The document issued in German is legally binding. This English translation is only for the purpose of convenience.

1. User authorisation
When you access this website, Flossbach von Storch grants you revocable and non-transferable permission to use it. This applies only if you acknowledge these User Terms and Conditions and observe the restrictions they impose. You may not interfere with the operation of the site or seek to influence it in any way.

2. Important general information
The data on this website is for your information only. It does not constitute investment advice, or advice on tax or legal matters. Nor does it contain any offer, recommendation or incitement to make investment decisions of any kind, e.g. to deal in financial instruments (including shares, bonds, investment funds, certificates) or to conclude any contracts for financial services (e.g. wealth management) or to conclude any other kind of contract (e.g. Family Office agreements).
In particular, this information should not be used as a substitute for suitable investment and product-related advice. Unless expressly stated otherwise, all pricing information is non-binding.

With respect to information on investment funds, please note that the sole basis for purchase is in each case the relevant sales prospectus, including the contract terms and conditions, the latest audited annual report, and the semi-annual report, if the latter is published later than the most recent annual report. These sales documents may be obtained free of charge from the relevant investment fund company or custodian bank, from paying agents, or from Flossbach von Storch; they can also be downloaded from this website.

The same applies to other investment products and the applicable sales documents.

Please bear in mind that the value of a financial investment can fall as well as rise. Investors must therefore be ready and able to accept losses on their invested capital. Past performance is not a reliable indicator of future performance.

3. Sales restrictions
The information contained in this website is intended for investors only in countries/jurisdictions in which the funds have been approved for sale. The information is not intended for publication or use by persons or entities in a country where the funds are not permitted for sale. If documents are made available in English, this does not mean that a distribution licence has been granted or applied for. Further details are available on request.

4. Important notice for US persons
The contents of this website, particularly the published documents and the information contained within, are not permitted for distribution or sale in the USA. Accordingly, the investment funds mentioned on this website, in particular, are not on offer in the USA to US citizens or US residents.

5. Forecasts
This website may contain forecasts. Although such forecasts may represent the views and future expectations of Flossbach von Storch, actual developments and results may differ substantially from such expectations. Flossbach von Storch is under no obligation, and expressly excludes any such obligation, to update its forecasts or to change them, on the basis of either new information or future events, or for any other reason.

6. Information / Data
Flossbach von Storch regularly checks and updates the information on this website. Despite due care, however,
the data underlying this information may have changed in the period since the last review. We therefore accept no liability and offer no guarantee as to whether the information is up to date, correct or complete, excepting liability for gross negligence or deliberate misconduct.

Flossbach von Storch accepts no liability for losses of any kind arising from the use of content and information on this website.

Nor will Flossbach von Storch give any assurance that any function or content on this website, or the site itself, is free of errors and free from viruses or other damaging elements, or that errors will be corrected.

7. Links to other websites
This website may contain links to other websites. When first setting up the link, Flossbach von Storch will have checked the linked site for illicit content and found none at that time. However, Flossbach von Storch has no influence over the current and future design or content of such linked sites and will accept no liability for such content or design. Any use of these websites is at your own risk. If you find that we have linked to websites with illegal or dubious content (e.g. racial hatred, pornography, fraud, deception), please let us know, as any such link is of course unintentional. Flossbach von Storch will then remove the offending links as soon as possible.

8. Copyright and trademark rights
All rights, titles and claims (including copyright, brands, patents and other intellectual property or other rights) in,
for and from all information and content (including all text, data, graphics and logos) on this website are fully subject to the respective current regulations and to the property rights of the respective registered owners. Use of this website does not confer any rights to the content. The copyright for the published content created by Flossbach von Storch itself remains with Flossbach von Storch. No such content, including graphics, sound files, video clips and text, may be duplicated or used, either wholly or in part, in any other electronic or print publication or in any other form without the written permission of Flossbach von Storch. If permission is given, its scope must not be exceeded and attention must be drawn to the origin of the duplicated material and to the rights of Flossbach von Storch. The integration of Flossbach von Storch websites into a framework structure (frames) is permitted only after written agreement in advance from Flossbach von Storch.

9. Communication by email
The internet is publicly accessible, which means that ordinary emails sent via the internet are neither confidential nor secure: it is possible that they may be viewed, captured or modified by third parties, or get lost. Emails may cross borders, even if both sender and receiver are in the same country. You should therefore refrain from sending personal
or confidential information, particularly account information, by email.

