Instructor: Josiah Fisk, More Carrot Simple visual cues can give a tremendous boost to readability — or can undermine it, often significantly. In this workshop, you’ll learn what the most important visual cues are, how to use them effectively, and how to avoid the problems that can come from failing to pay attention to what your visual cues are saying. There will also be an introduction to information design for plain language writers plus hands-on exploration of the differences between graphic design and information design.

1. How to Use Visual Cues
in Plain Language Writing
Josiah Fisk
President, More Carrot LLC
Boston • Luxembourg

2. What Do We Mean By
“Visual Cues”?

10. 7.5 Peer Assisted Networking Technology.

11. 7.5 Beer Assisted Networking Technology.

12. 7.5 Peer Assisted Networking Technology.

13. 7.5 Peer-Assisted Networking Technology.

16. B
P

17. B
P
Visual Difference

18. B
P
Visual Difference
Intuitive

19. BP

20. BPConceptual Difference

21. BPConceptual Difference
Learned

22. Image
P

23. Letter
P

24. Image
P:-

25. Image
P:-

26. Image

27. Some Intuitive Things

28. Groupings

29. Groupings
Relative size

30. Similarity

31. Difference

32. Hierarchy

33. Singularity

34. Singularity

35. Ambiguity

36. Shape Completion

37. VISUAL CUES IN ACTION
1. Presidential Ballot

38. Palm Beach County, Florida
November 7, 2000

42. No punch hole

46. Reform Party

50. ?

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

54. Over 3 times more Reform Party votes than
next-highest Florida county.
Over 19,000 ballots disqualified for double votes.

55. 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.

56. 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

57. VISUAL CUES IN ACTION
2. Spray Can Labels

58. Laundry starch

59. Oven cleaner

60. Same type
of container

61. Same type
of container
Same color

62. Same type
of container
Same color
Same font

63. Same type
of container
Same color
Same font
Virtually
identical names

64. Same type
of container
Same color
Same font
Virtually
identical names
Yellow
block letters

65. Same type
of container
Same color
Same font
Virtually
identical names
Yellow
block letters
Yellow starburst

66. Same type
of container
Same color
Same font
Virtually
identical names
Yellow
block letters
Yellow starburst
Description
very small

69. VISUAL CUES IN ACTION
3. Operating Room Drug Labels

70. Paralyzing drug used
in surgery.

71. Paralyzing drug used
in surgery.
Drug that reverses
paralyzing drug: same
container type, same
cap and label color,
same drawer.

72. 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.
?
?

73. Switched to color-
coded containers.

74. Switched to color-
coded containers.
Put each drug in a
different drawer.

75. Switched to color-
coded containers.
Put each drug in a
different drawer.
No further problems
reported.
Source: New York Times, 5 Dec 1999

76. VISUAL CUES IN ACTION
4. Rocket Launch Risk Assessment

77. Would You Launch The Challenger?
Source: Report of the Presidential Commission
on Space Shuttle Challenger Accident

78. Facts that
cast doubt
on wisdom
of launch
Would You Launch The Challenger?

79. Facts that
cast doubt
on wisdom
of launch
Recom-
mendation
to launch
Would You Launch The Challenger?

80. Source: Edward Tufte, Visual Explanations
Would You Launch The Challenger?

81. 12
8
4
0
250
O-ringdamageindex
Temperature (o
F) of joints
300
350
400
450
500
550
600
650
700
750
800
850
Would You Launch The Challenger?

82. 12
8
4
0
250
O-ringdamageindex
Temperature (o
F) of joints
300
350
400
450
500
550
600
650
700
750
800
850
Would You Launch The Challenger?

83. Forecast temperatures
on launch day
12
8
4
0
250
O-ringdamageindex
Temperature (o
F) of joints
300
350
400
450
500
550
600
650
700
750
800
850
Would You Launch The Challenger?

84. VISUAL CUES IN ACTION
5. Street Vendor Regulations

86. Title

87. Introduction

88. Four topic sections

92. PROBLEM SOLVING
1. Excel Print Menu

93. Actual menu, Microsoft Excel

105. PROBLEM SOLVING
2. IPO Share Request Kit

106. Directed Shares Program —
“Friends and Family” IPO Shares

109. The Program
The Directed Share Program from XYZ Brokerage Services LLC gives you the opportunity to buy shares
of Newco Wireless stock at the IPO price. The exact price won’t be known until the evening before the
stock begins to trade publicly, but it is currently expected to be somewhere between $00.00 and $00.00.
Is This Program Right for Me?
Stock investing isn’t for everyone. Many factors could push the price of Newco Wireless stock up or down.
These factors could be related to the company, to one or more industries, or to the stock market in general.
The choice to invest is yours, although you may want to consult with an investment adviser, financial
planner, family members, or anyone else who is typically included in your financial decisions.
If You Want to Participate
To get started with the program, there are three things you need to do:
• Read the enclosed materials, including the preliminary prospectus, which tells you about Newco Wireless
stock and its risks.
• Decide how many shares you want to request. In deciding, you may want to consider several factors, includ-
ing your investment goals, how you plan to pay for your shares, and how much exposure you may want
to a single stock.
• Tell us how many shares you’re interested in buying, either by visiting the web site or by using
Form A, the Indication of Interest Form.
You can request as few as 100 shares, as many as XXX,XXX shares, or any amount in between that is
a multiple of 50. For example, if you want to request more than 100 shares, but less than 300, your pos-
sible choices would be 150, 200, or 250 shares.
When requesting shares, keep in mind that you might not be allocated the full number you ask for.
Depending on supply and demand, you might not be allocated any shares. At the same time, it’s
unwise to request more shares than you want, because you might receive — and have to pay for —
your full allocation.
Keep this package handy until the program is over and you have paid for your shares. You can use the
timeline on the following pages as a reminder of what you need to do and when.
How To Participate In
The Directed Share Program
www.fidelity.com/goto/cingular 1-800-358-2670

