Cobas Asset Management is a Collective Investment Scheme management company licensed by the CNMV, Spain’s securities market regulator, under number 251, with registered office in Madrid, C/José Abascal, 45, C.P. 28003 and registered in the Madrid Companies Registry at Volume 35511, Folio 141, Section 8, Page M-638272. Its Tax Identification Number (CIF) is A87722377.

You are about to access a website exclusively for people resident in Spain or who access the websitefrom Spain.

This website is only intended to provide information about Cobas AM and its products authorised for marketing in Spain. None of the information contained in this website constitutes an offer by Cobas AM to buy or sell financial instruments or to provide investment advice.

The Collective Investment Schemes listed here and managed or advised by Cobas AM are registered with the Comisión Nacional del Mercado de Valores, Spain’s securities market regulator.

Prior to the subscription or purchase of shares, a copy of the Key Investor Information Document (KIID) and the latest half-yearly report will be delivered and, upon request, the full prospectus and the latest annual and quarterly reports published and available at the CNMV, at José Abascal, 45 and on the website www.cobasam.com.

In no case is registration with other supervisory authorities guaranteed.

Past performance does not imply or guarantee future performance and the products included herein carry or may carry, among others, risks of fluctuations in interest rates, market prices, exchange rates, financial assets or indices.

Cobas AM states that the information on the products contained in this website is provided for information purposes only and offers a general presentation of its products and services. This information is subject to change and may be updated by Cobas AM without notice at any time. Your access to this website is subject to compliance with current Spanish legislation and the legal notices / general terms and conditions of access to the website.

By choosing to access our website, you acknowledge that you have read and agree to the terms and conditions. In your own interests, we recommend that you read them carefully.

Alternative Fund SICAV-SIF (hereinafter the SIF) is a collective investment scheme (CIS) in the form of a SICAV – SIF (specialised investment fund), on record in the official registers of the CNMV for marketing in Spain under number —-. COBAS AM provides the SIF information (on this site) for the sole purpose of disclosing it in accordance with applicable law. Users may not use the website for any other purpose. Disclosure of information collected on the website may be restricted in certain countries by local laws and regulations, and persons who access and use the website must be informed of and comply with such restrictions.

Cobas Asset Management is a Collective Investment Scheme management company licensed by the CNMV, Spain’s securities market regulator, under number 251, with registered office in Madrid, C/José Abascal, 45, C.P. 28003 and registered in the Madrid Companies Registry at Volume 35511, Folio 141, Section 8, Page M-638272. Its Tax Identification Number (CIF) is A87722377.

You are about to access a website exclusively for people resident in Spain or who access the websitefrom Spain.

This website is only intended to provide information about Cobas AM and its products authorised for marketing in Spain. None of the information contained in this website constitutes an offer by Cobas AM to buy or sell financial instruments or to provide investment advice.

The Collective Investment Schemes listed here and managed or advised by Cobas AM are registered with the Comisión Nacional del Mercado de Valores, Spain’s securities market regulator.

Prior to the subscription or purchase of shares, a copy of the Key Investor Information Document (KIID) and the latest half-yearly report will be delivered and, upon request, the full prospectus and the latest annual and quarterly reports published and available at the CNMV, at José Abascal, 45 and on the website www.cobasam.com.

In no case is registration with other supervisory authorities guaranteed.

Past performance does not imply or guarantee future performance and the products included herein carry or may carry, among others, risks of fluctuations in interest rates, market prices, exchange rates, financial assets or indices.

Cobas AM states that the information on the products contained in this website is provided for information purposes only and offers a general presentation of its products and services. This information is subject to change and may be updated by Cobas AM without notice at any time. Your access to this website is subject to compliance with current Spanish legislation and the legal notices / general terms and conditions of access to the website.

By choosing to access our website, you acknowledge that you have read and agree to the terms and conditions. In your own interests, we recommend that you read them carefully.

