YOUR GOALS,OUR COMMITMENT.

Nikko Asset Management Europe Ltd
Climate-Related Financial Disclosure (“CRFD”) and Task Force on Climate-Related
Financial Disclosures (“TCFD”) Entity Report

CONFIDENTIAL — NOT FOR REDISTRIBUTION

Contents
Statement of compliance with the FCA's Climate Related Financial Disclosure information ............................... 3
Governance ................................................................................................................................................................. 4
Strategy ....................................................................................................................................................................... 5
Risk Management ..................................................................................................................................................... 10
Metrics and Targets .................................................................................................................................................. 10

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Statement of compliance with the FCA's Climate Related Financial Disclosure
information
Nikko Asset Management Europe Ltd (“NAME”), a UK company, is subject to Chapter 2 of the Environmental, Social and GovernanceSourcebook (“ESG Sourcebook”) on the disclosure of climate related financial information, as detailed in the UK Financial Conduct
Authority’s Handbook of rules and guidance (the “FCA Handbook”).
The purpose of this report is for NAME to comply with the ESG Sourcebook and in a manner that is consistent with the Taskforce
on Climate-related Financial Disclosure (‘’TCFD’’) Recommendations and Recommended Disclosures.
These disclosures are made with reference to the size, internal organization, nature, scope, and complexity of NAME’s activities,
covering all portfolio management business including all the portfolios managed by NAME.
Under section 2.1 of the ESG Sourcebook, if a firm produces a Climate-Related Financial Disclosures (“CRFD”) report to align with
the TCFD Recommendations and Recommended Disclosures, it may rely on a climate-related financial disclosures report made by
its group or a member of its group, but only to the extent that those group disclosures are relevant to the firm and cover the assets
the firm administers or manages as part of its TCFD in-scope business.
Nikko Asset Management Group (“Nikko AM Group”) recognizes climate change as one of the greatest challenges the global
community faces and considers it its fiduciary duty to address it in managing its clients’ assets. Nikko AM Group’s position on climatechange is presented in Nikko AM Group's TCFD report and also applies to NAME. There may therefore be cross-references.
Any distinctions between the Nikko AM Group and NAME in terms of Climate-related Governance, Strategy, Risk Management or
Metrics and Targets and supplemental information specific to NAME is detailed in this report.

_________________Rob Bluzmanis (CEO)14 June 2024

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Governance
Governance of Environmental, Social, and Governance ("ESG") activities operates at two levels: Nikko AM Group and NAME. The
overall oversight of our ESG activities is conducted at Nikko AM Group level and it is the responsibility of the ESG Global Steering
Committee. Please refer to the Governance section of our Nikko AM Group's TCFD report.
NAME’s general governance structure:
NAME has an independent executive team led by a regional head who reports to Nikko AM Group President and is responsible forformulating and executing targets and plans decided by Nikko AM Group Board and Global Executive Committee (“GEC”) in linewith local regulations and customs.
NAME’s ESG governance structure:
NAME has a dedicated board committee named the ESG and Stewardship Oversight Committee ("ESOC") to which ESG reports,
requirements, impact assessments and recommendations are presented.
NAME is responsible for stewardship activities in the UK in collaboration with the Global Sustainable Investment team.
The Global Sustainable Investment team supports the investment departments in strengthening the firm’s ESG capabilities andproviding insight on broader ESG topics. It includes the integration of climate change-related risk management into the investment
processes, keeping the procedures up to date and selecting relevant indicators.
The role of the Global Sustainable Investment team is further detailed in the Governance section of our Nikko AM Group's TCFD
report.
Our review and adoption process for ESG regulations and standards works at three levels. The initial stage involves a dedicatedteam scanning the horizon for ESG requirements that might affect NAME. Such highlighted regulations are then reviewed andassessed by a dedicated working group comprising key business functions. Lastly, the outputs are presented to the ESOC.
The ESOC reports to the NAME Board of Directors and ensures compliance in all matters with Global ESG Steering Committee
charter. It meets on a quarterly basis and is chaired by NAME’s Chairman, who has been an advocate for ESG in Nikko AM Groupsince 2018. He has changed NAME’s original Stewardship Oversight Committee into the current more expanded version of the
ESOC in 2022, which has led to further oversight and enhancements of our ESG processes and commitments.
The assessment and management of climate-related risks and opportunities is the responsibility of our investment departments inthe first instance.
Other climate-related responsibilities have been assigned to respective functions reporting to the ESOC:•

Investments: As part of the Investment Risk management, the NAME risk department performs ESG risk analysis, including
climate-related, and monitoring on a monthly basis. The analysis is presented to our investment teams and committees
on a monthly and quarterly basis.

