Investments made in our funds, which we have chosen to register as equity-based investment companies, are generally taxed as follows:

• Private free funds: Taxed as share income, tax rate 27 to 42 %, possibility of stock taxation
• Pension funds: Taxation is according to the Pension Returns Taxation Act, tax rate 15 %, stock taxation
• Corporate funds: Taxation according to the Business Tax Act, tax rate 22 %, stock taxation
• Company funds: Taxation under the Corporation Tax Act, tax rate 22 %, stock taxation

Please note that the responsibility and risk for the tax consequences for the investor of investing in our funds rests solely with the investor. We take no responsibility or risk for the tax position.