BTG Pactual Timberland Investment Group Responsible Investment & ESG
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1 BTG Pactual Timberland Investment Group Responsible Investment & ESG June 2017 For additional information, please read carefully the notice at the end of this presentation
2 Responsible Investment: Mapping Internal ESG Stakeholders Entity Responsible Group Group Leader(s) Banco BTG Pactual BTG Pactual ESG Risk Management Timberland Investment Group ( TIG ) BTG Pactual Board of Directors (Six members including two outside, independent members) BTG Pactual Environmental, Social and Governance Risk Management Group TIG Investment Committee, Asset Management, and Acquisitions Groups Marcelo Kalim: Executive Chairman Huw Jenkins: Vice Chairman of the Board Iuri Rapoport: Senior Partner Beatriz Freitas: Head of Environmental, Social, and Governance Risk Management Gerrity Lansing: Head of Timberland Investment Group Chris Lipton: Head of Asset Management and Global Transactions Primary Governance Documents BTG Pactual Global ESG Policy Global Code of Business Principles & Ethics BTG Pactual Global ESG Policy Global Code of Business Principles & Ethics TIG Responsible Investment Policy Third party certification policies Focus Areas ESG criteria ESG Global Policy approval process ESG Policies and procedures Regulatory compliance Business opportunities Eco-efficiency Publlic Commitments & Transparency Compliance with environmental standards Environmental protection & enhanced biodiversity conservation Report ESG performance with clarity and transparency Respect and uphold human rights in all operations and contracts Develop supply chain and prioritize local hiring Strict compliance with anti-corruption and bribery regulations Establish an open dialogue with the community where TIG manages timberlands Promote ESG awareness among employees by developing and providing specific training programs TIG-related Entities / Subcontractors TIG Asset Management Group Chris Lipton: Head of Asset Management and Global Transactions Steve Krietemeyer: Asset Manager, ESG Coordinator TIG Responsible Investment Policy Third party certification standards TIG property management contract TIG influences and encourages sub-contractors and others in the forest management supply chain to adopt and comply with ESG principles through contractual obligations 2
3 BTG Pactual ESG Risk Management Structure BTG Pactual s environmental, social, and governance structure BTG Pactual established the ESG Risk Management Group to ensure full integration into all business units ESG is integrated with BTG Pactual s corporate structure and involves several facets Board of Directors Highest level of ESG Risk Management Responsible for the strategic review of ESG criteria and ESG Global Policy approval process ESG Committee Responsible for overseeing and managing the firm s ESG risk profile as well as implementing ESG into the Risk Management & Control Framework Responsible for adhrence to the ESG Policy ESG Risk Management Department Specialized team that supports the development of specific policies, procedures, and tools to implement ESG strategies Responsible for technical support, coordination, and independent oversight of ESG policy implementation through all global business units Business Units Responsible for ESG risk identification Individual business units require ESG department approval to implement new procedures Ensure necessary measures are being taken in order to mitigate ESG risk exposure 3
4 BTG Pactual ESG Pillars 1. Regulatory Compliance Identify and communicate regulations and laws concerning ESG and Responsible Investing Structure and implement measures necessary in order to comply with all regulations and laws Interface and influence business verticals to assimilate ESG and RI policies 2. Business Opportunities Identify business opportunities that reflect our long-term vision and unconditional commitment to Responsible Investing Foster sustainable business practices and enhance stakeholder value 3. Eco-Efficiency Develop and support programs in order to reduce materials consumption Disseminate these programs throughout all BTG Pactual offices 4. Commitments and Transparency Oversee primary ESG initiatives and evaluate BTG Pactual s adherence to them Measure and disclose ESG progress and standardize communications Implement and enhance ESG website 4
5 BTG Pactual ESG: Achievements Regulatory compliance Regulatory references Brazil: Brazilian Central Bank Resolution Number 4,324/2014 Peru: S.B.S. Resolution Number 1,928/2015 Achievements Verification of an ESG responsible director before Brazilian Central Bank Board of Directors approval of the ESG Global Policy Established ESG Analysis Procedures as mandatory for every new loan issued by the commercial lending team Online platform created to register all assessments made Completed 145 Risk Analyses Developed a Contaminated Land questionnaire applicable for mortgage loans Mapped all ESG sources for onboarding team ESG team provides ongoing assistance in relevant legal matters Implemented company-wide eco-efficiency and best management practices to reduce unnecessary waste 5
