# NOTES TO THE FINANCIAL STATEMENTS 31 December 2021 (continued)
- Related Party Transactions (continued)As at 31 December 2021 and 31 December 2020 (or later date of appointment), directors in office at the financial year end or persons connected/related to them held the following number of shares in the Company:

| 31 December 2021 | 31 December 2020 |
| --- | --- |
| Jan-Peter Dolff | Comgest Growth Global Flex | 53,870.00 | 52,000.00 |
|  | Comgest Growth America | 26,000.00 | 26,000.00 |
|  | Comgest Growth Japan | 66,056.26 | 66,056.26 |
|  | Comgest Growth Japan Compounders | 14,912.00 | 14,912.00 |
|  | Comgest Growth Emerging Markets | 101,817.00 | 72,208.00 |
|  | Comgest Growth Emerging Markets Plus | 2,000.00 | 2,000.00 |
|  | Comgest Growth Emerging Markets Flex1 | - | 1,000.00 |
|  | Comgest Growth Europe | 1,994.00 | 1,962.00 |
|  | Comgest Growth Europe Opportunities | 62,490.00 | 62,490.00 |
|  | Comgest Growth Europe Compounders | 56,738.00 | 56,738.00 |
|  | Comgest Growth Europe Plus | 1,500.00 | 1,500.00 |
|  | Comgest Growth Europe ex UK | 5,000.00 | 5,000.00 |
|  | Comgest Growth Asia Pac ex Japan | 20,766.55 | 20,766.55 |
|  | Comgest Growth India | 7,601.93 | 7,601.93 |
|  | Comgest Growth World | 40,773.20 | 25,773.20 |
|  | Comgest Growth World Plus | 1,000 | - |
|  | Comgest Growth China | 10,550.39 | 8,868.39 |
|  | Comgest Growth Emerging Markets ex China | 65,000.00 | 65,000.00 |
| Daniel Morrissey | Comgest Growth America | 1,477.11 | 1,477.11 |
|  | Comgest Growth Japan | 9,970.09 | 9,970.09 |
|  | Comgest Growth Emerging Markets | 1,361.29 | 1,361.29 |
|  | Comgest Growth Europe | 4,650.11 | 4,650.11 |
|  | Comgest Growth Europe Opportunities | 1,916.69 | 1,916.69 |
|  | Comgest Growth China | 1,382.00 | 1,382.00 |
|  | Comgest Growth India | 2,053.12 | 2,053.12 |
|  | Comgest Growth World | 3,231.00 | 3,231.00 |
| Philippe Lebeau | Comgest Growth Global Flex | 22,371.37 | 22,371.37 |
|  | Comgest Growth World Compounders | 10,000.00 | - |

1 Comgest Growth Emerging Markets Flex was merged with Comgest Growth Global Flex on 31 May 2021.
- Connected PersonsIn accordance with the Central Bank’s UCITS Regulations, any transaction carried out with the Company by its manager, depositary, investment adviser, sub-investment manager and/or associated or group companies of these entities (“connected persons”) must be carried out as if negotiated at arm’s length. Such transactions must be in the best interests of the Shareholders. In addition to those transactions, there are also transactions carried out by connected persons on behalf of the Company to which the Directors have no direct access and in respect of which the Directors must rely upon assurances from its delegates that the connected persons carrying out those transactions do carry them out on a similar basis.

Shareholders should have regard to the governance structure of the Company as more particularly described in the Corporate Governance Statement section of the Directors’ Report included in these Financial Statements and the roles and responsibilities of the Company’s respective delegates subject to the overall supervision of the Board.
Further, Shareholders should refer to the Prospectus which identifies many of the connected party transactions and the general nature of the contractual arrangements with the principal connected persons but it is not exhaustive of all connected party transactions.