Cobas Lux SICAV is a collective investment scheme on record in the official registers of the CNMV for marketing in Spain under number 1655. All investments must be made through registered Spanish distributors and on the basis of the information contained in the latest prospectus and in the latest annual and half-yearly report published by the CIS, as well as the rest of the mandatory documentation that must be received from the Spanish distributor of the CIS prior to any subscription or CNMV registrations. A consolidated list of Spanish distributors registered with the CNMV can be obtained at www.cnmv.es].

The present website is aimed at people resident in Switzerland. On this website, you will find information on investment funds and other collective investment schemes authorized for public distribution in Switzerland.The pages intended for qualified investors pursuant to Art 10 of the Collective Investment Schemes Act (CISA) also contain information on investment funds and other collective investment schemes that may only be offered to such investors and may not be publicly distributed.

Cobas Lux SICAV” es una institución de inversión colectiva inscrita en los registros oficiales de la CNMV para su comercialización en España con el número 1655 . Toda inversión debe realizarse a través de los distribuidores españoles registrados y sobre la base de la información contenida en el último folleto informativo y en el último informe anual y semestral publicado de la IIC, así como del resto de la documentación obligatoria que debe recibir del distribuidor español de la IIC antes de cualquier suscripción o de los registros de la CNMV. Puede obtenerse una lista consolidada de distribuidores españoles registrados en la CNMV en www.cnmv.es.

Alternative Fund SICAV‐SIF (en adelante “la SIF”) es una institución de inversión colectiva (IIC) con la forma de SICAV – SIF (fondo de inversión especializado), inscrita en los registros oficiales de la CNMV para su comercialización en España con el número 2017. COBAS AM proporciona la información de la SIF (en este sitio) con el objeto exclusivo de divulgarla de conformidad con la normativa de aplicación. Los usuarios no utilizarán la página web con ningún otro propósito. La divulgación de la información recogida en la página web puede estar restringida en ciertos países por sus leyes y regulaciones locales, y las personas que accedan y la utilizan deben estar informados y cumplir con las citadas restricciones.

Cobas Lux SICAV is a foreign undertaking for collective investment in transferable securities (UCITS) registered with the official registries of AMF for its marketing in France under number 694. Any investment in the Fund must be made through the Cobas AM, branch in France or any other distributor authorized in France and on the basis of the information contained in the most recent prospectus and the last published annual and semi‐annual report of the Fund and the rest of the mandatory documentation that you must receive from the distributor of the Fund prior to any subscription or from the AMF registries.Cobas Lux SICAV, est un OPCVM dont la commercialisation est autorisée par l’AMF avec numéro d’enregistrement 694. Tout investissement dans le Fonds doit être effectué par l’intermédiation de Cobas AM Branche Française ou des distributeurs enregistrés et sur la base des informations contenues dans le dernier prospectus, le dernier rapport annuel et semestriel publié par le Fonds et le reste de la documentation obligatoire que vous devez recevoir du distributeur du Fonds préalablement à toute souscription ou des registres de l’AMF.

Cobas Lux SICAV is anundertaking for collective investment scheme established in the Grand Duchy of Luxembourg and registered with the official registries of the CSSF for its marketing in Luxembourg under number 8594. Any investment shall be made through the registered Spanish distributors and on the basis of the information contained in the most recent prospectus/management regulations and the last published annual and semi‐annual report of the Fund and the rest of the relevant documentation. Prior assessment of these documents is under your sole responsibility. You will receive this documentation either (i) from the distributor of the Fund prior to any subscription, (ii)from the the dedicated website of the Fund after registration.

Alternative Fund SICAV‐SIF (the “Company”) is an undertaking for collective investment in the form of a Société d’investissement à capital variable ‐ Fonds d’investissement spécialisé, authorised under the 2007 Law and qualifies as an alternative investment fund under the 2013 Law. Cobas AM provides the information in this site for the exclusive purpose of disclosing information to investors in the Company in accordance with the applicable Luxembourg laws and regulations. Users shall not use the Webpage for any other purposes. The disclosure of the information contained in the Webpage in certain countries may be further restricted by local laws and regulations and persons who access and use it are required to keep themselves informed and to comply with any such restrictions.