6 BTG Pactual ESG: Achievements Commitments to transparency through participation in global initiatives UN PRI membership UNGC membership CDP membership Signatory to United Nations Principles for Responsible Investments Developed by large institutional investors and other financial market participants in favor of Responsible Investment Based on six principles that value social, environmental, and corporate governance aspects when conducting investments Signatory to United Nations Global Compact Developed by Kofi Annan with the aim of engaging the business community in the adoption of values linked to human rights, environment, labor relations, and anti-corruption Based on 10 Principles, seeks to promote sustainable growth and citizenship via committed and innovative corporate leaderships Member of Carbon Disclosure Program An international initiative represented by institutional investors engaged in transforming the way the world does business to prevent climate change and protect natural resources Looks for company disclosures on carbon management and associated risks 6
7 BTG Pactual ESG: Achievements Business opportunities Promoted Green Bond discussions by coordinating sustainable projects in Brazil Assisted BTG in structuring sustainable credit lines at the World Bank, IFC, and IDB Supported an ESG Management System on one of the largest farms in Brazil Assistance with matters regarding environmental licensing, regulatory compliance, environmental litigation among agencies, and community engagement BTG Pactual Commodities Supported Coffee Certification: 4C Program Supported certifying the renewable energy sold by BTG Pactual s Energy Desk Developed ESG analyses for all commodities suppliers ESG Support to Timberland Investments Provides support on initial due dilligence for aquisitions: ESG analyses and reviews ESG clauses in contracts: counterparties must comply with environmental law, human rights, and labor regulations Provides support to our legal department in judicial and administrative liabilities Supported TIG Responsible InvestmentPolicy development Works together with TIG team to execute various ESG initiatives Visits timberland and supports environmental and social programs TIG s primary goal: report our ESG performance annually alongside TIG Responsible Investment practices and achievements Image Source: BTG Pactual Timberland Investment Group 7
8 Responsible Investment & ESG is part of TIG s Core Mission Statement Mission Statement TIG is committed to delivering superior, risk-adjusted returns to our clients through disciplined research and construction of timberland portfolios, the application of industry-leading analytics to investment management, and best-in-class sustainable forestry practices that support the environmental and social integrity of the geographies and communities within which we invest We accomplish our mission by leveraging the extensive global resources of the BTG Pactual platform and the deep, local expertise of our regional forestry staff, providingour clients with globally diversifiedtimberlandinvestment portfolios Operational Vision TIG is return-driven in its structure, management, and decision making TIG maintains a long-term view, considering the strategic impact of business decisions, as well as their impact on the communities and landscapes in which we invest TIG applies consistent investment discipline by utilizing industry leading analytics to improve the management of clients investments and of our own business TIG provides the highest quality, most cost-efficient asset management in the U.S., and closely managed / tightly integrated asset management overseas, allowing TIG to manage and mitigate the risks of investing in complex geographies TIG takes a practical, impartial approach to investment management, evaluating all options to reduce risk and maximize investment returns TIG recognizes that every basis point earned or saved is accretive to returns 8
9 Responsible Investment & Governance Notes: Sources: BTG Pactual & TIG Responsible Investment Policy and BTG Pactual & TIG Environmental, Social, and Governance Policy. 9
10 TIG s Nine Responsible Investment Principles The principles below provide the framework for TIG s Responsible Investment strategy and guide our daily routine to maximize investor returns in a responsible manner 1. STRICTLY COMPLY WITH ALL ENVIRONMENTAL, SOCIAL, HEALTH AND SAFETY LAWS, REGULATIONS, AND STANDARDS 2. FOSTER ENVIRONMENTAL PROTECTION AND ENHANCE BIODIVERSITY CONSERVATION 3. RESPECT AND UPHOLD HUMAN RIGHTS IN ALL OPERATIONS AND CONTRACTS 4. DEVELOP SUPPLY CHAINS AND PRIORITIZE LOCAL HIRING 5. STRICTLY COMPLY WITH ANTI-CORRUPTION AND BRIBERY REGULATIONS 6. ESTABLISH AN OPEN DIALOGUE WITH THE COMMUNITIES WHERE TIG MANAGES TIMBERLANDS 7. PROMOTE ESG AWARENESS AMONG EMPLOYEES BY DEVELOPING AND PROVIDING SPECIFIC TRAINING PROGRAMS 8. REPORT ESG PERFORMANCE WITH CLARITY AND TRANSPARENCY 9. COMMIT PUBLICLY TO GLOBAL INITIATIVES THAT STRENGTHEN OUR VALUES Image Source: BTG Pactual Timberland Investment Group 10
11 Forest Carbon Cycle Notes: Sources: National Alliance of Forest Owners (NAFO);
12 Social Aspects of Timberland Management Notes: Sources: American Tree Farm System (ATFS); National Alliance of Forest Owners publication Economic Impact of Privately Owned Forests; Working Forest Easements presentation made by the Conservation Fund. 12
13 Timberland Offers Biodiversity Benefits Notes: Sources: Forestfact.org; The Food and Agriculture Organization of the United Nations; National Alliance of Forest Owners publication Economic Impact of Privately Owned Forests. 13
