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CHARACTERSAT WORK EQUITIES &

ASSET MANAGEMENT

“We are an outstanding team that thrives on the strong person­alities of high­calibre specialists with distinctive skills. They all have the knowledge and the experience, the determination and the stamina to together achieve the distinguishing feature of MainFirst as a brand: More performance. ‘Alpha’ is our objective and char­acter is our hallmark. We are bold in the best sense of the word. Because we act in a pro­active manner, make clear recommenda­tions and only invest in individual securities that we believe in.”

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CHARACTERS AT WORK.THE PRUDENT ONE“There is never just one solution. In the same way there is never just one truth. But we all follow a clear set of rules and keep our eyes on the target return.”

THE CONTRARIAN“One thing we all agree on: data are facts. And these data concern the past. They serve as a starting point for opening up new possibilities: for unconventional opinions.”

THE STRAIGHTFORWARD ONE“Beating the market – that’s what our customers expect from us. This is not achieved through index deviations, but rather by making clear decisions about individual securities.”

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THE BOLD ONE“Only seeing crises as opportunities is a cliché: in a low­interest environment, active management can make defensive strategies perform.”

THE FOCUSSED ONE“Our rigorous bottom­up analysis increases the opportunities for achieving the highest possible results. Translating it all into action quickly and effectively – that’s what it’s all about!”

THE ENTREPRENEUR“It is one thing to spontaneously enthuse cus tom­ers. However, ensuring customers’ long­term success through low costs and well­balanced investment strategies is quite another thing.”

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ASSET MANAGE-MENTMANAGING ASSETS WITH CHARACTER.

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What characterises us: Where others focus on benchmark-related tracking of indices, we follow a different strategy. We act. We practise active investment management. Our portfolio managers have a profound understanding of the capital markets, distinct investment styles and extensive track records.

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A MULTI-INVESTMENT BOUTIQUE FOR MORE DIVERSITY.

We cultivate an active style of investment that is distinguished by creative fund concepts and independence. Therefore our portfolio management teams are empowered to steer their own course. While our customers have the freedom to choose between UCITS funds, which are registered in Luxembourg, and special mandates, which we tailor on an individual basis. Our spectrum of products encompasses attractive portfolio solutions in equities, fixed income and multi-asset classes.

OUR MOTTO: STRONG CHARACTERS FOR ACTIVE PORTFOLIO MANAGEMENT. Those who just peer at benchmarks will not achieve outperformance. The gaze of our port­ folio managers deliberately reaches beyond this. Their task is to develop individual strategies and consistently implement them even in volatile markets – without being steered by a Chief Investment Officer. Of course, for this we select strong characters who can offer our customers new investment possibilities and higher return opportunities.

FREEDOM IS EVERYTHING. SO IS DISCIPLINE.

On the one hand, we support the freedom and personal responsibility of our portfolio managers. We are convinced that it pays off to allow them to stay true to their own strategies and develop products independently and with strict style consistency. On the other hand, at MainFirst we attach great importance to disciplined operations. In this way, we track the style consistency of our funds in detail and maintain an active and sus­tainable approach to risk management in the face of increasing market complexity. The resulting combination puts our investors in an excellent position: Progress through taking advantage of opportunities. Moderation in the tolerance of risks.

AWARD-WINNING STRATEGIES.

For us receiving awards is a reason to be happy, and for our customers it provides reassurance. Neutral and independent sources continue to confirm the quality of our products. Whether it is Sauren Fund Manager Ratings or Lipper Fund Awards – we are happy to leave it to outside experts to recognise our achievements.

ASSET MANAGEMENTMANAGING ASSETS WITH CHARACTER.

“OUR FOCUS IS ON MORE PERFORMANCE.”

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PRODUCT PORTFOLIO

Current information concerning our funds can be found on our website www.mainfirst.com/en/funds.

CURRENT INFORMATION CONCERNING OUR FUNDS CAN BE FOUND ON OUR WEBSITE:

www.mainfirst.com/en/funds

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FUND CONCEPTS MADE IN LUXEMBOURG

PERFORMANCE FROM THE VERY BEGINNING:THE CONFIGURATION OF YOUR INVESTMENT FUND.

Our expertise and independence helps in those decisive first steps – whether choosing a suitable fund vehicle and the appropriate service provider, carrying out the set­up procedures or providing help with tax and regulation­related questions.

STRIKINGLY VERSATILE:OUR INVESTMENT MANAGEMENT.