Cobas Lux SICAV ist ein ausländischer Organismus für gemeinsame Anlagen in Wertpapieren (OGAW), der zum Zweck seines Vertriebs in Deutschland in den amtlichen Registern der BaFin unter der Nummer 70155222 eingetragen ist. Investitionen in den Fonds müssen unter Zugrundelegung der im aktuellen Prospekt und im zuletzt veröffentlichten Jahres- und Halbjahresbericht des Fonds enthaltenen Informationen sowie der übrigen erforderlichen Unterlagen erfolgen, die Sie vom Vertriebspartner des Fonds oder aus den Bafin-Registern vor jeder Zeichnung einholen müssen.

Cobas Lux SICAV is a foreign collective investment recognised by the Financial Conduct Authority (“FCA”) (product reference: 785608) and can be marketed to investors in the United Kingdom. Any investment in the Fund must be made on the basis of the information contained in the most recent Key Investor Information Document, prospectus and the last published annual and half‐yearly reports of the Fund which are available on this website

Alternative Fund SICAV‐SIF (the “Company”) is an undertaking for collective investment in the form of a Société d’investissement à capital variable ‐ Fonds d’investissement spécialisé, recognised by the Financial Conduct Authority (“FCA”) (product reference:2017) Cobas AM provides the information in this site for the exclusive purpose of disclosing information to investors in the Company in accordance with the applicable laws and regulations. Users shall not use the Webpage for any other purposes. The disclosure of the information contained in the Webpage in certain countries may be further restricted by local laws and regulations and persons who access and use it are required to keep themselves informed and to comply with any such restrictions.

The information contained on the following pages of the website is restricted and is not for release, publication or distribution in or into the United States(“U.S.”) or any other jurisdiction where the communication of such information is restricted by law. None of the information contained in the following pages of the website constitutes an offer of, or an invitation to purchase, any security, nor any investment advice or services. These materials are provided for information purposes only. The securities referred to on the following pages of the website have not been nor will they be registered under the U.S.Securities Act of 1933, as amended (the “Securities Act”), or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S.persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. There will be no public offering of the debt and other securities referred to on the following pages of the website in the United States. The following pages of the website are not addressed to, or intended for use by: (i) U.S.persons, persons located in the United States or residents of the United States or (ii) persons in any other jurisdictions where the communication or receipt of such information is restricted in such a way that provides that such persons cannot receive it. In particular, such persons or persons acting for the benefit of any such persons are not permitted to visit the following pages of the website. None of the information contained on the pages that follow nor any copy thereof may be taken or transmitted in or into, or distributed, whether directly or indirectly, in or into, the United States or any other jurisdiction as described above. Failure to comply with this may result in a violation of U.S. law, including the Securities Act, or the law of another jurisdiction. To visit the following pages of the website, you must confirm that you have understood the above sentences and agree to comply with the restrictions and that (i) you are not a U.S.person, not located in the United States and not a resident of the United States, (ii) otherwise you are not a person to whom the communication of the information contained on the website is restricted; (iii) you are not acting for the benefit of any such person; and (iv) you will not forward or distribute the information on the following pages to any such persons. By proceeding to this website, you will be deemed to have made this confirmation.

Cobas Asset Management es una sociedad gestora de Instituciones de Inversión Colectiva autorizada por la CNMV con el número 251, con domicilio social en Madrid, C/ José Abascal, 45, C.P. 28003 y está inscrita en el Registro Mercantil de Madrid, Tomo 35511, Folio 141, Sección 8, Hoja M‐638272. Su C.I.F. A87722377.

Usted está a punto de acceder a una página web exclusivamente para personas residentes en España o que accedan a la página web desde España.

Este sitio web sólo pretende proporcionar información sobre Cobas AM, y sus productos autorizados para su comercialización en España. Ninguna de la información contenida en este sitio web constituye una oferta de Cobas AM para comprar o vender instrumentos financieros o para proporcionar asesoramiento de inversión.