110. 4.DSP-PMC-APP1
1.757806.100 XXX-XXX-XXX
Frequently Asked Questions
Is there a difference between the number of shares I request and the number I’m allocated?
There could be. You can choose how many shares to request, up to your maximum allowable number
(which has been determined by your employer). However, you can’t choose how many shares you actu-
ally will be allocated. Your actual allocation will depend on a number of factors, including how many
shares are made available to the entire program and how many shares other employees request.
Do I need to purchase all shares allocated to me?
From the time you submit your Indication of Interest until the time you confirm on the evening before
the trading day, you can choose how many shares you want to purchase: all, some, or none. Until you
confirm and the shares are placed in your account, you can opt out of the program at any time, with no
obligation or penalty. Once the shares are in your account, you are committed: you will be held respon-
sible for buying, at the IPO price, all shares in your account.
Why might the timing of the IPO change?
Many factors can influence the actual date of an IPO. One factor is the Securities and Exchange
Commission, which must declare a stock’s registration statement effective before any shares of that
stock can be publicly sold. Once this has occurred, the stock’s IPO price must be set. Unexpected
developments in the stock market can also affect the timing of an IPO. It may be disadvantageous to
launch a new stock offering when markets are unsettled or investor sentiment is negative.
What’s the best way for me to pay for my shares?
You can pay for your shares by check (including personal check), electronic fund transfer, or wire,
whichever is most convenient for you. However, if your payment doesn’t arrive by the payment dead-
line, you will lose your allocated shares. You will also lose any gains you would otherwise have made,
or you will have to pay for any losses. Note also that you cannot pay for your shares by selling them
first and then using that money to pay.
When can I sell my shares?
You can sell some or all of your shares at any time, beginning on the first public trading day. However,
you won’t receive any proceeds from selling shares until your payment for the shares has cleared—
typically seven business days. No matter when you sell shares, you must pay for them all within three
business days of the first public trading day. If you sell your shares, you’ll have to pay a brokerage
commission. You can find the commission schedule at www.XYZ.com.
How do I use my XYZ account?
We have opened a XYZ account in your name, using information provided by your employer, because
you need a brokerage account to participate in the program. Any shares you are allocated will be placed in
your new XYZ account automatically. Once you have paid for your shares, you may sell them or transfer
them to another brokerage account, and close your XYZ account, if you like. However, since your
XYZ account is a fully functional brokerage account, you may want to keep it, as it offers features such as
discounted commissions for buying and selling other stocks.
Other questions?
You can get answers from XYZ at the web site or the automated phone line.
Brokerage services for this program are provided by XYZ Brokerage Services LLC, Member NYSE and SIPC.

111. Follow the instructions on the web site or phone line
to confirm how many shares you are interested in pur-
chasing. Your shares will be allocated soon after the
confirmation period (typically within two hours). Once
shares are allocated, you will be responsible for paying
for any and all shares in your account.
P H A S E 3
PAY FOR YOUR SHARES
W I T H I N 3 D AY S O F T R A D I N G D AY
F. Check your account to find out how many shares
are in it and how much you owe. When you call or log
on to check, you’ll see the number of shares you have
been allocated and the final IPO price. This informa-
tion will be available at about 9 a.m. Eastern
Time on the first day of public trading.
G . Send XYZ a check or wire for the
full amount you owe. If your payment doesn’t
arrive within three days of the first public trading day,
you will lose your shares. If your payment is late, you
will give up any gains or be charged for any losses.
Be sure to allow time for the mail. Remember that
you can’t pay for your shares with the proceeds you
get from selling those shares.
To pay by check: Make out your check to “XYZ
Brokerage Services LLC.” Write your account number
on the memo line. Fill out a deposit slip (from the
confirmation statement acknowledging reciept of
your Indication of Interest) and send the check and
the slip to:
By Regular Mail
XYZ Investments
PO Box 770001, Cincinnati, OH 45277-0030
By Overnight Express
XYZ Investments – Newco Wireless Program
2300 Litton Lane, Mail Zone KH2G, Hebron, KY 41048
To pay by wire: Instruct your bank (which may
charge for this service) to wire your payment to:
By Wire
Chase Manhattan Bank, NA
ABA Number: 021000021
For credit to: National Financial Services
Account Number: 066196-221
For benefit of: Sam Sampleson
Account Number: Z00000000
One Chase Manhattan Plaza
New York, NY 10004
Fri.
2/15
Sat.
2/16
Sun.
2/17
Mon.
2/18
Tues.
2/19*
Wed.
2/20*
Thurs.
2/21
Fri.
2/22
Sat.
2/23
Sun.
2/24
Mon.
2/25*
Tues.
2/26
Confirm your interest
between 6 p.m. and
10 p.m. Eastern Time
*Schedule could change; watch for notification or check with the program phone number or web site.
p by checking your status Trading day: Shares
allocated and public
trading starts
Share payment due
GFE
www.XYZ.com/goto/newco 1-800-358-2670
PHASE 2 PHASE 3
Check List
PHASE 1
Enter my Indication of Interest using web site or Form A.
Complete all sections of Form B.
Sign and send in applicable form(s) in time to arrive
by Monday, 2/18.
Visit web site or telephone to verify that everything
is in order.
PHASE 2
Confirm my Indication of Interest by web site or
phone the evening before the public trading day.
PHASE 3
Check to see how many shares I actually received and
how much I owe.
Pay for my shares by check, electronic funds transfer,
or wire within three business days of the trading day.

