Common use of Co-Management Clause in Contracts

Co-Management. In order to reduce operating and administrative expenses, while at the same time permitting greater diversification of investments, the board of directors of the Management Company may decide that the assets of one or more Sub-Funds are co-managed entirely or in part with assets belonging to other Sub- Funds or other Luxembourg-domiciled UCIs. Below, the term "co-managed entities" will refer globally to the Sub-Funds of the Fund and all other entities with which a co-management arrangement exists and the term "co-managed assets" will refer to all the assets belonging to the same co-managed entity on the basis of the same co-management arrangement. With regard to “co-management”, the Management Company may take, for each co-managed entity, investment, disinvestment or portfolio adjustment decisions that will affect the composition of the portfolios of the individual Sub-Funds. Each co-managed entity will own a portion of the total co- managed assets corresponding to the proportion of its net assets in relation to the total value of the co- managed assets. This proportional holding shall be applicable to each and every line of portfolios held or acquired under co-management. In the case of investment and disinvestment decisions, these proportions shall not be affected, and additional investments shall be allotted to the co-managed entities in the same proportions, and assets sold shall be levied proportionately on the co-managed assets held by each co-managed entity. In the case of new subscriptions in one of the co-managed entities, subscription proceeds will be allotted to the co-managed entities in accordance with the modified proportions resulting from the increase in the net assets of the co-managed entity that has benefited from the subscriptions, and all portfolio lines will be modified by transfer of assets from one co-managed entity to the other for adjustment of the modified proportions. Similarly, in the case of redemptions in one of the co-managed entities, the cash required may be taken from the cash held by the co-managed entities according to the modified proportions resulting from the reduction of the net assets of the co-managed entity to which the redemptions refer and, in such case, all lines of investment will be adjusted to the modified proportions. Unit Holders should be aware that, in the absence of any specific action by the competent entities of the Fund, as a result of the co-management arrangement, the composition of the assets of the Sub-Funds may be affected by events related to the other co-managed entities, such as subscriptions and redemptions. Thus, all things being otherwise equal, subscriptions in one of the entities with which a Sub-Fund is co-managed will entail a liquidity increase in that Sub-Fund. Conversely, redemptions in one of the entities co-managed with a Sub-Fund will entail a liquidity decrease in the Sub-Fund concerned. However, subscriptions and redemptions may be held in a specific account of each co-managed entity outside the co-management arrangement and through which subscriptions and redemptions will pass systematically. Allocation of subscriptions and redemptions of a major amount to this specific account and the possibility for the competent entities of the Fund of deciding, at any time, to interrupt co-management will make it possible to reduce readjustment of the portfolios of the sub-funds in the case in which the latter are considered contrary to the interests of the Unit Holders of the related Sub-Funds. In the case in which a change in the composition of the portfolios of a Sub-Fund, made necessary by redemptions and payments of expenses related to another co-managed entity (i.e. not attributable to the sub-fund), may result in infringement of the related investments limits, the assets concerned will be excluded from co-management prior to application of the change, so that these are not affected by portfolio adjustments. The co-managed assets will be managed jointly only with assets intended to be invested with the same objectives as the co-managed assets in order to ensure that investment decisions are fully compatible with the investment policies of the related Sub-Funds. The co-managed assets will be managed jointly only with assets for which the Depositary Bank also acts as depositary, in order to ensure that the Depositary Bank is able to comply fully with its functions and responsibilities towards the Fund in accordance with the provisions of the Law. The Depositary Bank shall at all times guarantee strict segregation of the assets of the Fund from the assets of other co-managed entities and shall, therefore, be able at any time to identify the assets of the Fund. As certain co-managed entities may adopt investment policies which are not precisely identical to the investment policy of the Sub-Funds of the Fund, the joint policy applied may be more restrictive than that of the Sub-Funds concerned. The Management Company may decide to interrupt co-management at any time without any prior notice. Unit Holders may, at any time, apply to the registered office of the Management Company for information regarding the percentage of assets co-managed by each Sub-Fund and the entities with which co-management is applied at the time of the request for information. The periodic reports provide information regarding the composition and percentage of co-managed assets at the end of each annual or half-yearly period.

