03 CONTENTS 04 TABLE OF CONTENTS 01 eeef in 2022 02 eeef Impact Management 03 eeef Technical Assistance Facility 04 Market Outlook and Moving Forward

07 THE EEEF IN 2022 THE EEEF IN 2022 08 08 9 9 1 , 1 7 6 tonnes of carbon dioxide equiva- lents, cumulative carbon savings from Fund inception to Q4 2022 5 9 4 , 9 3 0 , 1 megawatt hours cumulative primary energy savings from Fund inception to Q4 2022 HIGHLIGHTS2022 public authorities benefited from the eeef’s investments since the Fund’s inception 3 5 0 3 2 million euros raised from investors € 2 6 1 million euros currently committed to projects € 7 million euros 9 1 7 committed by the eeef since inception 1 active investments in 8 Member States and the UK € matured investments 2 eeef TAF projects in 4 Member States 0 1

11 11 THE EEEF IN 2022 GERMANY JEWISH MUSEUM BERLIN The Jewish Museum Berlin and the energy service company (ESCO) Johnson Con- trols entered into an energy performance contract (EPC) for the museum to provide optimisation of the heating, ventilation and air conditioning and an efficient energy management system. The eeef’s investment totalled EUR 0.9 m in the form of a forfaiting facility. The annual primary energy savings for 2022 equated to 12,416 MWh. Annual Carbon Emission Savings (tCO2e) 25,000 20,000 15,000 10,000 5,000 2,936 1,512 1,512 1,512 INVESTMENT COMPLETED 1,512 1,512 total accumulated: 24,445 2,811 2,941 3,326 3,359 21,634 1,512 2012 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+ 12 GERMANY UNIVERSITY OF APPLIED SCIENCES MUNICH The University of Applied Sciences Munich and the energy service company (ESCO) Johnson Controls entered into an energy performance contract (EPC) to provide a series of energy efficiency measures in the university, such as optimisation of the heating, lighting, metering, building ma- nagement and pumping systems, as well as the installation of a 49.5 kW combined heat and power (CHP) plant. The eeef invested EUR 0.6 m in the project. Annual Carbon Emission Savings (tCO2e) 1,500 1,200 900 600 300 INVESTMENT COMPLETED 0 12 2012 47 2013 total accumulated: 1,270 222 186 199 160 1,048 148 119 58 47 72 2014 2015 2016 2017 2018 2019 2020 2021 2022+ Annual Primary Energy Savings (MWh) Annual Primary Energy Savings (MWh) Y C N E I C I F F E Y G R E N E accumulated savings total accumulated: 107,940 12,416 120,000 100,000 80,000 60,000 40,000 13,010 14,721 14,775 95,524 12,872 6,691 6,691 6,691 20,000 INVESTMENT COMPLETED 6,691 6,691 6,691 2012 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+ accumulated savings accumulated savings total accumulated: 20,836 2,389 18,447 25,000 20,000 15,000 10,000 5,000 0 2,235 2,221 1,751 1,768 2,801 1,974 1,986 INVESTMENT COMPLETED 1,968 349 1,394 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+ accumulated savings KEY FIGURES TYPE OF INVESTMENT: FORFAITING FACILITY TOTAL PROJECT SIZE (€M): 1.4 KEY FIGURES TYPE OF INVESTMENT: FORFAITING FACILITY TOTAL PROJECT SIZE (€M): 1.1 MATURITY: 13 YEARS ACTUAL T CO2E EMISSION SAVINGS IN 2022: 2,811 MATURITY: 10 YEARS ACTUAL T CO2E EMISSION SAVINGS IN 2022: 222

15 15 THE EEEF IN 2022 PORTUGAL CIMAC The eeef signed the 12-year forfaiting facility of EUR 12.1 m with I-Quatro LDA (ESCO) to implement the aggregated street lighting infrastructure transaction, with the mission to upgrade over 56,000 luminaires within 14 municipalities, including the UNESCO World Heritage site of Évora, represented by Comuni- dade Intermunicipal do Alentejo Central (CIMAC). 16 PORTUGAL VILA DO CONDE eeef signed the 12-year forfaiting facility of EUR 5.1 mil- lion with the consortium ISETE/AMENER/I-TRES (ESCO) to finance renovation of the street lighting infrastructure in the municipality of Vila do Conde in Portugal. The project completed the replacement of 18,547 sodium vapour lamps with energy-efficient LED luminaires throughout Vila do Conde. Annual Carbon Emission Savings (tCO2e) Annual Primary Energy Savings (MWh) Annual Carbon Emission Savings (tCO2e) Annual Primary Energy Savings (MWh) Y C N E I C I F F E Y G R E N E 25,000 20,000 15,000 10,000 5,000 6,890 INVESTMENT COMPLETED 0 1,379 2018 total accumulated: 22,424 3,733 4,753 200,000 150,000 5,669 18,691 100,000 total accumulated: 177,170 42,980 42,718 40,654 134,190 50,000 INVESTMENT COMPLETED 40,654 2019 2020 2021 2022+ accumulated savings 0 10,164 2018 2019 2020 2021 2022+ accumulated savings total accumulated: 3,324 1,435 INVESTMENT COMPLETED 3,500 3,000 2,500 2,000 1,500 1,000 1,889 1,889 500 0 2021 2022+ accumulated savings 30,000 25,000 20,000 15,000 10,000 5,000 0 total accumulated: 27,666 16,517 INVESTMENT COMPLETED 11,149 11,149 2021 2022+ accumulated savings KEY FIGURES TYPE OF INVESTMENT: FORFAITING FACILITY TOTAL PROJECT SIZE (€M): 16.6 KEY FIGURES TYPE OF INVESTMENT: FORFAITING FACILITY TOTAL PROJECT SIZE (€M): 7.7 MATURITY: 12 YEARS ACTUAL T CO2E EMISSION SAVINGS IN 2022: 3,733 MATURITY: 12 YEARS ESTIMATED T CO2E EMISSION SAVINGS IN 2022: 1,435

