Monthly report July 2021 Marketing document for private and institutional investors

Facts Fund class I1 Company Headlines Net Asset Value per Fund share CHF 3’081.36 Assets CHF m (all Fund classes) 3’916 After a positive reporting season in the first quarter, various key Investment level 100% holdings of the Fund published second-quarter 2021 results in Liquidity 0% July which substantially exceeded expectations once again. Thanks to the advancing vaccination campaigns in many coun- tries, numerous companies are benefiting from elective sur- Industry breakdown geries and medical treatments being put back on the agenda. In-vitro Diagnostics 13% This applies primarily to the orthopaedics, dentistry, hearing Disposable Medical Supplies 9% aid, ophthalmology and hospital equipment sectors as well as Life Sciences Supply 8% sub-segments of cardiac surgery, cardiology and interventional Dentistry 7% radiology, which were temporarily hard hit during the waves of Hospital Equipment 6% COVID-19. This confirms the resilience of the business models Surgical Instruments 5% in the growth market of medical devices, even in these extraor- Orthopaedics 5% dinary times of pandemic. The very good business develop- Ophthalmology 5% ment in the first half of the year led the management of several Diabetes 4% holdings to revise their projections for revenue and earnings Other Medical Technology Sectors 38% growth for the current financial year upwards. The dominant supplier of surgical robots for minimally invasive Holdings surgical interventions in soft tissue, American group Intuitive Abbott Laboratories 10% Alcon 2% Surgical, increased revenue by 72% in the second quarter to Danaher 9% Straumann 2% USD 1.46 billion. This compares with a 22% fall in the same Medtronic 7% Sonova 2% quarter of the previous year due to the pandemic. In 2020, the Intuitive Surgical 7% ResMed 2% number of operations performed with the help of da Vinci Edwards Lifesciences 5% Baxter 2% surgical systems installed worldwide rose by only 1% to Becton Dickinson 4% West Pharmaceutical Serv. 2% 1.24 million due to COVID-19. For the current financial year, Align Technology 4% Teleflex 2% management increased its original growth forecast from Stryker 4% Sysmex 2% between 22% and 26% to between 27% and 30%. In the IDEXX Laboratories 4% DexCom 2% second quarter, the company placed 328 da Vinci surgical Boston Scientific 4% 19 small holdings 22% robots at an average price of USD 1.55 million, meaning that the number of systems installed globally rose to 6'335. Edwards Currency breakdown Lifesciences is the global leader for minimally invasive implant- USD 79% DKK 5% able transcatheter heart valves. The company increased organic CHF 7% EUR 4% revenue by 44% in the second quarter, beating expectations, JPY 6% after a 14% decline in the same quarter last year due to the pandemic. The corporation raised its revenue guidance for the 2021 financial year from between USD 4.9 billion and USD 5.3 Performance Fund class I1 CHF billion to between USD 5.2 billion and USD 5.4 billion, repre- NAV I1 Benchmark MSCI World Index senting a growth rate of nearly 19% to 23%. Due to COVID-19, US-based medical device corporation Boston Scientific posted 3’300 a decline in organic revenue of 11.3% last year. Thanks to busi- 3’000 ness performance in the second quarter significantly exceeding 2’700 the company’s own projections and the expectations of finan- 2’400 cial analysts, management revised its forecast for 2021 upwards 2’100 for a second time. The company is now estimating revenue 1’800 growth in the range of 19% to 20% on an organic basis. After 1’500 1’200 revenue decreased by 24% in the second quarter of 2020 due 900 to the pandemic, the broadly diversified US group Stryker 600 posted organic sales growth of 42.9% in the second quarter of 300 2021. For the current financial year, the company is anticipating organic sales growth of 9% to 10% versus 2019, the year before COVID-19 emerged. Following a slump of 41% in revenue in the same quarter of the previous year, the dominant supplier of clear aligners, US company Align Technology, exceeded all expectations with a jump in sales of 187% in the second quar- Important legal information: ter. Past performance is not a reliable indicator of current or future performance. Performance data take no account of the commissions and costs charged when units are issued and redeemed. The return of the Fund may go down as well as up due to changes in rates of exchange between currencies.

Performance in CHF July 2021 1 year 3 years 5 years 10 years Inception MIV Global Medtech Fund I1 4.1% 18.4% 29.5% 49.4% 107.8% 417.5% 406.3% Benchmark * 3.7% 18.1% 29.4% 61.5% 126.2% 454.0% 341.6% MSCI World Index -0.2% 18.0% 34.6% 37.4% 82.8% 228.0% 151.2%

8.16-7.17 8.17-7.18 8.18-7.19 8.19-7.20 8.20-7.21 MIV Global Medtech Fund I1 13.6% 22.5% 13.6% 1.6% 29.5% Benchmark * 11.3% 25.9% 15.8% 7.8% 29.4% MSCI World Index 15.9% 14.8% 3.6% -1.5% 34.6%

* MSCI World Healthcare Equipment & Supplies

Investment Strategy The MIV Global Medtech Fund invests globally in listed medical device companies. The investment process is based on a combined top-down / bottom-up approach. Against the background of the particular macroeconomic environment, the most interesting markets and companies are determined based on an intensive primary analysis. Alongside an attractive valuation, a strong market position, good growth potential, excellent products, sustainable profitability and high-quality management are the decisive parameters for investment. The consideration of sustainability criteria (ESG) is integrated in the research, analysis and investment process. Risks are managed by means of portfolio diversification. The portfolio of the MIV Global Medtech Fund is structured more defensively or cyclically in the best possible anticipation of economic trends, with a view to achieving a higher return than the benchmark and the general market indices.

Benefits Risks Owing to demographic trends and the desire for quality of life and The MIV Global Medtech Fund invests in equity securities and may therefore mobility, the medical device industry is a long-term growth market. be subject to high fluctuations in value. For this reason, a medium-term to Emerging markets will have a positive impact on the medical device long-term investment horizon and corresponding risk tolerance and capacity industry’s future growth thanks to the state-backed expansion of their are required for an investment into this Sub-Fund. As the MIV Global healthcare systems. Medical device suppliers’ priority is the Medtech Fund pursues an active management style, the Sub-Fund’s development of innovative, minimally invasive products. These are performance can deviate substantially from that of its reference index. The beneficial for patients and cost efficient for the healthcare system due focus on equity securities of medical device companies exposes the Sub- to shorter convalescence periods. Most interesting from an investor’s Fund potentially to additional specific risks of this area of the healthcare perspective are the industry’s high growth rates, above-average industry. The Sub-Fund may, for the purpose of hedging and the efficient profitability and oligopolistic market structures with their high entry management of the portfolio, make use of derivatives, which can lead to barriers for new competitors. Even in a demanding environment, additional risks (particularly counter party risk). All investments are subject to significant product innovations continue to offer attractive growth market fluctuations. Every Fund has specific risks, which can significantly prospects. increase under unusual market conditions.

Information Website www.mivglobalmedtech.ch Legal structure Sub-Fund of Variopartner SICAV, an investment fund under Luxembourg law Fund class I1 (CHF) accumulation / ISIN: LU0329631377 / Swiss Valor Number: 3535028 / WKN: A0NETS Subscription/redemption On every bank working day in Luxembourg until 3.45 p.m. at net asset value (no calculation of net asset values on bank/stock exchange holidays in Luxembourg and/or the US) Management fee 0.8% p.a. Total Expense Ratio (TER) as of 31.12.2020 0.96% Launch of fund 11 March 2008 Close of financial year 30 June Benchmark MSCI World Healthcare Equipment & Supplies Reporting of the Portfolio manager Monthly, semester and yearly report Fund price monitoring www.mivglobalmedtech.ch / www.swissfunddata.ch / www.fundinfo.com Bloomberg: VARMVI1 LX / Reuters: LU0329631377.LUF / Neue Zürcher Zeitung Portfolio manager MIV Asset Management AG, Feldeggstrasse 55, CH-8008 Zurich, [email protected] Contact: Jürg Nagel, Christoph Gubler, Giuseppe Di Benedetto, Phone +41 44 253 64 11 Management company Vontobel Asset Management S.A., 18, rue Erasme, L-1468 Luxembourg (Kirchberg) Representative in Switzerland Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich Custodian/Administrator RBC Investor Services Bank S.A., 14, Porte de France, L-4360 Esch-sur-Alzette Auditor Ernst & Young S.A., 35E, Avenue John F. Kennedy, L-1855 Luxembourg Minimum subscription CHF 500‘000 Admissions to distribution Switzerland, Germany, Austria, Liechtenstein, Luxembourg, France, Italy, Spain, United Kingdom, Netherlands, Finland, Norway, Sweden, Singapore (restricted scheme) Distribution restrictions USA / US persons

Glossary Benchmark An index, which is used as a reference for the measurement of the performance of the Fund. Inception Launch date of the Fund and/or the Fund class. Management fee Portfolio manager‘s fee for the management and the distribution of the Fund. NAV Net Asset Value: total Fund assets divided by total number of Fund shares outstanding. TER Total Expense Ratio: sum of all fees and costs, which are charged to the Fund on a continuous basis.

Important legal information: MIV Global Medtech Fund is a Sub-Fund of Variopartner SICAV, an investment fund under Luxembourg law. This document is for information purposes only and nothing contained in this document should constitute a solicitation, or offer, or recommendation, to buy or sell any investment instruments, to effect any transactions, or to conclude any legal act of any kind whatsoever. This document has been produced by MIV Asset Management AG (“MIV AM”). It is explicitly not the result of a financial analysis and therefore the “Directives on the Independence of Financial Research” of the Swiss Bankers Association is not applicable. Although MIV AM believes that the information provided in this document is based on reliable sources, it cannot assume responsibility for the quality, correctness, timeliness or completeness of the information contained in this report. Any companies described in this document may or may not currently represent a position in the portfolio of the MIV Global Medtech Fund. Any projections, forecasts or estimates contained in this document are based on a variety of estimates and assumptions. There can be no assurance that the estimates or assumptions made will prove accurate, and actual results may differ materially. Subscriptions of shares of the Sub-Fund should in any event be made solely on the basis of the current sales prospectus, the current Key Investor Information Document (KIID), the current articles of association and the most recent annual and semi-annual reports of Variopartner SICAV. For more details regarding the potential risks of an investment in Sub-Funds of Variopartner SICAV, please refer to the current sales prospectus. Interested parties may obtain the abovementioned documents free of charge from the Portfolio manager: MIV Asset Management AG, Feldeggstrasse 55, CH-8008 Zurich, the representative in Switzerland: Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich, the paying agent in Switzerland: Bank Vontobel AG, Gotthardstrasse 43, CH-8022 Zurich, the paying agent in Germany: B. Metzler seel. Sohn & Co. KGaA, Untermainanlage 1, D-60329 Frankfurt/Main, the paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna, the paying agent in Liechtenstein: Liechtensteinische Landesbank AG, Städtle 44, FL-9490 Vaduz, the financial and central agent in France: BNP Paribas Securities Services S.A., 3, Rue d’Antin, F-75002 Paris, the paying agents in Italy: RBC Investor Services Bank, Via Vittor Pisani, 26, I-20124 Milan, Allfunds Bank, S.A.U., Via Bocchetto, 6, I-20123 Milan, the facilities agent in the United Kingdom: Carne Financial Services (UK) LLP, 2nd Floor, 107 Cheapside, London EC2V 6DN, the paying agent in Sweden: Skandinaviska Enskilda Banken AB (publ), Investor Services/Paying Agent, AS-12, Råsta Strandväg 5, SE-169 79 Solna, from the offices of the Fund: Variopartner SICAV, 11–13, Boulevard de la Foire, L-1528 Luxembourg. They may also be downloaded from the website www.mivglobalmedtech.ch. This Sub-Fund is registered with the Financial Conduct Authority (FCA) for public distribution in the United Kingdom. This Sub-Fund is not available to retail investors in Singapore. It is accepted as restricted scheme by the Monetary Authority of Singapore (MAS) and may only be offered to certain prescribed persons on certain conditions as provided in the “Securities and Futures Act”, Chapter 289 of Singapore. This Sub-Fund is not authorised by the Securities and Futures Commission of Hong Kong. It may only be offered to those investors qualifying as professional investors under the Securities and Futures Ordinance. The contents of this document have not been reviewed by any regulatory authority in Hong Kong.