## Shareholders should also refer to the provisions of the Prospectus dealing with conflicts of interest.
Therefore, having regard to confirmations from the Company’s management and its relevant delegates, the Board of Directors of the Company is satisfied that (i) there are arrangements (as evidenced by written procedures documented by the Investment Manager) in place to ensure that the obligations described above are applied to all transactions with connected persons; and (ii) transactions with connected persons entered into during the financial period complied with these obligations, as attested by the Investment Manager through regular updates to the Directors. The Board of Directors is not aware of any transactions with connected persons during the financial year ended 31 December 2021, other than those disclosed in/through these financial statements.
- Soft CommissionsThere were no soft commission arrangements in place for financial year ended 31 December 2021 nor for the financial year ended 31 December 2020.
- Efficient Portfolio ManagementAs further detailed in Notes 6 and 7, in seeking to hedge part of the equity market risk exposure in the Core Portfolio for Comgest Growth Emerging Markets Flex and Comgest Growth Global Flex, exchange-traded equity index futures were utilised and exchange-traded volatility futures were also utilised for Comgest Growth Global Flex. For Comgest Growth Global Flex, Comgest Growth America, Comgest Growth Japan, Comgest Growth Europe, Comgest Growth Europe Opportunities, Comgest Growth Europe ex Switzerland, Comgest Growth Europe ex UK and Comgest Growth Asia Pacific ex Japan, forward currency exchange contracts were utilised to reduce currency risk exposure at share class level. With the exception of these index futures and forward currency exchange contracts, techniques and instruments for the purpose of efficient portfolio management were not utilised during the financial year.
- DistributionsThe Directors approved the payment of dividends on 5 January 2021. Dividends were declared with ex-date 4 January 2021 as follows:

| Fund | 31 December 2021 | 31 December 2020 |
| --- | --- | --- |
| Comgest Growth World EUR Fixed Dis Class | - | EUR 557 |
| Comgest Growth Europe EUR Fixed Dis Class | - | EUR 95,813 |
| Comgest Growth Europe EUR I Fixed Dis Class | - | EUR 63,984 |
| Comgest Growth Emerging Markets EUR Fixed Dis Class | - | EUR 559 |
| Comgest Growth Emerging Markets EUR I Fixed Dis Class | - | EUR 106 |


## 13. Distributions (continued)
The Directors resolved that the dividends were to be paid on 19 January 2021 to Shareholders appearing on the register of Shareholders of the Fixed Distributing Classes at close of business on 31 December 2020. On the basis of the number of shares in the Fixed Distributing Classes in issue at close of business on 4 January 2021, this represented a dividend per share of:
|  | Dividend per share | Dividend per share |
| --- | --- | --- |
| Fund | 31 December 2021 | 31 December 2020 |
| Comgest Growth World EUR Fixed Dis Class | - | EUR 0.080423 |
| Comgest Growth Europe EUR Fixed Dis Class | - | EUR 0.307660 |
| Comgest Growth Europe EUR I Fixed Dis Class | - | EUR 0.309373 |
| Comgest Growth Emerging Markets EUR Fixed Dis Class | - | EUR 0.350106 |
| Comgest Growth Emerging Markets EUR I Fixed Dis Class | - | EUR 0.386318 |

The Directors resolved that the dividends were to be paid on 16 April 2021 to Shareholders appearing on the register of Shareholders of the Fixed Distributing Classes at close of business on 31 March 2021. On the basis of the number of shares in the Fixed Distributing Classes in issue at close of business on 01 April 2021, this represented a dividend per share of:
| Fund | 31 March 2021 | 31 March 2020 |
| --- | --- | --- |
| Comgest Growth World EUR Fixed Dis Class | EUR 18,027 | - |
| Comgest Growth Europe EUR Fixed Dis Class | EUR 87,151 | EUR 14,847 |
| Comgest Growth Europe EUR I Fixed Dis Class | EUR 129,445 | EUR 43,443 |
| Comgest Growth Emerging Markets EUR Fixed Dis Class | EUR 590 | EUR 172 |
| Comgest Growth Emerging Markets EUR I Fixed Dis Class | EUR 107 | EUR 77 |
|  | Dividend per share | Dividend per share |
| Fund | 31 March 2021 | 31 March 2020 |
| Comgest Growth World EUR Fixed Dis Class | EUR 0.107042 | - |
| Comgest Growth Europe EUR Fixed Dis Class | EUR 0.318404 | EUR 0.252333 |
| Comgest Growth Europe EUR I Fixed Dis Class | EUR 0.320598 | EUR 0.252804 |
| Comgest Growth Emerging Markets EUR Fixed Dis Class | EUR 0.350479 | EUR 0.263395 |
| Comgest Growth Emerging Markets EUR I Fixed Dis Class | EUR 0.387217 | EUR 0.289567 |

