Ordinance of the Swiss Financial Market Supervisory Authority on Collective Investment Schemes

(Art. 36 para. 1b CISA; Arts. 68, 70, 86 and 99 CISO¹)

¹The an­nu­al ac­counts of a SICAV com­prise the an­nu­al ac­counts re­lat­ing to the in­di­vidu­al pools of in­vestor as­sets (sub-funds) and the an­nu­al ac­counts re­lat­ing to the share­hold­ers’ as­sets, and the over­all ac­counts of the SICAV.

²The an­nu­al ac­counts dis­close the per­mit­ted in­vest­ments pur­su­ant to Art­icles 70, 86 and 99 CISO in re­spect of the in­vestors' as­sets.

³In re­spect of the share­hold­ers' as­sets, the an­nu­al ac­counts dis­close the fol­low­ing:

a.

per­mit­ted in­vest­ments with­in the mean­ing of para­graph 2 and the mov­able, im­mov­able and in­tan­gible as­sets es­sen­tial for im­me­di­ate busi­ness op­er­a­tions of the SICAV;

b.

the per­mit­ted li­ab­il­it­ies.

⁴Short-term li­ab­il­it­ies and li­ab­il­it­ies se­cured by mort­gage, entered in­to in con­nec­tion with the SICAV's im­me­di­ate busi­ness op­er­a­tions, are per­mit­ted.

⁵The an­nu­al ac­counts re­lat­ing to one or more se­lec­ted pools of in­vestor as­sets may only be pub­lished to­geth­er with the over­all ac­counts of the SICAV.

⁶The an­nu­al ac­counts form part of the an­nu­al re­port, which re­place the busi­ness re­port un­der the CO². A man­age­ment re­port and a cash flow state­ment are not re­quired.