Key Investor Information This document provides you with key investor information about the Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of the Fund. You are advised to read it so you can make an informed decision about whether to invest. Unless otherwise defined in this document, all words and expressions defined in the Company’s current Prospectus shall have the same meaning herein. Appletree Subordinated Debt Fund (the “Fund”), a sub-fund of Diamond Capital Funds plc (the “Company”) (ISIN IE00BWT69J49) Investment Manager: Nutrimenta (Singapore) Pte Ltd Class B USD Participating Shares (the “Share Class”) Objectives and Investment Policy The Fund’s objective is to provide long term capital The Fund will primarily invest in securities which are appreciation. below investment grade and may invest more than 20% of its net assets in emerging markets. The Fund will invest primarily in a portfolio of subordinated debt and debt related securities, including, The Fund may use currency forwards for the purposes of corporate debt securities, convertible bonds, preferred hedging. shares, convertible preferred shares, perpetual bonds, loss-absorbing debt securities (i.e. contingent convertible Shares in the Fund can generally be bought and sold debt securities), securitized debt and mortgage and daily (i.e. every Business Day of the Fund). Please refer asset-backed securities. These securities will be issued to the Prospectus for more information. by banks, governmental and supranational organisations and financial institutions (“Issuers”) worldwide. At least Any income arising from the Fund will be re-invested and half of the portfolio will be invested in debt and debt- it is not intended that the Fund will pay dividends. related securities issued by central and western European-based or US-based Issuers. The Fund may Recommendation: The Fund may not be suitable for also invest up to 10% of its assets in equities listed or investors who plan to withdraw their money within 3-5 traded on a Recognised Exchange. years. Risk and Reward Profile of the Fund Lower Risk Higher Risk Typically lower rewards 1 2 3 Typically higher rewards 4 5 6 7 What does this indicator mean and what are its limits? This rating system is based on the average fluctuations of the prices of funds (and in the case of a new fund, its benchmark) over the past 5 years - that is, by how much the value of their assets taken together have moved up and down. Historical data may not be a reliable indication for the future. The Fund may behave differently to the benchmark, and the benchmark may also behave differently in the future. This means the Fund is not guaranteed to always stay in the same risk reward category and may shift over time. Why is the Fund in this specific category? The risk indicator for the Fund is set as 5 because the Fund invests mainly in subordinated debt securities, which, historically, tended to be volatile and had a high correlation to equity markets and risky events. As a result, the performance of the Fund can fluctuate over time. Risks materially relevant not adequately captured by the risk-reward indicator:   The lowest category does not mean a 'risk free' investment. The value of shares can rise or fall and, accordingly, an investor may not get back the full amount invested  Credit risk: the risk of loss arising default that may occur if an issuer fails to make principal or interest payments when due. This risk is higher if the Fund holds low-rated, non-investmentgrade securities. Emerging markets risks: the risk related to investing in countries that have less developed political, economic, legal and regulatory systems, and that may be impacted by political/economic instability, lack of liquidity or transparency, or safekeeping issues. Liquidity risk: the risk that arises when adverse market conditions affect the ability to sell assets when necessary. Reduced liquidity may have a negative impact on the price of the assets.  Risks associated with investment in contingent convertible securities; the risk related to the trigger of a loss absorption mechanism (i.e. principal write down or equity conversion) which may result in the deterioration in the value of the securities held. A more detailed description of the risk factors that apply to the Fund is set out in the "Risk Factors" section of the Prospectus and in the Fund Supplement. Charges for the Fund These charges are used to pay the costs of running the Fund, including the costs of marketing and selling. Overall, they reduce the potential growth of your investment. One-off charges taken before or after you invest Entry charge Exit charge 1.00% 1.00% This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out . Charges taken from the Share Class over a year Ongoing charge 1.70% Charges taken from the Share Class under certain specific conditions  The entry and exit charges shown are maximum figures. In some cases you might pay less – you can find this out from your financial advisor.  The ongoing charges figure shown here is an estimate of charges as there is insufficient historical data. The UCITS’ annual report for each financial year will include detail of the exact charges made. For more information about charges, please see the “Fees and Expenses” section of the Supplement 10.00% of any increase in the value Performance fee of the shares above the previous highest value, calculated annually. Please see the Prospectus for more details. Past Performance As the Fund does not yet have performance data for one complete calendar year, there is insufficient data to provide a useful indication of past performance. Practical Information  The custodian of the Fund is Northern Trust Fiduciary Services (Ireland) Limited.  The registered office of the Company is George’s Court, 54-62 Townsend Street, Dublin 2, Ireland.  You can obtain further information on this Fund, the Share Class or other share classes of the Fund, and copies of the current Prospectus, free of charge, from the administrator, Northern Trust International Fund Administration Services (Ireland) Limited. Copies of the most recent annual and any subsequent half-yearly reports and accounts can be obtained, free of charge, from the registered office of the Company.  This Key Investor Information Document is specific to the Share Class but is considered representative of Class B ILS Hedged Participating Share. Information relating to this share class is available in the Prospectus and Fund Supplement.  The Net Asset Value of the Share Class is calculated in US Dollars and will be made available on the internet at www.bloomberg.com and www.diamondcapital.net and from the Investment Manager or Administrator during normal business hours.  The Fund is subject to the tax laws and regulations of Ireland. Depending on your home country of residence, this might have an impact on your investment. For further details please, please speak to an advisor.  The Directors of the Company may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus and Supplement for the Fund.  The Fund is a sub-fund of the Company, an umbrella fund with segregated liability between sub-funds. You can find out more information about the umbrella fund in the Prospectus. The Prospectus and periodic reports are prepared in the name of Company.  The Investment Manager is licensed by the Monetary Authority of Singapore to conduct fund management for accredited and institutional investors only. Nevertheless, the Investment Manager may manage the Fund for non- accredited and non-institutional investors outside Singapore as stipulated in the Fund Supplement.  The Company was authorised in Ireland on 29, July 2014 and is regulated by the Central Bank.  This Key Information Document was last updated on 1, May 2015.