Monthly report July 2021 Marketing document for private and institutional investors

Facts Fund class I2 Company Headlines Net Asset Value per Fund share EUR 2’867.22 Assets EUR m (all Fund classes) 3’644 After a positive reporting season in the first quarter, various key Investment level 100% holdings of the Fund published second-quarter 2021 results in Liquidity 0% July which substantially exceeded expectations once again. Thanks to the advancing vaccination campaigns in many coun- tries, numerous companies are benefiting from elective sur- Industry breakdown geries and medical treatments being put back on the agenda. In-vitro Diagnostics 13% This applies primarily to the orthopaedics, dentistry, hearing Disposable Medical Supplies 9% aid, ophthalmology and hospital equipment sectors as well as Life Sciences Supply 8% sub-segments of cardiac surgery, cardiology and interventional Dentistry 7% radiology, which were temporarily hard hit during the waves of Hospital Equipment 6% COVID-19. This confirms the resilience of the business models Surgical Instruments 5% in the growth market of medical devices, even in these extraor- Orthopaedics 5% dinary times of pandemic. The very good business develop- Ophthalmology 5% ment in the first half of the year led the management of several Diabetes 4% holdings to revise their projections for revenue and earnings Other Medical Technology Sectors 38% growth for the current financial year upwards. The dominant supplier of surgical robots for minimally invasive Holdings surgical interventions in soft tissue, American group Intuitive Abbott Laboratories 10% Alcon 2% Surgical, increased revenue by 72% in the second quarter to Danaher 9% Straumann 2% USD 1.46 billion. This compares with a 22% fall in the same Medtronic 7% Sonova 2% quarter of the previous year due to the pandemic. In 2020, the Intuitive Surgical 7% ResMed 2% number of operations performed with the help of da Vinci Edwards Lifesciences 5% Baxter 2% surgical systems installed worldwide rose by only 1% to Becton Dickinson 4% West Pharmaceutical Serv. 2% 1.24 million due to COVID-19. For the current financial year, Align Technology 4% Teleflex 2% management increased its original growth forecast from Stryker 4% Sysmex 2% between 22% and 26% to between 27% and 30%. In the IDEXX Laboratories 4% DexCom 2% second quarter, the company placed 328 da Vinci surgical Boston Scientific 4% 19 small holdings 22% robots at an average price of USD 1.55 million, meaning that the number of systems installed globally rose to 6'335. Edwards Currency breakdown Lifesciences is the global leader for minimally invasive implant- USD 79% DKK 5% able transcatheter heart valves. The company increased organic CHF 7% EUR 4% revenue by 44% in the second quarter, beating expectations, JPY 6% after a 14% decline in the same quarter last year due to the pandemic. The corporation raised its revenue guidance for the 2021 financial year from between USD 4.9 billion and USD 5.3 Performance Fund class I2 EUR billion to between USD 5.2 billion and USD 5.4 billion, repre- NAV I2 Benchmark MSCI World Index senting a growth rate of nearly 19% to 23%. Due to COVID-19, US-based medical device corporation Boston Scientific posted 3’300 a decline in organic revenue of 11.3% last year. Thanks to busi- 3’000 ness performance in the second quarter significantly exceeding 2’700 the company’s own projections and the expectations of finan- 2’400 cial analysts, management revised its forecast for 2021 upwards 2’100 for a second time. The company is now estimating revenue 1’800 growth in the range of 19% to 20% on an organic basis. After 1’500 1’200 revenue decreased by 24% in the second quarter of 2020 due 900 to the pandemic, the broadly diversified US group Stryker 600 posted organic sales growth of 42.9% in the second quarter of 300 2021. For the current financial year, the company is anticipating organic sales growth of 9% to 10% versus 2019, the year before COVID-19 emerged. Following a slump of 41% in revenue in the same quarter of the previous year, the dominant supplier of clear aligners, US company Align Technology, exceeded all expectations with a jump in sales of 187% in the second quar- Important legal information: ter. Past performance is not a reliable indicator of current or future performance. Performance data take no account of the commissions and costs charged when units are issued and redeemed. The return of the Fund may go down as well as up due to changes in rates of exchange between currencies.

Performance in EUR July 2021 1 year 3 years 5 years 10 years Inception MIV Global Medtech Fund I2 6.2% 19.1% 29.6% 61.0% 109.0% 445.4% 491.5% Benchmark * 5.8% 18.9% 29.5% 74.1% 127.5% 483.9% 495.2% MSCI World Index 1.8% 18.7% 34.7% 48.1% 83.9% 245.7% 256.0%

8.16-7.17 8.17-7.18 8.18-7.19 8.19-7.20 8.20-7.21 MIV Global Medtech Fund I2 7.9% 20.3% 19.4% 4.1% 29.6% Benchmark * 5.7% 23.6% 21.7% 10.4% 29.5% MSCI World Index 10.1% 12.7% 8.9% 1.0% 34.7%

* MSCI World Healthcare Equipment & Supplies

Investment Strategy The MIV Global Medtech Fund invests globally in listed medical device companies. The investment process is based on a combined top-down / bottom-up approach. Against the background of the particular macroeconomic environment, the most interesting markets and companies are determined based on an intensive primary analysis. Alongside an attractive valuation, a strong market position, good growth potential, excellent products, sustainable profitability and high-quality management are the decisive parameters for investment. The consideration of sustainability criteria (ESG) is integrated in the research, analysis and investment process. Risks are managed by means of portfolio diversification. The portfolio of the MIV Global Medtech Fund is structured more defensively or cyclically in the best possible anticipation of economic trends, with a view to achieving a higher return than the benchmark and the general market indices.

Benefits Risks Owing to demographic trends and the desire for quality of life and The MIV Global Medtech Fund invests in equity securities and may therefore mobility, the medical device industry is a long-term growth market. be subject to high fluctuations in value. For this reason, a medium-term to Emerging markets will have a positive impact on the medical device long-term investment horizon and corresponding risk tolerance and capacity industry’s future growth thanks to the state-backed expansion of their are required for an investment into this Sub-Fund. As the MIV Global healthcare systems. Medical device suppliers’ priority is the Medtech Fund pursues an active management style, the Sub-Fund’s development of innovative, minimally invasive products. These are performance can deviate substantially from that of its reference index. The beneficial for patients and cost efficient for the healthcare system due focus on equity securities of medical device companies exposes the Sub- to shorter convalescence periods. Most interesting from an investor’s Fund potentially to additional specific risks of this area of the healthcare perspective are the industry’s high growth rates, above-average industry. The Sub-Fund may, for the purpose of hedging and the efficient profitability and oligopolistic market structures with their high entry management of the portfolio, make use of derivatives, which can lead to barriers for new competitors. Even in a demanding environment, additional risks (particularly counter party risk). All investments are subject to significant product innovations continue to offer attractive growth market fluctuations. Every Fund has specific risks, which can significantly prospects. increase under unusual market conditions.

Information Website www.mivglobalmedtech.ch Legal structure Sub-Fund of Variopartner SICAV, an investment fund under Luxembourg law Fund class I2 (EUR) accumulation / ISIN: LU0329631708 / Swiss Valor Number: 3535030 / WKN: A0NETT Subscription/redemption On every bank working day in Luxembourg until 3.45 p.m. at net asset value (no calculation of net asset values on bank/stock exchange holidays in Luxembourg and/or the US) Management fee 0.8% p.a. Total Expense Ratio (TER) as of 31.12.2020 0.96% Launch of fund 11 March 2008 Launch of fund class I2 16 June 2010 Close of financial year 30 June Benchmark MSCI World Healthcare Equipment & Supplies Reporting of the Portfolio manager Monthly, semester and yearly report Fund price monitoring www.mivglobalmedtech.ch / www.swissfunddata.ch / www.fundinfo.com Bloomberg: VARMVI2 LX / Reuters: LU0329631708.LUF / Neue Zürcher Zeitung Portfolio manager MIV Asset Management AG, Feldeggstrasse 55, CH-8008 Zurich, [email protected] Contact: Jürg Nagel, Christoph Gubler, Giuseppe Di Benedetto, Phone +41 44 253 64 11 Management company Vontobel Asset Management S.A., 18, rue Erasme, L-1468 Luxembourg (Kirchberg) Representative in Switzerland Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich Custodian/Administrator RBC Investor Services Bank S.A., 14, Porte de France, L-4360 Esch-sur-Alzette Auditor Ernst & Young S.A., 35E, Avenue John F. Kennedy, L-1855 Luxembourg Minimum subscription EUR 300‘000 Admissions to distribution Switzerland, Germany, Austria, Liechtenstein, Luxembourg, France, Italy, Spain, United Kingdom, Netherlands, Finland, Norway, Sweden, Singapore (restricted scheme) Distribution restrictions USA / US persons

Glossary Benchmark An index, which is used as a reference for the measurement of the performance of the Fund. Inception Launch date of the Fund and/or the Fund class. Management fee Portfolio manager‘s fee for the management and the distribution of the Fund. NAV Net Asset Value: total Fund assets divided by total number of Fund shares outstanding. TER Total Expense Ratio: sum of all fees and costs, which are charged to the Fund on a continuous basis.