112. Follow the instructions on the web site or phone line
to confirm how many shares you are interested in pur-
chasing. Your shares will be allocated soon after the
confirmation period (typically within two hours). Once
shares are allocated, you will be responsible for paying
for any and all shares in your account.
P H A S E 3
PAY FOR YOUR SHARES
W I T H I N 3 D AY S O F T R A D I N G D AY
F. Check your account to find out how many shares
are in it and how much you owe. When you call or log
on to check, you’ll see the number of shares you have
been allocated and the final IPO price. This informa-
tion will be available at about 9 a.m. Eastern
Time on the first day of public trading.
G . Send XYZ a check or wire for the
full amount you owe. If your payment doesn’t
arrive within three days of the first public trading day,
you will lose your shares. If your payment is late, you
will give up any gains or be charged for any losses.
Be sure to allow time for the mail. Remember that
you can’t pay for your shares with the proceeds you
get from selling those shares.
To pay by check: Make out your check to “XYZ
Brokerage Services LLC.” Write your account number
on the memo line. Fill out a deposit slip (from the
confirmation statement acknowledging reciept of
your Indication of Interest) and send the check and
the slip to:
By Regular Mail
XYZ Investments
PO Box 770001, Cincinnati, OH 45277-0030
By Overnight Express
XYZ Investments – Newco Wireless Program
2300 Litton Lane, Mail Zone KH2G, Hebron, KY 41048
To pay by wire: Instruct your bank (which may
charge for this service) to wire your payment to:
By Wire
Chase Manhattan Bank, NA
ABA Number: 021000021
For credit to: National Financial Services
Account Number: 066196-221
For benefit of: Sam Sampleson
Account Number: Z00000000
One Chase Manhattan Plaza
New York, NY 10004
Fri.
2/15
Sat.
2/16
Sun.
2/17
Mon.
2/18
Tues.
2/19*
Wed.
2/20*
Thurs.
2/21
Fri.
2/22
Sat.
2/23
Sun.
2/24
Mon.
2/25*
Tues.
2/26
Confirm your interest
between 6 p.m. and
10 p.m. Eastern Time
*Schedule could change; watch for notification or check with the program phone number or web site.
p by checking your status Trading day: Shares
allocated and public
trading starts
Share payment due
GFE
www.XYZ.com/goto/newco 1-800-358-2670
PHASE 2 PHASE 3
Check List
PHASE 1
Enter my Indication of Interest using web site or Form A.
Complete all sections of Form B.
Sign and send in applicable form(s) in time to arrive
by Monday, 2/18.
Visit web site or telephone to verify that everything
is in order.
PHASE 2
Confirm my Indication of Interest by web site or
phone the evening before the public trading day.
PHASE 3
Check to see how many shares I actually received and
how much I owe.
Pay for my shares by check, electronic funds transfer,
or wire within three business days of the trading day.

113. Follow the instructions on the web site or phone line
to confirm how many shares you are interested in pur-
chasing. Your shares will be allocated soon after the
confirmation period (typically within two hours). Once
shares are allocated, you will be responsible for paying
for any and all shares in your account.
P H A S E 3
PAY FOR YOUR SHARES
W I T H I N 3 D AY S O F T R A D I N G D AY
F. Check your account to find out how many shares
are in it and how much you owe. When you call or log
on to check, you’ll see the number of shares you have
been allocated and the final IPO price. This informa-
tion will be available at about 9 a.m. Eastern
Time on the first day of public trading.
G . Send XYZ a check or wire for the
full amount you owe. If your payment doesn’t
arrive within three days of the first public trading day,
you will lose your shares. If your payment is late, you
will give up any gains or be charged for any losses.
Be sure to allow time for the mail. Remember that
you can’t pay for your shares with the proceeds you
get from selling those shares.
To pay by check: Make out your check to “XYZ
Brokerage Services LLC.” Write your account number
on the memo line. Fill out a deposit slip (from the
confirmation statement acknowledging reciept of
your Indication of Interest) and send the check and
the slip to:
By Regular Mail
XYZ Investments
PO Box 770001, Cincinnati, OH 45277-0030
By Overnight Express
XYZ Investments – Newco Wireless Program
2300 Litton Lane, Mail Zone KH2G, Hebron, KY 41048
To pay by wire: Instruct your bank (which may
charge for this service) to wire your payment to:
By Wire
Chase Manhattan Bank, NA
ABA Number: 021000021
For credit to: National Financial Services
Account Number: 066196-221
For benefit of: Sam Sampleson
Account Number: Z00000000
One Chase Manhattan Plaza
New York, NY 10004
Fri.
2/15
Sat.
2/16
Sun.
2/17
Mon.
2/18
Tues.
2/19*
Wed.
2/20*
Thurs.
2/21
Fri.
2/22
Sat.
2/23
Sun.
2/24
Mon.
2/25*
Tues.
2/26
Confirm your interest
between 6 p.m. and
10 p.m. Eastern Time
*Schedule could change; watch for notification or check with the program phone number or web site.
p by checking your status Trading day: Shares
allocated and public
trading starts
Share payment due
GFE
www.XYZ.com/goto/newco 1-800-358-2670
PHASE 2 PHASE 3
Check List
PHASE 1
Enter my Indication of Interest using web site or Form A.
Complete all sections of Form B.
Sign and send in applicable form(s) in time to arrive
by Monday, 2/18.
Visit web site or telephone to verify that everything
is in order.
PHASE 2
Confirm my Indication of Interest by web site or
phone the evening before the public trading day.
PHASE 3
Check to see how many shares I actually received and
how much I owe.
Pay for my shares by check, electronic funds transfer,
or wire within three business days of the trading day.

114. Follow the instructions on the web site or phone line
to confirm how many shares you are interested in pur-
chasing. Your shares will be allocated soon after the
confirmation period (typically within two hours). Once
shares are allocated, you will be responsible for paying
for any and all shares in your account.
P H A S E 3
PAY FOR YOUR SHARES
W I T H I N 3 D AY S O F T R A D I N G D AY
F. Check your account to find out how many shares
are in it and how much you owe. When you call or log
on to check, you’ll see the number of shares you have
been allocated and the final IPO price. This informa-
tion will be available at about 9 a.m. Eastern
Time on the first day of public trading.
G . Send XYZ a check or wire for the
full amount you owe. If your payment doesn’t
arrive within three days of the first public trading day,
you will lose your shares. If your payment is late, you
will give up any gains or be charged for any losses.
Be sure to allow time for the mail. Remember that
you can’t pay for your shares with the proceeds you
get from selling those shares.
To pay by check: Make out your check to “XYZ
Brokerage Services LLC.” Write your account number
on the memo line. Fill out a deposit slip (from the
confirmation statement acknowledging reciept of
your Indication of Interest) and send the check and
the slip to:
By Regular Mail
XYZ Investments
PO Box 770001, Cincinnati, OH 45277-0030
By Overnight Express
XYZ Investments – Newco Wireless Program
2300 Litton Lane, Mail Zone KH2G, Hebron, KY 41048
To pay by wire: Instruct your bank (which may
charge for this service) to wire your payment to:
By Wire
Chase Manhattan Bank, NA
ABA Number: 021000021
For credit to: National Financial Services
Account Number: 066196-221
For benefit of: Sam Sampleson
Account Number: Z00000000
One Chase Manhattan Plaza
New York, NY 10004
Fri.
2/15
Sat.
2/16
Sun.
2/17
Mon.
2/18
Tues.
2/19*
Wed.
2/20*
Thurs.
2/21
Fri.
2/22
Sat.
2/23
Sun.
2/24
Mon.
2/25*
Tues.
2/26
Confirm your interest
between 6 p.m. and
10 p.m. Eastern Time
*Schedule could change; watch for notification or check with the program phone number or web site.
p by checking your status Trading day: Shares
allocated and public
trading starts
Share payment due
GFE
www.XYZ.com/goto/newco 1-800-358-2670
PHASE 2 PHASE 3
Check List
PHASE 1
Enter my Indication of Interest using web site or Form A.
Complete all sections of Form B.
Sign and send in applicable form(s) in time to arrive
by Monday, 2/18.
Visit web site or telephone to verify that everything
is in order.
PHASE 2
Confirm my Indication of Interest by web site or
phone the evening before the public trading day.
PHASE 3
Check to see how many shares I actually received and
how much I owe.
Pay for my shares by check, electronic funds transfer,
or wire within three business days of the trading day.