Las Instituciones de Inversión Colectiva aquí recogidas y gestionadas o asesoradas por Cobas AM están registradas en la Comisión Nacional del Mercado de Valores.

Previamente a la suscripción o compra de acciones, se entregará un ejemplar del Documento de Datos Fundamentales del Inversor (DFI o KIID por sus siglas en inglés) y del último informe semestral y, previa solicitud, del folleto informativo completo y de los últimos informes anuales y trimestrales publicados y disponibles en la CNMV, en José Abascal, 45 y en la página web www.cobasam.com.

En ningún caso se garantiza su registro ante otras autoridades supervisoras.

Rentabilidades pasadas no implican ni garantizan rentabilidades futuras y los productos aquí incluidos conllevan o pueden conllevar entre otros, riesgos de variación de tipo de interés, de mercado, tipos de cambio, activos financieros o índices.

Cobas AM declara que la información sobre los productos contenidos en este sitio web se ofrece exclusivamente a título indicativo y ofrece una presentación general de sus productos y servicios. Esta información es susceptible de sufrir modificaciones y puede ser actualizada por Cobas AM sin previo aviso y en cualquier momento.

Su acceso a este sitio web está sujeto al cumplimiento de la legislación española vigente y a los “avisos legales / condiciones generales de acceso a la web”.

Al optar por acceder a nuestro sitio web, usted reconoce haber leído los términos y condiciones y está de acuerdo con ellos. En su interés, le recomendamos que lea atentamente.

Alternative Fund SICAV‐SIF (en adelante “la SIF”) es una institución de inversión colectiva (IIC) con la forma de SICAV – SIF (fondo de inversión especializado), inscrita en los registros oficiales de la CNMV para su comercialización en España con el número 2017. COBAS AM proporciona la información de la SIF (en este sitio) con el objeto exclusivo de divulgarla de conformidad con la normativa de aplicación. Los usuarios no utilizarán la página web con ningún otro propósito. La divulgación de la información recogida en la página web puede estar restringida en ciertos países por sus leyes y regulaciones locales, y las personas que accedan y la utilizan deben estar informados y cumplir con las citadas restricciones.

Cobas Asset Management es una sociedad gestora de Instituciones de Inversión Colectiva autorizada por la CNMV con el número 251, con domicilio social en Madrid, C/ José Abascal, 45, C.P. 28003 y está inscrita en el Registro Mercantil de Madrid, Tomo 35511, Folio 141, Sección 8, Hoja M‐638272. Su C.I.F. A87722377.

Usted está a punto de acceder a una página web exclusivamente para personas residentes en España o que accedan a la página web desde España.

Este sitio web sólo pretende proporcionar información sobre Cobas AM, y sus productos autorizados para su comercialización en España. Ninguna de la información contenida en este sitio web constituye una oferta de Cobas AM para comprar o vender instrumentos financieros o para proporcionar asesoramiento de inversión.

Las Instituciones de Inversión Colectiva aquí recogidas y gestionadas o asesoradas por Cobas AM están registradas en la Comisión Nacional del Mercado de Valores.

Previamente a la suscripción o compra de acciones, se entregará un ejemplar del Documento de Datos Fundamentales del Inversor (DFI o KIID por sus siglas en inglés) y del último informe semestral y, previa solicitud, del folleto informativo completo y de los últimos informes anuales y trimestrales publicados y disponibles en la CNMV, en José Abascal, 45 y en la página web www.cobasam.com.

En ningún caso se garantiza su registro ante otras autoridades supervisoras.

Rentabilidades pasadas no implican ni garantizan rentabilidades futuras y los productos aquí incluidos conllevan o pueden conllevar entre otros, riesgos de variación de tipo de interés, de mercado, tipos de cambio, activos financieros o índices.