Unless there is an express agreement to the contrary, Flossbach von Storch will not accept orders or instructions sent by email or other electronic messaging systems.

Flossbach von Storch is not liable either to you or to other persons for losses arising from messages sent by ordinary email or any other electronic messaging system.

When sending confidential information, therefore, you are advised to use postal services.

10. Limits of liability
You use this website at your own risk. You are solely responsible for the consequences of such use and of any downloading of its content.

Flossbach von Storch will accept no liability for any losses of any kind arising from information published on the website, or for failure to publish such information. This applies in particular to losses arising from investment decisions. This exclusion of liability also applies to direct or indirect compensation claims, claims in tort, atypical claims and claims for consequential loss.

This exclusion of liability does not apply where it is prohibited by applicable law, or to gross negligence or intentional misconduct on the part of Flossbach von Storch.

11. Sundry provisions

11.1 Scope
These User Terms and Conditions apply between users of the website and Flossbach von Storch, and also extend to their respective successors in title, and to their respective assignees and agents. Insofar as any rights can be derived from these User Terms and Conditions, Flossbach von Storch may transfer such rights to third parties.

11.2 Availability of the website
Flossbach von Storch reserves the right to modify, suspend or completely cease the operation of this website at any time, including the services, information, properties or functionalities offered on the website that may be accessible through permitted use of the site. Flossbach von Storch also reserves the right to restrict the use of any particular properties, functionalities or services or to restrict access to all or part of the website without notice.

11.3 Transfer of operations
Flossbach von Storch reserves the right at any time to entrust functions relating to the operation of the website to a third party.

11.4 Amendments to the User Terms and Conditions
Flossbach von Storch reserves the right to amend or supplement these User Terms and Conditions at any time.
You should read these User Terms and Conditions each time you use the website in order to familiarise yourself with any possible alterations.

11.5 Contractual agreements
Should any contractual agreement you make with Flossbach von Storch diverge from these User Terms and Conditions, the contractual agreement shall take precedence.

11.6 Voidance clause
Should any provision or part provision in these User Terms and Conditions be unlawful, invalid or unenforceable, this shall not affect the lawfulness, validity or enforceability of the other provisions in these User Terms and Conditions.

The satisfaction of our investors is our number one priority. It is therefore important for us to give them the opportunity to express criticism. For this reason, Flossbach von Storch Invest S.A. has established a complaints office that can be contacted by all our funds’ investors in the event that they wish to make a complaint or express criticism.

Investors may file a complaint in the respective official language(s) of their member state. They may communicate their issues or complaints by post or by email at the following address:

Postal address:

Flossbach von Storch Invest S.A.

- Beschwerdemanagement -
Complaint Management
2, rue Jean Monnet
L-2180 Luxembourg
Luxembourg

Email: beschwerde@fvsinvest.lu

For further information, please refer to the document "Investor complaints procedure".

Furthermore, you have the option of using the procedure for the out-of-court settlement of complaints with the Luxembourg financial supervisory authority Commission de Surveillance du Secteur Financier (“CSSF”) (see also www.cssf.lu).

Contact details:

Commission de Surveillance du Secteur Financier.

Département Juridique CC

283, route d'Arlon

L-2991 Luxembourg

Fax: 00352 26 251 601

Email: reclamation@cssf.lu

Online Dispute Resolution Platform (EU)

For the out-of-court settlement of disputes in connection with online contracts, you can also contact the EU's online dispute resolution platform at www.ec.europa.eu/consumers/odr. The following email address can be used as the contact address of FvS Invest S.A.: beschwerde@fvsinvest.lu.

The right to appeal to the courts remains unaffected by a dispute resolution procedure.

Collective legal redress

Investors with the status of consumers in Germany also have the possibility, under certain conditions, to participate in collective legal protection proceedings, such as model declaratory action pursuant to Section 41 of the German Consumer Rights Enforcement Act (Verbraucherrechtedurchsetzungsgesetz – VDuG) or in capital investor model proceedings pursuant to the Capital Investor Model Proceedings Act (Kapitalanleger-Musterverfahrensgesetz – KapMuG).