The Directors resolved that the dividends were to be paid on 5 May 2021 to Shareholders appearing on the register of Shareholders of the Distributing Classes at close of business on 20 April 2021. On the basis of the number of shares in the Distributing Classes in issue at close of business on 21 April 2021, this represented a dividend per share of:
| Fund | 21 April 2021 | 16 April 2020 |
| --- | --- | --- |
| Comgest Growth Japan EUR I Dis Class | - | EUR 5,944 |
| Comgest Growth Emerging Markets USD Dis Class | USD 311,680 | USD 461,088 |
| Comgest Growth Emerging Markets USD Z Dis Class | USD 18,951 | USD 36,374 |
| Comgest Growth Emerging Markets EUR Dis Class | EUR 1,372,624 | EUR 2,540,186 |
| Comgest Growth Emerging Markets EUR I Dis Class | EUR 1,839,110 | EUR 1,957,865 |
| Comgest Growth Emerging Markets EUR Z Dis Class | EUR 42,926 | EUR 28,808 |
| Comgest Growth Emerging Markets Plus GBP X Dis Class | GBP 1,756,977 | - |
| Comgest Growth Europe EUR I Dis Class | - | EUR 113,978 |
| Comgest Growth Asia Pac ex Japan USD Dis Class | USD 8,259 | USD 40,274 |
| Comgest Growth Asia Pac ex Japan EUR Dis Class | EUR 1,397 | EUR 15,746 |


## 13. Distributions (continued)
|  | Dividend per share | Dividend per share |
| --- | --- | --- |
| Fund | 21 April 2021 | 16 April 2020 |
| Comgest Growth Japan EUR I Dis Class | - | EUR 0.002015 |
| Comgest Growth Emerging Markets USD Dis Class | USD 0.376892 | USD 0.351659 |
| Comgest Growth Emerging Markets USD Z Dis Class | USD 1.748964 | USD 0.609364 |
| Comgest Growth Emerging Markets EUR Dis Class | EUR 0.393573 | EUR 0.325573 |
| Comgest Growth Emerging Markets EUR I Dis Class | EUR 0.446274 | EUR 0.401879 |
| Comgest Growth Emerging Markets EUR Z Dis Class | EUR 0.722326 | EUR 0.261806 |
| Comgest Growth Emerging Markets Plus GBP X Dis Class | GBP 0.175698 | - |
| Comgest Growth Europe EUR I Dis Class | - | EUR 0.011237 |
| Comgest Growth Asia Pac ex Japan USD Dis Class | USD 0.014175 | USD 0.104854 |
| Comgest Growth Asia Pac ex Japan EUR Dis Class | EUR 0.007190 | EUR 0.076782 |

The Directors resolved that the dividends were to be paid on 16 July 2021 to Shareholders appearing on the register of Shareholders of the Fixed Distributing Classes at close of business on 30 June 2021. On the basis of the number of shares in the Fixed Distributing Classes in issue at close of business on 1 July 2021, this represented a dividend per share of:
| Fund | 30 June 2021 |
| --- | --- |
| Comgest Growth World EUR Fixed Dis Class | EUR 28,805 |
| Comgest Growth Europe EUR Fixed Dis Class | EUR 115,035 |
| Comgest Growth Europe EUR I Fixed Dis Class | EUR 147,766 |
| Comgest Growth Emerging Markets EUR Fixed Dis Class | EUR 1,440 |
| Comgest Growth Emerging Markets EUR I Fixed Dis Class | EUR 106 |

|  | Dividend per share |
| --- | --- |
| Fund | 30 June 2021 |
| Comgest Growth World EUR Fixed Dis Class | EUR 0.110835 |
| Comgest Growth Europe EUR Fixed Dis Class | EUR 0.348119 |
| Comgest Growth Europe EUR I Fixed Dis Class | EUR 0.350951 |
| Comgest Growth Emerging Markets EUR Fixed Dis Class | EUR 0.342424 |
| Comgest Growth Emerging Markets EUR I Fixed Dis Class | EUR 0.378773 |