The administration of managed accounts is one of our specialities. Our investment management is individually tailored to fulfil your specific require­ments.

FOR OPTIMUM SECURITY:OUR RISK MANAGEMENT.

Where large sums of money are involved, there is an increased need for safeguards. We therefore offer a sophisticated system of risk management for the funds that we manage. Through the use of the latest technology, we provide the required data for the analysis, integrated management and monitoring of the risk structure of your fund.

CORRECT IN ALL RESPECTS:COMPLIANCE AND REPORTING.

Because abiding by legal rules and regulatory requirements is an integral part of our compliance function. We can advise you on avoiding possible conflicts of interest, as well as answer all your questions about KYC (Know Your Customer) and AML (Anti Money Laundering).

EXTREMELY FORTHRIGHT:OUR EXECUTION SERVICES.

As one of the few management companies in Luxembourg, we can, if desired, execute your trades in securities directly. Our experienced trading team (with an average of 17 years’ experi­ence) deals with a wide variety of counterparties and asset classes worldwide.

IN ADDITION TO TOP RETURNS:MARKETING AND DISTRIBUTION SUPPORT.

As partners, we also support you when it comes to marketing, media relations and distribution. Where desired, we can take on the task of planning and organising joint appearances at conferences, roadshows and seminars. All the important infor ­ mation about your fund, as well as compulsory publications, can be found on our homepage, which is updated daily.

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OUTSTANDING:LUXEMBOURG.

In terms of distribution, a fund that is “Made in Luxembourg” has the seal of quality worldwide. As a management company in the financial centre of Luxembourg, independent of any bank, we support asset managers and fund initiators in developing and implementing their individual product ideas. In doing so, our staff rely on direct communication channels, clear responsibilities and efficient interfaces.

Besides close proximity to the market, we offer our customers a high level of expertise. This is provided by our Europe­wide network of well­respected specialists in the funds industry.

Because we have an outstanding technical infra­structure, we can also guarantee compliance with investment guidelines and regulatory require­ments – particularly in the context of European UCITS and AIFM.

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EQUITIESWHAT WE DO IN EQUITIES MAKES A DIFFERENCE.

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At MainFirst, we aspire to long-term investment success for our customers. Our approach is multi-local, with offices in core European markets and in New York. An independent and straightforward equities product and consolidated experts in sales, sales-trading and trading help us to provide institutional investors with outstanding advice in stock selection.

Whether it be thoughtful sales comments or excellent transaction execution and settlement in European equities – our focus is always on generating Alpha.

In Equity Capital Markets, our competence lies in the structuring of innovative solutions and their implementa-tion on the basis of our particular placement strength. In doing so, the quality of our equity research and sales services makes a decisive difference. It forms the founda-tion of our competence in the advisory and execution of equity placements for companies and their owners.

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EQUITY RESEARCH

FOR FUNDAMENTALS-BASED DECISION-MAKINGwe employ a team of over 30 analysts who have an average of more than 10 years’ experience in the field. High levels of expert knowledge, many years of experience and close relationships with companies as well as within the industry mean that we are able to offer our customers a high­quality product with tangible value­added. Our research has the sole aim of helping our clients to achieve positive performance. Close to the market, thorough in analysis, clear in our opinions and independent when it comes to making decisions. Our research product covers about 300 stocks, with an emphasis on Germany, Switzerland, France and Italy, supplemented by shares in our European core sectors. Our equities business is built on the independent analyses carried out by our internationally coope r­ating teams in offices in Frankfurt, London, Milan, Munich, Paris and Zurich.

EQUITY SALES

FOR SUCCESSFUL STOCK-PICKINGour team of analysts works hand­in­hand with our sales force. This consists of over 40 equity sales experts, with an average of over ten years’ experi­ence in the field of institutional sales. They take care of our active business relationships, compris­ing over 500 of the most important institutional investors in European equities. The sales team

markets MainFirst research ideas and provides equity and market-specific commentary in order to support our clients in their stock selection process. Experience has shown that good fundamental analysis will indeed facilitate better investment performance. Our equity sales experts are available to our clients in several locations, with offices in Frankfurt, London, Milan, Munich, New York, Paris and Zurich.

EQUITY TRADING

OPTIMUM TRADING CONDITIONS are provided by our Frankfurt­based equity trading team, which consists of execution traders with an average of more than 18 years’ trading experience. Besides having direct exchange memberships in Germany, Great Britain and Switzerland, we also have connections to Multilateral Trading Facilities (MTFs) as well as established dark pools. In line with our best execution policy, we ensure MiFID compliance at all times. In addition, we monitor all regulatory develop­ments in order to be able to respond promptly in the interest of our clients.