Additional information for investors of funds with a German ISIN:

To settle disputes with Flossbach von Storch Invest S.A., investors (consumers) of funds with a German ISIN also have the option of calling the "Ombudsstelle für Investmentfonds des BVI" (Ombudsman's Office for Investment Funds of the BVI (German Investment Funds Association)) as the competent consumer arbitration board. Disputes can be resolved here by an independent and neutral arbitrator within the framework of a dispute resolution procedure. Requests for arbitration should be sent in writing to:

Büro der Ombudsstelle des BVI

BVI Bundesverband Investment und Asset Management e.V.

Unter den Linden 42

D-10117 Berlin

Telephone: +49 030 6449046-0

Fax: +49 030 6449046-29

Email: info@ombudsstelle-investmentfonds.de; www.ombudsstelle-investmentfonds.de

Consumers are natural persons who invest in funds for a purpose that cannot predominantly be attributed to their commercial or independent professional activity, i.e. who act for private purposes.

The satisfaction of our clients is our number one priority. Therefore, it is important for us to give each and every one the opportunity to express criticism. For this reason, Flossbach von Storch SE has set up a complaints management function which you can contact if you wish to make a complaint or express criticism.

You can send your complaints by post or email to the following address or to your respective client advisor:

Postal address:                            Flossbach von Storch SE

Bereich Compliance

Ottoplatz 1

50679 Köln

Deutschland

E-Mail:                             compliance@fvsag.com

The processing of complaints is free of charge.

Flossbach von Storch SE is a member of the Bundesverband Investment und Asset Management

e.V. (BVI) and has undertaken to participate in dispute resolution proceedings organised by the

BVI ombudsman's office for investment funds.

The ombudsman's office can be contacted as follows for property law disputes arising from

financial services contracts:

Postal address: Büro der Ombudsstelle des BVI, Bundesverband Investment und Asset Management e.V.

 Unter den Linden 42

10117 Berlin

Germany

Telephone:                      +49 030 6449046-0
Fax:                                   +49 030 6449046-29
E-Mail:                             info@ombudsstelle-investmentfonds.de; www.ombudsstelle-investmentfonds.de

Further information can be found in the document Information on complaint management for customers and potential customers at www.flossbachvonstorch.d

• Active Ownership Report 2023
• Active Ownership Report 2022
• Active Ownership Report 2021
• Active Ownership Report 2020
• Active Ownership Report 2019

PRELIMINARY REMARK

Regulation (EU) 2019/2088 ("Disclosure Regulation" or "SFDR") requires financial market participants, including investment firms providing portfolio management services, UCITS management companies and alternative investment fund managers, to disclose information for increased transparency, including in relation to sustainability risk management strategies and potential or identified adverse sustainability impacts.

ARTICLE 3 OF THE SFDR: TRANSPARENCY IN THE STRATEGIES FOR DEALING WITH SUSTAINABILITY RISKS

Through the fundamental approach of ESG integration, the group-wide defined exclusions and the consideration of sustainability risks, Flossbach von Storch SE fulfils the fiduciary duties in the best possible way to appropriately classify potential risks (and opportunities) of investment decisions.

ESG factors are considered in depth in the proprietary evaluation and assessed for opportunities and risks. Each of the three factors (E, S and G) is considered from the perspective of a long-term investor to ensure that none of the aspects lead to a potential conflict of interest of long-term value creation. Sustainability risks are environmental, social or governance events or conditions that, if they occurred, could have an actual or potential material adverse effect on the value of an investment. Sustainability risks can have a significant impact on other risk types, including, for example, general price risk, operational risk, liquidity risk, currency risk, and contribute as a factor to the materiality of these risk types.

The analysis process also includes the examination of reputational risks as well as climate-related physical risks and transition risks, which can have a direct and indirect impact on the value of a company. The following points, amongst others, can be named as exemplary standards with regard to the ongoing analysis of target investments:

• Are climate-related physical and transition risks that may affect the business model sufficiently monitored and taken into account in the company's long-term direction?
• Are sufficient measures taken to address sustainability risks that have a significant impact on the company's reputation and can have a lasting effect on the value of the investment if there is a loss of confidence?

Within the framework of the multi-level analysis, special attention is paid to good corporate governance with integrity, which is important for the sustainable development of the company. This increases a company's long-term prospects for success and can only be achieved by taking ecological as well as social factors into account. The following points, amongst others, can be named as exemplary standards:

• Does the company's management properly and sufficiently take into account ecological, social and economic framework conditions?
• Do the employed managers of the target company act like responsible and sustainable owners?