Cobas AM declara que la información sobre los productos contenidos en este sitio web se ofrece exclusivamente a título indicativo y ofrece una presentación general de sus productos y servicios. Esta información es susceptible de sufrir modificaciones y puede ser actualizada por Cobas AM sin previo aviso y en cualquier momento.

Su acceso a este sitio web está sujeto al cumplimiento de la legislación española vigente y a los “avisos legales / condiciones generales de acceso a la web”.

Al optar por acceder a nuestro sitio web, usted reconoce haber leído los términos y condiciones y está de acuerdo con ellos. En su interés, le recomendamos que lea atentamente.

Cobas Lux SICAV” es una institución de inversión colectiva inscrita en los registros oficiales de la CNMV para su comercialización en España con el número 1655. Toda inversión debe realizarse a través de los distribuidores españoles registrados y sobre la base de la información contenida en el último folleto informativo y en el último informe anual y semestral publicado de la IIC, así como del resto de la documentación obligatoria que debe recibir del distribuidor español de la IIC antes de cualquier suscripción o de los registros de la CNMV. Puede obtenerse una lista consolidada de distribuidores españoles registrados en la CNMV en www.cnmv.es.

The present website is aimed at people resident in Switzerland. On this website, you will find information on investment funds and other collective investment schemes authorized for public distribution in Switzerland.The pages intended for qualified investors pursuant to Art 10 of the Collective Investment Schemes Act (CISA) also contain information on investment funds and other collective investment schemes that may only be offered to such investors and may not be publicly distributed.

Cobas Lux SICAV” es una institución de inversión colectiva inscrita en los registros oficiales de la CNMV para su comercialización en España con el número 1655 . Toda inversión debe realizarse a través de los distribuidores españoles registrados y sobre la base de la información contenida en el último folleto informativo y en el último informe anual y semestral publicado de la IIC, así como del resto de la documentación obligatoria que debe recibir del distribuidor español de la IIC antes de cualquier suscripción o de los registros de la CNMV. Puede obtenerse una lista consolidada de distribuidores españoles registrados en la CNMV en www.cnmv.es.

Alternative Fund SICAV‐SIF (en adelante “la SIF”) es una institución de inversión colectiva (IIC) con la forma de SICAV – SIF (fondo de inversión especializado), inscrita en los registros oficiales de la CNMV para su comercialización en España con el número 2017. COBAS AM proporciona la información de la SIF (en este sitio) con el objeto exclusivo de divulgarla de conformidad con la normativa de aplicación. Los usuarios no utilizarán la página web con ningún otro propósito. La divulgación de la información recogida en la página web puede estar restringida en ciertos países por sus leyes y regulaciones locales, y las personas que accedan y la utilizan deben estar informados y cumplir con las citadas restricciones.

Cobas Lux SICAV is a foreign undertaking for collective investment in transferable securities (UCITS) registered with the official registries of AMF for its marketing in France under number 694. Any investment in the Fund must be made through the Cobas AM, branch in France or any other distributor authorized in France and on the basis of the information contained in the most recent prospectus and the last published annual and semi‐annual report of the Fund and the rest of the mandatory documentation that you must receive from the distributor of the Fund prior to any subscription or from the AMF registries.

Cobas Lux SICAV, est un OPCVM dont la commercialisation est autorisée par l’AMF avec numéro d’enregistrement 694. Tout investissement dans le Fonds doit être effectué par l’intermédiation de Cobas AM Branche Française ou des distributeurs enregistrés et sur la base des informations contenues dans le dernier prospectus, le dernier rapport annuel et semestriel publié par le Fonds et le reste de la documentation obligatoire que vous devez recevoir du distributeur du Fonds préalablement à toute souscription ou des registres de l’AMF.

Cobas Lux SICAV is anundertaking for collective investment scheme established in the Grand Duchy of Luxembourg and registered with the official registries of the CSSF for its marketing in Luxembourg under number 8594. Any investment shall be made through the registered Spanish distributors and on the basis of the information contained in the most recent prospectus/management regulations and the last published annual and semi‐annual report of the Fund and the rest of the relevant documentation. Prior assessment of these documents is under your sole responsibility. You will receive this documentation either (i) from the distributor of the Fund prior to any subscription, (ii)from the the dedicated website of the Fund after registration.

