#  Notes to the statement of assets as at 30 June 2020
###  Performance fee	
| The Portfolio Manager may also be paid a performance-related payments for each unit class. This fee amounts to 20% (participation) of the value by which the unit value performance exceeds the performance of the benchmark at the end of the settlement period (outperformance of the benchmark) multiplied by the average of all asset values in the settlement period. The Portfolio Manager is free to apply a lower fee for the Fund or the unit class. |
| --- |
| To make this clear, the descriptions are displayed in a mathematical formula. Performance Fee = Min (Participation x Outperformance x ø NAV; Maximum x ø NAV) where Min (a;b) = Minimum of the figures a and b Outperformance = unit value performance - performance of the benchmark Participation = share in the outperformance described above Maximum = maximum share of the performance fee in the NAV ø NAV = average net asset values in the settlement period |
| If the unit value performance falls below the performance of the benchmark at the end of a settlement period (negative benchmark deviation), the Portfolio Manager does not receive a performance fee. The negative amount is calculated for each unit value in accordance with the calculation of the positive benchmark deviation and carried forward to the next settlement period. The Portfolio Manager only receives a performance fee for the subsequent settlement period if the amount calculated from the positive benchmark deviation exceeds the negative amount brought forward from the previous settlement period at the end of the settlement period. There is an entitlement to a fee in this case from the difference between the two amounts. A remaining negative amount per unit value will be carried forward again into the new settlement period. If there is another negative benchmark deviation at the end of the next settlement period, the existing negative amount brought forward will be increased by the amount calculated from this negative benchmark deviation. Negative amounts brought forward from the previous five settlement periods will be taken into account when calculating the entitlement to a fee. |
| A positive amount for each unit value which cannot be withdrawn will also be carried forward into the new settlement period. |
| The settlement period begins on 1 January and ends on 31 December of each calendar year. The first settlement period begins with the launch of the investment fund and ends on the second 31 December following launch. |
| The following index was stipulated as the benchmark: MSCI Europe Micro Cap Daily Net TR EUR. |
| The performance fee is calculated during the settlement period by comparing the performance of the benchmark with the unit value performance which is calculated according to the BVI method. |
| The costs charged to the investment fund must not be deducted from the performance of the benchmark before the comparison. |
| A performance fee incurred by the Fund is set aside in accordance with the result of a daily comparison. If the unit value performance during the settlement period is below the benchmark, then any performance fee already set aside during the relevant settlement period will be refunded in accordance with the daily comparison. The current performance fee retained at the end of the accounting period can be withdrawn. |
| If the benchmark ceases to exist, the Company will stipulate another appropriate index which will replace the aforementioned index. |
| The performance fee can also be withdrawn if the unit value at the end of the settlement period falls below the unit value at the beginning of the settlement period (absolute negative unit value performance). |

Translation (ENDE, 2020-06-30):
#  Erläuterungen zur Vermögensaufstellung zum 30. Juni 2020
###  Devisenkurse	

### Per 30. Juni 2020 wurden die Fremdwährungspositionen mit nachstehenden Devisenkursen bewertet:
| EUR - CHF | 1,0640 |
| --- | --- |
| EUR - DKK | 7,4530 |
| EUR - GBP | 0,9087 |
| EUR - NOK | 10,8335 |
| EUR - SEK | 10,4623 |
| EUR - USD | 1,1230 |


### Verwaltungsvergütung
Die Verwaltungsgesellschaft erhält für die Erfüllung ihrer Aufgaben aus dem Fondsvermögen eine Vergütung in Höhe von bis zu 0,25% p.a., mindestens jedoch 50.000,00 EUR p.a. zuzüglich eventuell anfallender gesetzlicher Mehrwertsteuer. Die Vergütung ist jeweils auf den täglich ermittelten Inventarwert zu berechnen und am Ende eines jeden Quartals zahlbar.

### Verwahrstellenvergütung
Die Verwahrstelle erhält für die Erfüllung ihrer Aufgaben aus dem Fondsvermögen eine durchschnittliche Vergütung in Höhe von 0,10% p.a., mindestens jedoch 25.200,00 EUR p.a. zuzüglich eventuell anfallender gesetzlicher Mehrwertsteuer. Abhängig von der für das jeweilige Zielinvestment verfügbaren Lagerstelle kann die Vergütung auch höher oder niedriger ausfallen. Die Vergütung ist jeweils auf den täglich ermittelten Inventarwert zu berechnen und am Ende eines jeden Monats zahlbar.

### Register- und Transferstellenvergütung

### Die Register- und Transferstelle erhält für die Erfüllung ihrer Aufgaben mindestens 2.500,00 EUR pro Anteilklasse zuzüglich eventuell anfallender gesetzlicher Mehrwertsteuer.

### Portfoliomanagervergütung
Der Portfoliomanager erhält aus dem Fondsvermögen eine Vergütung in Höhe von bis zu 1,25% p.a. zuzüglich eventuell anfallender gesetzlicher Mehrwertsteuer. Die Vergütung ist jeweils auf den täglich ermittelten Inventarwert zu berechnen und am Ende eines jeden Quartals zahlbar.