19 19 THE EEEF IN 2022 SPAIN GIJÓN eeef and Acciona ESCO S.L. signed a forfait ing facility of € 19.5 million with a term of 11 years to finance the renovation of lighting points on public streets and buildings in the Municipality of Gijón, Spain, in alignment with a prepared in- vestment programme with in the eeef Technical Assistance Facility. The project involves the re- placement of 42,000 luminaires on streetlights and in public buildings. As per conservative estimates, the project is expected to deliver at least 48.02% in primary energy and CO2 savings annually compared to the current baseline, representing 37,005 MWh and 2,446 tCO2e, respectively. Y C N E I C I F F E Y G R E N E 20 THE NETHERLANDS CITY OF VENLO The city of Venlo and the eeef signed a long- term financing contract for EUR 8.5 m. The project upgrades the city’s upgrading street lighting to reduce energy consumption and CO2e emissions, as well as saving the public budget, as the city’s existing public light- ing was the largest energy consumer in its electricity bill. In total, 1,674 lighting poles were replaced and 17,270 luminaires were exchanged with LED technology. Annual Carbon Emission Savings (tCO2e) 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 total accumulated: 7,631 633 771 873 917 974 6,998 977 946 INVESTMENT COMPLETED 880 660 2014 2015 2016 2017 2018 2019 2020 2021 2022+ accumulated savings Annual Primary Energy Savings (MWh) 50,000 40,000 30,000 20,000 10,000 4,634 4,633 INVESTMENT COMPLETED 4,632 total accumulated: 41,567 4,868 4,868 4,868 4,868 4,871 36,699 0 3,325 2014 2015 2016 2017 2018 2019 2020 2021 2022+ accumulated savings KEY FIGURES TYPE OF INVESTMENT: FORFAITING FACILITY TOTAL PROJECT SIZE (€M): 23.6 MATURITY: 11 YEARS ESTIMATED T CO2E EMISSION SAVINGS IN 2022: 2,446 KEY FIGURES TYPE OF INVESTMENT: SENIOR DEBT TOTAL PROJECT SIZE (€M): 8.6 MATURITY: 15 YEARS ACTUAL T CO2E EMISSION SAVINGS IN 2022: 633

23 THE EEEF IN 2022 LITHUANIA DANCER MOBILITY eeef and UAB “Vejo Projektai”, a Lithuanian manufacturer of electric buses, established a Joint Venture “Dancer Mobility” to provide all-inclusive operational lease services of electric buses manufactured in Lithuania to public authorities. Dancer Mobility will finance the purchase of e-buses and their operation in the framework of all-inclusive operational leases provided by the compa- ny to public authorities and covering the bus usage, charging infrastructure, green energy supply and full maintenance. The eeef investment totalled EUR 4.9 million. Annual Carbon Emission Savings (tCO2e) Annual Primary Energy Savings (MWh) 5,000 4,000 3,000 2,000 1,000 0 total accumulated: 4,032 1,344 2,688 1,344 INVESTMENT COMPLETED 1,344 2020 2021 2022+ accumulated savings total accumulated: 27,276 9,092 30,000 25,000 20,000 15,000 9,092 18,184 10,000 INVESTMENT COMPLETED 5,000 9,092 0 2020 2021 2022+ accumulated savings 24 UNITED KINGDOM ORE VALLEY HOUSING ASSOCIATION The eeef provided a loan of EUR 2.2 million to Cardenden Heat and Power (CHAP), a subsidiary of the Ore Valley Housing Associ- ation (OVHA), for the development of a pro- ject scope for an onshore wind turbine and the replacement of over 170 outdated gas boilers in residential buildings owned by the housing association in the Fife council area in Scotland. The boilers were leased to OVHA, and the wind plant benefits from the national Feed in Tariff. Annual Carbon Emission Savings (tCO2e) 3,500 3,000 2,500 2,000 1,500 1,000 total accumulated: 3,404 444 2,960 403 528 499 582 500 INVESTMENT COMPLETED 758 0 190 2016 2017 2018 2019 2020 2021 2022+ accumulated savings Annual Primary Energy Savings (MWh) 35,000 30,000 25,000 20,000 15,000 10,000 total accumulated: 30,702 5,125 4,287 5,331 4,672 25,578 4,903 5,000 INVESTMENT COMPLETED 4,750 0 1,635 2016 2017 2018 2019 2020 2021 2022+ accumulated savings KEY FIGURES TYPE OF INVESTMENT: TOTAL PROJECT SIZE (€M): TYPE OF INVESTMENT: TOTAL PROJECT SIZE (€M): KEY FIGURES EQUITY AND SHAREHOLDER LOAN 6.2 SENIOR DEBT 4.3 MATURITY: UP TO 10 YEARS ESTIMATED T CO2E EMISSION SAVINGS IN 2022: 1,344 MATURITY: 16 YEARS ACTUAL T CO2E EMISSION SAVINGS IN 2022: 444 T R O P S N A R T N A B R U N A E L C Y G R E N E E L B A W E N E R / Y C N E I C I F F E Y G R E N E

T R O P S N A R T N A B R U N A E L C / Y G R E N E E L B A W E N E R / Y C N E I C I F F E Y G R E N E 28 27 THE EEEF IN 2022 LITHUANIA VIPA The Public Investment Development Agency (VIPA) of Lithuania, together with the eeef, agreed to set up a Sustainable Resources Investment Development platform (TIPS), which aims at financing sustainable investments contributing to the direct effects of climate change mitigation. The eeef investment is EUR 10 million. TIPS aims to finance “green” investments that gene- rate energy savings, reduce CO2 emissions, and promote renewable energy use in Lithuania. 2022 CO2e and Primary Energy Savings Contribution from Invested Sub-project Type 14% 11% 75% RE-PV installations EE-Streetlight upgrading EE-Upgrade of the public building KEY FIGURES TYPE OF INVESTMENT: EQUITY TOTAL PROJECT SIZE (€M): 12 MATURITY: UP TO 12 YEARS ESTIMATED T CO2E EMISSION SAVINGS IN 2022: 3,099 PORTFOLIO FACTS ACTIVE APPROVED PROJECTS WITH 8 COUNTERPARTIES: 9 TECHNOLOGIES FUNDED IN THE APPROVED PROJECTS: 4 TONS OF CUMULATIVE CO2E SAVINGS FOR THE APPROVED PROJECTS: 3,099 MEGAWATT HOURS OF CUMULATIVE PRIMARY ENERGY SAVINGS FOR THE APPROVED PROJECTS: 40,909

