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8.1

Subscription procedure

Applications for the Shares of the Funds may be made through any duly appointed distributor of the Funds in Singapore using cash.

Applications for Shares should be made on a share application form as may be prescribed by the Company or the relevant distributor through whom the investor is purchasing Shares and sending it, together with any requisite supporting documents and the application monies, to the relevant distributor of the Funds in Singapore.

Shares will be issued in registered form. Fractional entitlements to registered Shares, if any, will be rounded to 2 decimal places. Investors should note that distributors of the Funds in Singapore may provide a nominee service for persons who invest in the Funds through them. Where investors make use of such service, the distributor will hold Shares in its name for and on behalf of the investors and the distributor will be entered in the register of shareholders as the shareholder of the relevant Shares and will be the only person recognised as having an interest in the relevant Shares. Investors may nonetheless invest directly in the Funds and not avail themselves of a nominee service.

The Management Company and/or the Company has the absolute discretion to reject any application in whole or in part. If an application or subscription is rejected, any subscription money received will be refunded at the cost and risk of the applicant without interest. The Management Company and/or the Company may also request for further details or evidence of identity from an applicant for, or transferee of, Shares in the Funds.

Payment should normally be made in the currency of the relevant Share Class. However, at the request of the investor, a currency exchange service for subscriptions is provided by the Management Company acting on behalf of the Company.

Currency exchange service

Payments to and from the shareholder should normally be made in the currency of the relevant Share Class. However, if the shareholder selects a currency other than the currency of the relevant Share Class for any payments to or from the Company, this will be deemed to be a request by the shareholder to the Management Company acting on behalf of the Company to provide a foreign exchange service to the shareholder in respect of such payment. Details of the charge applied to foreign exchange transactions, which is retained by the Management Company, are available upon request from the Management Company acting on behalf of the Company. The cost of currency conversion and other related expenses will be borne by the relevant investor.

Full details on the subscription procedure are set out under the section headed “SHARE DEALING - Subscription for Shares” in the Luxembourg Prospectus.

Restriction on subscriptions into certain funds or classes

Investors should note that a Fund or Share Class may be closed to new subscriptions (but not to redemptions or switches out) if, in the opinion of the Management Company, the closure is necessary to protect the interests of existing shareholders. Once closed, a Fund, or Share Class, will not be re- opened until, in the opinion of the Management Company, the circumstances which required closure no longer prevail. A Fund or Share Class may be re- opened to new subscriptions or switches in without notice to shareholders. Investors should also note that the SAS Agriculture Fund, the SAS Commodity Fund and the SAS Gold and Precious Metals Fund may be capacity constrained and therefore the Funds or some of their Share Classes may be closed to new subscriptions without notice to shareholders. Please refer to the section headed “SHARE DEALING - Restrictions on Subscriptions and Switches into Certain Funds or Classes” and Appendix III of the Luxembourg Prospectus for more details.

8. Subscription For Shares (continued)

8.2

Minimum Initial Subscription Amount and Minimum Subsequent

Subscription Amount

As at the date of registration of this Singapore Prospectus, the minimum initial and subsequent subscription amounts per shareholder in the Shares of the Funds are as follows:

Fund Share Class Minimum Initial

Subscription Amount Minimum Subsequent Subscription Amount SAS Commodity

Fund A Accumulation (SGD Hedged) (or equivalent)USD 10,000 (or equivalent)USD 5,000 A Accumulation

(USD) USD 10,000 USD 5,000

A Accumulation

(EUR Hedged) (or equivalent)USD 10,000 (or equivalent)USD 5,000 C Accumulation

(USD) USD 250,000 USD 125,000

I Accumulation

(USD) USD 5,000,000 USD 2,500,000 I Distribution

(USD) USD 5,000,000 USD 2,500,000 SAS Agriculture

Fund A Accumulation _{(SGD Hedged) (or equivalent)}USD 10,000 _{(or equivalent)}USD 5,000 A Accumulation

(USD) USD 10,000 USD 5,000

A Accumulation

(EUR Hedged) (or equivalent)USD 10,000 (or equivalent)USD 5,000 SAS Gold and

Precious Metals Fund

A Accumulation

(SGD Hedged) (or equivalent)USD 10,000 (or equivalent)USD 5,000 A Accumulation

(USD) USD 10,000 USD 5,000

A Accumulation

(EUR Hedged) (or equivalent)USD 10,000 (or equivalent)USD 5,000 The Directors reserve the right at any time to vary or waive the minimum subscription requirements generally or in any particular case. The amounts are stated in the relevant currency, although the Directors may at their discretion also accept near equivalent amounts in any other freely convertible currency.

