# WHAT HAPPENS IF VARENNE CAPITAL PARTNERS IS UNABLE TO PAY OUT?
The assets of the Fund are held in safekeeping by its depositary, CACEIS Bank, Luxembourg Branch. In the event of the insolvency of Varenne Capital Partners, the Fund’s assets in the safekeeping of the Depositary will not be affected. However, in the event of the Depositary’s insolvency, or someone acting on its behalf, the Fund may suffer a financial loss. However, this risk is mitigated to a certain extent by the fact the Depositary is required by law and regulation to segregate its own assets from the assets of the Fund. The Depositary will also be liable to the Fund for any loss arising from, among other things, its negligence, fraud, or intentional failure properly to fulfil its obligations (subject to certain limitations as set out in the agreement with the Depositary).

### Losses are not covered by an investor’s compensation or guaranteed scheme.
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | Maximum 2% of the amount invested. This is the maximum you will be charged. The person selling you the product will inform you of the actual charge. No Entry cost payable to the Management Company. | Up to 200 EUR |
| Exit costs | We do not charge an exit cost. | 0 EUR |
| Ongoing Costs taken each year |
| Management fees and other administrative or operating costs | 1.89% of the value of your investment per year. This is an estimate based on the actual costs calculated as of 30/12/2022. | 189 EUR |
| Transaction costs | 0.10% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the Sub-Fund. The actual amount will vary depending on how much we buy and sell. |  |
|  | 10 EUR |
| Incidental costs under specific conditions |
| Performance fees | Maximum 14.95% (after tax) of the Share class' positive performance exceeding the maximum between High Water Mark (as defined in the prospectus) and the annualised 12-months rolling average of the CNO-TEC5 + 300 basis points. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years. | 101 EUR |

Translation (ENIT, 2023-01-09):
# COSA ACCADE SE VARENNE CAPITAL PARTNERS NON È IN GRADO DI CORRISPONDERE QUANTO DOVUTO?
Le attività del Fondo sono custodite dal suo depositario, CACEIS Bank, Luxembourg Branch. In caso di insolvenza di Varenne Capital Partners, le attività del Fondo custodite dal depositario non saranno interessate. Tuttavia, in caso di insolvenza del Depositario, o di chi agisce per suo conto, il Fondo potrebbe subire una perdita finanziaria. Tuttavia, questo rischio è mitigato in una certa misura dal fatto che il Depositario è tenuto per legge e per regolamento a separare le proprie attività da quelle del Fondo. Il Depositario sarà inoltre responsabile nei confronti del Fondo per qualsiasi perdita derivante, tra l'altro, da negligenza, frode o inadempienza intenzionale nell'adempimento dei propri obblighi (fatte salve alcune limitazioni indicate nell'accordo con il Depositario).
Le perdite non sono coperte da un sistema di indennizzo o garanzia dell'investitore
.