Important legal information: MIV Global Medtech Fund is a Sub-Fund of Variopartner SICAV, an investment fund under Luxembourg law. This document is for information purposes only and nothing contained in this document should constitute a solicitation, or offer, or recommendation, to buy or sell any investment instruments, to effect any transactions, or to conclude any legal act of any kind whatsoever. This document has been produced by MIV Asset Management AG (“MIV AM”). It is explicitly not the result of a financial analysis and therefore the “Directives on the Independence of Financial Research” of the Swiss Bankers Association is not applicable. Although MIV AM believes that the information provided in this document is based on reliable sources, it cannot assume responsibility for the quality, correctness, timeliness or completeness of the information contained in this report. Any companies described in this document may or may not currently represent a position in the portfolio of the MIV Global Medtech Fund. Any projections, forecasts or estimates contained in this document are based on a variety of estimates and assumptions. There can be no assurance that the estimates or assumptions made will prove accurate, and actual results may differ materially. Subscriptions of shares of the Sub-Fund should in any event be made solely on the basis of the current sales prospectus, the current Key Investor Information Document (KIID), the current articles of association and the most recent annual and semi-annual reports of Variopartner SICAV. For more details regarding the potential risks of an investment in Sub-Funds of Variopartner SICAV, please refer to the current sales prospectus. Interested parties may obtain the abovementioned documents free of charge from the Portfolio manager: MIV Asset Management AG, Feldeggstrasse 55, CH-8008 Zurich, the representative in Switzerland: Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich, the paying agent in Switzerland: Bank Vontobel AG, Gotthardstrasse 43, CH-8022 Zurich, the paying agent in Germany: B. Metzler seel. Sohn & Co. KGaA, Untermainanlage 1, D-60329 Frankfurt/Main, the paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna, the paying agent in Liechtenstein: Liechtensteinische Landesbank AG, Städtle 44, FL-9490 Vaduz, the financial and central agent in France: BNP Paribas Securities Services S.A., 3, Rue d’Antin, F-75002 Paris, the paying agents in Italy: RBC Investor Services Bank, Via Vittor Pisani, 26, I-20124 Milan, Allfunds Bank, S.A.U., Via Bocchetto, 6, I-20123 Milan, the facilities agent in the United Kingdom: Carne Financial Services (UK) LLP, 2nd Floor, 107 Cheapside, London EC2V 6DN, the paying agent in Sweden: Skandinaviska Enskilda Banken AB (publ), Investor Services/Paying Agent, AS-12, Råsta Strandväg 5, SE-169 79 Solna, from the offices of the Fund: Variopartner SICAV, 11–13, Boulevard de la Foire, L-1528 Luxembourg. They may also be downloaded from the website www.mivglobalmedtech.ch. This Sub-Fund is registered with the Financial Conduct Authority (FCA) for public distribution in the United Kingdom. This Sub-Fund is not available to retail investors in Singapore. It is accepted as restricted scheme by the Monetary Authority of Singapore (MAS) and may only be offered to certain prescribed persons on certain conditions as provided in the “Securities and Futures Act”, Chapter 289 of Singapore. This Sub-Fund is not authorised by the Securities and Futures Commission of Hong Kong. It may only be offered to those investors qualifying as professional investors under the Securities and Futures Ordinance. The contents of this document have not been reviewed by any regulatory authority in Hong Kong.

Monthly report July 2021 Marketing document for private and institutional investors

Facts Fund class I3 Company Headlines Net Asset Value per Fund share USD 3’400.27 Assets USD m (all Fund classes) 4’321 After a positive reporting season in the first quarter, various key Investment level 100% holdings of the Fund published second-quarter 2021 results in Liquidity 0% July which substantially exceeded expectations once again. Thanks to the advancing vaccination campaigns in many coun- tries, numerous companies are benefiting from elective sur- Industry breakdown geries and medical treatments being put back on the agenda. In-vitro Diagnostics 13% This applies primarily to the orthopaedics, dentistry, hearing Disposable Medical Supplies 9% aid, ophthalmology and hospital equipment sectors as well as Life Sciences Supply 8% sub-segments of cardiac surgery, cardiology and interventional Dentistry 7% radiology, which were temporarily hard hit during the waves of Hospital Equipment 6% COVID-19. This confirms the resilience of the business models Surgical Instruments 5% in the growth market of medical devices, even in these extraor- Orthopaedics 5% dinary times of pandemic. The very good business develop- Ophthalmology 5% ment in the first half of the year led the management of several Diabetes 4% holdings to revise their projections for revenue and earnings Other Medical Technology Sectors 38% growth for the current financial year upwards. The dominant supplier of surgical robots for minimally invasive Holdings surgical interventions in soft tissue, American group Intuitive Abbott Laboratories 10% Alcon 2% Surgical, increased revenue by 72% in the second quarter to Danaher 9% Straumann 2% USD 1.46 billion. This compares with a 22% fall in the same Medtronic 7% Sonova 2% quarter of the previous year due to the pandemic. In 2020, the Intuitive Surgical 7% ResMed 2% number of operations performed with the help of da Vinci Edwards Lifesciences 5% Baxter 2% surgical systems installed worldwide rose by only 1% to Becton Dickinson 4% West Pharmaceutical Serv. 2% 1.24 million due to COVID-19. For the current financial year, Align Technology 4% Teleflex 2% management increased its original growth forecast from Stryker 4% Sysmex 2% between 22% and 26% to between 27% and 30%. In the IDEXX Laboratories 4% DexCom 2% second quarter, the company placed 328 da Vinci surgical Boston Scientific 4% 19 small holdings 22% robots at an average price of USD 1.55 million, meaning that the number of systems installed globally rose to 6'335. Edwards Currency breakdown Lifesciences is the global leader for minimally invasive implant- USD 79% DKK 5% able transcatheter heart valves. The company increased organic CHF 7% EUR 4% revenue by 44% in the second quarter, beating expectations, JPY 6% after a 14% decline in the same quarter last year due to the pandemic. The corporation raised its revenue guidance for the 2021 financial year from between USD 4.9 billion and USD 5.3 Performance Fund class I3 USD billion to between USD 5.2 billion and USD 5.4 billion, repre- NAV I3 Benchmark MSCI World Index senting a growth rate of nearly 19% to 23%. Due to COVID-19, US-based medical device corporation Boston Scientific posted 4’100 a decline in organic revenue of 11.3% last year. Thanks to busi- 3’800 ness performance in the second quarter significantly exceeding 3’500 the company’s own projections and the expectations of finan- 3’200 cial analysts, management revised its forecast for 2021 upwards 2’900 2’600 for a second time. The company is now estimating revenue 2’300 growth in the range of 19% to 20% on an organic basis. After 2’000 revenue decreased by 24% in the second quarter of 2020 due 1’700 to the pandemic, the broadly diversified US group Stryker 1’400 1’100 posted organic sales growth of 42.9% in the second quarter of 800 2021. For the current financial year, the company is anticipating organic sales growth of 9% to 10% versus 2019, the year before COVID-19 emerged. Following a slump of 41% in revenue in the same quarter of the previous year, the dominant supplier of clear aligners, US company Align Technology, exceeded all

expectations with a jump in sales of 187% in the second quar- Important legal information: ter.

Past performance is not a reliable indicator of current or future performance. Performance data take no account of the commissions and costs charged when units are issued and redeemed. The return of the Fund may go down as well as up due to changes in rates of exchange between currencies.

Performance in USD July 2021 1 year 3 years 5 years 10 years Inception MIV Global Medtech Fund I3 6.2% 15.5% 30.0% 63.2% 121.6% n.a. 230.3% Benchmark * 5.8% 15.2% 29.9% 76.4% 141.3% n.a. 269.5% MSCI World Index 1.8% 15.1% 35.1% 50.1% 95.0% n.a. 121.0%

8.16-7.17 8.17-7.18 8.18-7.19 8.19-7.20 8.20-7.21 MIV Global Medtech Fund I3 13.7% 19.4% 13.6% 10.5% 30.0% Benchmark * 11.4% 22.7% 15.8% 17.3% 29.9% MSCI World Index 16.1% 11.9% 3.6% 7.2% 35.1%

* MSCI World Healthcare Equipment & Supplies

Investment Strategy The MIV Global Medtech Fund invests globally in listed medical device companies. The investment process is based on a combined top-down / bottom-up approach. Against the background of the particular macroeconomic environment, the most interesting markets and companies are determined based on an intensive primary analysis. Alongside an attractive valuation, a strong market position, good growth potential, excellent products, sustainable profitability and high-quality management are the decisive parameters for investment. The consideration of sustainability criteria (ESG) is integrated in the research, analysis and investment process. Risks are managed by means of portfolio diversification. The portfolio of the MIV Global Medtech Fund is structured more defensively or cyclically in the best possible anticipation of economic trends, with a view to achieving a higher return than the benchmark and the general market indices.

Benefits Risks Owing to demographic trends and the desire for quality of life and The MIV Global Medtech Fund invests in equity securities and may therefore mobility, the medical device industry is a long-term growth market. be subject to high fluctuations in value. For this reason, a medium-term to Emerging markets will have a positive impact on the medical device long-term investment horizon and corresponding risk tolerance and capacity industry’s future growth thanks to the state-backed expansion of their are required for an investment into this Sub-Fund. As the MIV Global healthcare systems. Medical device suppliers’ priority is the Medtech Fund pursues an active management style, the Sub-Fund’s development of innovative, minimally invasive products. These are performance can deviate substantially from that of its reference index. The beneficial for patients and cost efficient for the healthcare system due focus on equity securities of medical device companies exposes the Sub- to shorter convalescence periods. Most interesting from an investor’s Fund potentially to additional specific risks of this area of the healthcare perspective are the industry’s high growth rates, above-average industry. The Sub-Fund may, for the purpose of hedging and the efficient profitability and oligopolistic market structures with their high entry management of the portfolio, make use of derivatives, which can lead to barriers for new competitors. Even in a demanding environment, additional risks (particularly counter party risk). All investments are subject to significant product innovations continue to offer attractive growth market fluctuations. Every Fund has specific risks, which can significantly prospects. increase under unusual market conditions.

Information Website www.mivglobalmedtech.ch Legal structure Sub-Fund of Variopartner SICAV, an investment fund under Luxembourg law Fund class I3 (USD) accumulation / ISIN: LU0969575645 / Swiss Valor Number: 22479883 / WKN: A1W7RK Subscription/redemption On every bank working day in Luxembourg until 3.45 p.m. at net asset value (no calculation of net asset values on bank/stock exchange holidays in Luxembourg and/or the US) Management fee 0.8% p.a. Total Expense Ratio (TER) as of 31.12.2020 0.96% Launch of fund 11 March 2008 Launch of fund class I3 4 November 2013 Close of financial year 30 June Benchmark MSCI World Healthcare Equipment & Supplies Reporting of the Portfolio manager Monthly, semester and yearly report Fund price monitoring www.mivglobalmedtech.ch / www.swissfunddata.ch / www.fundinfo.com Bloomberg: VARI3US LX / Reuters: LU0969575645.LUF / Neue Zürcher Zeitung Portfolio manager MIV Asset Management AG, Feldeggstrasse 55, CH-8008 Zurich, [email protected] Contact: Jürg Nagel, Christoph Gubler, Giuseppe Di Benedetto, Phone +41 44 253 64 11 Management company Vontobel Asset Management S.A., 18, rue Erasme, L-1468 Luxembourg (Kirchberg) Representative in Switzerland Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich Custodian/Administrator RBC Investor Services Bank S.A., 14, Porte de France, L-4360 Esch-sur-Alzette Auditor Ernst & Young S.A., 35E, Avenue John F. Kennedy, L-1855 Luxembourg Minimum subscription USD 500‘000 Admissions to distribution Switzerland, Germany, Austria, Liechtenstein, Luxembourg, France, Italy, Spain, United Kingdom, Netherlands, Finland, Norway, Sweden, Singapore (restricted scheme) Distribution restrictions USA / US persons

Glossary Benchmark An index, which is used as a reference for the measurement of the performance of the Fund. Inception Launch date of the Fund and/or the Fund class. Management fee Portfolio manager‘s fee for the management and the distribution of the Fund. NAV Net Asset Value: total Fund assets divided by total number of Fund shares outstanding. TER Total Expense Ratio: sum of all fees and costs, which are charged to the Fund on a continuous basis.

