand the risks of the Sub-Fund and intend to invest for at least 5 - 7 years.

Reference Currency EUR

Terms to UnderstandEquities Securities that represent a share in the business results of a company.

Derivatives Financial instruments whose value is linked to one or more rates, indexes, share prices or other values.

Hedging Seeking to reduce or cancel out exposure to various investment risks.

Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.

The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

Risk and Reward Profile

1 2 3 4 5 6 7

Lower potential risk/reward Not risk-free.

Higher potential risk/reward

The value of an investment in the Sub-Fund can go up and down. When you sell your shares, they may be worth less than what you paid for them. If your currency as an investor is different from the subscription currency of the Sub-Fund, changes in currency exchange rates could reduce any investment gains or increase any investment losses.

The risk/reward rating above is an estimate; it is not guaranteed. The rating is based on medium-term volatility (variations in the Fund’s share price over a recent period, generally several years). Going forward, the Sub-Fund’s actual volatility could be lower or higher, and its rated risk/reward level may be changed.

The Sub-Fund’s risk level reflects the following factor:

• The Sub-Fund invests in stocks, which in general are riskier than bonds or money market instruments.

The rating does not reflect the possible effects of unusual mar-ket conditions or large unpredictable events, which could amplify everyday risks and could trigger other risks, such as:

Counterparty risk The Sub-Fund could lose money if an entity with which it does business becomes unwilling or unable to honor its commitments to the Sub-Fund.

Derivatives risk Certain derivatives could increase Sub-Fund volatility or expose the Sub-Fund to losses greater than the cost of the derivative.

Liquidity risk Certain securities could become hard to value, or to sell at a desired time and price.

Management risk Portfolio management techniques that have worked well in normal market conditions could prove ineffective or detrimental during unusual conditions.

A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275 Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium

This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.

Selectum Belgium Fund

1 of 2Key Investor Information Selectum Belgium Fund Class F Founder

Key Investor Information 28 September 2011

Objectives and Investment Policy Objective To offer shareholders a maximum increase in their investment over the medium term (5 - 7 years).

Portfolio Securities The Investment Manager anticipates that under normal market conditions the Sub-Fund will mainly invest in a broad mix of equities from issuers in Belgium. The Sub-Fund may use derivatives for efficient portfolio management or for hedging.

Investment Process The Investment Man ager performs inten sive research on individual companies, focusing on their fundamental qualities and their potential to increase cash flows. The Investment Manager uses a vigorous and ongoing process of analysis that includes research as well as inter views with senior management.

Designed For Investors who understand the risks of the Sub-Fund and intend to invest for at least 5 - 7 years.

Reference Currency EUR

Terms to UnderstandEquities Securities that represent a share in the business results of a company.

Derivatives Financial instruments whose value is linked to one or more rates, indexes, share prices or other values.

Hedging Seeking to reduce or cancel out exposure to various investment risks.

Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.

The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

Risk and Reward Profile

1 2 3 4 5 6 7

Lower potential risk/reward Not risk-free.

Higher potential risk/reward

The value of an investment in the Sub-Fund can go up and down. When you sell your shares, they may be worth less than what you paid for them. If your currency as an investor is different from the subscription currency of the Sub-Fund, changes in currency exchange rates could reduce any investment gains or increase any investment losses.

The risk/reward rating above is an estimate; it is not guaranteed. The rating is based on medium-term volatility (variations in the Fund’s share price over a recent period, generally several years). Going forward, the Sub-Fund’s actual volatility could be lower or higher, and its rated risk/reward level may be changed.

The Sub-Fund’s risk level reflects the following factor:

• The Sub-Fund invests in stocks, which in general are riskier than bonds or money market instruments.

The rating does not reflect the possible effects of unusual mar-ket conditions or large unpredictable events, which could amplify everyday risks and could trigger other risks, such as:

Counterparty risk The Sub-Fund could lose money if an entity with which it does business becomes unwilling or unable to honor its commitments to the Sub-Fund.

Derivatives risk Certain derivatives could increase Sub-Fund volatility or expose the Sub-Fund to losses greater than the cost of the derivative.

Liquidity risk Certain securities could become hard to value, or to sell at a desired time and price.

Management risk Portfolio management techniques that have worked well in normal market conditions could prove ineffective or detrimental during unusual conditions.

A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275 Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium

This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.

Selectum Belgium Fund

Conclusion

% of US adults with proficient health literacy

12

% of “US adults” with “proficient health literacy” (according to one study 10 years ago)

12

Whatever the actual number, we need every tool we’ve got.

Questions?

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