31 31 EEEF IMPACT MANAGEMENT EEEF IMPACT MANAGEMENT 32 32 PROJECT ASSESSMENT AND MONITORING Eligible projects The eeef can invest in a range of energy efficiency, clean urban transport and small-scale renewable energy technologies, providing the carbon or primary energy savings investment criteria are met. Each project must achieve at least 30% primary energy and/or carbon savings compared to baseline. The Fund may only invest when savings and other investment criteria are fulfilled. Project Assessment and Monitoring As the eeef can finance a variety of techno- logies, the initial technical assessment and ongoing moni toring of investments must strike the correct balance between accuracy and practicality of implementation. How the eeef evaluates technical eligibili- ty is based on the project’s technology and loan size; for example, small standard (e. g. street lighting) project savings can be calcu- lated using validated calculations from the Investment Manager’s carbon environment impact management (CEIM) tool, greenstem™ (greenstem). For projects with higher invest- ment volumes and/or more complex technolo- gies, detailed energy analyses are required in the form of third-party validated reports. As part of the Fund’s due diligence process and for the duration of the loan, the eeef evaluates and monitors the project’s savings performance in alignment with the International Performance Monitoring and Verification Protocol (IPMVP), which requires every project to establish a baseline energy consumption and then conduct a post-project implementation assessment. The Investment Manager’s CEIM team reviews the technical details of all eeef investments and works with project managers to enter relevant data points into greenstem. The Fund provides guidance to project partners on how to conduct project analysis via third-party-validated annual audit templates. This ensures the entire portfo- lio reports using a consistent methodology. greenstem™ All of the eeef portfolios-reported impact indi- cators are tracked in greenstem™, a proprietary web-based tool from the Investment Manager that automatically and consistently calculates anticipated and realised energy, primary ener- gy, and carbon savings. As of the end of 2022, greenstem™ is in the process of rebuilding and migrating its platform to provide a more resili- ent, secure and functional solution. To ensure data compatibility and avoid data loss, the eeef aims to include the impact metrics for the years under review in the new platform until the platform transfer is safely completed. For small loans and standard technologies, greenstem™ completes calculations based on project-speci- fic data inputs and project location/technology conversion factors. The tool stores up-to-date energy and emission conversion factors to en- sure a consistent reporting approach across the portfolio. Factor sources include the Chartered Institution of Building Services Engineers for technology benchmark data and the Intergo- vernmental Panel on Climate Change for the conversion of energy data into greenhouse gas emissions. Electricity emission factors are sour- ced from the International Energy Agency and are updated annually in line with ISO 14064-2, the carbon accounting standard followed. All calculations and data sources used within the tool have been validated by a third-party engi- neering company. greenstem™ provides comprehensive, timely and accurate reporting charts and dashboards that have been configured specifically for eeef user groups. The tool is flexible and can be customised to include additional technologies in the portfolio. SOCIAL AND ENVIRONMENTAL MANAGEMENT SYSTEM (SEMS) The eeef aims to conduct its operations in line with the highest expectations regarding social and environmental responsibility. The eeef’s social and environmental manage- ment system (SEMS) defines the respective roles and responsibilities of the Fund and its partner institutions in promoting social and environmental sustainability. eeef’s SEMS also outlines the performance requirements and procedures, and assesses and man ages the Social and Environmental adverse risks in relation to eeef investments. In general, these shall be in accordance with the European Investment Bank (“EIB”) State- ment on Environmental and Social Principles and Standards, EU Directives on Environmental Impact Assessment (“EIA”), and IFC Perfor- mance Standards1. Regarding impact manage- ment strategy, eeef is aligned to Operating Prin- ciples for Impact Management. For both types of investments – direct and financial institution investments – the eeef SEMS has specific per- formance requirements and procedures that are applied. Compliance with these is assessed during the due diligence process and monitored later on throughout the lifetime of the project. The SEMS also serves as a mechanism to en- sure the investment does no significant harm (DNSH) to any environment and social objec- tive and follows good governance practices. Adherence to the DNSH is derived by matching the IFC Performance Standards with the targets defined in Art. 17 of Regulation (EU) 2020 / 852. eeef considers the principal adverse impacts (PAIs) of its investment decisions on sustaina- bility factors defined by the Sustainable Finance Disclosure Regulation (SFDR)2. For a detailed description of eeef’s SEMS policy, please refer to our webpage: https://www.eeef.lu/social- environmental-standards.html The environmental and social (E&S) screening checks areas such as the following, as well as other E&S issues and reputational risk: 1. 2. GENERAL ENVIRONMENTAL AND SOCIAL ISSUES: EU policy, legal context and compliance, environ- mental impact assessment process, E&S principles and standards 3. SOCIAL: Social assessment, involuntary resettlement, vulnerable groups, indi- genous people, labour standards, etc. ENVIRONMENT, BIODIVERSITY AND CLIMATE CHANGE: Environmental / transboundary impacts, protected ar eas, critical habitants, biodiversity, forestry, cultural heritage, vulnerability to climate change, climate change mitigation, resource efficiency and pollution prevention 1 IFC Performance Standards: https://www.ifc.org/wps/wcm/connect/c02c2e86-e6cd-4b55-95 a2- b3395d204279/IFC_Performance_Standards.pdf?MOD=AJPERES&CVID=kTjHBzk 2 Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector

35 35 EEEF IMPACT MANAGEMENT EEEF IMPACT MANAGEMENT 36 36 EU TAXONOMY ALIGNMENT ASSESSMENT The European Union Regulation 2020 / 852 – better known as “EU Taxonomy for sustainable activities” (“Taxonomy”) – is a regulation in the context of environmentally sustainable investments and an important tool for market transparency. The in- strument enables investors to classify economic activities more easily and to decide whether eco- nomic activities are environmentally sustainable and, thus, worth investing in from an environmental perspective. As an ex-post study, the Taxonomy has the potential to determine to what extent the active eeef-investments to date have been channeled into sustainable activities, and ultimately to guide eeef to continue and enhance its previous impact creation. For this reason, eeef has engaged an external con- sultant with experience in evaluating sustainable activities – Arcadis Italia S.r.l. (“Arcadis”). Arcadis supports its clients for the entire life cycle of natural and built assets, specialising in urban regener a- tion, land reclamation design, water treatment, and sustainable buildings and industrial settlements design. Building on its extensive market experience since 2008, the firm was commissioned by eeef to conduct an independent Taxonomy alignment assessment for its portfolio of current investments. More specifically, eeef wanted to know which ac- tivities within its portfolio contribute substantially to climate change mitigation and, at the same time, 1. IDENTIFICATION OF ELIGIBILITY BY ACTIVITY NACE (Statistical Classification of Economic Activities in the European Community) codes describing the economic activities related to the project have been identified. Furthermore, the correct alignment path for indications provi- ded by the EU Taxonomy Compass, with identi- fication of the sector and the economic activity, has been defined. The activities can be categorised into three different types: > Activities that in and of themselves contribute substantially to one of the six environmental objectives as described in step 2. > Transition activities: Activities for which there are no technologically and economically fea- sible low-carbon alternatives but that support the transition to a climate-neutral economy. > Enabling activities: Activities that enable other activities to make a substantial contribution to one or more of the environmental objectives. 2. THRESHOLD CRITERIA FOR SUBSTANTIAL CONTRIBUTION The alignment with the requirements of the Substantial Contribution Criteria, which are specific for each economic activity as defined by the EU Taxonomy Compass, has been confirmed. The contri- bution is categorised into six environmen- tal objectives: (i) climate change mitiga- tion, (ii) climate change adaptation, (iii) sustainable use and protection of water and marine resources, (iv) transition to a circular economy, (v) pollution prevention and control, (vi) protection and restoration of biodiversity and ecosystems. to determine whether that economic activity causes no significant harm to any of the other environmen- tal objectives as defined within the Taxonomy. In addition, the analysis should categorise the activi- ties into transitional and enabling activities as well as identify mitigation measures about potential risks regarding climate change, pollution, biodiversity, among others, to reach the activities’ impact targets by utilising a more sustainable and climate friendly way of operating. The eeef Taxonomy alignment assessment included 15 active investments as of 1 January 2023. The pro- jects of the partner institutions Banca Transilvania (4 taxonomy activities), VIPA (4 taxonomy activities), and Ore Valley Housing Association (2 taxonomy activities) were individually analysed on sub-project level before being grouped into the respective taxon- omy activity. For Banca Transilvania and VIPA, the active sub-loan projects, respectively sub-projects, as of the end of December 2022, were examined. Generally, the Taxonomy alignment analysis is based on a tool known as “EU Taxonomy Compass”, which aims to make the Taxonomy contents easier to access through a visual representation of sectors, activities and criteria included in the Taxonomy. Following this tool and on the basis of the documen- tation provided by eeef, Arcadis has conducted each project examination in five steps: 3. “DO NO SIGNIFICANT HARM” DUE DILIGENCE The alignment with the requirements of all DNSH criteria, which are specific for each eco- nomic activity as defined by the EU Taxonomy Compass has been confirmed. This analysis should confirm that the assets’ targets and way of operating do not cause any significant harm to the other environmental objectives defined by the Taxonomy. 4. MINIMUM SOCIAL SAFEGUARD The alignment with the require- ments of the Minimum Social Safeguards has been confirmed. 5. CALCULATION OF PERCENTAGE ALIGNED The proportion of turnover aligned with the Taxonomy has been calculated. Results: The analysis concluded that out of the 15 invest- ments analysed, all projects are fully aligned with the Taxonomy. More concretely, all analysed projects contribute to the 1st EU environmental objective (climate change mitigation) through an eligible activity while causing no significant harm to any of the other five EU environmental objectives. Most project activities can be classified as either enabling or transitional. Moreover, the projects comply with minimum social safeguards laid down in the Taxonomy and fulfil the Technical Screening Criteria. According to the Taxonomy alignment assessment carried out by Arcadis, the current eeef investment portfolio can be certified as being environmentally sustainable in terms of the Taxonomy.

39 39 EEEF IMPACT MANAGEMENT EEEF IMPACT MANAGEMENT 40 40 EU TAXONOMY ALIGNMENT | EVALUATION OVERVIEW BY PROJECT STUDIED INVESTMENT DESCRIPTION ALIGNED TAXONOMY TYPOLOGY MEASURES DNSH1 ACTIVITY Banca Transilvania building retrofit in Magurele and Alba Iulia renovation of existing buildings transitional activity for climate change mitigation purchase of electric buses urban and suburban transport, road pas- senger transport transitional activity for climate change mitigation eeef and Banca Transilvania, one of the leading banks in Romania, signed a financing agreement for a green on-lending facility. Provision of financing to public and private building owners, homeowner associations and municipalities, public sector entities and private sector companies acting on behalf of the public sector eeef and Banca Transilvania, one of the leading banks in Romania, signed a financing agreement for a green on-lending facility. Provision of financing to public and private building owners, homeowner associations and municipalities, public sector entities and private sector companies acting on behalf of the public sector EV charging stations enabling activity for climate change mitigation installation, mainte- nance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) eeef and Banca Transilvania, one of the leading banks in Romania, signed a financing agreement for a green on-lending facility. Provision of financing to public and private building owners, homeowner associations and municipalities, public sector entities and private sector companies acting on behalf of the public sector renewable energy sources (solar) installation, main- tenance and repair of renewable energy technologies enabling activity for climate change mitigation eeef and Banca Transilvania, one of the leading banks in Romania, signed a financing agreement for a green on-lending facility. Provision of financing to public and private building owners, homeowner associations and municipalities, public sector entities and private sector companies acting on behalf of the public sector 1 DNSH: “Do no significant harm”. See Step 3 of the Taxonomy alignment analysis for more information. Aligned: fully aligned partially aligned not aligned DNSH (do no significant harm): no significant harm significant harm

43 43 EEEF IMPACT MANAGEMENT EEEF IMPACT MANAGEMENT 44 44 EVALUATION OVERVIEW BY PROJECT STUDIED INVESTMENT DESCRIPTION ALIGNED TAXONOMY TYPOLOGY MEASURES DNSH1 ACTIVITY Jewish Museum Berlin S. Orsola- Malpighi Hospitals energy efficiency upgrade of the Jewish Museum Berlin installation, main- tenance and repair of energy efficiency equipment enabling activity for climate change mitiga- tion replacement of the building management system and lighting management system. installation of the metering system. reconciliation of heating system hydraulics. optimisation of the ventilation system energy efficiency upgrade of the S. Orsola-Malpighi Hospital high-efficiency co-generation of heat/ cool and power from fossil gaseous fuels transitional activity for climate change mitigation upgrade of entire fluids production and distribution system of the hospital trigeneration plant with a district heating and cooling network of 15 km and two new ther- mal plants Illuminated Cities portfolio of street lighting upgrades with smart city features installation, main- tenance and repair of energy efficiency equipment enabling activity for climate change mitigation upgrade of the public lighting infrastructure to LED tech- nology according to a fully smart city approach. lighting integrates multiple services, including applications such as remote control and management systems, video surveillance, wi-fi and charging stations for electric vehicles City of Venlo street lighting upgrade of the City of Venlo installation, main- tenance and repair of energy efficiency equipment enabling activity for climate change mitigation The City of Venlo upgrades the existing street lighting network of the city with energy-efficient LED lamps. The existing O&M contract for the street lighting network with a private service company stays in place and in- cludes the upgraded lighting points Aligned: fully aligned partially aligned not aligned DNSH (do no significant harm): no significant harm significant harm