The Directors resolved that the dividends were to be paid on 15 October 2021 to Shareholders appearing on the register of Shareholders of the Fixed Distributing Classes at close of business on 30 September 2021. On the basis of the number of shares in the Fixed Distributing Classes in issue at close of business on 1 October 2021, this represented a dividend per share of:
| Fund | 30 September 2021 |
| --- | --- |
| Comgest Growth World EUR Fixed Dis Class | EUR 50,387 |
| Comgest Growth Europe EUR Fixed Dis Class | EUR 133,399 |
| Comgest Growth Europe EUR I Fixed Dis Class | EUR 163,906 |
| Comgest Growth Emerging Markets EUR Fixed Dis Class | EUR 1,301 |
| Comgest Growth Emerging Markets EUR I Fixed Dis Class | EUR 94 |

|  | Dividend per share |
| --- | --- |
| Fund | 30 September 2021 |
| Comgest Growth World EUR Fixed Dis Class | EUR 0.110417 |
| Comgest Growth Europe EUR Fixed Dis Class | EUR 0.359500 |
| Comgest Growth Europe EUR I Fixed Dis Class | EUR 0.362877 |
| Comgest Growth Emerging Markets EUR Fixed Dis Class | EUR 0.300494 |
| Comgest Growth Emerging Markets EUR I Fixed Dis Class | EUR 0.332821 |

- Distributions (continued)The Directors resolved that the dividends were to be paid on 19 January 2021 to Shareholders appearing on the register of Shareholders of the Fixed Distributing Classes at close of business on 31 December 2021. On the basis of the number of shares in the Fixed Distributing Classes in issue at close of business on 4 January 2022, this represented a dividend per share of:

| Fund | 31 December 2021 |
| --- | --- |
| Comgest Growth Europe EUR Fixed Dis Class | EUR 80,279 |
| Comgest Growth Europe EUR I Fixed Dis Class | EUR 178,122 |
| Comgest Growth Emerging Markets EUR Fixed Dis Class | EUR 189,093 |
| Comgest Growth Emerging Markets EUR I Fixed Dis Class | EUR 2,576 |
| Comgest Growth Growth World EUR Fixed Dis Class | EUR 49,204 |

|  | Dividend per share |
| --- | --- |
| Fund | 31 December 2021 |
| Comgest Growth Growth World EUR Fixed Dis Class | EUR 0.117163 |
| Comgest Growth Europe EUR Fixed Dis Class | EUR 0.398178 |
| Comgest Growth Europe EUR I Fixed Dis Class | EUR 0.402421 |
| Comgest Growth Emerging Markets EUR Fixed Dis Class | EUR 0.286908 |
| Comgest Growth Emerging Markets EUR I Fixed Dis Class | EUR 0.318209 |

- Representative and Paying Agent in SwitzerlandThe Company has appointed BNP Paribas Securities Services, Paris (the ‘‘Representative’’) as official representative for the offer and distribution of Shares in or from Switzerland by virtue of a representation agreement between the Company and the Representative (the ‘‘Representative Agreement’’).

The Company has appointed BNP Paribas Securities Services, Paris to fulfil the function of paying agent (the ‘‘Paying Agent’’) on the Company’s account in or from Switzerland by virtue of a paying agency agreement (the ‘‘Paying Agency Agreement’’).
The Representative and Paying Agency Agreements may be terminated at not less than six months written notice given by any party to the other parties although in certain circumstances (e.g. unremedied breach after notice) the Agreements may be terminated with immediate effect.
The Representative and Paying Agency Agreements contain provisions regarding the Representative’s legal responsibilities and indemnities in favour of the Representative except in circumstances where any loss arises or is contributed to by the fraud, bad faith, wilful default or negligence of the Representative.