Important legal information: MIV Global Medtech Fund is a Sub-Fund of Variopartner SICAV, an investment fund under Luxembourg law. This document is for information purposes only and nothing contained in this document should constitute a solicitation, or offer, or recommendation, to buy or sell any investment instruments, to effect any transactions, or to conclude any legal act of any kind whatsoever. This document has been produced by MIV Asset Management AG (“MIV AM”). It is explicitly not the result of a financial analysis and therefore the “Directives on the Independence of Financial Research” of the Swiss Bankers Association is not applicable. Although MIV AM believes that the information provided in this document is based on reliable sources, it cannot assume responsibility for the quality, correctness, timeliness or completeness of the information contained in this report. Any companies described in this document may or may not currently represent a position in the portfolio of the MIV Global Medtech Fund. Any projections, forecasts or estimates contained in this document are based on a variety of estimates and assumptions. There can be no assurance that the estimates or assumptions made will prove accurate, and actual results may differ materially. Subscriptions of shares of the Sub-Fund should in any event be made solely on the basis of the current sales prospectus, the current Key Investor Information Document (KIID), the current articles of association and the most recent annual and semi-annual reports of Variopartner SICAV. For more details regarding the potential risks of an investment in Sub-Funds of Variopartner SICAV, please refer to the current sales prospectus. Interested parties may obtain the abovementioned documents free of charge from the Portfolio manager: MIV Asset Management AG, Feldeggstrasse 55, CH-8008 Zurich, the representative in Switzerland: Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich, the paying agent in Switzerland: Bank Vontobel AG, Gotthardstrasse 43, CH-8022 Zurich, the paying agent in Germany: B. Metzler seel. Sohn & Co. KGaA, Untermainanlage 1, D-60329 Frankfurt/Main, the paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna, the paying agent in Liechtenstein: Liechtensteinische Landesbank AG, Städtle 44, FL-9490 Vaduz, the financial and central agent in France: BNP Paribas Securities Services S.A., 3, Rue d’Antin, F-75002 Paris, the paying agents in Italy: RBC Investor Services Bank, Via Vittor Pisani, 26, I-20124 Milan, Allfunds Bank, S.A.U., Via Bocchetto, 6, I-20123 Milan, the facilities agent in the United Kingdom: Carne Financial Services (UK) LLP, 2nd Floor, 107 Cheapside, London EC2V 6DN, the paying agent in Sweden: Skandinaviska Enskilda Banken AB (publ), Investor Services/Paying Agent, AS-12, Råsta Strandväg 5, SE-169 79 Solna, from the offices of the Fund: Variopartner SICAV, 11–13, Boulevard de la Foire, L-1528 Luxembourg. They may also be downloaded from the website www.mivglobalmedtech.ch. This Sub-Fund is registered with the Financial Conduct Authority (FCA) for public distribution in the United Kingdom. This Sub-Fund is not available to retail investors in Singapore. It is accepted as restricted scheme by the Monetary Authority of Singapore (MAS) and may only be offered to certain prescribed persons on certain conditions as provided in the “Securities and Futures Act”, Chapter 289 of Singapore. This Sub-Fund is not authorised by the Securities and Futures Commission of Hong Kong. It may only be offered to those investors qualifying as professional investors under the Securities and Futures Ordinance. The contents of this document have not been reviewed by any regulatory authority in Hong Kong.

Monthly report July 2021 Marketing document for private and institutional investors

Facts Fund class N1 Company Headlines Net Asset Value per Fund share CHF 3’001.22 Assets CHF m (all Fund classes) 3’916 After a positive reporting season in the first quarter, various key Investment level 100% holdings of the Fund published second-quarter 2021 results in Liquidity 0% July which substantially exceeded expectations once again. Thanks to the advancing vaccination campaigns in many coun- tries, numerous companies are benefiting from elective sur- Industry breakdown geries and medical treatments being put back on the agenda. In-vitro Diagnostics 13% This applies primarily to the orthopaedics, dentistry, hearing Disposable Medical Supplies 9% aid, ophthalmology and hospital equipment sectors as well as Life Sciences Supply 8% sub-segments of cardiac surgery, cardiology and interventional Dentistry 7% radiology, which were temporarily hard hit during the waves of Hospital Equipment 6% COVID-19. This confirms the resilience of the business models Surgical Instruments 5% in the growth market of medical devices, even in these extraor- Orthopaedics 5% dinary times of pandemic. The very good business develop- Ophthalmology 5% ment in the first half of the year led the management of several Diabetes 4% Other Medical Technology Sectors 38% holdings to revise their projections for revenue and earnings growth for the current financial year upwards. The dominant supplier of surgical robots for minimally invasive Holdings surgical interventions in soft tissue, American group Intuitive Abbott Laboratories 10% Alcon 2% Surgical, increased revenue by 72% in the second quarter to Danaher 9% Straumann 2% USD 1.46 billion. This compares with a 22% fall in the same Medtronic 7% Sonova 2% quarter of the previous year due to the pandemic. In 2020, the Intuitive Surgical 7% ResMed 2% number of operations performed with the help of da Vinci Edwards Lifesciences 5% Baxter 2% surgical systems installed worldwide rose by only 1% to Becton Dickinson 4% West Pharmaceutical Serv. 2% 1.24 million due to COVID-19. For the current financial year, Align Technology 4% Teleflex 2% management increased its original growth forecast from Stryker 4% Sysmex 2% between 22% and 26% to between 27% and 30%. In the IDEXX Laboratories 4% DexCom 2% second quarter, the company placed 328 da Vinci surgical Boston Scientific 4% 19 small holdings 22% robots at an average price of USD 1.55 million, meaning that the number of systems installed globally rose to 6'335. Edwards Currency breakdown Lifesciences is the global leader for minimally invasive implant- USD 79% DKK 5% able transcatheter heart valves. The company increased organic CHF 7% EUR 4% revenue by 44% in the second quarter, beating expectations, JPY 6% after a 14% decline in the same quarter last year due to the pandemic. The corporation raised its revenue guidance for the 2021 financial year from between USD 4.9 billion and USD 5.3 Performance Fund class N1 CHF billion to between USD 5.2 billion and USD 5.4 billion, repre- NAV N1 Benchmark MSCI World Index senting a growth rate of nearly 19% to 23%. Due to COVID-19, US-based medical device corporation Boston Scientific posted 3’400 a decline in organic revenue of 11.3% last year. Thanks to busi- ness performance in the second quarter significantly exceeding 3’100 the company’s own projections and the expectations of finan- 2’800 cial analysts, management revised its forecast for 2021 upwards 2’500 for a second time. The company is now estimating revenue 2’200 growth in the range of 19% to 20% on an organic basis. After revenue decreased by 24% in the second quarter of 2020 due 1’900 to the pandemic, the broadly diversified US group Stryker 1’600 posted organic sales growth of 42.9% in the second quarter of 1’300 2021. For the current financial year, the company is anticipating organic sales growth of 9% to 10% versus 2019, the year before COVID-19 emerged. Following a slump of 41% in revenue in the same quarter of the previous year, the dominant supplier of clear aligners, US company Align Technology, exceeded all expectations with a jump in sales of 187% in the second quar- Important legal information: ter. Past performance is not a reliable indicator of current or future performance. Performance data take no account of the commissions and costs charged when units are issued and redeemed. The return of the Fund may go down as well as up due to changes in rates of exchange between currencies.

Performance in CHF July 2021 1 year 3 years 5 years 10 years Inception MIV Global Medtech Fund N1 4.1% 18.2% 29.2% 48.5% n.a. n.a. 74.0% Benchmark * 3.7% 18.1% 29.4% 61.5% n.a. n.a. 88.7% MSCI World Index -0.2% 18.0% 34.6% 37.4% n.a. n.a. 48.6%

8.16-7.17 8.17-7.18 8.18-7.19 8.19-7.20 8.20-7.21 MIV Global Medtech Fund N1 n.a. n.a. 13.4% 1.4% 29.2% Benchmark * n.a. n.a. 15.8% 7.8% 29.4% MSCI World Index n.a. n.a. 3.6% -1.5% 34.6%

* MSCI World Healthcare Equipment & Supplies

Investment Strategy The MIV Global Medtech Fund invests globally in listed medical device companies. The investment process is based on a combined top-down / bottom-up approach. Against the background of the particular macroeconomic environment, the most interesting markets and companies are determined based on an intensive primary analysis. Alongside an attractive valuation, a strong market position, good growth potential, excellent products, sustainable profitability and high-quality management are the decisive parameters for investment. The consideration of sustainability criteria (ESG) is integrated in the research, analysis and investment process. Risks are managed by means of portfolio diversification. The portfolio of the MIV Global Medtech Fund is structured more defensively or cyclically in the best possible anticipation of economic trends, with a view to achieving a higher return than the benchmark and the general market indices.

Benefits Risks Owing to demographic trends and the desire for quality of life and The MIV Global Medtech Fund invests in equity securities and may therefore mobility, the medical device industry is a long-term growth market. be subject to high fluctuations in value. For this reason, a medium-term to Emerging markets will have a positive impact on the medical device long-term investment horizon and corresponding risk tolerance and capacity industry’s future growth thanks to the state-backed expansion of their are required for an investment into this Sub-Fund. As the MIV Global healthcare systems. Medical device suppliers’ priority is the Medtech Fund pursues an active management style, the Sub-Fund’s development of innovative, minimally invasive products. These are performance can deviate substantially from that of its reference index. The beneficial for patients and cost efficient for the healthcare system due focus on equity securities of medical device companies exposes the Sub- to shorter convalescence periods. Most interesting from an investor’s Fund potentially to additional specific risks of this area of the healthcare perspective are the industry’s high growth rates, above-average industry. The Sub-Fund may, for the purpose of hedging and the efficient profitability and oligopolistic market structures with their high entry management of the portfolio, make use of derivatives, which can lead to barriers for new competitors. Even in a demanding environment, additional risks (particularly counter party risk). All investments are subject to significant product innovations continue to offer attractive growth market fluctuations. Every Fund has specific risks, which can significantly prospects. increase under unusual market conditions.