115. Follow the instructions on the web site or phone line
to confirm how many shares you are interested in pur-
chasing. Your shares will be allocated soon after the
confirmation period (typically within two hours). Once
shares are allocated, you will be responsible for paying
for any and all shares in your account.
P H A S E 3
PAY FOR YOUR SHARES
W I T H I N 3 D AY S O F T R A D I N G D AY
F. Check your account to find out how many shares
are in it and how much you owe. When you call or log
on to check, you’ll see the number of shares you have
been allocated and the final IPO price. This informa-
tion will be available at about 9 a.m. Eastern
Time on the first day of public trading.
G . Send XYZ a check or wire for the
full amount you owe. If your payment doesn’t
arrive within three days of the first public trading day,
you will lose your shares. If your payment is late, you
will give up any gains or be charged for any losses.
Be sure to allow time for the mail. Remember that
you can’t pay for your shares with the proceeds you
get from selling those shares.
To pay by check: Make out your check to “XYZ
Brokerage Services LLC.” Write your account number
on the memo line. Fill out a deposit slip (from the
confirmation statement acknowledging reciept of
your Indication of Interest) and send the check and
the slip to:
By Regular Mail
XYZ Investments
PO Box 770001, Cincinnati, OH 45277-0030
By Overnight Express
XYZ Investments – Newco Wireless Program
2300 Litton Lane, Mail Zone KH2G, Hebron, KY 41048
To pay by wire: Instruct your bank (which may
charge for this service) to wire your payment to:
By Wire
Chase Manhattan Bank, NA
ABA Number: 021000021
For credit to: National Financial Services
Account Number: 066196-221
For benefit of: Sam Sampleson
Account Number: Z00000000
One Chase Manhattan Plaza
New York, NY 10004
Fri.
2/15
Sat.
2/16
Sun.
2/17
Mon.
2/18
Tues.
2/19*
Wed.
2/20*
Thurs.
2/21
Fri.
2/22
Sat.
2/23
Sun.
2/24
Mon.
2/25*
Tues.
2/26
Confirm your interest
between 6 p.m. and
10 p.m. Eastern Time
*Schedule could change; watch for notification or check with the program phone number or web site.
p by checking your status Trading day: Shares
allocated and public
trading starts
Share payment due
GFE
www.XYZ.com/goto/newco 1-800-358-2670
PHASE 2 PHASE 3
Check List
PHASE 1
Enter my Indication of Interest using web site or Form A.
Complete all sections of Form B.
Sign and send in applicable form(s) in time to arrive
by Monday, 2/18.
Visit web site or telephone to verify that everything
is in order.
PHASE 2
Confirm my Indication of Interest by web site or
phone the evening before the public trading day.
PHASE 3
Check to see how many shares I actually received and
how much I owe.
Pay for my shares by check, electronic funds transfer,
or wire within three business days of the trading day.

116. Follow the instructions on the web site or phone line
to confirm how many shares you are interested in pur-
chasing. Your shares will be allocated soon after the
confirmation period (typically within two hours). Once
shares are allocated, you will be responsible for paying
for any and all shares in your account.
P H A S E 3
PAY FOR YOUR SHARES
W I T H I N 3 D AY S O F T R A D I N G D AY
F. Check your account to find out how many shares
are in it and how much you owe. When you call or log
on to check, you’ll see the number of shares you have
been allocated and the final IPO price. This informa-
tion will be available at about 9 a.m. Eastern
Time on the first day of public trading.
G . Send XYZ a check or wire for the
full amount you owe. If your payment doesn’t
arrive within three days of the first public trading day,
you will lose your shares. If your payment is late, you
will give up any gains or be charged for any losses.
Be sure to allow time for the mail. Remember that
you can’t pay for your shares with the proceeds you
get from selling those shares.
To pay by check: Make out your check to “XYZ
Brokerage Services LLC.” Write your account number
on the memo line. Fill out a deposit slip (from the
confirmation statement acknowledging reciept of
your Indication of Interest) and send the check and
the slip to:
By Regular Mail
XYZ Investments
PO Box 770001, Cincinnati, OH 45277-0030
By Overnight Express
XYZ Investments – Newco Wireless Program
2300 Litton Lane, Mail Zone KH2G, Hebron, KY 41048
To pay by wire: Instruct your bank (which may
charge for this service) to wire your payment to:
By Wire
Chase Manhattan Bank, NA
ABA Number: 021000021
For credit to: National Financial Services
Account Number: 066196-221
For benefit of: Sam Sampleson
Account Number: Z00000000
One Chase Manhattan Plaza
New York, NY 10004
Fri.
2/15
Sat.
2/16
Sun.
2/17
Mon.
2/18
Tues.
2/19*
Wed.
2/20*
Thurs.
2/21
Fri.
2/22
Sat.
2/23
Sun.
2/24
Mon.
2/25*
Tues.
2/26
Confirm your interest
between 6 p.m. and
10 p.m. Eastern Time
*Schedule could change; watch for notification or check with the program phone number or web site.
p by checking your status Trading day: Shares
allocated and public
trading starts
Share payment due
GFE
www.XYZ.com/goto/newco 1-800-358-2670
PHASE 2 PHASE 3
Check List
PHASE 1
Enter my Indication of Interest using web site or Form A.
Complete all sections of Form B.
Sign and send in applicable form(s) in time to arrive
by Monday, 2/18.
Visit web site or telephone to verify that everything
is in order.
PHASE 2
Confirm my Indication of Interest by web site or
phone the evening before the public trading day.
PHASE 3
Check to see how many shares I actually received and
how much I owe.
Pay for my shares by check, electronic funds transfer,
or wire within three business days of the trading day.

