Berenberg International Micro Cap M A

The Fund's investment objective is to achieve the highest possible increase in value. The MSCI® World ex Europe Micro Cap Net (EUR) is the benchmark index for the Fund. The Management Company determines the benchmark index for the Fund and may change this as necessary. However, the Fund does not aim to replicate the performance of the benchmark index. The Portfolio Manager may invest at his own discretion in securities or sectors that are not included in the benchmark in order to capitalise on specific investment opportunities. The investment strategy limits the extent to which the portfolio holdings may differ from the benchmark index. The difference may be significant. No assurance can be given that the objectives of the investment policy will be achieved.