•

Operations: The NAME enterprise risk department performs Risk and Control Self-Assessments ("RCSA"), positioning ESG
risks, including climate-related as one of the top operational risks. The analysis is presented to the ESOC on a quarterly
basis.

•

Product & Client Services: The product team and client services team are responsible for evaluating the market andproposing ESG products that best meet both our clients' sustainability needs and climate-related reporting requirements.
The Head of Product is also a member of an internal working group assessing the ESG quality of products complying witharticles 8 and 9, as defined by the Sustainable Finance Disclosure Regulation ("SFDR").

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NAME ESG and Stewardship Governance 1 :The climate-related governance section of this document interacts with other UK governance requirements and NAME is compliant
with the main principles and requirements of the UK Corporate Governance Code, the UK Companies Act 2006 and the Modern
Slavery Act 2015.

Strategy

1Other oversight committees, such as Risk Oversight Committee, were omitted from this chart, which focuses on more specific ESG/climate
related governance roles and bodies.

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NAME applies Nikko AM Group approach and positioning regarding the identification of climate-related risks and opportunities
over short, medium, or long-term periods in our investments.
1.

Our investments:

Please refer to our Nikko AM Group's TCFD report for more details about the climate-related risks our companies face, the potential
impact on them, and ultimately, the potential impact of such risks on NAME as an asset manager.
Nikko AM Group in-house analytical capabilities help mitigate our climate-related risk in our investment activities through four
processes:a. In-depth bottom-up researchb. Active stewardshipc. Top-down scenario and temperature analysis
d. Portfolio risk monitoring
The first three processes will be covered under this “Strategy” section. The last process will be covered in Section 4 “RiskManagement”.
a.

In-depth bottom-up research

In the strategies actively managed by NAME, the investment teams identify attractive companies through in-depth bottom-up
research, based on their own philosophy and approach. ESG factors are integrated, including climate change, and the risks andopportunities they present for the company into this process, providing additional considerations for investment decisions.
Asset class
Global equity

Globalincomefixed

ESG integration
ESG analysis is undertaken by each portfolio manager and fully integrated into the stock-picking
process to ensure we can robustly evaluate the materiality of each factor and its potential impact in
the future. Our four-pillar “Future Quality” analysis includes in-depth evaluations of ESG factors todetermine their effect on the company’s risks and returns. Research includes an analysis of a company’s
corporate governance, social practices, the environmental sustainability of its products or services andits capacity to fund its growth and ESG commitments.
Our investment team engages with investee companies to help promote better ESG practices if we
believe there is room for standards to improve. This includes ESG controversies identified by the Global
Equity team. Proxy voting is executed in the interests of our clients in line with our proxy voting
guidelines.
The majority of fixed income assets managed by the investment team are in investment grade bonds
from issuers ranging from international bodies, like the World Bank, to governments and large
companies. The scale of these organisations and the limited rights of bondholders restricts our
influence over their ESG policies. However, particularly in the case of corporate credit, ESG factors are
considered to the extent that they are deemed material to the investment case and in line with ourclients’ risk appetite and perspectives on ESG investing. In relation to our holdings in sovereign entities
and major banks, we maintain an active dialogue with issuers on ESG themes as a means of building
our insight and market intelligence.
We use a proprietary ESG platform to aggregate ESG data in order to enhance our ESG evaluation ofsovereign, supranational, agency and corporate issuers. This tool allows us to compute ESG rankings
based on the variables we think are the most relevant for each fixed income field or sector and gives
us full control over the data sources we use, allowing for multiple data feeds.
In particular, we use our proprietary assessment process for measuring the sustainability of issuers in
our Global Green Bond Strategy. This bottom-up review process is framed around three key elements:
the issuer’s sustainability strategy; the pre-issuance bond framework; and the post-issuance allocationand impact report.

b.