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EQUITY OPERATIONS

FOR EFFICIENT WORKFLOWS we use optimised structures. Over the past few years, the challenges of post­trade processing have grown significantly. Timely processing and precision have become decisive factors in lowering costs and minimising operational risk. For this reason, we have set up our operations department so that it provides service to our customers as well as to our sales and execution desks. With transactions processed in an equally timely and precise way, we seek to provide our clients with the best possible service in securities settlement, and to do so in the most cost- efficient manner.

GLOBAL SETTLEMENT CAPABILITIES

OUR COMPREHENSIVE MARKET COVERAGEis supported by a worldwide network of strong partners in the areas of clearing and custody, liqui d ity management and stock financing. This allows us to provide our customers with the same high level of settlement quality in all the markets in which we trade.

ONE BACK OFFICE AS THE CENTRAL POINT FOR ALL BROKERAGE LOCATIONS ensures efficient delivery for all internal and external operational functions. Communication takes place quickly and effectively through our central European back office, and responsibilities are clearly defined.

EQUITY CAPITAL MARKETS

Our activities in Equity Capital Markets (ECM) focus on the structuring and execution of Initial Public Offerings (IPO) and equity placements on behalf of companies and their owners. Our clients benefit from the extensive specialist knowledge and the long­standing international experience of our ECM team. Direct access to the decision­makers of the leading institutional investors in the most important financial centres in Europe and the US combined with quick and efficient internal decision-making form the basis of our exceptional placing power. Flexible thinking, a constant readiness to challenge the status quo, and the ability to develop custom­ made solutions result in successful transactions for our customers. In 2013, for instance, this approach allowed MainFirst to structure and execute the largest German IPO in over 12 years with a transaction size of over EUR 2bn for Evonik Industries, through a tailor­made and innovative approach.

OUR CORE PRODUCTS IN ECM COMPRISE– Initial Public Offerings– Secondary placements– Capital increases with or without subscription

rights– Capital market advisory for listed companies– Advisory for companies and their owners

on planning, structuring and executing equity transactions

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MAINFIRSTOUR FOCUS IS ALPHA.

Outperformance is the result of many factors that all have to be right. We fulfil the prerequisites for gener­ating Alpha. Because we have experts. Because we have an excellent network. Because we do our own research. Because we pursue active fund management. Because we focus on selected individual securities rather than benchmark-related tracking of indices. In short: because we are MainFirst.

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INDEPENDENT, SPECIALISED, ACTIVE, MULTI-LOCAL. THAT’S US.

MainFirst is an independent European financial services provider specialised in the areas of equity brokerage, equity capital markets and asset management. We focus on the generation of Alpha through active asset management.

PRESENCE, ANALYSIS, INDIVIDUALITY. OUR BASIS FOR YOUR SUCCESS.Ever since it was founded in the year 2001, MainFirst has stood for a special kind of service quality, which institutional and private investors have come to hold in high regard. Our presence in important financial centres such as London, Frankfurt and New York allows us to be close to companies and investors, to directly receive important information and to forge close relation­ships. Not only do we have a multi­local set­up, we are also completely independent, which is reflected as much in the practical value of our analysis of numerous European companies as in the quality of the advice provided by our equity capital markets team. And because we allow our portfolio manag­ers to operate as independently as possible, our

active asset management is characterised by a distinctive investment style. All of this makes us as unique as the returns that we are able to generate for our international clients.

INTEGRITY, ENTREPRENEURIAL THINKING, INNOVATION. THESE STANDARDS SHAPE OUR IDENTITY.

Even the best of structures is no substitute for inspiration. It is because of this that only a selec­tion of distinct characters work for MainFirst. For all their individuality and specialisation, all of these have something in common: entrepreneurial thinking, personal integrity and dedication to consistently achieving above­average returns for our clients.

200TODAY, ABOUT

colleagues work for innovative products.

2001 was the year in which

PARTNERS FOUNDED MAINFIRST.7

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A LEAN AND EFFICIENT ORGANISATION.

MAINFIRST HOLDING AG

Zurich

MAINFIRST BANK AG

Frankfurt

MAINFIRST SCHWEIZ AG

Zurich

MAINFIRST AFFILIATED FUND MANAGERS (Swit zerland) AG

Zurich

MAINFIRST AFFILIATED FUND MANAGERS S.A.