117. Follow the instructions on the web site or phone line
to confirm how many shares you are interested in pur-
chasing. Your shares will be allocated soon after the
confirmation period (typically within two hours). Once
shares are allocated, you will be responsible for paying
for any and all shares in your account.
P H A S E 3
PAY FOR YOUR SHARES
W I T H I N 3 D AY S O F T R A D I N G D AY
F. Check your account to find out how many shares
are in it and how much you owe. When you call or log
on to check, you’ll see the number of shares you have
been allocated and the final IPO price. This informa-
tion will be available at about 9 a.m. Eastern
Time on the first day of public trading.
G . Send XYZ a check or wire for the
full amount you owe. If your payment doesn’t
arrive within three days of the first public trading day,
you will lose your shares. If your payment is late, you
will give up any gains or be charged for any losses.
Be sure to allow time for the mail. Remember that
you can’t pay for your shares with the proceeds you
get from selling those shares.
To pay by check: Make out your check to “XYZ
Brokerage Services LLC.” Write your account number
on the memo line. Fill out a deposit slip (from the
confirmation statement acknowledging reciept of
your Indication of Interest) and send the check and
the slip to:
By Regular Mail
XYZ Investments
PO Box 770001, Cincinnati, OH 45277-0030
By Overnight Express
XYZ Investments – Newco Wireless Program
2300 Litton Lane, Mail Zone KH2G, Hebron, KY 41048
To pay by wire: Instruct your bank (which may
charge for this service) to wire your payment to:
By Wire
Chase Manhattan Bank, NA
ABA Number: 021000021
For credit to: National Financial Services
Account Number: 066196-221
For benefit of: Sam Sampleson
Account Number: Z00000000
One Chase Manhattan Plaza
New York, NY 10004
Fri.
2/15
Sat.
2/16
Sun.
2/17
Mon.
2/18
Tues.
2/19*
Wed.
2/20*
Thurs.
2/21
Fri.
2/22
Sat.
2/23
Sun.
2/24
Mon.
2/25*
Tues.
2/26
Confirm your interest
between 6 p.m. and
10 p.m. Eastern Time
*Schedule could change; watch for notification or check with the program phone number or web site.
p by checking your status Trading day: Shares
allocated and public
trading starts
Share payment due
GFE
www.XYZ.com/goto/newco 1-800-358-2670
PHASE 2 PHASE 3
Check List
PHASE 1
Enter my Indication of Interest using web site or Form A.
Complete all sections of Form B.
Sign and send in applicable form(s) in time to arrive
by Monday, 2/18.
Visit web site or telephone to verify that everything
is in order.
PHASE 2
Confirm my Indication of Interest by web site or
phone the evening before the public trading day.
PHASE 3
Check to see how many shares I actually received and
how much I owe.
Pay for my shares by check, electronic funds transfer,
or wire within three business days of the trading day.

118. Follow the instructions on the web site or phone line
to confirm how many shares you are interested in pur-
chasing. Your shares will be allocated soon after the
confirmation period (typically within two hours). Once
shares are allocated, you will be responsible for paying
for any and all shares in your account.
P H A S E 3
PAY FOR YOUR SHARES
W I T H I N 3 D AY S O F T R A D I N G D AY
F. Check your account to find out how many shares
are in it and how much you owe. When you call or log
on to check, you’ll see the number of shares you have
been allocated and the final IPO price. This informa-
tion will be available at about 9 a.m. Eastern
Time on the first day of public trading.
G . Send XYZ a check or wire for the
full amount you owe. If your payment doesn’t
arrive within three days of the first public trading day,
you will lose your shares. If your payment is late, you
will give up any gains or be charged for any losses.
Be sure to allow time for the mail. Remember that
you can’t pay for your shares with the proceeds you
get from selling those shares.
To pay by check: Make out your check to “XYZ
Brokerage Services LLC.” Write your account number
on the memo line. Fill out a deposit slip (from the
confirmation statement acknowledging reciept of
your Indication of Interest) and send the check and
the slip to:
By Regular Mail
XYZ Investments
PO Box 770001, Cincinnati, OH 45277-0030
By Overnight Express
XYZ Investments – Newco Wireless Program
2300 Litton Lane, Mail Zone KH2G, Hebron, KY 41048
To pay by wire: Instruct your bank (which may
charge for this service) to wire your payment to:
By Wire
Chase Manhattan Bank, NA
ABA Number: 021000021
For credit to: National Financial Services
Account Number: 066196-221
For benefit of: Sam Sampleson
Account Number: Z00000000
One Chase Manhattan Plaza
New York, NY 10004
Fri.
2/15
Sat.
2/16
Sun.
2/17
Mon.
2/18
Tues.
2/19*
Wed.
2/20*
Thurs.
2/21
Fri.
2/22
Sat.
2/23
Sun.
2/24
Mon.
2/25*
Tues.
2/26
Confirm your interest
between 6 p.m. and
10 p.m. Eastern Time
*Schedule could change; watch for notification or check with the program phone number or web site.
p by checking your status Trading day: Shares
allocated and public
trading starts
Share payment due
GFE
www.XYZ.com/goto/newco 1-800-358-2670
PHASE 2 PHASE 3
Check List
PHASE 1
Enter my Indication of Interest using web site or Form A.
Complete all sections of Form B.
Sign and send in applicable form(s) in time to arrive
by Monday, 2/18.
Visit web site or telephone to verify that everything
is in order.
PHASE 2
Confirm my Indication of Interest by web site or
phone the evening before the public trading day.
PHASE 3
Check to see how many shares I actually received and
how much I owe.
Pay for my shares by check, electronic funds transfer,
or wire within three business days of the trading day.