Active Stewardship

Our Engagement and Stewardship Strategy defines Nikko AM Group’s approach to corporate engagement and applies to NAME.
As a testament to our stewardship activities, we became a signatory to the UK Stewardship Code 2020 ("UKSC") in 2022 and again
in 2023. We responded to the UKSC as Nikko AM Group, so the stewardship activities of our investment teams worldwide arerepresented in our response. Nikko AM Group has recently published its latest Response to the UKSC, labelled as Global Stewardship
Report and covering the reporting period 1 January to 31 December 2023.
c.

Top-down scenario and temperature analysis

Our top-down analysis looks at climate scenario analysis and temperature alignment to better understand our portfolios’ climate
risks and opportunities.

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6

We believe climate scenario analysis is an important tool that enables investors to gain a thorough understanding of climate-relatedrisks and opportunities and its impact on portfolios. These scenarios are not predictors of the future, rather they provide a range ofpossible future situations under conditions of uncertainty.
As such, we have assessed our portfolios for both transition and physical risk under multiple climate scenarios. To do so, we draw
on MSCI Inc’s suite of products, utilising their Climate-Value-at-Risk ("CVaR") and Implied Temperature Rise ("ITR") models, as wellas the terminology associated with the models, to conduct our scenario analysis and temperature alignment assessments
respectively.
Please refer to Nikko AM Group's TCFD report for more information regarding the methodologies, assumptions, and limitations ofboth CVaR and ITR models.
Our analysis is conducted on NAME exposure to public listed equity and corporate bonds. For our fixed-income portfolios, we
include corporate bonds and exclude sovereign, supranational and agency issues. Whilst there are methodologies to modelsovereign climate scenario analysis, these tools are at their infancy stage which may impact the accuracy of their output. We
continue to monitor new developments in the models.

i.

Transition Risk:

We have assessed our portfolio under the following scenarios:- 1.5°C and 2°C
o Orderly: climate policies introduced early with gradual intensification. Transition risk is relatively subdued
o Disorderly: delayed or divergent climate policies. Higher transition risk from more stringent and stricter
measures that are delayed and/or divergent across countries and sectors, leading to higher carbon pricing- Nationally Determined Contributions (NDCs): climate policies are implemented only in some jurisdictions but are
globally insufficient to halt global warming. Implies temperature rise of 3°C by 2100, which leads to higher physicalrisk
Transition risk represents the largest risk to our holdings, with the 1.5°C Disorderly scenario posing the most severe risk to ourportfolios, given that it is the most disruptive scenario.
As of end December 2023, the model indicates a potential CVaR of over 5% under the 1.5°C Disorderly scenario, as seen in Figure
1. Under a more orderly scenario (1.5°C Orderly), the potential risk diminishes substantially, to below 4%.
Diving deeper into the numbers, we are unsurprised to find that the bulk of our risk is attributable to carbon-intensive sectors, suchas energy. When jurisdictions start to increase carbon prices in a bid to bring down carbon emissions, the cost to companies inthese sectors will increase should their emissions profile not come down. As a global asset manager, we are likely to maintain some
exposure to these sectors, but we will continue to monitor the risk and apply mitigation techniques as described later in the report.
Figure 1. Transition risk - NAME

Transition Risk
Climate Value-at-Risk (%)

0.00
-1.00
-2.00
-3.00
-4.00
-5.00
-6.00
1.5Deg Orderly

2Deg Orderly

1.5Deg Disorderly

2Deg Disorderly

Hothouse

If we take our Global Equity strategy as an example in Figure 2, the portfolio has a lower transition risk than its benchmark (the MSCIAll Country World Index) as the strategy has a commitment to keep its portfolio’s relative carbon intensity more than 20% below
the benchmark. Therefore, given that the transition risk scenarios are driven by a company’s carbon emissions, the portfolio carries
significantly lower risk under all scenarios versus the benchmark.

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7

Figure 2. Transition risk - Global Equity

Transition Risk - Global Equity
0.00

Climate Value-at-Risk (%)

-2.00
-4.00
-6.00

Port

-8.00

BM

-10.00-12.00-14.00ii.

