LAMP UCITS Funds (Ire) 1 PLC (an umbrella fund with segregated - PDF document

LAMP UCITS Funds (Ire) 1 PLC (an umbrella fund with segregated liability between sub-funds constituted as an investment company with variable capital under the laws of Ireland and authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2003 as amended) First SMB Fund SUPPLEMENT Promoter and Global Distributor UBS Limited DATED [16 March] 2011

IMPORTANT INFORMATION This Supplement contains information in relation to the First SMB Fund (the “Fund”), which is a sub-fund of LAMP UCITS Funds (Ire) 1 plc (the “Company”), an investment company with variable capital incorporated with limited liability in Ireland with registered number 485852 and established as an umbrella fund with segregated liability between its sub-funds. This Supplement forms part of the prospectus dated 16 September 2010, as amended by an addendum dated 25 February 2011 for the Company (the “Prospectus”) and should be read in the context of, and in conjunction with the Prospectus. Distribution of this Supplement is not authorised unless accompanied by or supplied in conjunction with a copy of the Prospectus. Applicants for Shares in the Company will be deemed to be on notice of all information contained in the Prospectus. Words and terms defined in the Prospectus have the same meaning in this Supplement unless otherwise stated herein. The Prospectus contains detailed information on the following aspects of the Fund: the general risks associated with an investment in the Fund; the management and administration of the Fund; the purchase, transfer and redemption of Shares; the determination of Net Asset Value; the other funds of the Company; meetings of and reports to Shareholders; and taxation. Information in respect of any other funds in the Company is to be found in the Prospectus and the supplement for each such fund. There are currently [four] other funds in the Company, namely: [First Multi-Asset Active ICG European High Yield Bond Fund First Norway Alpha First Norway Delta] The Directors of the Company, whose names appear in the Directory of the Prospectus, accept responsibility for the information contained in this Supplement. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case), the information contained in this Supplement is in accordance with the facts and does not omit anything likely to affect the import of such information. The Fund will use financial derivative instruments for investment purposes. While the prudent use of derivatives can be beneficial, they also involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. An investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors. i 22322414.4

DEFINITIONS In this Supplement, unless more particularly defined herein or in the Prospectus, the following capitalised words and phrases, which are in addition to and are intended to be read in conjunction with those definitions contained in the Prospectus, will have the meanings set out below. “Base Currency” means Norwegian Krone (“NOK”), the base currency of the Fund; “Calculation Agent” means UBS AG, London Branch; “Closing Date” means [15 April] 2011 or such earlier or later date as the Directors may in their discretion determine, having notified the Central Bank; “Distribution Agent” means First Asset Management AS; “Effective Date” means [18 April] 2011 or such earlier or later date as the Directors may in their discretion determine, being the date on which the Fund shall commence trading; “Fund” means First SMB Fund; “Fund Business Day” means, unless otherwise determined by the Directors and notified to Shareholders in advance, [a day, excluding Saturday or Sunday, on which banks are open for normal business in Oslo and Dublin, provided always that there will be at least two Fund Business Days per month at regular intervals]; “Initial Offer” means the initial offer of Shares in the Fund which will commence on [18 March] 2011, or such later date as the Directors may in their discretion determine having notified the Central Bank, and finish on the Closing Date; “ Investment Manager ” means First Asset Management AS; “Market Disruption Event” means the occurrence or existence in respect of any component security on any day or any number of consecutive days of any one or more of the following events: (i) a limitation, suspension, or disruption of trading in one or more of the component securities imposed on trading by the relevant Exchange or otherwise and whether by movements in price exceeding limits permitted by the relevant Exchange or otherwise; (ii) the settlement price for any component security is a “limit price”, which means that the settlement price for such component security has, at any point during the last fifteen minute of trading on the Exchange increased or decreased from the previous day’s closing price by the maximum amount permitted under applicable Exchange rules; (iii) failure by the applicable Exchange or other price source as applicable to announce or publish the ii 22322414.4

settlement price in respect of any component security; (iv) the closure on any Exchange business day of any relevant Exchange in respect of a component security, prior to its scheduled closing time; (v) any event (other than an early closure as described above) that disrupts or impairs (as determined by the Calculation Agent) the ability of market participants in general to effect transactions in, or obtain market values for any component security “Minimum Subscription” means a minimum amount that should be subscribed by an investor as set out below; “Novated Investment means the investment management agreement dated 16 Management Agreement” September 2010 between the Company, the Manager and First Securities AS which was subsequently novated and entered into between the Company, the Manager, First Securities AS and the Investment Manager on 15 March 2011, as may be amended from time to time in accordance with the requirements of the Central Bank; “Redemption Date” means the next Fund Business Day after the Valuation Date; “Shares” means the shares in the Fund; “Share Classes” means the classes of Shares in the Fund; “Subscription Date” means the next Fund Business Day after the Valuation Date; “Swap Counterparty” means UBS AG, London Branch; “Valuation Date” means every Fund Business Day; “Valuation Point” means 9.00 pm (Dublin time) on each Valuation Date; iii 22322414.4