47 47 EEEF IMPACT MANAGEMENT EEEF IMPACT MANAGEMENT 48 48 EVALUATION OVERVIEW BY PROJECT STUDIED INVESTMENT DESCRIPTION ALIGNED TAXONOMY TYPOLOGY MEASURES DNSH1 VIPA new heating infra- structure for public buildings ACTIVITY installation, main- tenance and repair of energy efficiency equipment enabling activity for climate change mitigation financing “green” investments that generate energy savings, reduce CO2 emissions, and promote renewable energy use in Lithuania street lighting in Kaunas installation, main- tenance and repair of energy efficiency equipment enabling activity for climate change mitigation financing “green” investments that generate energy savings, reduce CO2 emissions, and promote renewable energy use in Lithuania renewable energy sources (solar on buildings) installation, main- tenance and repair of renewable energy technologies enabling activity for climate change mitigation financing “green” investments that generate energy savings, reduce CO2 emissions, and promote renewable energy use in Lithuania renewable energy sources (solar power plants) electricity generation using solar photovol- taic technology financing “green” investments that generate energy savings, reduce CO2 emissions, and promote renewable energy use in Lithuania neither on the list of the enabling nor transitional activities for climate change mitigation and adapta- tion, but considered an eligible activity Aligned: fully aligned partially aligned not aligned DNSH (do no significant harm): no significant harm significant harm

51 EEEF IMPACT MANAGEMENT EEEF IMPACT MANAGEMENT 52 SCOPE 1 AND SCOPE 2 CARBON EMISSION OF THE INVESTED PROJECTS IN 2022 Banca Transilvania CIMAC City of Orléans City of Rennes City of Venlo Dancer Mobility Illuminated Cities Jewish Museum Berlin Municipality of Santander Ore Valley Housing Association Universidad Politécnica de Madrid University Hospital S. Orsola-Malpighi University of Applied Sciences Munich Villa do Conde CARBON EMISSIONS AND SAVINGS MONITORING The Taxonomy generally supports the Sustaina- ble Finance Disclosure Regulation (SFDR) – an EU regulation on the disclosure of information on the sustainability of investment decisions. Among other requirements, the SFDR requires financial advisors and financial market partic- ipants to publish information about negative environmental and social impacts caused by the investments. These negative impacts are known as “Principal Adverse Impacts” (PAIs). In this context, eeef endeavours to provide more transparency and a deeper understanding of the carbon emissions generated by its invest- ments, which is also part of 14 mandatory PAIs. The following is an illustration of the carbon emissions (Scope 1 and Scope 2) per project, with further explanation. Scope 1 carbon emissions are emissions generated from sources that are controlled by the company issuing the underlying assets1. In eeef's case, Scope 1 refers to emissions directly generated from our invested asset. For our projects biomass Cogeneration (Combined Heat and Power- CHP) plants in the City of Orléans and City of Rennes, the scope 1 emissions are from the carbon emissions during the process where the CHP Plant is fueled by recycled wood chips and transform the input fuel into the elec- tricity and heat as output. For eeef’s project of University Hospital S. Orsola Malpighi, the tri- generator (Heat, Power and Cooling) plant also consumes natural gas in the process of different forms of energy production. The carbon emissi- on by the tri-generator attributed to natural gas as a fuel is considered here as scope 1 emissi- ons. As for the project in Universidad Politécni- ca de Madrid, the upgraded boiler is fueled by the natural gas in order to generate heating, the scope 1 carbon emissions in this process are from the natural gas consumption in the boiler. Scope 2 carbon emissions: "purchased" emis- sions through energy usage (electricity, heat, steam cooling), including purchased energy used for production of goods, namely emissi- ons from the consumption of purchased electri- city, steam, or other sources of energy genera- ted upstream from the company that issues the underlying assets. In eeef ‘s case, Scope 2 re- fers to the emission from the energy (electricity, heat for instance) purchased for and consumed by our invested asset itself. For our streetlights upgrading projects, like City of Santander and Vila do Conde, the scope 2 emissions are from the emissions from the electricity itself which is purchased from corresponding Spanish and Portuguese national grid. For Jewish Museum Berlin, the scope 2 emissions are from purcha- sed district heating and the electricity from the German national grid. eeef deduced the Scope 1 and Scope 2 Carbon emissions of each investment from the respec- tive annual project's energy savings summary and report received. Project Gijón is not inclu- ded in the chart, as the project reached the financial close in Q3 2022 and was still in the early stage of installation per end of 2022. Hence, no 2022 emission data available. We expect to report its carbon emission when the project is finalized and in operation in 2023. Scope 3 carbon emissions: all indirect emissi- ons that occur in the value chain of the repor- ting asset and are not covered under Scope 1 and Scope 2, including both upstream and downstream emissions, in particular for sectors with a high impact on climate change and its mitigation; in eeef's case, Scope 3 is currently not available. 1 Scope 1,2 and 3 emissions classification here are according to GHG Protocol Corporate Standard (https://ghgprotocol.org/sites/default/files/standards/ghg-protocol-revised.pdf) 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 Scope 1 (in tons of Co₂e) Scope 2 (in tons of Co₂e)