Information Website www.mivglobalmedtech.ch Legal structure Sub-Fund of Variopartner SICAV, an investment fund under Luxembourg law Fund class N1 (CHF) accumulation / ISIN: LU1769944791 / Swiss Valor Number: 40341180 / WKN: A2JGMD Subscription/redemption On every bank working day in Luxembourg until 3.45 p.m. at net asset value (no calculation of net asset values on bank/stock exchange holidays in Luxembourg and/or the US) Management fee 1.0% p.a. Total Expense Ratio (TER) as of 31.12.2020 1.16% Launch of fund 11 March 2008 Launch of fund class N1 6 March 2018 Close of financial year 30 June Benchmark MSCI World Healthcare Equipment & Supplies Reporting of the Portfolio manager Monthly, semester and yearly report Fund price monitoring www.mivglobalmedtech.ch / www.swissfunddata.ch / www.fundinfo.com Bloomberg: VARMVN1 LX / Reuters: LU1769944791.LUF / Neue Zürcher Zeitung Portfolio manager MIV Asset Management AG, Feldeggstrasse 55, CH-8008 Zurich, [email protected] Contact: Jürg Nagel, Christoph Gubler, Giuseppe Di Benedetto, Phone +41 44 253 64 11 Management company Vontobel Asset Management S.A., 18, rue Erasme, L-1468 Luxembourg (Kirchberg) Representative in Switzerland Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich Custodian/Administrator RBC Investor Services Bank S.A., 14, Porte de France, L-4360 Esch-sur-Alzette Auditor Ernst & Young S.A., 35E, Avenue John F. Kennedy, L-1855 Luxembourg Minimum subscription none Admissions to distribution Switzerland, Germany, Austria, Liechtenstein, Luxembourg, France, Italy, Spain, United Kingdom, Netherlands, Finland, Norway, Sweden, Singapore (restricted scheme) Distribution restrictions USA / US persons

Glossary Benchmark An index, which is used as a reference for the measurement of the performance of the Fund. Inception Launch date of the Fund and/or the Fund class. Management fee Portfolio manager‘s fee for the management and the distribution of the Fund. NAV Net Asset Value: total Fund assets divided by total number of Fund shares outstanding. TER Total Expense Ratio: sum of all fees and costs, which are charged to the Fund on a continuous basis.

Important legal information: MIV Global Medtech Fund is a Sub-Fund of Variopartner SICAV, an investment fund under Luxembourg law. This document is for information purposes only and nothing contained in this document should constitute a solicitation, or offer, or recommendation, to buy or sell any investment instruments, to effect any transactions, or to conclude any legal act of any kind whatsoever. This document has been produced by MIV Asset Management AG (“MIV AM”). It is explicitly not the result of a financial analysis and therefore the “Directives on the Independence of Financial Research” of the Swiss Bankers Association is not applicable. Although MIV AM believes that the information provided in this document is based on reliable sources, it cannot assume responsibility for the quality, correctness, timeliness or completeness of the information contained in this report. Any companies described in this document may or may not currently represent a position in the portfolio of the MIV Global Medtech Fund. Any projections, forecasts or estimates contained in this document are based on a variety of estimates and assumptions. There can be no assurance that the estimates or assumptions made will prove accurate, and actual results may differ materially. Subscriptions of shares of the Sub-Fund should in any event be made solely on the basis of the current sales prospectus, the current Key Investor Information Document (KIID), the current articles of association and the most recent annual and semi-annual reports of Variopartner SICAV. For more details regarding the potential risks of an investment in Sub-Funds of Variopartner SICAV, please refer to the current sales prospectus. Interested parties may obtain the abovementioned documents free of charge from the Portfolio manager: MIV Asset Management AG, Feldeggstrasse 55, CH-8008 Zurich, the representative in Switzerland: Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich, the paying agent in Switzerland: Bank Vontobel AG, Gotthardstrasse 43, CH-8022 Zurich, the paying agent in Germany: B. Metzler seel. Sohn & Co. KGaA, Untermainanlage 1, D-60329 Frankfurt/Main, the paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna, the paying agent in Liechtenstein: Liechtensteinische Landesbank AG, Städtle 44, FL-9490 Vaduz, the financial and central agent in France: BNP Paribas Securities Services S.A., 3, Rue d’Antin, F-75002 Paris, the paying agents in Italy: RBC Investor Services Bank, Via Vittor Pisani, 26, I-20124 Milan, Allfunds Bank, S.A.U., Via Bocchetto, 6, I-20123 Milan, the facilities agent in the United Kingdom: Carne Financial Services (UK) LLP, 2nd Floor, 107 Cheapside, London EC2V 6DN, the paying agent in Sweden: Skandinaviska Enskilda Banken AB (publ), Investor Services/Paying Agent, AS-12, Råsta Strandväg 5, SE-169 79 Solna, from the offices of the Fund: Variopartner SICAV, 11–13, Boulevard de la Foire, L-1528 Luxembourg. They may also be downloaded from the website www.mivglobalmedtech.ch. This Sub-Fund is registered with the Financial Conduct Authority (FCA) for public distribution in the United Kingdom. This Sub-Fund is not available to retail investors in Singapore. It is accepted as restricted scheme by the Monetary Authority of Singapore (MAS) and may only be offered to certain prescribed persons on certain conditions as provided in the “Securities and Futures Act”, Chapter 289 of Singapore. This Sub-Fund is not authorised by the Securities and Futures Commission of Hong Kong. It may only be offered to those investors qualifying as professional investors under the Securities and Futures Ordinance. The contents of this document have not been reviewed by any regulatory authority in Hong Kong.

Monthly report July 2021 Marketing document for private and institutional investors

Facts Fund class N2 Company Headlines Net Asset Value per Fund share EUR 2’792.72 Assets EUR m (all Fund classes) 3’644 After a positive reporting season in the first quarter, various key Investment level 100% holdings of the Fund published second-quarter 2021 results in Liquidity 0% July which substantially exceeded expectations once again. Thanks to the advancing vaccination campaigns in many coun- tries, numerous companies are benefiting from elective sur- Industry breakdown geries and medical treatments being put back on the agenda. In-vitro Diagnostics 13% This applies primarily to the orthopaedics, dentistry, hearing Disposable Medical Supplies 9% aid, ophthalmology and hospital equipment sectors as well as Life Sciences Supply 8% sub-segments of cardiac surgery, cardiology and interventional Dentistry 7% radiology, which were temporarily hard hit during the waves of Hospital Equipment 6% COVID-19. This confirms the resilience of the business models Surgical Instruments 5% in the growth market of medical devices, even in these extraor- Orthopaedics 5% dinary times of pandemic. The very good business develop- Ophthalmology 5% ment in the first half of the year led the management of several Diabetes 4% holdings to revise their projections for revenue and earnings Other Medical Technology Sectors 38% growth for the current financial year upwards. The dominant supplier of surgical robots for minimally invasive Holdings surgical interventions in soft tissue, American group Intuitive Abbott Laboratories 10% Alcon 2% Surgical, increased revenue by 72% in the second quarter to Danaher 9% Straumann 2% USD 1.46 billion. This compares with a 22% fall in the same Medtronic 7% Sonova 2% quarter of the previous year due to the pandemic. In 2020, the Intuitive Surgical 7% ResMed 2% number of operations performed with the help of da Vinci Edwards Lifesciences 5% Baxter 2% surgical systems installed worldwide rose by only 1% to Becton Dickinson 4% West Pharmaceutical Serv. 2% 1.24 million due to COVID-19. For the current financial year, Align Technology 4% Teleflex 2% management increased its original growth forecast from Stryker 4% Sysmex 2% between 22% and 26% to between 27% and 30%. In the IDEXX Laboratories 4% DexCom 2% second quarter, the company placed 328 da Vinci surgical Boston Scientific 4% 19 small holdings 22% robots at an average price of USD 1.55 million, meaning that the number of systems installed globally rose to 6'335. Edwards Currency breakdown Lifesciences is the global leader for minimally invasive implant- USD 79% DKK 5% able transcatheter heart valves. The company increased organic CHF 7% EUR 4% revenue by 44% in the second quarter, beating expectations, JPY 6% after a 14% decline in the same quarter last year due to the pandemic. The corporation raised its revenue guidance for the 2021 financial year from between USD 4.9 billion and USD 5.3 Performance Fund class N2 EUR billion to between USD 5.2 billion and USD 5.4 billion, repre- NAV N2 Benchmark MSCI World Index senting a growth rate of nearly 19% to 23%. Due to COVID-19, US-based medical device corporation Boston Scientific posted 3’400 a decline in organic revenue of 11.3% last year. Thanks to busi- ness performance in the second quarter significantly exceeding 3’100 the company’s own projections and the expectations of finan- 2’800 cial analysts, management revised its forecast for 2021 upwards 2’500 for a second time. The company is now estimating revenue 2’200 growth in the range of 19% to 20% on an organic basis. After revenue decreased by 24% in the second quarter of 2020 due 1’900 to the pandemic, the broadly diversified US group Stryker 1’600 posted organic sales growth of 42.9% in the second quarter of 1’300 2021. For the current financial year, the company is anticipating organic sales growth of 9% to 10% versus 2019, the year before COVID-19 emerged. Following a slump of 41% in revenue in the same quarter of the previous year, the dominant supplier of clear aligners, US company Align Technology, exceeded all expectations with a jump in sales of 187% in the second quar- Important legal information: ter. Past performance is not a reliable indicator of current or future performance. Performance data take no account of the commissions and costs charged when units are issued and redeemed. The return of the Fund may go down as well as up due to changes in rates of exchange between currencies.

Performance in EUR July 2021 1 year 3 years 5 years 10 years Inception MIV Global Medtech Fund N2 6.2% 19.0% 29.4% 60.1% n.a. n.a. 88.5% Benchmark * 5.8% 18.9% 29.5% 74.1% n.a. n.a. 104.4% MSCI World Index 1.8% 18.7% 34.7% 48.1% n.a. n.a. 61.0%

8.16-7.17 8.17-7.18 8.18-7.19 8.19-7.20 8.20-7.21 MIV Global Medtech Fund N2 n.a. n.a. 19.2% 3.9% 29.4% Benchmark * n.a. n.a. 21.7% 10.4% 29.5% MSCI World Index n.a. n.a. 8.9% 1.0% 34.7%

* MSCI World Healthcare Equipment & Supplies

Investment Strategy The MIV Global Medtech Fund invests globally in listed medical device companies. The investment process is based on a combined top-down / bottom-up approach. Against the background of the particular macroeconomic environment, the most interesting markets and companies are determined based on an intensive primary analysis. Alongside an attractive valuation, a strong market position, good growth potential, excellent products, sustainable profitability and high-quality management are the decisive parameters for investment. The consideration of sustainability criteria (ESG) is integrated in the research, analysis and investment process. Risks are managed by means of portfolio diversification. The portfolio of the MIV Global Medtech Fund is structured more defensively or cyclically in the best possible anticipation of economic trends, with a view to achieving a higher return than the benchmark and the general market indices.

Benefits Risks Owing to demographic trends and the desire for quality of life and The MIV Global Medtech Fund invests in equity securities and may therefore mobility, the medical device industry is a long-term growth market. be subject to high fluctuations in value. For this reason, a medium-term to Emerging markets will have a positive impact on the medical device long-term investment horizon and corresponding risk tolerance and capacity industry’s future growth thanks to the state-backed expansion of their are required for an investment into this Sub-Fund. As the MIV Global healthcare systems. Medical device suppliers’ priority is the Medtech Fund pursues an active management style, the Sub-Fund’s development of innovative, minimally invasive products. These are performance can deviate substantially from that of its reference index. The beneficial for patients and cost efficient for the healthcare system due focus on equity securities of medical device companies exposes the Sub- to shorter convalescence periods. Most interesting from an investor’s Fund potentially to additional specific risks of this area of the healthcare perspective are the industry’s high growth rates, above-average industry. The Sub-Fund may, for the purpose of hedging and the efficient profitability and oligopolistic market structures with their high entry management of the portfolio, make use of derivatives, which can lead to barriers for new competitors. Even in a demanding environment, additional risks (particularly counter party risk). All investments are subject to significant product innovations continue to offer attractive growth market fluctuations. Every Fund has specific risks, which can significantly prospects. increase under unusual market conditions.