8.3

Dealing Cut-off Time and Pricing Basis

The Shares of the Funds shall be issued on a forward pricing basis. Accordingly, the issue price of Shares shall not be ascertainable at the time of application. The issue price of Shares of any Share Class will vary from day to day in line with the net asset value of that Share Class.

Shares of any Share Class are available for subscription up to 1.00 pm (Luxembourg time) on any Dealing Day8 _{(the “Dealing Cut-off Time”).}

Investors in Singapore however must place orders for subscription through any duly appointed distributor of the Funds. In order to subscribe for Shares on any Dealing Day, a properly completed share application form, together with any relevant supporting documents and subscription monies must be received by a duly appointed distributor 8 _{Please see Footnote 6 of this Singapore Prospectus.}

of the relevant Share Class on or before 5.00 p.m. (Singapore time) on a Singapore Business Day9 _{(“Singapore Cut Off Time”). The relevant distributor will collect all} orders it receives on or before the Singapore Cut Off Time and will forward such orders to the Singapore Representative for processing with the Management Company or its administrative agent. Investors should note that the subscription of Shares via the distributors in Singapore will be subject to the relevant distributors being open for business, and also to the subscription and settlement procedures of the distributors. Investors should also note that not all distributors in Singapore will offer all the Funds or all Share Classes of a Fund, and the distributors may impose an earlier dealing or payment cut-off time than that specified in this Singapore Prospectus. Investors should therefore check with the relevant distributor for further details.

Orders received by a duly appointed distributor of the Funds in Singapore on or before the Singapore Cut Off Time on a Singapore Business Day will, if accepted by the Management Company or its administrative agent prior to the Dealing Cut-off Time of the relevant Dealing Day, be processed on the same Dealing Day and dealt with at the issue price based on the net asset value per Share of the same Dealing Day. Orders received by the distributors after the Singapore Cut Off Time on a Singapore Business Day or at any time on a day which is not a Singapore Business Day shall be deemed as having been received by the distributors before the Singapore Cut Off Time on the next Singapore Business Day.

Details of determining the net asset value is set out under the section headed “SHARE DEALING - Subscription for Shares” in the Luxembourg Prospectus.

8.4

Numerical Example of How Shares are Allotted

The following is an illustration of the number of Shares that will be issued based on a subscription amount of $1,000 and a notional issue price of $10.00 per Share for all the Funds except for Share Class I of the SAS Commodity Fund, and a notional issue price of $100.00 per Share for Share Class I of the SAS Commodity Fund.

All the Funds except for Share Class C and Share Class I of the SAS Commodity Fund $1,000 - $50 = $950 / $10.00 = 95 Shares

Subscription

Amount Notional Initial Charge of 5% Subscription Net Amount

Notional

Issue Price Shares Issued

Share Class C of the SAS Commodity Fund

$1,000 - $10 = $990 / $10.00 = 99 Shares

Subscription

Amount Notional Initial Charge of 1% Subscription Net Amount

Notional

Issue Price Shares Issued

Share Class I of the SAS Commodity Fund

$1,000 / $1,000 = 10 Shares

Subscription Amount Notional Issue Price Shares Issued

Investors should note that the above examples are for illustrative purposes only, and that the actual issue price will fluctuate according to the net asset value of the relevant Share Class as well as the applicable initial charge.

8. Subscription For Shares (continued)

9 _{“Singapore Business Day” means a day (other than a Saturday or a Sunday) on which banks in}

8. Subscription For Shares (continued)

8.5

Confirmations of Transactions

A confirmation of transaction will normally be sent by the Singapore Representative to an investor or the relevant distributor in Singapore (as the case may be) within 10 Singapore Business Days from the date of receipt and acceptance of their subscription and subscription monies by the Management Company, as applicable.

8.6

No Right of Cancellation of Subscriptions

Investors should note that no cancellation period is available, and investors will not be allowed to cancel their subscriptions for Shares of any Share Class of the Funds.

8.7

Regular Savings Plan

There is currently no regular savings plan in respect of the Funds.