55 55 EEEF IMPACT MANAGEMENT EEEF IMPACT MANAGEMENT 56 56 EEEF CONTRIBUTION TO SUSTAINABLE DEVELOPMENT GOALS The European Energy Efficiency Fund works actively to contribute to the internationally recognised United Nations (UN) goals for sustainable devel- opment, the so-called Sustainable Development Goals (SDGs). The Fund registered its partnership for UN SDGs and mapped its impact against the following SDGs 7, 11, 13 at the beginning of 2020. The sustainable progress of each goal is now measured with eeef defined indicators, which are closely aligned to the SDGs framework. SDG 7 is mapped against the amount of eeef’s renewable energy & energy efficiency projects contributing to doubling the global rate of improve- ment in energy efficiency SDG 11 is mapped against the annual number of people impacted through all eeef’s projects ~ 7 MILLION people are reached* 14 PROJECTS in Energy Efficiency 2 PROJECTS in Renewable Energy 1 PROJECTS Clean Urban Transport * Population reached is calculated based on the estimation considered for each individual project. For eeef investment the estimation of people reached is based on the percentage amount of the population of the city or region achieved through eeef investments (e.g. number of staff, students, professors, patients, etc.) 9 COUNTRIES 8 Member States and the UK 53 PUBLIC AUTHORITIES POPULATION REACHED THROUGH EEEF INVESTMENT ACTIVITIES eeef investment projects City / region Annual popula- tion reached Notes on population reached Jewish Museum Berlin Berlin 700,000 Average number of visitors per year who have visit the Jewish Museum Berlin since its opening in 2001. University of Applied Sciences Munich Munich 19,592 The total number of students, academic and non-academic staff as of 2019. City of Orléans Orleans 57,120 Part of population benefiting from either heat or power of the CHP project in the City of Orleans. The total number of academic staff (professors, lectures), students, patients and non-aca- demic staff. 4,857,343 The population in the city or region that has benefitted from the sub-loan funding of BT. University Hospital S. Orsola-Malpighi Banca Transilvania (BT) City of Rennes City of Venlo Universidad Politécnica de Madrid Ore Valley Housing Association Bologna Multiple cities in Romania Rennes Venlo Madrid 20,000 85,680 100,536 46,000 Cardenden 6,533 Municipality of Santander Santander 572,044 Illuminated Cities Rozzano 42,557 CIMAC Portugal CIMAC Region 167,000 Dancer Mobility Klaipeda 0 SDG 13 is mapped against the number of countries and public authorities in which eeef has been engaged via its projects since inception (all eligible due to public link) Vila do Conde VIPA Gijón Total Vila do Conde Multiple regions in Lithuania Gijón population * Source: Oficialiosios statistikos portalas 79,533 1,033 Part of population benefiting from either heat or power of the CHP project in the City of Rennes. The total population of city of Venlo (census 2015) is considered as reached population. The total number of students, academic and non-academic staff working on the campus of UPM. The total number of residents and tenants who live in the project area (based on the re- ported figures from OVHA). The total population of the city of Santander, including the average number of tourists visiting the city of Santander each year. The total population living in the municipality included the pipeline at the closing date. The total population living in 14 municipalities (census 2011) that are located in the Alente- jo Central Region in Portugal where the upgrade of luminaires would be performed. People reached will be estimated based on the number of the population using public transport. The project seeks to replace 10 diesel buses in Klaipeda. There are no busses used from the project yet. The total population of Vila do Conde as of census 2011. The first project approved by the Investment Platform has reached 474 households. To reach the number of beneficiary people, this number has been multiplied by the average household size of 2.18 persons.* 269,311 The total population of the city of Gijón (census 2021) is considered as reached population. 7,026,814 The population reached through eeef investment projects is an annualised figure and is estimated using a prudent approach. Each figure is derived from the estimate considered for each individual project based on the populati- on of the city and/or the region achieved as a result of eeef activities (e.g., calculation number of staff, students, professors, patients, etc.) as reported in the investment committee proposal.

59 THE EEEF’S TECHNICAL ASSISTANCE FACILITY 6060 THE EEEF’S TECHNICAL ASSISTANCE FACILITY AN OVERVIEW > EUR 389,500 approved for Ferrara Province > EUR 400,000 approved for the City of Gijón > EUR 340,000 approved for the Italian > EUR 160,000 approved for Ukmergė District Municipality > EUR 195,000 approved for Šilutė District Ministry of Ministry of Defence > EUR 180,000 approved for Kaunas District Municipality > EUR 400,000 approved for the Autonomous Province of Bolzano Municipality > EUR 195,000 approved for the Klaipėda University Hospital > EUR 199,500 approved for the City of Sestao > EUR 180,000 approved for the Daugavpils City Municipality The Fund set up the eeef Technical Assistance Facility (eeef TAF) to catalyse investments in public entities (EU Member States) in the energy efficiency sector, small-scale renew- able and/or public urban transport. The TAF directly allocates consultancy services to the TA beneficiaries. Some of the services provided are e.g., energy audits, feasibility studies, public procurement assistance, calculations of benefits and preparing investment programmes. To date, the eeef has approved ten public bene- ficiaries across Spain, Italy, Lithuania and Latvia, which are currently receiving consultancy services in various forms with the common aim of bringing the projects to fruition. eeef expects to deliver over €146.7 m worth of commercially viable investments. Six of the eeef TAF programmes have already pub- lished tenders (Ferrara Province TA, Modena TA, Kaunas TA, Gijón TA, Silute TA and Ukmergė TA). Even though the TAF’s scope of work ends once the public beneficiary has launched the tender, the Fund’s support is not limited to providing technical assistance services; it also aims to reach closing and provide project financing through various financial instruments to ensure that the projects materialise. It is the eeef’s intention that the TAF remains active for the foreseeable future, with the mission to turn public sector climate mitigation projects into reality. 7 . 6 4 1 6 2 . 5 5 € million euros envisaged total project investment volume supported by the eeef TAF potential total leverage factor (weighted average) 1 3 3 , 8 5 7 1 2 , 0 2 MWh per year estimated primary energy savings 4 countries involved 5 tCO2e per year estimated carbon equivalent emission savings 1 public and municipal authorities involved