122. Follow the instructions on the web site or phone line
to confirm how many shares you are interested in pur-
chasing. Your shares will be allocated soon after the
confirmation period (typically within two hours). Once
shares are allocated, you will be responsible for paying
for any and all shares in your account.
P H A S E 3
PAY FOR YOUR SHARES
W I T H I N 3 D AY S O F T R A D I N G D AY
F. Check your account to find out how many shares
are in it and how much you owe. When you call or log
on to check, you’ll see the number of shares you have
been allocated and the final IPO price. This informa-
tion will be available at about 9 a.m. Eastern
Time on the first day of public trading.
G . Send XYZ a check or wire for the
full amount you owe. If your payment doesn’t
arrive within three days of the first public trading day,
you will lose your shares. If your payment is late, you
will give up any gains or be charged for any losses.
Be sure to allow time for the mail. Remember that
you can’t pay for your shares with the proceeds you
get from selling those shares.
To pay by check: Make out your check to “XYZ
Brokerage Services LLC.” Write your account number
on the memo line. Fill out a deposit slip (from the
confirmation statement acknowledging reciept of
your Indication of Interest) and send the check and
the slip to:
By Regular Mail
XYZ Investments
PO Box 770001, Cincinnati, OH 45277-0030
By Overnight Express
XYZ Investments – Newco Wireless Program
2300 Litton Lane, Mail Zone KH2G, Hebron, KY 41048
To pay by wire: Instruct your bank (which may
charge for this service) to wire your payment to:
By Wire
Chase Manhattan Bank, NA
ABA Number: 021000021
For credit to: National Financial Services
Account Number: 066196-221
For benefit of: Sam Sampleson
Account Number: Z00000000
One Chase Manhattan Plaza
New York, NY 10004
Fri.
2/15
Sat.
2/16
Sun.
2/17
Mon.
2/18
Tues.
2/19*
Wed.
2/20*
Thurs.
2/21
Fri.
2/22
Sat.
2/23
Sun.
2/24
Mon.
2/25*
Tues.
2/26
Confirm your interest
between 6 p.m. and
10 p.m. Eastern Time
*Schedule could change; watch for notification or check with the program phone number or web site.
p by checking your status Trading day: Shares
allocated and public
trading starts
Share payment due
GFE
www.XYZ.com/goto/newco 1-800-358-2670
PHASE 2 PHASE 3
Check List
PHASE 1
Enter my Indication of Interest using web site or Form A.
Complete all sections of Form B.
Sign and send in applicable form(s) in time to arrive
by Monday, 2/18.
Visit web site or telephone to verify that everything
is in order.
PHASE 2
Confirm my Indication of Interest by web site or
phone the evening before the public trading day.
PHASE 3
Check to see how many shares I actually received and
how much I owe.
Pay for my shares by check, electronic funds transfer,
or wire within three business days of the trading day.

123. 4.DSP-PMC-APP1
1.757806.100 XXX-XXX-XXX
Frequently Asked Questions
Is there a difference between the number of shares I request and the number I’m allocated?
There could be. You can choose how many shares to request, up to your maximum allowable number
(which has been determined by your employer). However, you can’t choose how many shares you actu-
ally will be allocated. Your actual allocation will depend on a number of factors, including how many
shares are made available to the entire program and how many shares other employees request.
Do I need to purchase all shares allocated to me?
From the time you submit your Indication of Interest until the time you confirm on the evening before
the trading day, you can choose how many shares you want to purchase: all, some, or none. Until you
confirm and the shares are placed in your account, you can opt out of the program at any time, with no
obligation or penalty. Once the shares are in your account, you are committed: you will be held respon-
sible for buying, at the IPO price, all shares in your account.
Why might the timing of the IPO change?
Many factors can influence the actual date of an IPO. One factor is the Securities and Exchange
Commission, which must declare a stock’s registration statement effective before any shares of that
stock can be publicly sold. Once this has occurred, the stock’s IPO price must be set. Unexpected
developments in the stock market can also affect the timing of an IPO. It may be disadvantageous to
launch a new stock offering when markets are unsettled or investor sentiment is negative.
What’s the best way for me to pay for my shares?
You can pay for your shares by check (including personal check), electronic fund transfer, or wire,
whichever is most convenient for you. However, if your payment doesn’t arrive by the payment dead-
line, you will lose your allocated shares. You will also lose any gains you would otherwise have made,
or you will have to pay for any losses. Note also that you cannot pay for your shares by selling them
first and then using that money to pay.
When can I sell my shares?
You can sell some or all of your shares at any time, beginning on the first public trading day. However,
you won’t receive any proceeds from selling shares until your payment for the shares has cleared—
typically seven business days. No matter when you sell shares, you must pay for them all within three
business days of the first public trading day. If you sell your shares, you’ll have to pay a brokerage
commission. You can find the commission schedule at www.XYZ.com.
How do I use my XYZ account?
We have opened a XYZ account in your name, using information provided by your employer, because
you need a brokerage account to participate in the program. Any shares you are allocated will be placed in
your new XYZ account automatically. Once you have paid for your shares, you may sell them or transfer
them to another brokerage account, and close your XYZ account, if you like. However, since your
XYZ account is a fully functional brokerage account, you may want to keep it, as it offers features such as
discounted commissions for buying and selling other stocks.
Other questions?
You can get answers from XYZ at the web site or the automated phone line.
Brokerage services for this program are provided by XYZ Brokerage Services LLC, Member NYSE and SIPC.
Follow the instructions on the web site or phone line
to confirm how many shares you are interested in pur-
chasing. Your shares will be allocated soon after the
confirmation period (typically within two hours). Once
shares are allocated, you will be responsible for paying
for any and all shares in your account.
P H A S E 3
PAY FOR YOUR SHARES
W I T H I N 3 D AY S O F T R A D I N G D AY
F. Check your account to find out how many shares
are in it and how much you owe. When you call or log
on to check, you’ll see the number of shares you have
been allocated and the final IPO price. This informa-
tion will be available at about 9 a.m. Eastern
Time on the first day of public trading.
G . Send XYZ a check or wire for the
full amount you owe. If your payment doesn’t
arrive within three days of the first public trading day,
you will lose your shares. If your payment is late, you
will give up any gains or be charged for any losses.
Be sure to allow time for the mail. Remember that
you can’t pay for your shares with the proceeds you
get from selling those shares.
To pay by check: Make out your check to “XYZ
Brokerage Services LLC.” Write your account number
on the memo line. Fill out a deposit slip (from the
confirmation statement acknowledging reciept of
your Indication of Interest) and send the check and
the slip to:
By Regular Mail
XYZ Investments
PO Box 770001, Cincinnati, OH 45277-0030
By Overnight Express
XYZ Investments – Newco Wireless Program
2300 Litton Lane, Mail Zone KH2G, Hebron, KY 41048
To pay by wire: Instruct your bank (which may
charge for this service) to wire your payment to:
By Wire
Chase Manhattan Bank, NA
ABA Number: 021000021
For credit to: National Financial Services
Account Number: 066196-221
For benefit of: Sam Sampleson
Account Number: Z00000000
One Chase Manhattan Plaza
New York, NY 10004
Fri.
2/15
Sat.
2/16
Sun.
2/17
Mon.
2/18
Tues.
2/19*
Wed.
2/20*
Thurs.
2/21
Fri.
2/22
Sat.
2/23
Sun.
2/24
Mon.
2/25*
Tues.
2/26
Confirm your interest
between 6 p.m. and
10 p.m. Eastern Time
*Schedule could change; watch for notification or check with the program phone number or web site.
p by checking your status Trading day: Shares
allocated and public
trading starts
Share payment due
GFE
www.XYZ.com/goto/newco 1-800-358-2670
PHASE 2 PHASE 3
Check List
PHASE 1
Enter my Indication of Interest using web site or Form A.
Complete all sections of Form B.
Sign and send in applicable form(s) in time to arrive
by Monday, 2/18.
Visit web site or telephone to verify that everything
is in order.
PHASE 2
Confirm my Indication of Interest by web site or
phone the evening before the public trading day.
PHASE 3
Check to see how many shares I actually received and
how much I owe.
Pay for my shares by check, electronic funds transfer,
or wire within three business days of the trading day.
The Program
The Directed Share Program from XYZ Brokerage Services LLC gives you the opportunity to buy shares
of Newco Wireless stock at the IPO price. The exact price won’t be known until the evening before the
stock begins to trade publicly, but it is currently expected to be somewhere between $00.00 and $00.00.
Is This Program Right for Me?
Stock investing isn’t for everyone. Many factors could push the price of Newco Wireless stock up or down.
These factors could be related to the company, to one or more industries, or to the stock market in general.
The choice to invest is yours, although you may want to consult with an investment adviser, financial
planner, family members, or anyone else who is typically included in your financial decisions.
If You Want to Participate
To get started with the program, there are three things you need to do:
• Read the enclosed materials, including the preliminary prospectus, which tells you about Newco Wireless
stock and its risks.
• Decide how many shares you want to request. In deciding, you may want to consider several factors, includ-
ing your investment goals, how you plan to pay for your shares, and how much exposure you may want
to a single stock.
• Tell us how many shares you’re interested in buying, either by visiting the web site or by using
Form A, the Indication of Interest Form.
You can request as few as 100 shares, as many as XXX,XXX shares, or any amount in between that is
a multiple of 50. For example, if you want to request more than 100 shares, but less than 300, your pos-
sible choices would be 150, 200, or 250 shares.
When requesting shares, keep in mind that you might not be allocated the full number you ask for.
Depending on supply and demand, you might not be allocated any shares. At the same time, it’s
unwise to request more shares than you want, because you might receive — and have to pay for —
your full allocation.
Keep this package handy until the program is over and you have paid for your shares. You can use the
timeline on the following pages as a reminder of what you need to do and when.
How To Participate In
The Directed Share Program
www.fidelity.com/goto/cingular 1-800-358-2670
5 documents > 1