ARTICLE 4 OF THE SFDR: TRANSPARENCY OF ADVERSE SUSTAINABILITY IMPACTS AT THE COMPANY LEVEL

The Flossbach von Storch Group takes into account the main adverse impacts of investment decisions on sustainability factors in accordance with Article 4 (1a) of the Sustainable Finance Disclosure Regulation (SFDR). The main adverse impacts are identified, prioritised and assessed as part of the in-house analysis process using specific ESG analyses, which are prepared individually for invested issuers/guarantors and accounted for in the risk/reward profile of the company analyses.

The principal adverse impact indicators (PAIs) are prioritised according to relevance, severity of negative impacts and data availability. The assessment is not based on rigid bandwidths or threshold values that companies must comply with or achieve; instead, attention is paid to a positive development in dealing with the PAI indicators.

As part of the participation policy, efforts are made to reduce particularly negative impacts, including in the indicators of greenhouse gas emissions Scope 1 & 2, energy consumption from non-renewable energy sources, and serious violations of the UN Global Compact Principles and OECD Guidelines for Multinational Enterprises. This means that if one of the companies does not deal adequately with the indicators identified as particularly negative, this is addressed with the company and attempts are made to work towards a positive development.

If the management does not take the necessary steps for improvement to a sufficient extent, the voting right is exercised in this respect or the investment is sold.

In addition, exclusions, such as the manufacture and/or distribution of controversial weapons and the mining and/or distribution of coal, can contribute to a reduction or avoidance of individual adverse sustainability impacts.

Flossbach von Storch SE also supports the growing importance of sustainability in the financial sector. In order to emphasise the importance of the topic, the Flossbach von Storch Group observes the following recognised standards: Principles for Responsible Investment (PRI); BVI Bundesverband Investment und Asset Management e. V. (BVI); CDP. V. (BVI); and CDP. The standards are selected after individual consideration and the determination that they are in line with the in-house investment strategy.

As part of the in-house ESG analysis, care is taken to ensure that companies take a responsible approach to their environmental and social footprint. In the view of the Flossbach von Storch Group, this includes setting climate targets and complying with recognised international value standards. A particular focus is placed on the following standards, which are directly related to the focussed PAIs: UN Global Compact Principles & OECD Guidelines (PAIs 10 & 11) and Paris Climate Agreement (Table 1 PAIs 1-6, Table 2 PAI 4).

Detailed information on this can be found under Downloads.

In its activities as a financial advisor and portfolio manager with regard to the Flossbach von Storch private equity funds, Flossbach von Storch SE does not take any adverse effects on sustainability factors into account. This also applies to Flossbach von Storch's activities as a financial advisor to external private equity funds.

The data relevant to the target investments of the Flossbach von Storch private equity funds and external private equity funds, which must be used to determine and weight the adverse sustainability impacts, are currently not available on the market, or not available to a sufficient extent. As soon as the availability of data for the aforementioned target investments has improved, Flossbach von Storch intends to take the most important adverse impacts into account as part of its investment and investment advisory activities.

ARTICLE 5 OF THE SFDR: TRANSPARENCY OF REMUNERATION POLICY IN RELATION TO THE CONSIDERATION OF SUSTAINABILITY RISKS

The Flossbach von Storch Group's strategies for incorporating sustainability risks are also incorporated into the company's internal organisational guidelines. The adherence to these guidelines is decisive for the evaluation of employee performance and thus has a significant influence on future salary development. In this respect, the remuneration policy is in line with the strategies for the inclusion of sustainability risks.

ARTICLEs 8, 10, 11 OF THE SFDR: TRANSPARENCY IN THE PROMOTION OF ENVIRONMENTAL OR SOCIAL FEATURES

If a financial product is classified as an Article 8 product pursuant to the SFDR, relevant information about the environmental and social characteristics will be available from Downloads.

Status: 25/06/2024

• Summary Statement on principal adverse impacts

• Sustainability policy
• Exclusion Policy
• Guidelines on exercising voting rights and engagement

• Information about dealing with conflicts

• Principles for the best execution of trading orders

• Guidelines on exercising voting rights and engagement

• Sustainability Policy
• Exclusion Policy