GAMAX Management AG société anonyme 11/13, Boulevard de la Foire L-1528 Luxembourg R.C.S. Luxembour

The Board of Directors of GAMAX Management AG, the company that manages the GAMAX FCP Fund (the “Fund”), would hereby like to inform unit holders of the Fund about the following changes to the Fund’s sales prospectus and contract terms.

1) Implementation of Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014

As a result of Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), the sales prospectus has been updated.

2) Change to the risk management procedure

Effective 19 May 2017, the risk management procedure of the sub-funds GAMAX FUNDS – ASIA PACIFIC, GAMAX FUNDS – MAXI-BOND, and GAMAX Funds – JUNIOR is being changed in such a way that the commitment approach will henceforth be applied instead of the relative value-at-risk (“VaR”) approach. In light of the fact that the aforementioned sub-funds have a small total commitment in derivative instruments, the commitment approach is better suited to depicting total risk.

3) Clarification with respect to the fee payable to the custodian bank and the administrative centre

The description in the Fund’s sales prospectus of the fee payable to the custodian bank and the administrative centre is being clarified in such a way that the fee of 0.0195% p.a. of the net asset value of the relevant sub-fund may reach a maximum of 2% p.a. of the net asset value of the relevant sub-fund, with a minimum fee of EUR 31,000 p.a. on the sub-fund level and EUR 93,000 p.a. on the Fund level. These fees are payable monthly and do not include transaction fees or fees for sub-depositaries and similar service providers. Any incurred cash expenditures (including but not limited to costs for telexes, telegrams, long-distance calls, telefaxes, and postage) not included in these fees will be reimbursed to the custodian bank and the administrative centre from the assets of the relevant sub-fund.

4) Common Reporting Standard (CRS)

As a result of Council Directive 2014/107/EC of 9 December 2014 as regards mandatory automatic exchange of information in the field of taxation and its implementation into Luxembourg law, the Fund is considered to be a “Reporting Financial Institution”. A Reporting Financial Institution must obtain a self-certification in order to determine the status within the meaning of the CRS and/or the residence for tax purposes of its account holders. Reporting Financial Institutions in Luxembourg must provide the Luxembourg tax administration with information about holders of financial accounts. The Luxembourg tax administration automatically exchanges this information with the competent foreign tax authorities.

Unit holders of the Fund are hereby notified that in this regard, GAMAX Management AG collects, stores, and processes personal data of unit holders in conformity with the provisions of the Luxembourg Act of 2 August 2002 concerning the protection of personal data in connection with data processing, as amended. Processed data essentially contain the name, contact data (including physical address or email address), banking details, and the number of units acquired by the relevant unit holder. Unit holders may in their discretion refuse to provide personal data to the management company. In such case, however, the management company may reject applications to acquire a unit in a sub-fund of the Fund. Every unit holder has the right to view the personal data collected by the management company and to demand in writing that they be corrected if they are incomplete or inaccurate. For further information about this, please see the sales prospectus.

***

Unit holders of the Fund are hereby notified that if they are not in agreement with the change in Section (2), then in accordance with the provisions of the sales prospectus, they have the right to request redemption of all or a part of their units in the relevant sub-fund until 19 May 2017 and at no charge at the per-unit net asset value in effect at the time of the request.

Luxembourg, 18 April 2017

The Board of Directors of GAMAX Management AG