Information Website www.mivglobalmedtech.ch Legal structure Sub-Fund of Variopartner SICAV, an investment fund under Luxembourg law Fund class N2 (EUR) accumulation / ISIN: LU1769944874 / Swiss Valor Number: 40341212 / WKN: A2JGME Subscription/redemption On every bank working day in Luxembourg until 3.45 p.m. at net asset value (no calculation of net asset values on bank/stock exchange holidays in Luxembourg and/or the US) Management fee 1.0% p.a. Total Expense Ratio (TER) as of 31.12.2020 1.16% Launch of fund 11 March 2008 Launch of fund class N2 6 March 2018 Close of financial year 30 June Benchmark MSCI World Healthcare Equipment & Supplies Reporting of the Portfolio manager Monthly, semester and yearly report Fund price monitoring www.mivglobalmedtech.ch / www.swissfunddata.ch / www.fundinfo.com Bloomberg: VARMVN2 LX / Reuters: LU1769944874.LUF / Neue Zürcher Zeitung Portfolio manager MIV Asset Management AG, Feldeggstrasse 55, CH-8008 Zurich, [email protected] Contact: Jürg Nagel, Christoph Gubler, Giuseppe Di Benedetto, Phone +41 44 253 64 11 Management company Vontobel Asset Management S.A., 18, rue Erasme, L-1468 Luxembourg (Kirchberg) Representative in Switzerland Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich Custodian/Administrator RBC Investor Services Bank S.A., 14, Porte de France, L-4360 Esch-sur-Alzette Auditor Ernst & Young S.A., 35E, Avenue John F. Kennedy, L-1855 Luxembourg Minimum subscription none Admissions to distribution Switzerland, Germany, Austria, Liechtenstein, Luxembourg, France, Italy, Spain, United Kingdom, Netherlands, Finland, Norway, Sweden, Singapore (restricted scheme) Distribution restrictions USA / US persons

Glossary Benchmark An index, which is used as a reference for the measurement of the performance of the Fund. Inception Launch date of the Fund and/or the Fund class. Management fee Portfolio manager‘s fee for the management and the distribution of the Fund. NAV Net Asset Value: total Fund assets divided by total number of Fund shares outstanding. TER Total Expense Ratio: sum of all fees and costs, which are charged to the Fund on a continuous basis.

Important legal information: MIV Global Medtech Fund is a Sub-Fund of Variopartner SICAV, an investment fund under Luxembourg law. This document is for information purposes only and nothing contained in this document should constitute a solicitation, or offer, or recommendation, to buy or sell any investment instruments, to effect any transactions, or to conclude any legal act of any kind whatsoever. This document has been produced by MIV Asset Management AG (“MIV AM”). It is explicitly not the result of a financial analysis and therefore the “Directives on the Independence of Financial Research” of the Swiss Bankers Association is not applicable. Although MIV AM believes that the information provided in this document is based on reliable sources, it cannot assume responsibility for the quality, correctness, timeliness or completeness of the information contained in this report. Any companies described in this document may or may not currently represent a position in the portfolio of the MIV Global Medtech Fund. Any projections, forecasts or estimates contained in this document are based on a variety of estimates and assumptions. There can be no assurance that the estimates or assumptions made will prove accurate, and actual results may differ materially. Subscriptions of shares of the Sub-Fund should in any event be made solely on the basis of the current sales prospectus, the current Key Investor Information Document (KIID), the current articles of association and the most recent annual and semi-annual reports of Variopartner SICAV. For more details regarding the potential risks of an investment in Sub-Funds of Variopartner SICAV, please refer to the current sales prospectus. Interested parties may obtain the abovementioned documents free of charge from the Portfolio manager: MIV Asset Management AG, Feldeggstrasse 55, CH-8008 Zurich, the representative in Switzerland: Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich, the paying agent in Switzerland: Bank Vontobel AG, Gotthardstrasse 43, CH-8022 Zurich, the paying agent in Germany: B. Metzler seel. Sohn & Co. KGaA, Untermainanlage 1, D-60329 Frankfurt/Main, the paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna, the paying agent in Liechtenstein: Liechtensteinische Landesbank AG, Städtle 44, FL-9490 Vaduz, the financial and central agent in France: BNP Paribas Securities Services S.A., 3, Rue d’Antin, F-75002 Paris, the paying agents in Italy: RBC Investor Services Bank, Via Vittor Pisani, 26, I-20124 Milan, Allfunds Bank, S.A.U., Via Bocchetto, 6, I-20123 Milan, the facilities agent in the United Kingdom: Carne Financial Services (UK) LLP, 2nd Floor, 107 Cheapside, London EC2V 6DN, the paying agent in Sweden: Skandinaviska Enskilda Banken AB (publ), Investor Services/Paying Agent, AS-12, Råsta Strandväg 5, SE-169 79 Solna, from the offices of the Fund: Variopartner SICAV, 11-13, Boulevard de la Foire, L-1528 Luxembourg. They may also be downloaded from the website www.mivglobalmedtech.ch. This Sub-Fund is registered with the Financial Conduct Authority (FCA) for public distribution in the United Kingdom. This Sub-Fund is not available to retail investors in Singapore. It is accepted as restricted scheme by the Monetary Authority of Singapore (MAS) and may only be offered to certain prescribed persons on certain conditions as provided in the “Securities and Futures Act”, Chapter 289 of Singapore. This Sub-Fund is not authorised by the Securities and Futures Commission of Hong Kong. It may only be offered to those investors qualifying as professional investors under the Securities and Futures Ordinance. The contents of this document have not been reviewed by any regulatory authority in Hong Kong.

Monthly report July 2021 Marketing document for private and institutional investors

Facts Fund class N3 Company Headlines Net Asset Value per Fund share USD 3’310.26 Assets USD m (all Fund classes) 4’321 After a positive reporting season in the first quarter, various key Investment level 100% holdings of the Fund published second-quarter 2021 results in Liquidity 0% July which substantially exceeded expectations once again. Thanks to the advancing vaccination campaigns in many coun- tries, numerous companies are benefiting from elective sur- Industry breakdown geries and medical treatments being put back on the agenda. In-vitro Diagnostics 13% This applies primarily to the orthopaedics, dentistry, hearing Disposable Medical Supplies 9% aid, ophthalmology and hospital equipment sectors as well as Life Sciences Supply 8% sub-segments of cardiac surgery, cardiology and interventional Dentistry 7% radiology, which were temporarily hard hit during the waves of Hospital Equipment 6% COVID-19. This confirms the resilience of the business models Surgical Instruments 5% in the growth market of medical devices, even in these extraor- Orthopaedics 5% dinary times of pandemic. The very good business develop- Ophthalmology 5% ment in the first half of the year led the management of several Diabetes 4% holdings to revise their projections for revenue and earnings Other Medical Technology Sectors 38% growth for the current financial year upwards. The dominant supplier of surgical robots for minimally invasive Holdings surgical interventions in soft tissue, American group Intuitive Abbott Laboratories 10% Alcon 2% Surgical, increased revenue by 72% in the second quarter to Danaher 9% Straumann 2% USD 1.46 billion. This compares with a 22% fall in the same Medtronic 7% Sonova 2% quarter of the previous year due to the pandemic. In 2020, the Intuitive Surgical 7% ResMed 2% number of operations performed with the help of da Vinci Edwards Lifesciences 5% Baxter 2% surgical systems installed worldwide rose by only 1% to Becton Dickinson 4% West Pharmaceutical Serv. 2% 1.24 million due to COVID-19. For the current financial year, Align Technology 4% Teleflex 2% management increased its original growth forecast from Stryker 4% Sysmex 2% between 22% and 26% to between 27% and 30%. In the IDEXX Laboratories 4% DexCom 2% second quarter, the company placed 328 da Vinci surgical Boston Scientific 4% 19 small holdings 22% robots at an average price of USD 1.55 million, meaning that the number of systems installed globally rose to 6'335. Edwards Currency breakdown Lifesciences is the global leader for minimally invasive implant- USD 79% DKK 5% able transcatheter heart valves. The company increased organic CHF 7% EUR 4% revenue by 44% in the second quarter, beating expectations, JPY 6% after a 14% decline in the same quarter last year due to the pandemic. The corporation raised its revenue guidance for the 2021 financial year from between USD 4.9 billion and USD 5.3 Performance Fund class N3 USD billion to between USD 5.2 billion and USD 5.4 billion, repre- NAV N3 Benchmark MSCI World Index senting a growth rate of nearly 19% to 23%. Due to COVID-19, US-based medical device corporation Boston Scientific posted 4’100 a decline in organic revenue of 11.3% last year. Thanks to busi- 3’800 ness performance in the second quarter significantly exceeding 3’500 the company’s own projections and the expectations of finan- 3’200 cial analysts, management revised its forecast for 2021 upwards 2’900 2’600 for a second time. The company is now estimating revenue 2’300 growth in the range of 19% to 20% on an organic basis. After 2’000 revenue decreased by 24% in the second quarter of 2020 due 1’700 to the pandemic, the broadly diversified US group Stryker 1’400 1’100 posted organic sales growth of 42.9% in the second quarter of 800 2021. For the current financial year, the company is anticipating organic sales growth of 9% to 10% versus 2019, the year before COVID-19 emerged. Following a slump of 41% in revenue in the same quarter of the previous year, the dominant supplier of clear aligners, US company Align Technology, exceeded all expectations with a jump in sales of 187% in the second quar- Important legal information: ter. Past performance is not a reliable indicator of current or future performance. Performance data take no account of the commissions and costs charged when units are issued and redeemed. The return of the Fund may go down as well as up due to changes in rates of exchange between currencies.

Performance in USD July 2021 1 year 3 years 5 years 10 years Inception MIV Global Medtech Fund N3 6.1% 15.3% 29.7% 62.2% 119.4% n.a. 195.9% Benchmark * 5.8% 15.2% 29.9% 76.4% 141.3% n.a. 237.6% MSCI World Index 1.8% 15.1% 35.1% 50.1% 95.0% n.a. 108.7%

8.16-7.17 8.17-7.18 8.18-7.19 8.19-7.20 8.20-7.21 MIV Global Medtech Fund N3 13.5% 19.2% 13.4% 10.3% 29.7% Benchmark * 11.4% 22.7% 15.8% 17.3% 29.9% MSCI World Index 16.1% 11.9% 3.6% 7.2% 35.1%

* MSCI World Healthcare Equipment & Supplies

Investment Strategy The MIV Global Medtech Fund invests globally in listed medical device companies. The investment process is based on a combined top-down / bottom-up approach. Against the background of the particular macroeconomic environment, the most interesting markets and companies are determined based on an intensive primary analysis. Alongside an attractive valuation, a strong market position, good growth potential, excellent products, sustainable profitability and high-quality management are the decisive parameters for investment. The consideration of sustainability criteria (ESG) is integrated in the research, analysis and investment process. Risks are managed by means of portfolio diversification. The portfolio of the MIV Global Medtech Fund is structured more defensively or cyclically in the best possible anticipation of economic trends, with a view to achieving a higher return than the benchmark and the general market indices.