Translation (ENDE, 2021-12-31):
# ERLÄUTERUNGEN ZUM ABSCHLUSS zum 31. Dezember 2021 (Fortsetzung)
### 1.	Gründung und Struktur (Fortsetzung)
| Fondsname | Basiswährung | Anteilsklassen |
| --- | --- | --- |
| Comgest Growth Europe | Euro | Klasse EUR Acc / Klasse EUR Dis / Klasse EUR I Acc / Klasse EUR I Dis / Klasse EUR R Acc / Klasse EUR Z Acc / Klasse EUR Z Dis / Klasse USD I Acc / Klasse USD I H Acc / Klasse EUR X Acc* / Klasse EUR I Fixed Dis / Klasse EUR Fixed Dis / Klasse GBP U Acc 35  / Klasse USD Acc 42  / Klasse USD Z Acc 28 |
| Comgest Growth Europe Compounders | Euro | Klasse EUR X Acc* / Klasse EUR SI Acc / Klasse EUR I Acc * |
| Comgest Growth Europe Plus | Euro | Klasse EUR I Acc / Klasse GBP U Acc* / Klasse GBP U Dis*/ Klasse EUR Acc 9  / Klasse EUR Z Acc 2  / Klasse EUR R Acc* / Klasse USD I Acc* |
| Comgest Growth Europe S | Euro | Klasse EUR Acc / Klasse USD Acc / Klasse EUR Z Acc* / Klasse USD Z Acc 38 |
| Comgest Growth Europe Opportunities | Euro | EUR Acc / Klasse EUR Dis / Klasse EUR R Acc / Klasse EUR I Acc / Klasse EUR X Acc 23  / Klasse EUR Z Acc / Klasse GBP U Acc 36  / Klasse GBP U H Acc 37  / Klasse GBP U Dis* / Klasse USD I Acc* / Klasse USD I H Acc 14 |
| Comgest Growth Europe Smaller Companies | Euro | Klasse EUR Acc / Klasse EUR I Acc / Klasse EUR Dis* / Klasse EUR X Acc / Klasse EUR Z Acc/ Klasse GBP U Acc 13  / Klasse GBP UH Acc* / Klasse EUR I Dis 3  / Klasse EUR R Acc 21 |
| Comgest Growth Europe ex Switzerland | Schweizer Franken | Klasse CHF I Acc / Klasse CHF Z Acc |
| Comgest Growth Europe ex UK | Britisches Pfund | Klasse GBP SU Acc / Klasse GBP SU H Acc / Klasse GBP U Acc / Klasse EUR SI Acc / Klasse EUR X Acc* / Klasse EUR SI Dis 1  / Klasse GBP Y Acc 22  / Klasse GBP SU Dis 8  / Klasse GBP Y Dis 27 |
| Comgest Growth Asia | US-Dollar | Klasse EUR I Acc / Klasse USD Acc / Klasse EUR I Dis* / Klasse EUR Z Acc / Klasse EUR Acc 29  / Klasse EUR R Acc* |
| Comgest Growth Asia ex Japan | US-Dollar | Klasse USD I Acc / Klasse EUR I Acc / Klasse GBP U Acc* |
| Comgest Growth Asia Pac ex Japan | US-Dollar | Klasse USD Acc / Klasse USD Dis / Klasse USD I Acc / Klasse EUR I Acc / Klasse EUR R Acc / Klasse EUR Dis / Klasse GBP U Acc / Klasse EUR Z Acc / Klasse USD X Acc* / Klasse EUR H Acc 26  / Klasse EUR SI Acc* / Klasse GBP SU Acc* / Klasse GBP U Dis* / Klasse USD SI Acc* |
| Comgest Growth China | Euro | Klasse EUR Acc / Klasse USD Acc / Klasse EUR I Acc / Klasse EUR SI Acc / Klasse USD I Acc 11  / Klasse EUR X Acc* / Klasse EUR Z Acc / Klasse GBP U Acc / Klasse EUR R Acc 34 |
| Comgest Growth India | US-Dollar | Klasse USD Acc / Klasse EUR I Acc / Klasse EUR R Acc / Klasse EUR Z Acc* / Klasse USD I Acc* / Klasse USD X Acc / Klasse GBP U Acc* |
| Comgest Growth Latin America | Euro | Klasse EUR Acc / Klasse USD Acc / Klasse USD I Acc / Klasse EUR R Acc / Klasse EUR I Acc / Klasse EUR Z Acc / Klasse GBP U Acc* |