14 Certification: Sustainable Forestry Initiative ( SFI ) (1) SFI Inc. is an independent, nonprofit organization that is solely responsible for maintaining, overseeing and improving the internationally recognized Sustainable Forestry Initiative (SFI) program Across Canada and the United States, 280 million acres are certified to the SFI forest management standard, the largest single forest standard in the world (1) The SFI program was launched in 1994 as one of the U.S. forest sector s contributions to the vision of sustainable development established by the 1992 United Nations Conference on Environment and Development SFI program participants must invest in forestry research, science, and technology; research funding from SFI program participants has resulted in US$ 1.4 billion invested since 1995 (1) SFI has 15 requirements its members must abide by: 1. Forest Management Planning 2. Forest Health and Productivity 3. Protection and Maintenance of Water Resources 4. Conservation of Biological Diversity 5. Management of Visual Quality and Recreational Benefits 6. Protection of Special Sites 7. Efficient Use of Fiber Resources 8. Recognize and Respect Indigenous People srights 9. Legal and Regulatory Compliance 10. Forestry Research, Science, and Technology 11. Training and Education 12. Community Involvement and Landowner Outreach 13. Public Land Management Responsibilities 14. Communications and Public Reporting 15. Managements Review and Continual Improvement Notes: (1) Source: Sustainable Forestry Initiative (SFI). Image Source: BTG Pactual Timberland Investment Group 14
15 Certification: American Tree Farm System ( ATFS ) (1) The American Tree Farm System (ATFS) is a network of 82,000 family forest owners sustainably managing 24 million acres of forestland ATFS is the largest and oldest sustainable woodland system in the United States, internationally recognized, meeting strict third-party certification standards Recruited over 3,500 woodland owners since 2013, for a combined total of over one million new acres of forest management Provided over US$ 1 million in grants and other funds to help our local partners deliver ATFS across the U.S. ATFS has eight requirements its members must abide by: 1. Commitment to Practicing Sustainable Forestry 2. Compliance with Laws 3. Reforestation and Afforestation 4. Air, Water, and Soil Protection 5. Fish, Wildlife, Biodiversity, and Forest Health 6. Forest Aesthetics 7. Protect Special Sites 8. Forest Product Harvest and Other Activities Notes: (1) Source: American Tree Farm System (ATFS). Image Source: BTG Pactual Timberland Investment Group 15
16 Certification: Forest Stewardship Council ( FSC ) (1) FSC operates in more than 81 countries, wherever forests are present 187,026,156 acres certified in the U.S. and Canada as of April ,225 companies Chain-of-Custody certified in the U.S. and Canada More than 40,000 American family forest owners are FSC certified FSC has 10 requirements its members must abide by: 1. Compliance with laws and FSC Principles 2. Tenure and use rights and responsibilities 3. Indigenous peoples rights 4. Community relations and worker's rights 5. Benefits from the forest 6. Environmental impact 7. Management plan 8. Monitoring and assessment 9. Maintenance of high conservation value forests 10. Plantations Notes: (1) Source: Forest Stewardship Council (FSC). Image Source: BTG Pactual Timberland Investment Group 16
17 Certification: CERFLOR (1) CERFLOR was founded by the Brazilian Society for Silviculture (SBS) CERFLOR currently certifies over 2.9 million hectares of Forest Management area in Brazil Voluntary forestry certification process created and controled by Inmetro (National Institute of Metrology, Standadization, and Quality) with two main areas of focus: Certification of Forestry Management Certification of Chain of Custody CERFLOR is based on five guiding principles: 1. Compliance with the law 2. Rational use of the forest resources in the short, medium and long term 3. Protection of biological diversity 4. Respect for the water, soil, and air 5. Environmental, economic, and social development Notes: (1) Source: INMETRO, Cerflor, PEFC. Image Source: BTG Pactual Timberland Investment Group 17
18 Certification: Programme for the Endorsement of Forest Certification ( PEFC ) (1) 35 worldwide independent national forest certification systems represent more than 593 million acres of certified forests, making it the largest forest certification system in the world (1) This is an area almost equivalent to the size of Argentina; or Finland, France, Germany, Italy, Poland, Spain, and Sweden combined More than 17,000 companies have obtained PEFC Chain of Custody certification, demonstrating their commitment to responsible sourcing of certified products Two-thirds of all certified forests globally are certified to PEFC 41 national members and 37 endorsed national certification systems have joined forces under the PEFC umbrella to collaboratively promote sustainable forest management Notes: (1) Source: Programme for the Endorsement of Forest Certification (PEFC). Image Source: BTG Pactual Timberland Investment Group 18