63 THE EEEF’S TECHNICAL ASSISTANCE FACILITY 6464 NEW EEEF TAF PROGRAMMES THE CITY OF SESTAO IS THE NINTH PUBLIC AUTHORITY TO JOIN THE EEEF TO COLLABORATE ON THE NEW EEEF TECHNICAL ASSISTANCE FACILITY The City of Sestao is located in the province of Biscay, northern Spain, on the West bank of the estuary of the Nervion River, which leads to the Cantabrian Sea. The city delimits with the municipalities of Barakaldo, Portugalete, and Trapagaran. It has a population of circa 27,342 inhabitants. It is one of the 26 municipalities that belong to the Greater Bilbao Metropolitan Area. The City of Sestao is a town and municipality in the autonomous Basque Country in Spain. It is strategically well positioned, being located only 2 km away from Bilbao, Biscay’s capital city, to which it is well-connected through roads, such as trains, cycling lanes, and waterways. The municipality has the greater plant of Galindo, which ranks among Spain’s 5 largest instal- lations. On 6 April 2022, the eeef and the City of Sestao signed a TA agreement to develop the SESMART project “Sestao Energy Smart Management”: Active-Resilient-Transformative. The City of Sestao seeks to prepare this ambitious invest- ment programme to achieve its energy efficien- cy goals by providing integral upgrades in four municipal sites (5 public buildings), modernis- ing the street lighting system, developing ener- gy communities with solar PV systems and/or installing PV panels, developing an e-mobility program and a digital platform. The project volume for the programme is circa EUR 13.7 m. This will facilitate Sestao in reach- ing the required renovation and energy levels to contribute to the local and national targets. Recent developments The TA works have started. The energy doc uments and data collection have been completed. The economic analysis is currently being prepared. The tender is expected to be published by H1 / 2023. THE DAUGAVPILS CITY MUNICIPALITY IS THE TENTH PUBLIC AUTHORITY TO JOIN THE EEEF TO COLLABORATE ON THE NEW EEEF TECHNICAL ASSISTANCE FACILITY The Daugavpils City Municipality is the second largest city, located in south-eastern Latvia on the banks of the Daugavpils River. It is one of the nine Republic Cities (Dau- gavpils, Jēkabpils, Jelgava, Jūrmala, Liepāja, Rēzekne, Riga, Valmiera, and Ventspils) and has a population of circa 82,000 inhabitants. It is considered a multicultural and multi-ethnic city. In July 2022, the eeef and the Daugavpils City Municipality signed a TA Agreement to enhance energy efficiency in the city by upgrading its pub lic street lighting infrastructure. The objec- tive is to prepare and implement a street ligh- ting modernisation project by upgrading circa 7,664 to 9,000 luminaires, 141 cabinets, 80 km of cables, and ca. 2,000 (units) poles, etc. The TA Consultants appointed by eeef will pro- vide energy audits / a feasibility study, technical consultations, evaluation of the economic viability of each investment including financial analysis, and structuring the tender documents to align with the PPP / ESCO model. Legal ad- visory services concerning these tasks will be provided. According to the preliminary assessment, the total investment needed to implement the sustainable investment programme is circa EUR 7.8 m. This will enable Daugavpils City Munici- pality to reach a more efficient and smart street lighting system, improved lighting quality, and energy levels that contribute to the local and national targets. Recent developments TA works have started. In December 2022, ener- gy inventories were finalised and submitted to the municipality for review.

67 MARKET OUTLOOK AND MOVING FORWARD 68 68 ENERGY MARKET OUTLOOK AND DECARBONISATION GOING FORWARD by Rahul Pratap Singh Following the Paris Agreement in 2015, the Inter- governmental Panel on Climate Change, compri- sing 195 governments, published a special re- port about global warming above pre-industrial levels of 1.5°C. Furthermore, the report conclu- ded that global warming of 2°C is likely to trigger irreversible catastrophic changes in the climate systems, rendering the planet inhabitable. European Union (EU) pledged allegiance to con- tain global warming by targeting the main culprit – greenhouse gases (GHG) emissions – and set forth a 2030 Climate and Energy Framework to serve as the interim milestone towards achie- ving a 100% decarbonised Europe by 2050. The framework seeks an energy transition by 2030 in the EU based on greater energy efficien- cy (32.5% compared to 2007 baseline) and the gradual elimination of fossil fuels in favour of higher renewable energy sources in final energy consumption (32% contribution in 2030) and low GHG emission (at least 40% reduction com- pared to 1990 levels)1. These interim targets lay down a tangible and quantifiable trajectory for the EU to pursue. The targets have been further cascaded down to the 27 member states, who are free to develop coun- try-specific. Furthermore, there are roughly 4 mitigation strategies that aim address the decar- bonisation challenge: energy efficiency, fossil fuel reduction, renewable energy promotion, and electrification. Energy efficiency helps decarbonise by cutting down the energy consumption. But it is so- mehow the least attention-grabbing strategy compared to the other 3 strategies. In its most basic form, energy efficiency is about improv- ing insulation, lowering losses in heating/ cooling, replacing or optimising equipment, etc. However, as the impact of energy efficiency is distributed across multiple interventions and numerous sites, e.g., 1000s of streetlights, it is difficult to visualise. But it plays an important role in key sectors: power, building-heating, in- dustrial and transport, among others. However, leaving the remaining 3 strategies unsupported by energy efficiency would delay decarboni- sation owing to higher pressure on new clean energy supplies and render higher energy costs on consumers. The 2nd strategy is to lower fossil fuel depend- ency in the energy sectors. Fossil fuels have a high carbon density and hence excessively high GHG emissions. For example, in 2015, fossil fuels supplied roughly 73% of the total energy consumed in EU, accounted for only around 25% of the electricity and heat generation but emitted nearly 75% of its GHG emissions. Likewise, gas accounts for 33% of final energy consumption in buildings heating and emits nearly 66% of GHG emissions. The 3rd strategy of decarbonisation is large- scale deployment of renewable energy sources. Leading up to 2030, the deployments of renew- able energy will increase the most well-known technologies: solar PV, wind, hydro, biomass, and geothermal, among others. The sizable investments, technological advancements, and policy steering in the last decades helped renewable energy sources, especially wind and solar parks, generate cheaper electricity than coal counterparts. This has significantly altered the competitive landscape in favour of renew- able energy sources acting as cheaper zero- carbon energy to support decarbonisation. Sectors such as power, building-heating, trans- portation, and industry have usually worked on specific disconnected infrastructures and fuels. But the 4th strategy, electrification coupled with digitalisation, can can overcome these sectoral 1 https://climate.ec.europa.eu/eu-action/climate-strategies-targets/2030-climate-energy-framework_en 2030 climate & energy framework (europa.eu) barriers – e.g., electric vehicles and electric heat pumps can draw power from the cheaper zero-carbon energy grid. Furthermore, com- bined with digitalisation, electrification offers opportunities to balance energy demand & sup- ply gaps – e.g., on days when heating systems in buildings take excess power, electric vehicle batteries can feed electricity back to the grid to prevent scarcity. These four mitigation strategies need to be implemented in parallel and to their full possi- bility to stand a chance of accomplishing the decarbonisation goal by 2050. Let us briefly look at the application of decarbonisation in the context of 2 carbon-intensive sectors. Applying decarbonisation to the building sector: According to the European Commission, the en- ergy consumption in nearly 75% of EU buildings is inefficient because the design considerations and implementation date back to times when energy efficiency requirements for buildings were limited or nearly inexistent2. Furthermore, these buildings are very much in full use with needs for space and water heating. Over 50% of buildings in the EU are still fitted with ineffi- cient, fossil fuel (gas or oil or hard coal) driven boilers, boilers that, in many cases, have. 1 Energy efficiency: Buildings need to lower the final energy demand by improving the thermal insulation of building shells and incre- asing the efficiency of heating/cooling systems. To achieve the necessary reductions in energy consumption, renovation rates need to pick up and double while all new buildings should be (nearly) zero energy buildings. 2 Fossil fuel reduction: By combining an overall decrease in energy demand along with electrification and zero-carbon energy supply, there should be a significant drop in the consumption of coal and oil. The aim should be to lower dependency until the total of coal and oil from the building-heating sector. 3 Renewable energy: Specific local circum- stances govern the renewable energy potential, the feasibility of a district heating & cooling, and the needs for thermal energy. Geothermal energy, biomass from waste, and waste heat from industrial processes are some of the possibilities for sustainably delivering re- newable heat for buildings and district heating networks. 4 Electrification: Heat pumps are a good example of implementing electrification in an efficient and cost-effective form to support decarbonisation. These pumps convert one unit of zero-carbon electricity into units of heating or cooling. According to estimates, more than 45 million households will have electric heating by 20303 and over 85% of EU households by 20504. Applying decarbonisation to the land transport sector: Transport is a big challenge, because it is the individual sector with the highest overall EU GHG emissions and an increasing GHG emis- sions profile in the future. In 2015, this sector accounted for around a third of all final energy consumption in the EU and for two-thirds of overall oil consumption. The emissions in this sector are dominated by road transport, which in 2015 was responsible for 73% of overall emissions5. Apart from small contributions from biofuels towards decarbonisation, electric vehi- cles will make a growing contribution. Energy efficiency: A most cost-effective way of decarbonisation land transport is transi- tioning towards more efficient modes of public transport (such as rail, buses), improving ove- rall system efficiency, better urban planning, digital technology to encourage private users to switch to public transport. Furthermore, tech- nological progress and design innovation can ensure the conventional and electric vehicles to be more fuel efficient than preceding models. 1 2 Fossil fuel reduction: According to a re- search report from Wood Mackenzie, up to 700 million Electric Vehicles (EVs) could be on the roads by 2050 compared to just over 10 million at the end of 2020. Likewise, the global electric bus market is expected to grow at 14% CAGR by 2030 – in Europe alone, the electric bus market is expected to reach 30,000 by 2030. Such growing number of EVs accompanied by zero-carbon electricity and charging infrastruc- ture would significantly lower demand for fossil fuels for land transport. Renewable energy: While the transition from petrol to electric cars helps, a bigger dent could be achieved through a modal shift – transitioning to rail, public transport, shared mobility, cycling and walking. The volume of electrified rails, passenger rail transport, and public electric buses should outpace the 3 2 https://energy.ec.europa.eu/topics/energy-efficiency/energy-efficient-buildings/energy-performance-buildings-directive_en 3 https://www.woodmac.com/press-releases/europe-to-install-45-million-heat-pumps-in-the-residential-sector-by-2030/ 4 https://joint-research-centre.ec.europa.eu/jrc-news-and-updates/bringing-low-carbon-heating-systems-our-homes-2021-12-16_en 5 https://www.agora-energiewende.de/fileadmin/Projekte/2019/EU_Big_Picture/153_EU-Big-Pic_WEB.pdf

