Cadena de comercialización de carne ovina

There are a number of conflicts of interest which may arise in the course of managing the Fund, as follows:

The interests of the investors may conflict with:

 the interests of the Company, other companies in the same group as the Company, the Compa- ny's management and/or staff, outside companies and persons with which the Company is con- nected by contract and other third parties

and

 the interests of the investment funds the Company manages and insourcing mandates, investors and clients of the Company

or

 the interests of investors and clients of the Company amongst themselves or

 the interests of investors and the investment funds the Company manages or

 the interests of the various investment funds the Company manages.

The circumstances and relations which may give rise to conflicts of interest include in particular:

 Incentive systems to management or staff of the Company, other companies in the same group as the Company or outside companies which are contracted to provide services to enable portfolios to be managed collectively

 Personal transactions involving assets which are held in the Fund which the Company manages, by managers or staff of the Company or managers or staff of companies which the Company has engaged under contract to enable portfolios to be managed collectively

 Transactions between the Company and the investment funds and/or individual portfolios it man- ages and/or transactions amongst investment funds and/or individual portfolios the Company manages

 Combining a number of orders ('block trades')

 Frequent trading

 Setting the cut-off time

 IPO allocations

 Delegating one or more functions to another company

 Exercising voting rights in respect of the securities held in the Fund

 Duties of the Custodian

 Interests of investors who wish to recover their investments and investors who wish to continue investing in the Fund

 Aims of asset management, to invest in illiquid assets and the redemption principles of the Fund. The Company may incur cash-equivalent benefits related to the transactions made on behalf of the Fund (broker research, financial analyses, market and price information systems) which are used in deciding how to invest on behalf of the investors.

The Company does not get any refunds out of payments and reimbursements of costs paid to the Custodian or third parties.

The Company pays intermediaries, e.g. credit institutions, recurring (generally annual) agency fees, otherwise known as "trailer fees".

Where Universal-Vertriebs-Services GmbH acts as intermediary in relation to investment funds, which may in particular be investment funds the Company manages, are acquired in the Fund, the invest- ment advisers or asset managers of those investment funds pay Universal-Vertriebs-Services GmbH a sales fee for its intermediary services.

The organisational measures the Company employs in dealing with conflicts of interest, detecting, preventing, managing, monitoring and disclosing them are as follows:

 Establishing a remuneration system which does not provide any incentive to put personal interests over those of the investment funds the Company manages or of investors or clients

 Advisory and asset management company partners are contractually bound to avoid conflicts of interest

 Rules on personal transactions, that are continuously monitored by the Compliance department, and a blacklist which prohibits personal transactions involving certain assets to avoid potential conflicts of interest arising

 Rules on disclosing and dealing with accepting and granting inducements

 Monitoring the transaction frequency involving investment funds the Company manages to pre- vent those investment funds being redeployed to the detriment of investors

 Implementing measures to prevent boosting the Fund's performance with a view to cut-off dates in investment funds the Company manages (window dressing)

 Not engaging in any own account transactions with investment funds or individual portfolios the Fund manages or conducting transactions between different investment funds the Company manages merely to achieve better trading results without being to the detriment of any of the in- vestment funds involved

 Aggregating multiple orders or block trades is done based on a uniform allocation principle

 Informing investors if instructing closely related enterprises or persons to act as asset managers, consultants, brokers or custodians, etc.

 Taking steps internally to watch out for market impact by individual investments of considerable scope which are to the detriment of the Fund

 Prohibiting management and staff of the Company from engaging in frequent trading establishing down rules on personal transactions and monitoring the investment funds the Company manages for them

 Agreeing cut-off times with custodians to counteract speculation against the investment funds the Company manages

 Consistent internal allocation principles for IPO allocations

 The Company may delegate one or more functions to other companies with a view to extending the range of services the Company provides

 Voting rights accruing to shares in the portfolio of the Fund are exercised based on the recom- mendations of a neutral external consultancy company in line with the analysis guidelines of the BVI Bundesverband Investment und Asset Management e.V.

 The Fund Custodian acts independently of the Company, and is contractually bound to act in the interests of the investors alone

 Interests of investors who wish to return their investments and those who wish to keep investing in the Fund are taken into account when managing liquidity internally

 The same applies with respect to conflicts between setting goals when managing the investments, investing in illiquid assets and the redemption principles of the Fund.