Co-Management. In order to reduce operating and administrative expenses, while at the same time permitting greater diversification of investments, the board of directors of the Management Company may decide that the assets of one or more Sub-Funds sub‐funds are co-managed co‐managed entirely or in part with assets belonging to other Sub- Funds sub‐ funds or other Luxembourg-domiciled Luxembourg‐domiciled UCIs. Below, the term "co-managed co‐managed entities" will refer globally to the Sub-Funds sub‐funds of the Fund and all other entities with which a co-co‐ management arrangement exists and the term "co-managed co‐managed assets" will refer to all the assets belonging to the same co-managed co‐managed entity on the basis of the same co-management co‐management arrangement. With regard to “co-managementco‐management”, the Management Company may take, for each co-managed co‐managed entity, investment, disinvestment or portfolio adjustment decisions that will affect the composition of the portfolios of the individual Sub-Fundssub‐funds. Each co-managed co‐managed entity will own a portion of the total co- co‐ managed assets corresponding to the proportion of its net assets in relation to the total value of the co- co‐ managed assets. This proportional holding shall be applicable to each and every line of portfolios held or acquired under co-managementco‐management. In the case of investment and disinvestment decisions, these proportions shall not be affected, and additional investments shall be allotted to the co-managed co‐managed entities in the same proportions, and assets sold shall be levied proportionately on the co-managed co‐managed assets held by each co-managed co‐managed entity. In the case of new subscriptions in one of the co-managed co‐managed entities, subscription proceeds will be allotted to the co-managed co‐managed entities in accordance with the modified proportions resulting from the increase in the net assets of the co-managed co‐managed entity that has benefited from the subscriptions, and all portfolio lines will be modified by transfer of assets from one co-managed co‐managed entity to the other for adjustment of the modified proportions. Similarly, in the case of redemptions in one of the co-managed co‐managed entities, the cash required may be taken from the cash held by the co-managed co‐managed entities according to the modified proportions resulting from the reduction of the net assets of the co-managed co‐managed entity to which the redemptions refer and, in such case, all lines of investment will be adjusted to the modified proportions. Unit Holders Unit‐holders should be aware that, in the absence of any specific action by the competent entities of the Fund, as a result of the co-management co‐management arrangement, the composition of the assets of the Sub-Funds sub‐funds may be affected by events related to the other co-managed co‐managed entities, such as subscriptions and redemptions. Thus, all things being otherwise equal, subscriptions in one of the entities with which a Sub-Fund sub‐fund is co-managed co‐managed will entail a liquidity increase in that Sub-Fundsub‐fund. Conversely, redemptions in one of the entities co-managed co‐managed with a Sub-Fund sub‐fund will entail a liquidity decrease in the Sub-Fund sub‐fund concerned. However, subscriptions and redemptions may be held in a specific account of each co-co‐ managed entity outside the co-management co‐management arrangement and through which subscriptions and redemptions will pass systematically. Allocation of subscriptions and redemptions of a major amount to this specific account and the possibility for the competent entities of the Fund of deciding, at any time, to interrupt co-management co‐management will make it possible to reduce readjustment of the portfolios of the sub-sub‐ funds in the case in which the latter are considered contrary to the interests of the Unit Holders Unit‐Holders of the related Sub-Fundssub‐funds. In the case in which a change in the composition of the portfolios of a Sub-Fundsub‐fund, made necessary by redemptions and payments of expenses related to another co-managed co‐managed entity (i.e. not attributable to the sub-fundsub‐fund), may result in infringement of the related investments limits, the assets concerned will be excluded from co-management co‐management prior to application of the change, so that these are not affected by portfolio adjustments. The co-managed co‐managed assets will be managed jointly only with assets intended to be invested with the same objectives as the co-managed co‐managed assets in order to ensure that investment decisions are fully compatible with the investment policies of the related Sub-Fundssub‐funds. The co-managed co‐managed assets will be managed jointly only with assets for which the Depositary Bank also acts as depositarycustodian, in order to ensure that the Depositary Bank is able to comply fully with its functions and responsibilities towards the Fund in accordance with the provisions of the 2010 Law. The Depositary Bank shall at all times guarantee strict segregation of the assets of the Fund from the assets of other co-managed co‐managed entities and shall, therefore, be able at any time to identify the assets of the Fund. As certain co-managed co‐managed entities may adopt investment policies which are not precisely identical to the investment policy of the Sub-Funds sub‐funds of the Fund, the joint policy applied may be more restrictive than that of the Sub-Funds sub‐funds concerned. The Management Company may decide to interrupt co-management co‐management at any time without any prior notice. Unit Holders Unit‐holders may, at any time, apply to the registered office of the Management Company for information regarding the percentage of assets co-managed co‐managed by each Sub-Fund sub‐fund and the entities with which co-management co‐management is applied at the time of the request for information. The periodic reports provide information regarding the composition and percentage of co-managed co‐managed assets at the end of each annual or half-yearly half‐yearly period.