1.5Deg Orderly

2Deg Orderly

1.5Deg Disorderly

2Deg Disorderly

Hothouse

Physical Risk:

We assessed our portfolios under the following scenarios:- Average scenario: most likely impact of climate change over the modelled 15-year period — i.e. the expected value ofthe cost distribution.
- Aggressive scenario: the 95th percentile of the cost distribution and explores the severe downside risk within the
distribution tail — i.e. the worst-case scenario.
The potential CVaR from physical risk on our portfolios is significantly lower than transition risk in both the average and aggressive
scenarios. Unlike transition risk, where CVaR is largely a function of the sector our companies are in, the geographic location of ourcompanies’ assets is key for physical risk.
As of end December 2023 and under the aggressive scenario, NAME assets see a potential CVaR of about 3% (Figure 3). Under the
average scenario, the potential CVaR is significantly lower, at about 1%. Given that NAME assets are more diversified globally, its
physical risk is lower than Nikko Asset Management Co., Ltd. (‘NAM JP”), a Japanese company, as detailed in our Nikko AM Group's
TCFD report.
Figure 3. Physical risk - NAME

Physical Risk
Climate Value-at-Risk (%)

0.00
-0.50
-1.00
-1.50
-2.00
-2.50
-3.00
Average Scenarioiii.

Aggressive Scenario

Temperature analysis:

The translation of companies’ commitments and targets into temperature alignment allows us to gauge the ambitiousness of thesetargets, which can drive further due diligence and engagements with our companies.

YOUR GOALS, OUR COMMITMENT.

8The Implied Temperature Rise (ITR) of NAME assets is 2.2°C (Figure 4). Calculations were computed using MSCI’s updated ITR
methodology. Please refer to our Nikko AM Group's TCFD report for further details on the methodology.
Figure 4. ITR (°C) - NAME

ITR
2.5
2.0
1.5
1.0
0.5
0.0

To further enhance our risk assessment and inform our analysis, we assess the temperature-alignment bands of our portfolio andunderlying holdings. Temperature-alignment bands are categorised as 1.5°C Aligned, 2°C Aligned, Misaligned, or Strongly
Misaligned. Based on our analysis in Figure 5, we find that more than 50% of NAME investments in scope for this report are 1.5°C
and 2°C aligned. This insight will further help to focus our stewardship activities.
Figure 5. Temperature-alignment bands - NAMEITR Bands
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
1.5°C Aligned

2.

2°C Aligned

Misaligned

Strongly Misaligned

Our operations:

As detailed in Nikko AM Group's TCFD report, we have set an interim Nikko AM Group target to reduce our greenhouse gas (GHG)
emissions by 40% per employee by 2030, against our 2019 baseline emission level. We also measure greenhouse gas (GHG)
emissions from the Nikko AM Group’s corporate operations based on Nikko AM Group-wide energy consumption andtransportation data.
Additionally, NAME and the enterprise risk department identify and monitor regional ESG operational risks. Whilst good progress
is being made in implementing ESG regulations, the industry as a whole has challenges when it comes to ESG data and the risk ofgreenwashing.
Among NAME’s 20 most material operational risks in 2023, 6 of them are categorized as ESG risks. We are navigating a complex andevolving landscape which could adversely impact NAME's operations. For instance, the outflow of capital from traditional strategies
to ESG strategies and the misinterpretation of sustainability regulations are material external risks with a medium likelihood andconsequent impacts on NAME operations.