Cobas Lux SICAV ist ein ausländischer Organismus für gemeinsame Anlagen in Wertpapieren (OGAW), der zum Zweck seines Vertriebs in Deutschland in den amtlichen Registern der BaFin unter der Nummer 70155222 eingetragen ist. Investitionen in den Fonds müssen unter Zugrundelegung der im aktuellen Prospekt und im zuletzt veröffentlichten Jahres- und Halbjahresbericht des Fonds enthaltenen Informationen sowie der übrigen erforderlichen Unterlagen erfolgen, die Sie vom Vertriebspartner des Fonds oder aus den Bafin-Registern vor jeder Zeichnung einholen müssen.

Alternative Fund SICAV‐SIF (the “Company”) is an undertaking for collective investment in the form of a Société d’investissement à capital variable ‐ Fonds d’investissement spécialisé, authorised under the 2007 Law and qualifies as an alternative investment fund under the 2013 Law. Cobas AM provides the information in this site for the exclusive purpose of disclosing information to investors in the Company in accordance with the applicable Luxembourg laws and regulations. Users shall not use the Webpage for any other purposes. The disclosure of the information contained in the Webpage in certain countries may be further restricted by local laws and regulations and persons who access and use it are required to keep themselves informed and to comply with any such restrictions.

Cobas Lux SICAV is a foreign collective investment recognised by the Financial Conduct Authority (“FCA”) (product reference: 785608) and can be marketed to investors in the United Kingdom. Any investment in the Fund must be made on the basis of the information contained in the most recent Key Investor Information Document, prospectus and the last published annual and half‐yearly reports of the Fund which are available on this website

Alternative Fund SICAV‐SIF (the “Company”) is an undertaking for collective investment in the form of a Société d’investissement à capital variable ‐ Fonds d’investissement spécialisé, recognised by the Financial Conduct Authority (“FCA”) (product reference:2017) Cobas AM provides the information in this site for the exclusive purpose of disclosing information to investors in the Company in accordance with the applicable laws and regulations. Users shall not use the Webpage for any other purposes. The disclosure of the information contained in the Webpage in certain countries may be further restricted by local laws and regulations and persons who access and use it are required to keep themselves informed and to comply with any such restrictions.

The information contained on the following pages of the website is restricted and is not for release, publication or distribution in or into the United States(“U.S.”) or any other jurisdiction where the communication of such information is restricted by law. None of the information contained in the following pages of the website constitutes an offer of, or an invitation to purchase, any security, nor any investment advice or services. These materials are provided for information purposes only. The securities referred to on the following pages of the website have not been nor will they be registered under the U.S.Securities Act of 1933, as amended (the “Securities Act”), or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S.persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. There will be no public offering of the debt and other securities referred to on the following pages of the website in the United States. The following pages of the website are not addressed to, or intended for use by: (i) U.S.persons, persons located in the United States or residents of the United States or (ii) persons in any other jurisdictions where the communication or receipt of such information is restricted in such a way that provides that such persons cannot receive it. In particular, such persons or persons acting for the benefit of any such persons are not permitted to visit the following pages of the website. None of the information contained on the pages that follow nor any copy thereof may be taken or transmitted in or into, or distributed, whether directly or indirectly, in or into, the United States or any other jurisdiction as described above. Failure to comply with this may result in a violation of U.S. law, including the Securities Act, or the law of another jurisdiction. To visit the following pages of the website, you must confirm that you have understood the above sentences and agree to comply with the restrictions and that (i) you are not a U.S.person, not located in the United States and not a resident of the United States, (ii) otherwise you are not a person to whom the communication of the information contained on the website is restricted; (iii) you are not acting for the benefit of any such person; and (iv) you will not forward or distribute the information on the following pages to any such persons. By proceeding to this website, you will be deemed to have made this confirmation.