19 Benchmarking and Key Performance Indicators: U.S. Environmental sustainability KPI s (1) KPI % Rating Description Pre-acquisition Environmental Integrity 100% Review and confirmation of forest certification, title of ownership, Phase 1 environmental report Forest Certification Status 100% Percentage of asset that is certified under an audited forest management certification program Chemical & Production Inputs 100% Percentage of asset that uses Variable Rate or equivalent farming practices to efficiently apply fertilizer and/or pesticides Forest Productivity & Soil Health 95% Percentage of asset that grows trees under a third party certification program that monitors and verifies best practices for Forest Productivity and Soil Health Protection of Special Sites & Biodiversity 90% Notes: (1) Source: BTG Pactual IC Memo Example. Identification and verification of all recorded special sites, endangered species located on the property (with maps), and indicator ecosystems Green: Satisfactory (95%+) Yellow: Opportunities for Improvement (80 94%) Red: Improvements Needed (<80%) 19
20 Benchmarking and Key Performance Indicators: U.S. (Cont.) Social sustainability and compliance KPI s (1) KPI % Rating Description Labor Compliance 100% Verification of property managers and subcontractors agreeing to comply with state and federal labor laws Worker Health & Safety 100% Percentage of asset that grows trees under an audited third party forest management certification program that verifies worker health and safety issues Ownership & Local Land Rights 100% Percentage of asset with formal title search and review completed to verify chain of title/ownership Indigenous Rights 100% Identify any known rights related to land claims or access of indigenous people on the asset Community Involvement & Landowner Outreach 85% Notes: (1) Source: BTG Pactual IC Memo Example. Identification and verification of current initiatives supporting this KPI along with confirmation that current activities are supported in future management Green: Satisfactory (95%+) Yellow: Opportunities for Improvement (80 94%) Red: Improvements Needed (<80%) 20
21 Benchmarking and Key Performance Indicators: U.S. (Cont.) Corporate governance KPI s KPI % Rating Description Corporate Commitment & Responsibility 100% Corporate level participation in official Federal and International ESG programs and initiatives Commitment to Continuous Improvement 85% Percentage of timberlands managed under a third party forest certification program where objectives are reviewed and revised as appropriate Tracking & Resolution of Environmental Non-Compliance 95% Percentage of timberlands managed that are subject to a formal tracker and resolution review on a quarterly basis Appropriate ESG Resources 100% Percentage of timberlands managed that have dedicated ESG resources at the corporate, asset manager, and property manager level Annual Executive Review 100% Percentage of timberlands managed that are subject to and annual Executive Committee review Green: Satisfactory (95%+) Yellow: Opportunities for Improvement (80 94%) Red: Improvements Needed (<80%) 21
22 Responsible Investment & ESG Implementation: Investment Committee Example ESG is considered in every Investment Committee decision, example: During the Menasha Forest Products acquisition due diligence in 2016, TIG considered the following items relating to Responsible Investment and ESG: Environmental: Pre-acquisition Environmental Integrity Forest Certification Status Chemical & Production Inputs Forest Productivity & Soil Health Protection of Special Sites & Biodiversity Social Sustainability: Labor Compliance Worker Health & Safety Ownership & Local Land Rights Indigenous Rights Community Involvement & LandownerOutreach 22
23 Notice to Recipients This material has been prepared by BTG Pactual Asset Management US, LLC and BTG Pactual Timberland Investment Group, LLC (collectively, BTG Pactual ) for the exclusive use of the party to whom BTG Pactual delivers this material (together with its subsidiaries and affiliates, the Company ) using information provided by the Company and other publicly available information. Although the information herein is believed to be reliable and has been obtained from sources believed to be reliable, as of the date on which this material was issued and obtained from public sources, neither BTG Pactual nor any of its affiliates makes any representation or warranty, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. BTG Pactual has no obligation to update, modify or amend this material and communication or to otherwise notify a recipient in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. All and any information, opinions and amount indicated are subject to change, without prior warning. Any estimates or projections as to events that may occur in the future (including projections of revenue, expense, net income and stock performance) are based upon the best judgment of BTG Pactual from the information provided by the Company and other publicly available information as of the date of this material. Certain information contained in this material constitutes forward-looking statements, which can be identified by the use of forward-looking terminology such as may, will, should, expect, anticipate, target, project, estimate, intend, continue, or believe, or the negatives thereof or other variations thereon or comparable terminology. The analysis contained herein, as projections, scenarios, investments, etc. are based on numerous assumptions. Different assumptions could result in materially different results. Additional information relating to the financial instruments, models, projections and scenarios discussed in this material are available upon request. There is no guarantee that any of these estimates or projections will be achieved. Actual results may vary from the projections and such variations may be material. There is no guarantee that the investment objectives will be achieved. