Citadel Value Fund

<body> <p class="MsoNormal"><font size="5" face="Arial"><span style="mso-bidi-font-size: 10.0pt; mso-bidi-font-weight: normal" lang="EN-GB"><b style="mso-bidi-font-weight: normal; mso-bidi-font-size: 10.0pt"><span style="mso-bidi-font-size: 10.0pt; mso-bidi-font-weight: normal"><span>Welcome to t</span>he Citadel Value Fund SICAV website!</span></b><span style="mso-bidi-font-size: 10.0pt; mso-bidi-font-weight: normal"> </span></span></font><span style="mso-spacerun: yes">  </span></p> <p class="MsoNormal"><span style="mso-bidi-font-size: 10.0pt" lang="EN-GB"><font color="#000080" face="Arial" size="3">Dear shareholders, dear prospective shareholders,</font></span></p> <p class="MsoNormal"><span style="mso-bidi-font-size: 10.0pt" lang="EN-GB"><font color="#000080" face="Arial" size="3">The <b style="mso-bidi-font-size: 10.0pt">Citadel Value Fund SICAV</b> invests in equities world-wide using a distinct ‘value’ investment philosophy and bottom-up stock-picking.<span style="mso-bidi-font-size: 10.0pt">  </span>This sets it apart from almost all other European investment funds.<span style="mso-bidi-font-size: 10.0pt">  </span>While the value philosophy of investing has long been practiced successfully in North America, true value investors are still rare in Europe.</font></span></p> <p class="MsoNormal"><span style="mso-bidi-font-size: 10.0pt" lang="EN-GB"><font color="#000080" face="Arial" size="3">As value investors we look to identify and invest in companies whose shares are deeply undervalued. <span style="mso-bidi-font-size: 10.0pt"> </span>The focus is on finding select companies with strong, and hopefully growing, cash flows, that have solid assets, with little or no financial risk, and decent management. Above all, the shares of a company should sell at demonstrably ‘cheap’ prices to both protect against the unforeseeable, as well as to leave plenty of potential for share price appreciation.</font></span></p> <p class="MsoNormal"><span style="mso-bidi-font-size: 10.0pt" lang="EN-GB"><font color="#000080" face="Arial" size="3">The Citadel Value Fund aims to build wealth for its shareholders in a steady, consistent way by generating good, long-term, absolute returns, while minimizing the risk of permanent capital loss.</font></span></p> <p class="MsoNormal"><span style="mso-bidi-font-size: 10.0pt" lang="EN-GB"><font color="#000080" face="Arial" size="3">We hope that you will enjoy reading about the Fund, its value philosophy and how it is implemented.<span style="mso-bidi-font-size: 10.0pt">   </span></font></span></p> <p class="MsoNormal"><span style="mso-bidi-font-size: 10.0pt" lang="EN-GB"><font color="#000080" face="Arial" size="3">Thank you for your visit</font></span> <p> </p> </body>