124. 4.DSP-PMC-APP1
1.757806.100 XXX-XXX-XXX
Frequently Asked Questions
Is there a difference between the number of shares I request and the number I’m allocated?
There could be. You can choose how many shares to request, up to your maximum allowable number
(which has been determined by your employer). However, you can’t choose how many shares you actu-
ally will be allocated. Your actual allocation will depend on a number of factors, including how many
shares are made available to the entire program and how many shares other employees request.
Do I need to purchase all shares allocated to me?
From the time you submit your Indication of Interest until the time you confirm on the evening before
the trading day, you can choose how many shares you want to purchase: all, some, or none. Until you
confirm and the shares are placed in your account, you can opt out of the program at any time, with no
obligation or penalty. Once the shares are in your account, you are committed: you will be held respon-
sible for buying, at the IPO price, all shares in your account.
Why might the timing of the IPO change?
Many factors can influence the actual date of an IPO. One factor is the Securities and Exchange
Commission, which must declare a stock’s registration statement effective before any shares of that
stock can be publicly sold. Once this has occurred, the stock’s IPO price must be set. Unexpected
developments in the stock market can also affect the timing of an IPO. It may be disadvantageous to
launch a new stock offering when markets are unsettled or investor sentiment is negative.
What’s the best way for me to pay for my shares?
You can pay for your shares by check (including personal check), electronic fund transfer, or wire,
whichever is most convenient for you. However, if your payment doesn’t arrive by the payment dead-
line, you will lose your allocated shares. You will also lose any gains you would otherwise have made,
or you will have to pay for any losses. Note also that you cannot pay for your shares by selling them
first and then using that money to pay.
When can I sell my shares?
You can sell some or all of your shares at any time, beginning on the first public trading day. However,
you won’t receive any proceeds from selling shares until your payment for the shares has cleared—
typically seven business days. No matter when you sell shares, you must pay for them all within three
business days of the first public trading day. If you sell your shares, you’ll have to pay a brokerage
commission. You can find the commission schedule at www.XYZ.com.
How do I use my XYZ account?
We have opened a XYZ account in your name, using information provided by your employer, because
you need a brokerage account to participate in the program. Any shares you are allocated will be placed in
your new XYZ account automatically. Once you have paid for your shares, you may sell them or transfer
them to another brokerage account, and close your XYZ account, if you like. However, since your
XYZ account is a fully functional brokerage account, you may want to keep it, as it offers features such as
discounted commissions for buying and selling other stocks.
Other questions?
You can get answers from XYZ at the web site or the automated phone line.
Brokerage services for this program are provided by XYZ Brokerage Services LLC, Member NYSE and SIPC.
Follow the instructions on the web site or phone line
to confirm how many shares you are interested in pur-
chasing. Your shares will be allocated soon after the
confirmation period (typically within two hours). Once
shares are allocated, you will be responsible for paying
for any and all shares in your account.
P H A S E 3
PAY FOR YOUR SHARES
W I T H I N 3 D AY S O F T R A D I N G D AY
F. Check your account to find out how many shares
are in it and how much you owe. When you call or log
on to check, you’ll see the number of shares you have
been allocated and the final IPO price. This informa-
tion will be available at about 9 a.m. Eastern
Time on the first day of public trading.
G . Send XYZ a check or wire for the
full amount you owe. If your payment doesn’t
arrive within three days of the first public trading day,
you will lose your shares. If your payment is late, you
will give up any gains or be charged for any losses.
Be sure to allow time for the mail. Remember that
you can’t pay for your shares with the proceeds you
get from selling those shares.
To pay by check: Make out your check to “XYZ
Brokerage Services LLC.” Write your account number
on the memo line. Fill out a deposit slip (from the
confirmation statement acknowledging reciept of
your Indication of Interest) and send the check and
the slip to:
By Regular Mail
XYZ Investments
PO Box 770001, Cincinnati, OH 45277-0030
By Overnight Express
XYZ Investments – Newco Wireless Program
2300 Litton Lane, Mail Zone KH2G, Hebron, KY 41048
To pay by wire: Instruct your bank (which may
charge for this service) to wire your payment to:
By Wire
Chase Manhattan Bank, NA
ABA Number: 021000021
For credit to: National Financial Services
Account Number: 066196-221
For benefit of: Sam Sampleson
Account Number: Z00000000
One Chase Manhattan Plaza
New York, NY 10004
Fri.
2/15
Sat.
2/16
Sun.
2/17
Mon.
2/18
Tues.
2/19*
Wed.
2/20*
Thurs.
2/21
Fri.
2/22
Sat.
2/23
Sun.
2/24
Mon.
2/25*
Tues.
2/26
Confirm your interest
between 6 p.m. and
10 p.m. Eastern Time
*Schedule could change; watch for notification or check with the program phone number or web site.
p by checking your status Trading day: Shares
allocated and public
trading starts
Share payment due
GFE
www.XYZ.com/goto/newco 1-800-358-2670
PHASE 2 PHASE 3
Check List
PHASE 1
Enter my Indication of Interest using web site or Form A.
Complete all sections of Form B.
Sign and send in applicable form(s) in time to arrive
by Monday, 2/18.
Visit web site or telephone to verify that everything
is in order.
PHASE 2
Confirm my Indication of Interest by web site or
phone the evening before the public trading day.
PHASE 3
Check to see how many shares I actually received and
how much I owe.
Pay for my shares by check, electronic funds transfer,
or wire within three business days of the trading day.
The Program
The Directed Share Program from XYZ Brokerage Services LLC gives you the opportunity to buy shares
of Newco Wireless stock at the IPO price. The exact price won’t be known until the evening before the
stock begins to trade publicly, but it is currently expected to be somewhere between $00.00 and $00.00.
Is This Program Right for Me?
Stock investing isn’t for everyone. Many factors could push the price of Newco Wireless stock up or down.
These factors could be related to the company, to one or more industries, or to the stock market in general.
The choice to invest is yours, although you may want to consult with an investment adviser, financial
planner, family members, or anyone else who is typically included in your financial decisions.
If You Want to Participate
To get started with the program, there are three things you need to do:
• Read the enclosed materials, including the preliminary prospectus, which tells you about Newco Wireless
stock and its risks.
• Decide how many shares you want to request. In deciding, you may want to consider several factors, includ-
ing your investment goals, how you plan to pay for your shares, and how much exposure you may want
to a single stock.
• Tell us how many shares you’re interested in buying, either by visiting the web site or by using
Form A, the Indication of Interest Form.
You can request as few as 100 shares, as many as XXX,XXX shares, or any amount in between that is
a multiple of 50. For example, if you want to request more than 100 shares, but less than 300, your pos-
sible choices would be 150, 200, or 250 shares.
When requesting shares, keep in mind that you might not be allocated the full number you ask for.
Depending on supply and demand, you might not be allocated any shares. At the same time, it’s
unwise to request more shares than you want, because you might receive — and have to pay for —
your full allocation.
Keep this package handy until the program is over and you have paid for your shares. You can use the
timeline on the following pages as a reminder of what you need to do and when.
How To Participate In
The Directed Share Program
www.fidelity.com/goto/cingular 1-800-358-2670
5 documents > 1
10 pages > 4