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. BTG Pactual does not undertake that investors will obtain profits, nor accept any liability for any investments losses. Performance information and/or results, unless otherwise indicated, are un-audited and their appearance in this material reflects the estimated returns net of all expenses, including the management and performance fees. Past performance is not necessarily indicative of future results. Due to various risks and uncertainties, actual events or results or the actual performance of the investments described herein may differ materially from those reflected or contemplated in such forward-looking statements. The document reflects the economic conditions at the time it was created and there is no guarantee that any future transaction will be under the same economic levels specified here. Going-forward or target returns, performances, Internal Rate of Return (IRR) or any other way presented in this material should be considered as investment objective and there is no guarantee that will be achieved. BTG Pactual expressly disclaims any and all liability relating or resulting from the use of this material. BTG Pactual makes no warranty or representation, whether express or implied, and assumes no legal liability for the accuracy, completeness or usefulness of any information contained herein. BTG Pactual does not accept any responsibility or liability whatsoever caused by any action taken in reliance upon this document and/or its attachments. Neither BTG Pactual nor any of its affiliates, nor any of their respective directors, employees or agents, accepts any liability for any loss or damage arising out of the use of all or any part of this report. Any opinion and/or projection in this document is related to the Timber Investment Group within BTG Pactual area opinions; and do not represent the BTG Pactual institutional opinion. This material has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Any such offer or solicitation may only be made by means of delivery of an approved offering memorandum and only in those jurisdictions where permitted by law. The Company should not construe the contents of this materials as legal, tax, accounting or investment advice or a recommendation. Before making an investment decision, investors are advised to (i) obtain independent financial advice on their own particular circumstances; (ii) thoroughly and carefully review the offering memorandum with their financial, legal and tax advisers to determine whether an investment such as this is suitable for them. This material does not purport to be all-inclusive or to contain all of the information that the Company may require. This material should not be the only source of information in any investor s decision-making process. In all cases, investors should conduct their own investigation and analysis of such information before taking or omitting to take any action in relation to securities or markets that are analyzed in this report. The material should not be regarded by recipients as a substitute for the exercise of their own judgment. Investors are advised to carefully analyze all information and its risks vis-à-vis their personal objectives and its risk profile ( Suitability ). Nothing in this material constitutes a representation that any investment strategy or recommendation contained herein is suitable or appropriate to a recipient s individual circumstances or otherwise constitutes a personal recommendation. An investment in the products described is not suitable for all investors. The information contained herein does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it. BTG Pactual assumes that by acceptance of this document and/or attachments that the recipient understands the risks involved including the loss of some or all of any investment that the recipient or the entity that he/she represents. Investments involve risks and investors should exercise prudence in making their investment decisions. If a financial instrument is denominated in a currency other than an investor s currency, a change in rates of exchange may adversely affect the value or price of or the income derived from any security or related instrument mentioned in this report, and the recipient of this report assumes any currency risk. 23
24 Notice to Recipients (Cont.) The physical assets are subject to nature events, weather damage, fire or market changes that can impact the property and fund returns. BTG Pactual, its subsidiaries and/or employees may hold long or short positions, trade on their own behalf, coordinate or manage transactions or offerings involving issuers discussed herein or make any other relevant investment. BTG Pactual and its affiliates have in place arrangements to manage conflicts of interest that may arise between them and their respective clients and among their different clients. Business areas within BTG Pactual and among its affiliates operate independently of each other and restrict access by the particular individual(s) responsible for handling client affairs to certain areas of information where this is necessary in order to manage conflicts of interest or material interests. BTG Pactual and its affiliates are involved in a full range of financial and related services including banking, investment banking, private equity and the provision