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Risk Management
The Nikko AM Group Risk Management Department oversees the risk management of Nikko AM Group apart from compliance risk,
which is overseen by the Legal & Compliance Department. Each of our regional entities, including NAME, manages risk in line with
our Nikko AM Group Risk Management Policy to identify, assess and prioritize climate related risks.
Climate change is considered as a driver of Nikko AM Group and NAME’s risks. It has driven various national commitments andregulatory frameworks worldwide and needs to be fully incorporated in the existing risk classification framework. Our Nikko AM
Group Position Statement on Climate Change reflects our global stance on climate change.
Our approach to climate change-related Risk Management, applied both at individual asset and portfolio level through our threelines of defence system detailed in the “Risk Management” section of our Nikko AM Group's TCFD report. It details the roles andresponsibilities related to climate change-related risk management which primarily falls to the Investment Departments (first lineof defence), then is monitored by the Investment Risk Management Department (second line of defence) and to finally be subject
to internal controls from the Internal Audit Department (third line of defence).
NAME has a regional risk department and committees, which report into the global Risk Oversight Committee. Through thisgovernance, we enable regional flexibility while retaining central oversight and reporting. Material issues relating to climatechange-related risks must be reported to the global Risk Oversight Committee, which meets on a quarterly basis.
With respect to the “three lines of defence” model, NAME’s Investment Risk Department and Enterprise Risk Department are partof the second line of defence applied by NAME. Ongoing monitoring of risks, including climate-related, is conducted to ensure theeffective application of our risk-management framework. Our second line of defence investment-risk team performs independent
monitoring of our portfolios.
Please refer to the “Risk Management” section of our Nikko AM Group's TCFD report.
1. Our investments:
Climate scenario and carbon intensity analysis are performed and compared over time and with the respective portfolios’
benchmark, where applicable. High emission sectors like energy are closely monitored. The results of this analysis are presented tothe investment teams on a monthly basis, and quarterly risk reports are prepared by the overall head of risk, presented to the ESOCand then up through our Nikko AM Group structure. These quarterly assessments detail an overall summary position of the risk,
highlighting key issues, key events and potential future exposures.
2. Our operations:
RCSA is an important process for identifying and assessing the key operational risks faced by an organization and the effectivenessof controls that address those risks.
As well as helping to assess operational risks and identify weaknesses in controls, RCSA helps to raise awareness of operational risk
and improve risk culture. It can also support governance and compliance, as well as reinforcing the efforts of internal and external
auditors, included in the third line of defence.

Metrics and Targets

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10NAME applies Nikko AM Group’s approach and selection of metrics and targets to assess climate related risks and opportunities.
The overview, scope, methodologies and targets are defined in the “Metrics and Targets” section of our Nikko AM Group's TCFD
report.
Reported metrics
Our NAME in-scope portfolios composition for this report is as of 31 December 2023. Calculations were computed in April 2024
using most recent data available for GHG emissions (i.e., Scope 1 and 2) and financial data (i.e., Enterprise Value Including Cash
(EVIC) and revenue). This is in line with the latest Global GHG Accounting and Reporting Standard for the Financial Industry
suggested by the Partnership of Carbon Accounting Financials (PCAF). There might be future restatements of numbers disclosed
in the past driven by more recent disclosures and changes in methodology, data provider, or data quality.
AUM 2

(USD
billion)Total (as of
31 Dec 2023)

16.7

Scope
1+2
3

Absolute
emissions

Carbonfootprint(million
tCO2e)(tCO2e/USD
millioninvested)

0.13
1.02

15.80
126.03

WACI(tCO2e/USD
millionrevenue)

Coverage 3

64.33
548.5899.95%
99.94%(% AUM)

Reported Carbon
Figures (% ofcovered securities)

91.10%
0% 4

If either Scope 1 or 2 is estimated, the Scope 1 & 2 metrics are treated as estimated.
In 2023, all Scope 3 metrics are estimated. We have seen progress made in terms of ESG data disclosures over the years, with ESGrelated regulations mandating disclosure of key ESG metrics, such as GHG emissions. As investors, we will continue to engage ourholdings to enhance disclosures of GHG emissions, including Scope 3.

2

AUM that is in scope.
Based on AUM that is in scope.
4
Scope 3 figures are all estimated.
3

