UCITS

Please note that German laws governing activities other than distribution/marketing in accordance with Annex II of the UCITS Directive, an area that is of specific relevance to securities supervision, apply without exception and must be observed as part of your activities in the Federal Republic of Germany, even if this fact has not been expressly stated. For your information, please be advised that in Germany unsolicited calls directed at persons with private telephone connections, i.e. cold-calling, are deemed contra bonos mores, i.e. contrary to good morals, within the competitive environment. Therefore, such activities are expressly prohibited by law, cf. Section 1 of the Unfair Competition Act (Gesetz gegen den unlauteren Wettbewerb – UWG).

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