of investment services. As such, BTG Pactual or its affiliates may have a material interest or a conflict of interest in any services provided to clients by BTG Pactual or such affiliate. This material has been prepared on a confidential basis solely for the use and benefit of the Company; provided that the Company and any of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transaction and all materials of any kind (including opinions or other tax analyses) that are provided to the Company relating to such tax treatment and tax structure. Distribution of this material to any person other than the Company and those persons retained to advise the Company, who agree to maintain the confidentiality of this material and be bound by the limitations outlined herein, is unauthorized. This document is approved and issued by BTG Pactual; reproduction or transcription of this document by any means, in whole or in part is strictly prohibited, without BTG Pactual s prior written authorization, and BTG Pactual accepts no liability whatsoever for the actions of third parties in this respect. If distributed in the EEA: This document is being distributed as per the request of the individual or entity located in the EEA to whom it is addressed. In those member states of the European Economic Area ( EEA ) which have implemented the EU Directive on Alternative Investment Fund Managers (Directive (2011/61/EU)) ( AIFMD ) and which have established transitional arrangements in relation to marketing for which the Fund qualifies, marketing of the Fund in a member state which was permitted prior to the implementation of the AIFMD may continue until the expiry of the transitional period in that member state. In those member states which have implemented AIFMD but in which transitional arrangements are not/no longer available, the Fund will only be offered in a member state to the extent that the Fund: (i) is permitted to be marketed into the relevant member state pursuant to AIFMD (as implemented into local law); or (ii) can otherwise be lawfully offered or sold (including at the initiative of investors). If distributed in Austria: Neither this document nor any other document in connection with the Shares in the Fund is a prospectus according to the Austrian Capital Markets Act (Kapitalmarktgesetz, KMG), the Austrian Stock Exchange Act (Börsegesetz, BörseG) or the Austrian Investment Funds Act (Investmentfondsgesetz, InvFG) and has therefore not been drawn up, audited, approved, passported and/or published in accordance with the aforesaid acts. This document is a marketing communication and has not been prepared in accordance with legal requirements designed to promote the independence of investment research. If distributed in Belgium: The offering of Shares has not been and will not be notified to the Belgian Financial Services and Markets Authority (Autoriteit voor Financiële Diensten en Markten/Autorité des Services et Marchés Financiers) nor has this material been, nor will it be, approved by the Financial Services and Markets Authority. The risk Shares may be offered in Belgium only to a maximum of 99 investors or to investors investing a minimum of 250,000 or to professional or institutional investors, in reliance on Article 5 of the Law of August 3, If distributed in Germany: Each purchaser of Shares acknowledges that the Fund is not and will not be registered for public distribution in Germany. This material and any other document relating to the Shares, as well as information or statements contained therein, may not be supplied to the public in Germany or used in connection with any offer for subscription of the interests to the public in Germany or any other means of public marketing. An offer of the Shares exclusively to credit institutions and financial services providers as defined in the German Banking Act, private or public insurance companies, investment companies and their investment managers as well as pension funds and their administrators is not deemed to be a public distribution. If distributed in Greece: This material does not constitute or form part of any offer or invitation to subscribe for or purchase Shares in the Fund which is not registered under the Greek law. Any distribution, advertisement or similar activities in Greece will constitute a violation of applicable law. Such distribution, advertisement or offer may only be effected if there is a prior permission of the Capital Market Commission. If distributed in Luxembourg: This document and the shares referred to herein have not been registered with any Luxembourg authority. If distributed in the Netherlands: This document is not addressed to or intended for any individual or legal entity in the Netherlands except individuals or legal entities who qualify as qualified investors (as defined by section 1:1 of the Act on financial supervision (Wet op het financieel toezicht), as amended). If distributed in Switzerland: The distribution of Shares in Switzerland will be exclusively made to, and directed at, qualified investors (the "Qualified Investors"), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended ("CISA") and its implementing ordinance. Accordingly, the Fund has not been and will not be registered with the Swiss Financial Market Supervisory Authority (FINMA). This material relating to the Shares may be made available in Switzerland solely to Qualified Investors. 24
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