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Important Information
This disclosure was developed using information from MSCI ESG Research LLC or its affiliates or information providers. Although Nikko AssetManagement Co., Ltd.’s information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Parties”), obtain
information (the “Information”) from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy,
and/or completeness, of any data herein and expressly disclaim all express or implied warranties, including those of merchantability and fitness
for a particular purpose. The information may only be used for your internal use, may not be reproduced or disseminated in any form and may
not be used as a basis for, or a component of, any financial instruments or products or indices. Further, none of the Information can in and of itself
be used to determine which securities to buy or sell or when to buy or sell them. None of the ESG Parties shall have any liability for any errors oromissions in connection with any data herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages(including lost profits) even if notified of the possibility of such damages.
This document is prepared by Nikko Asset Management Co., Ltd. and/or its affiliates (Nikko AM) and is for distribution only under suchcircumstances as may be permitted by applicable laws. This document does not constitute personal investment advice or a personal
recommendation and it does not consider in any way the objectives, financial situation or needs of any recipients. All recipients are recommended
to consult with their independent tax, financial and legal advisers prior to any investment.
This document is for information purposes only and is not intended to be an offer, or a solicitation of an offer, to buy or sell any investments orparticipate in any trading strategy. Moreover, the information in this document will not affect Nikko AM’s investment strategy in any way.
The information, opinions and data in this document have been derived from or reached from sources believed in good faith to be reliable but
have not been independently verified. Nikko AM makes no guarantee, representation or warranty, express or implied, and accepts no
responsibility or liability for the accuracy or completeness of this document.
No reliance should be placed on any assumptions, forecasts, projections, estimates or prospects contained within this document. There are anumber of factors that could cause actual results or developments to differ materially from those expressed or implied by forward-looking
statements and forecasts. Nothing in this report should be construed as a forecast, estimate or projection of future financial performance. This
document should not be regarded by recipients as a substitute for the exercise of their own judgment. Opinions stated in this document may
change without notice.
In any investment, past performance is neither an indication nor guarantee of future performance and a loss of capital may occur. Estimates of
future performance are based on assumptions that may not be realised. Investors should be able to withstand the loss of any principal investment.
The mention of individual securities, sectors, regions or countries within this document does not imply a recommendation to buy or sell.
Nikko AM accepts no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this document, provided
that nothing herein excludes or restricts any liability of Nikko AM under applicable regulatory rules or requirements.
All information contained in this document is solely for the attention and use of the intended recipients. Any use beyond that intended by Nikko
AM is strictly prohibited.
Japan: The information contained in this document pertaining specifically to the investment products is not directed at persons in Japan nor is it
intended for distribution to persons in Japan. Registration Number: Director of the Kanto Local Finance Bureau (Financial Instruments firms) No.
368 Member Associations: The Investment Trusts Association, Japan/Japan Investment Advisers Association.
United Kingdom: This document is communicated by Nikko Asset Management Europe Ltd, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority (the FCA) (FRN 122084). This document constitutes a financial promotion for the purposes of the
Financial Services and Markets Act 2000 (as amended) (FSMA) and the rules of the FCA in the United Kingdom, and is directed at professional
clients as defined in the FCA Handbook of Rules and Guidance.
Luxembourg and Germany: This document is communicated by Nikko Asset Management Luxembourg S.A., which is authorised and regulated
in the Grand Duchy of Luxembourg by the Commission de Surveillance du Secteur Financier (the CSSF) as a management company authorised
under Chapter 15 of the Law of 17 December 2010 (No S00000717) and as an alternative investment fund manager according to the Law of 12
July 2013 (No. A00002630).
United States: This document may not be duplicated, quoted, discussed or otherwise shared without prior consent. Any offering or distributionof a Fund in the United States may only be conducted via a licensed and registered broker-dealer or a duly qualified entity. Nikko AssetManagement Americas, Inc. is a United States Registered Investment Adviser.
Singapore: This document is for information to institutional investors as defined in the Securities and Futures Act (Chapter 289), and intermediaries
only. Nikko Asset Management Asia Limited (Co. Reg. No. 198202562H) is regulated by the Monetary Authority of Singapore.
Hong Kong: This document is for information to professional investors as defined in the Securities and Futures Ordinance, and intermediaries
only. The contents of this document have not been reviewed by the Securities and Futures Commission or any regulatory authority in Hong Kong.
Nikko Asset Management Hong Kong Limited is a licensed corporation in Hong Kong.
New Zealand: This document is issued in New Zealand by Nikko Asset Management New Zealand Limited (Company No. 606057, FSP22562). It is
for the use of wholesale clients, researchers, licensed financial advisers and their authorised representatives only.
Republic of Korea: This document is being provided for general information purposes only, and shall not, and under no circumstances is, to beconstrued as, an offering of financial investment products or services. Nikko AM is not making any representation with respect to the eligibility ofany person to acquire any financial investment product or service. The offering and sale of any financial investment product is subject to theapplicable regulations of the Republic of Korea. Any interests in a fund or collective investment scheme shall be sold after such fund is registeredunder the private placement registration regime in accordance with the applicable regulations of the Republic of Korea, and the offering of suchregistered fund shall be conducted only through a locally licensed distributor.

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12

Kingdom of Bahrain: The document has not been approved by the Central Bank of Bahrain which takes no responsibility for its contents. No offerto the public to purchase the Strategy will be made in the Kingdom of Bahrain and this document is intended to be read by the addressee only
and must not be passed to, issued to, or shown to the public generally.

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