125. PROBLEM SOLVING
3. Mutual Fund Key Facts Document

126. Key Investor Information
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 inten­sive 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 inter­views 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).

127. 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 inten­sive 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 inter­views 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).
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 intensive
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 interviews 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 Understand
Equities 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. The rating does not reflect the possible effects of unusual mar-
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

128. 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 inten­sive 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 inter­views 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).
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 intensive
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 interviews 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 Understand
Equities 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. The rating does not reflect the possible effects of unusual mar-
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

129. 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 inten­sive 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 inter­views 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).
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 intensive
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 interviews 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 Understand
Equities 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. The rating does not reflect the possible effects of unusual mar-
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

130.
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 inten­sive 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 inter­views 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).
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 intensive
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 interviews 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 Understand
Equities 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. The rating does not reflect the possible effects of unusual mar-
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

131.
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 inten­sive 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 inter­views 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).
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 intensive
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 interviews 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 Understand
Equities 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. The rating does not reflect the possible effects of unusual mar-
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

132.
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 inten­sive 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 inter­views 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).
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 intensive
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 interviews 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 Understand
Equities 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. The rating does not reflect the possible effects of unusual mar-
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

133.
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).
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 intensive
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 interviews 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 Understand
Equities 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. The rating does not reflect the possible effects of unusual mar-
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.

134.
.
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).
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 intensive
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 interviews 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 Understand
Equities 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. The rating does not reflect the possible effects of unusual mar-
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.

135.
.
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).
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 intensive
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 interviews 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 Understand
Equities 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. The rating does not reflect the possible effects of unusual mar-
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.

136.
.
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).
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 intensive
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 interviews 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 Understand
Equities 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. The rating does not reflect the possible effects of unusual mar-
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

137. 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 intensive
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 interviews 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 Understand
Equities 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. The rating does not reflect the possible effects of unusual mar-
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

138. 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 intensive
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 interviews 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 Understand
Equities 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

139. 1 of 2
Key Investor Information 28 September 2011
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.
Belgium Fund.......................
Selectum Belgium Fund Class R RetailKey Investor Information
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
intensive 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 interviews 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 Understand
Equities 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 volatil-
ity 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 nor-
mal market conditions could prove ineffective or detrimental
during unusual conditions.

140. 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 intensive
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 interviews 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 Understand
Equities 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

141. Group Exercises

143. This page intentionally left blank.