Benefits Risks Owing to demographic trends and the desire for quality of life and The MIV Global Medtech Fund invests in equity securities and may therefore mobility, the medical device industry is a long-term growth market. be subject to high fluctuations in value. For this reason, a medium-term to Emerging markets will have a positive impact on the medical device long-term investment horizon and corresponding risk tolerance and capacity industry’s future growth thanks to the state-backed expansion of their are required for an investment into this Sub-Fund. As the MIV Global healthcare systems. Medical device suppliers’ priority is the Medtech Fund pursues an active management style, the Sub-Fund’s development of innovative, minimally invasive products. These are performance can deviate substantially from that of its reference index. The beneficial for patients and cost efficient for the healthcare system due focus on equity securities of medical device companies exposes the Sub- to shorter convalescence periods. Most interesting from an investor’s Fund potentially to additional specific risks of this area of the healthcare perspective are the industry’s high growth rates, above-average industry. The Sub-Fund may, for the purpose of hedging and the efficient profitability and oligopolistic market structures with their high entry management of the portfolio, make use of derivatives, which can lead to barriers for new competitors. Even in a demanding environment, additional risks (particularly counter party risk). All investments are subject to significant product innovations continue to offer attractive growth market fluctuations. Every Fund has specific risks, which can significantly prospects. increase under unusual market conditions.

Information Website www.mivglobalmedtech.ch Legal structure Sub-Fund of Variopartner SICAV, an investment fund under Luxembourg law Fund class N3 (USD) accumulation / ISIN: LU1050446076 / Swiss Valor Number: 24064488 / Sedol: BLDYW10 Subscription/redemption On every bank working day in Luxembourg until 3.45 p.m. at net asset value (no calculation of net asset values on bank/stock exchange holidays in Luxembourg and/or the US) Management fee 1.0% p.a. Total Expense Ratio (TER) as of 31.12.2020 1.16% Launch of fund 11 March 2008 Launch of fund class N3 3 April 2014 Close of financial year 30 June Benchmark MSCI World Healthcare Equipment & Supplies Reporting of the Portfolio manager Monthly, semester and yearly report Fund price monitoring www.mivglobalmedtech.ch / www.swissfunddata.ch / www.fundinfo.com Bloomberg: VARMVN3 LX / Reuters: LU1050446076.LUF / Neue Zürcher Zeitung Portfolio manager MIV Asset Management AG, Feldeggstrasse 55, CH-8008 Zurich, [email protected] Contact: Jürg Nagel, Christoph Gubler, Giuseppe Di Benedetto, Phone +41 44 253 64 11 Management company Vontobel Asset Management S.A., 18, rue Erasme, L-1468 Luxembourg (Kirchberg) Representative in Switzerland Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich Custodian/Administrator RBC Investor Services Bank S.A., 14, Porte de France, L-4360 Esch-sur-Alzette Auditor Ernst & Young S.A., 35E, Avenue John F. Kennedy, L-1855 Luxembourg Minimum subscription none Admissions to distribution Switzerland, Germany, Austria, Liechtenstein, Luxembourg, France, Italy, Spain, United Kingdom, Netherlands, Finland, Norway, Sweden, Singapore (restricted scheme) Distribution restrictions USA / US persons

Glossary Benchmark An index, which is used as a reference for the measurement of the performance of the Fund. Inception Launch date of the Fund and/or the Fund class. Management fee Portfolio manager‘s fee for the management and the distribution of the Fund. NAV Net Asset Value: total Fund assets divided by total number of Fund shares outstanding. TER Total Expense Ratio: sum of all fees and costs, which are charged to the Fund on a continuous basis.

Important legal information: MIV Global Medtech Fund is a Sub-Fund of Variopartner SICAV, an investment fund under Luxembourg law. This document is for information purposes only and nothing contained in this document should constitute a solicitation, or offer, or recommendation, to buy or sell any investment instruments, to effect any transactions, or to conclude any legal act of any kind whatsoever. This document has been produced by MIV Asset Management AG (“MIV AM”). It is explicitly not the result of a financial analysis and therefore the “Directives on the Independence of Financial Research” of the Swiss Bankers Association is not applicable. Although MIV AM believes that the information provided in this document is based on reliable sources, it cannot assume responsibility for the quality, correctness, timeliness or completeness of the information contained in this report. Any companies described in this document may or may not currently represent a position in the portfolio of the MIV Global Medtech Fund. Any projections, forecasts or estimates contained in this document are based on a variety of estimates and assumptions. There can be no assurance that the estimates or assumptions made will prove accurate, and actual results may differ materially. Subscriptions of shares of the Sub-Fund should in any event be made solely on the basis of the current sales prospectus, the current Key Investor Information Document (KIID), the current articles of association and the most recent annual and semi-annual reports of Variopartner SICAV. For more details regarding the potential risks of an investment in Sub-Funds of Variopartner SICAV, please refer to the current sales prospectus. Interested parties may obtain the abovementioned documents free of charge from the Portfolio manager: MIV Asset Management AG, Feldeggstrasse 55, CH-8008 Zurich, the representative in Switzerland: Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich, the paying agent in Switzerland: Bank Vontobel AG, Gotthardstrasse 43, CH-8022 Zurich, the paying agent in Germany: B. Metzler seel. Sohn & Co. KGaA, Untermainanlage 1, D-60329 Frankfurt/Main, the paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna, the paying agent in Liechtenstein: Liechtensteinische Landesbank AG, Städtle 44, FL-9490 Vaduz, the financial and central agent in France: BNP Paribas Securities Services S.A., 3, Rue d’Antin, F-75002 Paris, the paying agents in Italy: RBC Investor Services Bank, Via Vittor Pisani, 26, I-20124 Milan, Allfunds Bank, S.A.U., Via Bocchetto, 6, I-20123 Milan, the facilities agent in the United Kingdom: Carne Financial Services (UK) LLP, 2nd Floor, 107 Cheapside, London EC2V 6DN, the paying agent in Sweden: Skandinaviska Enskilda Banken AB (publ), Investor Services/Paying Agent, AS-12, Råsta Strandväg 5, SE-169 79 Solna, from the offices of the Fund: Variopartner SICAV, 11–13, Boulevard de la Foire, L-1528 Luxembourg. They may also be downloaded from the website www.mivglobalmedtech.ch. This Sub-Fund is registered with the Financial Conduct Authority (FCA) for public distribution in the United Kingdom. This Sub-Fund is not available to retail investors in Singapore. It is accepted as restricted scheme by the Monetary Authority of Singapore (MAS) and may only be offered to certain prescribed persons on certain conditions as provided in the “Securities and Futures Act”, Chapter 289 of Singapore. This Sub-Fund is not authorised by the Securities and Futures Commission of Hong Kong. It may only be offered to those investors qualifying as professional investors under the Securities and Futures Ordinance. The contents of this document have not been reviewed by any regulatory authority in Hong Kong.

Monthly report July 2021 Marketing document for private and institutional investors

Facts Fund class P1 Company Headlines Net Asset Value per Fund share CHF 2’841.75 Assets CHF m (all Fund classes) 3’916 After a positive reporting season in the first quarter, various key Investment level 100% holdings of the Fund published second-quarter 2021 results in Liquidity 0% July which substantially exceeded expectations once again. Thanks to the advancing vaccination campaigns in many coun- tries, numerous companies are benefiting from elective sur- Industry breakdown geries and medical treatments being put back on the agenda. In-vitro Diagnostics 13% This applies primarily to the orthopaedics, dentistry, hearing Disposable Medical Supplies 9% aid, ophthalmology and hospital equipment sectors as well as Life Sciences Supply 8% sub-segments of cardiac surgery, cardiology and interventional Dentistry 7% radiology, which were temporarily hard hit during the waves of Hospital Equipment 6% COVID-19. This confirms the resilience of the business models Surgical Instruments 5% in the growth market of medical devices, even in these extraor- Orthopaedics 5% dinary times of pandemic. The very good business develop- Ophthalmology 5% ment in the first half of the year led the management of several Diabetes 4% holdings to revise their projections for revenue and earnings Other Medical Technology Sectors 38% growth for the current financial year upwards. The dominant supplier of surgical robots for minimally invasive Holdings surgical interventions in soft tissue, American group Intuitive Abbott Laboratories 10% Alcon 2% Surgical, increased revenue by 72% in the second quarter to Danaher 9% Straumann 2% USD 1.46 billion. This compares with a 22% fall in the same Medtronic 7% Sonova 2% quarter of the previous year due to the pandemic. In 2020, the Intuitive Surgical 7% ResMed 2% number of operations performed with the help of da Vinci Edwards Lifesciences 5% Baxter 2% surgical systems installed worldwide rose by only 1% to Becton Dickinson 4% West Pharmaceutical Serv. 2% 1.24 million due to COVID-19. For the current financial year, Align Technology 4% Teleflex 2% management increased its original growth forecast from Stryker 4% Sysmex 2% between 22% and 26% to between 27% and 30%. In the IDEXX Laboratories 4% DexCom 2% second quarter, the company placed 328 da Vinci surgical Boston Scientific 4% 19 small holdings 22% robots at an average price of USD 1.55 million, meaning that the number of systems installed globally rose to 6'335. Edwards Currency breakdown Lifesciences is the global leader for minimally invasive implant- USD 79% DKK 5% able transcatheter heart valves. The company increased organic CHF 7% EUR 4% revenue by 44% in the second quarter, beating expectations, JPY 6% after a 14% decline in the same quarter last year due to the pandemic. The corporation raised its revenue guidance for the 2021 financial year from between USD 4.9 billion and USD 5.3 Performance Fund class P1 CHF billion to between USD 5.2 billion and USD 5.4 billion, repre- NAV P1 Benchmark MSCI World Index senting a growth rate of nearly 19% to 23%. Due to COVID-19, US-based medical device corporation Boston Scientific posted 3’000 a decline in organic revenue of 11.3% last year. Thanks to busi- 2’700 ness performance in the second quarter significantly exceeding 2’400 the company’s own projections and the expectations of finan- 2’100 cial analysts, management revised its forecast for 2021 upwards 1’800 for a second time. The company is now estimating revenue 1’500 growth in the range of 19% to 20% on an organic basis. After 1’200 revenue decreased by 24% in the second quarter of 2020 due 900 to the pandemic, the broadly diversified US group Stryker 600 posted organic sales growth of 42.9% in the second quarter of 300 2021. For the current financial year, the company is anticipating organic sales growth of 9% to 10% versus 2019, the year before COVID-19 emerged. Following a slump of 41% in revenue in the same quarter of the previous year, the dominant supplier of clear aligners, US company Align Technology, exceeded all expectations with a jump in sales of 187% in the second quar- Important legal information: ter. Past performance is not a reliable indicator of current or future performance. Performance data take no account of the commissions and costs charged when units are issued and redeemed. The return of the Fund may go down as well as up due to changes in rates of exchange between currencies.

