Pursuant to Article 111‐bis of the Luxembourg Law of 17 December of 2010, Global Evolution Manco (the "Management Company") has established a best execution policy (the "Best Execution Policy") for its appointed investment managers (the "Investment Manager"). The policy applies for Global Evolution Manco S.A. (“Management Company”) and its Managed Funds (“Fund”).

The board of directors of the Management Company is responsible for establishing the general principles of the Best Execution Policy for its appointed Investment Managers. The policy considers elements pertaining to the Management Company's and the Managed Funds' strategy, the risk‐taking strategy, and the nature, scale and complexity of the Management Company's activities.

The Management Company will take all reasonable measures to secure that the best possible result for the Fund, when its investment manager makes trading decisions, execute trade orders or convey these to brokers for execution.

To achieve best execution, generally, the investment goals, investment policy and risk profiles of the Funds and Clients are taken into consideration. Addition, the Investment Manager considers the characteristics of the trade order, the financial instruments involved in the trade, and the broker or trading venues used to execute the trade order.

More information about the Best Execution Policy is made available by the Management Company in hard copy free of charge to the investors, upon request.