Luxembourg

MAINFIRST SECURITIESUS INC.

New York

MAINFIRST BANK AGLONDON BRANCH

London

MAINFIRST BANK AGMILAN BRANCH

Milan

MAINFIRST BANK AGPARIS BRANCH

Paris

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OUR LOCATIONS.

MAINFIRST BANK AGKennedyallee 7660596 Frankfurt am Main, Germany+49 69 78808 0

MAINFIRST BANK AGPrannerstraße 1580333 Munich, Germany+49 89 9992982 0

MAINFIRST BANK AG151 Shaftesbury AvenueLondon WC2H 8AL, UK+44 20 747880 00

MAINFIRST BANK AGVia Ugo Foscolo 820121 Milan, Italy+39 02 8545657 11

MAINFIRST BANK AG80 Avenue de la Grande Armée75017 Paris, France+33 1 709839 40

MAINFIRST SCHWEIZ AGGartenstrasse 328002 Zurich, Switzerland+41 43 8886 100

MAINFIRST AFFILIATED FUND MANAGERS (SWITZERLAND) AGGartenstrasse 328002 Zurich, Switzerland+41 43 8886 100

MAINFIRST SECURITIES US INC.747 Third Avenue, 35th FloorNew York, NY 10017, US+1 212 7504 200

MAINFIRST AFFILIATEDFUND MANAGERS S.A.16, rue Gabriel Lippmann5365 Munsbach, Luxembourg+352 27691 20

www.mainfirst.cominfo@mainfirst.com

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DISCLAIMERCopyright © 2017 MainFirst Group (consisting of those companies belonging to MainFirst Holding AG, hereafter also referred to as MainFirst). All rights reserved.

The contents published herein serve exclusively as general information. The contents do not constitute material which can be used in claims nor, despite all efforts, can MainFirst guarantee the correctness and completeness or accuracy of the contents, neither in part nor in its entirety. All information here provided solely serves the purposes of describing the product, and does not constitute investment advice, nor does this information contain an offer in the sense of a consultancy/non-disclosure agreement, nor does it represent an invitation to buy or sell securities or to engage in any other transactions. A suitable product or an appropriate strategy can only be found through personal consultation. The actual tax position of a client depends on his personal circumstances as well as on the current legal situation and may be subject to future modification. We recommend that you always seek the advice of a tax advisor in the case of tax issues. This information in no way constitutes investment, legal, bookkeeping or tax advice or any other form of personal recommendation and does not constitute any claim that an investment or strategy is suitable or appropriate for any individual circumstances. The content has been carefully researched, collated and checked. A guarantee for the correct­ ness, completeness and accuracy can however not be given. The information concerns data from the past which cannot, whether in whole or in part, be taken as indicators of future developments. Just as in the case of investing in securities and other assets, the act of investing in investment funds entails the risk of losses (e.g. declines in share prices and losses through changes in the exchange rate resulting from fluctuations in the market,

regulatory changes, possible loss of income and of the capital invested). For these reasons, positive past performance cannot be taken as a guarantee of positive performance in the future. Investments in foreign currencies are subject to a number of additional risks, including fluctuations in the exchange rate, and settlement risks. The consequence of this is that the Net Asset Value of the fund and the amount of revenue vary and can be guaranteed neither partly nor in their entirety. The costs of investing in the fund influence the eventual performance of the investment. No guarantee can be made that investment policy aims will be achieved. The only binding principles for the promoter are the legal sales documents (prospectus, KIIDs, semi­annual and annual reports, where available), in which the detailed information concerning the purchase of the fund as well as the associated risks can be found. These are available from the management company MainFirst Affiliated Fund Managers S.A., 16, rue Gabriel Lippmann, L­5365 Munsbach, as well as from MainFirst Bank AG, Kennedyallee 76, D­60596 Frankfurt am Main. The sales documents can most easily be found at www.mainfirst.com/fonds. In some countries, funds can only be offered if permission has been granted by the national regulatory authority. The acquisition limitations in the prospectus should be taken into consideration. All declared opinions represent the current assessments of MainFirst, which are subject to change without further notice. No guarantee can be made that the market forecasts and assess­ ments of MainFirst here described will be realised. MainFirst rejects any responsibility for losses or damages of any kind (including those affecting third parties) derived from the acts of accessing or making use of this information.

All information (unless otherwise stated): As at 01/2017

CHARACTER. FOR MORE PERFORMANCE.