* Zum 31. Dezember 2021 noch nicht aufgelegt.
1 Comgest Growth Europe ex UK Klasse EUR SI Dis wurde am 7. Januar 2020 aufgelegt.
2 Comgest Growth Europe Plus Klasse EUR Z Acc wurde am 8. Januar 2020 aufgelegt.
3 Comgest Growth Europe Smaller Companies Klasse EUR I Dis wurde am 14. Januar 2020 aufgelegt.
4 Comgest Growth Japan Klasse JPY I Dis wurde am 24. Januar 2020 aufgelegt.
5 Comgest Growth Emerging Markets Plus Klasse GBP U Acc und Klasse GBP X Dis wurden am 29. Januar 2020 aufgelegt.
6 Comgest Growth Emerging Markets Plus wurde am 29. Januar 2020 aufgelegt.
7 Comgest Growth World Klasse GBP U Dis wurde am 3. Februar 2020 aufgelegt.
8 Comgest Growth Europe ex UK Klasse GBP SU Dis wurde am 20. Februar 2020 aufgelegt.
9 Comgest Growth Emerging Markets Klasse EUR Y Acc und Comgest Growth Europe Plus Klasse EUR Acc wurden am 16. April 2020 aufgelegt.
10 Comgest Growth Emerging Markets Plus Klasse EUR Acc und Klasse EUR I Acc wurden am 16. April 2020 aufgelegt.
11 Comgest Growth China Klasse USD I Acc wurde am 11. September 2017 aufgelegt, am 11. März 2020 komplett zurückgenommen und am 17. April 2020 erneut aufgelegt.
12 Comgest Growth America Klasse EUR I H Acc wurde am 24. November 2016 aufgelegt, am 4. Mai 2017 komplett zurückgenommen, am 22. August 2017 erneut aufgelegt, am 30. Dezember 2019 komplett zurückgenommen, am 14. Februar 2020 erneut aufgelegt, am 11. März 2020 komplett zurückgenommen und am 17. April 2020 erneut aufgelegt.
13 Comgest Growth Europe Smaller Companies Klasse GBP U Acc wurde am 12. Mai 2020 aufgelegt.
14 Comgest Growth Europe Opportunities Klasse USD I H Acc wurde am 16. Juni 2020 aufgelegt.
15 Comgest Growth Emerging Markets Plus Klasse EUR Z Acc wurde am 17. Juni 2020 aufgelegt.
16 Comgest Growth Japan Klasse EUR R H Acc wurde am 29. Juli 2020 aufgelegt.
17 Comgest Growth Emerging Markets Plus Klasse GBP U Dis wurde am 19. Oktober 2020 aufgelegt.
18 Comgest Growth World Klasse EUR Fixed Dis wurde am 22. Oktober 2020 aufgelegt.
19 Comgest Growth World Plus wurde am 27. November 2020 aufgelegt.
20 Comgest Growth World Plus Klasse EUR I Acc wurde am 27. November 2020 aufgelegt.
21 Comgest Growth Europe Smaller Companies Klasse EUR R Acc wurde am 4. Dezember 2020 aufgelegt.
22 Comgest Growth Europe ex UK Klasse GBP Y Acc wurde am 8. Dezember 2020 aufgelegt.
23 Comgest Growth Europe Opportunities Klasse EUR X Acc wurde am 10. Dezember 2020 aufgelegt.