71 IMPRINT 7272 Publisher: The European Energy Efficiency Fund, S.A., SICAV-SIF 31 Z.A. Bourmicht L-8070 Bertrange Grand Duchy of Luxembourg Photo credits: Alex Kraus, Jeff Molliere, Lada Strelnikova, iStockphoto / vm, Shutterstock Inc. / Roschetzky Photography Disclaimer The European Energy Efficiency Fund SA, SICAV- SIF, a “société d’investissement à capital variable” incorporated under the laws of the Grand Duchy of Luxembourg, with its registered office at 31 Z.A.Bourmicht; L8070 Bertrange Luxembourg, and registered with the Registre du Commerce et des Sociétés, Luxembourg under number B 162.036 (the “AIF”). The AIF is an investment fund incorporated as an investment company with variable capital, authorised by the CSSF pursuant to the Luxembourg law of 13 February 2007 on specialised investment funds. The AIF was internally managed in accordance with article 4(1) b) of the Law of 2013 and was registered as a “de minimis” alternative invest- ment fund manager in accordance with article 3(2) of the Law of 2013 until 10 January 2021. The AIF became fully compliant with the AIFMD as of 11 January 2021, which means that the AIF quali- fies as an alternative investment fund pursuant to Article 1(39) of the Law of 2013. The Fund is reserved for certain eligible investors as defined in the issue document. The informa- tion in this report constitutes neither an offer nor a product recommendation; it is provided for individual information purposes only. No gu- arantee is given or intended as to the complete- ness, timeliness or accuracy of the information provided herein. This report is neither an issue document, as specified by applicable law, nor the financial annual report of the Fund, nor the management report. The current issue document is obtainable at the registered office of the Fund. Please request the Fund’s issue document, read it carefully and seek advice from your legal and/or tax advisors before investing. The distribution of the issue document and the offering of shares and/or notes may be restricted in certain jurisdictions. The issue document does not constitute an offer or solicitation in jurisdictions where such an offer or solicitation is considered unlawful, where a person making such an offer or solicitation is not qualified to do so, or where a person receiving the offer or solicitation may not lawfully do so. It is the sole responsibility of any person in possession of the issue document and of any person wishing to apply for shares and/or notes to inform them- selves of and observe all applicable laws and regulations of relevant jurisdictions. Distribution of the document by an unauthorised person is prohibited and shall be solely at their own risk. Investors should inform themselves and should take appropriate advice as to possible tax conse- quences, foreign exchange restrictions or exchange control requirements which they might encounter under the laws of the countries of their citizenship, residence or domicile or other applicable laws and which might be relevant to the subscription, purchase, holding, redemption or disposal of the shares and/or notes of the Fund. The shares and/or notes of the Fund have not been and will not be registered under the United States Securities Act of 1933 as amended from time to time (the 1933 Act) or any other appli- cable securities laws of any of the states of the United States, for offer or sale, directly or indirectly in the United States of America, except pursuant to an exemption from the registration requirements of the 1933 Act as part of their dis- tribution, and the Fund has not been and will not be registered under the United States Investment Company Act of 1940. This work is protected by copyright law. All rights reserved, in particular with respect to transla- tion, reproduction, communication, copying of images and tables, broadcasting, microfilming or reproduction by other means, as well as storage on data-processing equipment, even where such use only applies to excerpts. Reproduction of this work or parts thereof is permissible only within the scope of the statutory provisions.