Performance in CHF July 2021 1 year 3 years 5 years 10 years Inception MIV Global Medtech Fund P1 4.0% 18.0% 28.7% 46.7% 101.7% 387.3% 366.9% Benchmark * 3.7% 18.1% 29.4% 61.5% 126.2% 454.0% 341.6% MSCI World Index -0.2% 18.0% 34.6% 37.4% 82.8% 228.0% 151.2%

8.16-7.17 8.17-7.18 8.18-7.19 8.19-7.20 8.20-7.21 MIV Global Medtech Fund P1 12.9% 21.8% 12.9% 0.9% 28.7% Benchmark * 11.3% 25.9% 15.8% 7.8% 29.4% MSCI World Index 15.9% 14.8% 3.6% -1.5% 34.6%

* MSCI World Healthcare Equipment & Supplies

Investment Strategy The MIV Global Medtech Fund invests globally in listed medical device companies. The investment process is based on a combined top-down / bottom-up approach. Against the background of the particular macroeconomic environment, the most interesting markets and companies are determined based on an intensive primary analysis. Alongside an attractive valuation, a strong market position, good growth potential, excellent products, sustainable profitability and high-quality management are the decisive parameters for investment. The consideration of sustainability criteria (ESG) is integrated in the research, analysis and investment process. Risks are managed by means of portfolio diversification. The portfolio of the MIV Global Medtech Fund is structured more defensively or cyclically in the best possible anticipation of economic trends, with a view to achieving a higher return than the benchmark and the general market indices.

Benefits Risks Owing to demographic trends and the desire for quality of life and The MIV Global Medtech Fund invests in equity securities and may therefore mobility, the medical device industry is a long-term growth market. be subject to high fluctuations in value. For this reason, a medium-term to Emerging markets will have a positive impact on the medical device long-term investment horizon and corresponding risk tolerance and capacity industry’s future growth thanks to the state-backed expansion of their are required for an investment into this Sub-Fund. As the MIV Global healthcare systems. Medical device suppliers’ priority is the Medtech Fund pursues an active management style, the Sub-Fund’s development of innovative, minimally invasive products. These are performance can deviate substantially from that of its reference index. The beneficial for patients and cost efficient for the healthcare system due focus on equity securities of medical device companies exposes the Sub- to shorter convalescence periods. Most interesting from an investor’s Fund potentially to additional specific risks of this area of the healthcare perspective are the industry’s high growth rates, above-average industry. The Sub-Fund may, for the purpose of hedging and the efficient profitability and oligopolistic market structures with their high entry management of the portfolio, make use of derivatives, which can lead to barriers for new competitors. Even in a demanding environment, additional risks (particularly counter party risk). All investments are subject to significant product innovations continue to offer attractive growth market fluctuations. Every Fund has specific risks, which can significantly prospects. increase under unusual market conditions.

Information Website www.mivglobalmedtech.ch Legal structure Sub-Fund of Variopartner SICAV, an investment fund under Luxembourg law Fund class P1 (CHF) accumulation / ISIN: LU0329630999 / Swiss Valor Number: 3535010 / WKN: A0NBNA Subscription/redemption On every bank working day in Luxembourg until 3.45 p.m. at net asset value (no calculation of net asset values on bank/stock exchange holidays in Luxembourg and/or the US) Management fee 1.4% p.a. Total Expense Ratio (TER) as of 31.12.2020 1.56% Launch of fund 11 March 2008 Close of financial year 30 June Benchmark MSCI World Healthcare Equipment & Supplies Reporting of the Portfolio manager Monthly, semester and yearly report Fund price monitoring www.mivglobalmedtech.ch / www.swissfunddata.ch / www.fundinfo.com Bloomberg: VARMVP1 LX / Reuters: LU0329630999.LUF / Neue Zürcher Zeitung Portfolio manager MIV Asset Management AG, Feldeggstrasse 55, CH-8008 Zurich, [email protected] Contact: Jürg Nagel, Christoph Gubler, Giuseppe Di Benedetto, Phone +41 44 253 64 11 Management company Vontobel Asset Management S.A., 18, rue Erasme, L-1468 Luxembourg (Kirchberg) Representative in Switzerland Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich Custodian/Administrator RBC Investor Services Bank S.A., 14, Porte de France, L-4360 Esch-sur-Alzette Auditor Ernst & Young S.A., 35E, Avenue John F. Kennedy, L-1855 Luxembourg Minimum subscription none Admissions to distribution Switzerland, Germany, Austria, Liechtenstein, Luxembourg, France, Italy, Spain, Finland, Norway, Sweden, Singapore (restricted scheme) Distribution restrictions USA / US persons

Glossary Benchmark An index, which is used as a reference for the measurement of the performance of the Fund. Inception Launch date of the Fund and/or the Fund class. Management fee Portfolio manager‘s fee for the management and the distribution of the Fund. NAV Net Asset Value: total Fund assets divided by total number of Fund shares outstanding. TER Total Expense Ratio: sum of all fees and costs, which are charged to the Fund on a continuous basis.

Important legal information: MIV Global Medtech Fund is a Sub-Fund of Variopartner SICAV, an investment fund under Luxembourg law. This document is for information purposes only and nothing contained in this document should constitute a solicitation, or offer, or recommendation, to buy or sell any investment instruments, to effect any transactions, or to conclude any legal act of any kind whatsoever. This document has been produced by MIV Asset Management AG (“MIV AM”). It is explicitly not the result of a financial analysis and therefore the “Directives on the Independence of Financial Research” of the Swiss Bankers Association is not applicable. Although MIV AM believes that the information provided in this document is based on reliable sources, it cannot assume responsibility for the quality, correctness, timeliness or completeness of the information contained in this report. Any companies described in this document may or may not currently represent a position in the portfolio of the MIV Global Medtech Fund. Any projections, forecasts or estimates contained in this document are based on a variety of estimates and assumptions. There can be no assurance that the estimates or assumptions made will prove accurate, and actual results may differ materially. Subscriptions of shares of the Sub-Fund should in any event be made solely on the basis of the current sales prospectus, the current Key Investor Information Document (KIID), the current articles of association and the most recent annual and semi-annual reports of Variopartner SICAV. For more details regarding the potential risks of an investment in Sub-Funds of Variopartner SICAV, please refer to the current sales prospectus. Interested parties may obtain the abovementioned documents free of charge from the Portfolio manager: MIV Asset Management AG, Feldeggstrasse 55, CH-8008 Zurich, the representative in Switzerland: Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich, the paying agent in Switzerland: Bank Vontobel AG, Gotthardstrasse 43, CH-8022 Zurich, the paying agent in Germany: B. Metzler seel. Sohn & Co. KGaA, Untermainanlage 1, D-60329 Frankfurt/Main, the paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna, the paying agent in Liechtenstein: Liechtensteinische Landesbank AG, Städtle 44, FL-9490 Vaduz, the financial and central agent in France: BNP Paribas Securities Services S.A., 3, Rue d’Antin, F-75002 Paris, the paying agents in Italy: RBC Investor Services Bank, Via Vittor Pisani, 26, I-20124 Milan, Allfunds Bank, S.A.U., Via Bocchetto, 6, I-20123 Milan, the paying agent in Sweden: Skandinaviska Enskilda Banken AB (publ), Investor Services/Paying Agent, AS-12, Råsta Strandväg 5, SE-169 79 Solna, from the offices of the Fund: Variopartner SICAV, 11–13, Boulevard de la Foire, L-1528 Luxembourg. They may also be downloaded from the website www.mivglobalmedtech.ch. This Sub-Fund is not available to retail investors in Singapore. It is accepted as restricted scheme by the Monetary Authority of Singapore (MAS) and may only be offered to certain prescribed persons on certain conditions as provided in the “Securities and Futures Act”, Chapter 289 of Singapore. This Sub-Fund is not authorised by the Securities and Futures Commission of Hong Kong. It may only be offered to those investors qualifying as professional investors under the Securities and Futures Ordinance. The contents of this document have not been reviewed by any regulatory authority in Hong Kong.

Monthly report July 2021 Marketing document for private and institutional investors

Facts Fund class P2 Company Headlines Net Asset Value per Fund share EUR 2’644.44 Assets EUR m (all Fund classes) 3’644 After a positive reporting season in the first quarter, various key Investment level 100% holdings of the Fund published second-quarter 2021 results in Liquidity 0% July which substantially exceeded expectations once again. Thanks to the advancing vaccination campaigns in many coun- tries, numerous companies are benefiting from elective sur- Industry breakdown geries and medical treatments being put back on the agenda. In-vitro Diagnostics 13% This applies primarily to the orthopaedics, dentistry, hearing Disposable Medical Supplies 9% aid, ophthalmology and hospital equipment sectors as well as Life Sciences Supply 8% sub-segments of cardiac surgery, cardiology and interventional Dentistry 7% radiology, which were temporarily hard hit during the waves of Hospital Equipment 6% COVID-19. This confirms the resilience of the business models Surgical Instruments 5% in the growth market of medical devices, even in these extraor- Orthopaedics 5% dinary times of pandemic. The very good business develop- Ophthalmology 5% ment in the first half of the year led the management of several Diabetes 4% holdings to revise their projections for revenue and earnings Other Medical Technology Sectors 38% growth for the current financial year upwards. The dominant supplier of surgical robots for minimally invasive Holdings surgical interventions in soft tissue, American group Intuitive Abbott Laboratories 10% Alcon 2% Surgical, increased revenue by 72% in the second quarter to Danaher 9% Straumann 2% USD 1.46 billion. This compares with a 22% fall in the same Medtronic 7% Sonova 2% quarter of the previous year due to the pandemic. In 2020, the Intuitive Surgical 7% ResMed 2% number of operations performed with the help of da Vinci Edwards Lifesciences 5% Baxter 2% surgical systems installed worldwide rose by only 1% to Becton Dickinson 4% West Pharmaceutical Serv. 2% 1.24 million due to COVID-19. For the current financial year, Align Technology 4% Teleflex 2% management increased its original growth forecast from Stryker 4% Sysmex 2% between 22% and 26% to between 27% and 30%. In the IDEXX Laboratories 4% DexCom 2% second quarter, the company placed 328 da Vinci surgical Boston Scientific 4% 19 small holdings 22% robots at an average price of USD 1.55 million, meaning that the number of systems installed globally rose to 6'335. Edwards Currency breakdown Lifesciences is the global leader for minimally invasive implant- USD 79% DKK 5% able transcatheter heart valves. The company increased organic CHF 7% EUR 4% revenue by 44% in the second quarter, beating expectations, JPY 6% after a 14% decline in the same quarter last year due to the pandemic. The corporation raised its revenue guidance for the 2021 financial year from between USD 4.9 billion and USD 5.3 Performance Fund class P2 EUR billion to between USD 5.2 billion and USD 5.4 billion, repre- NAV P2 Benchmark MSCI World Index senting a growth rate of nearly 19% to 23%. Due to COVID-19, US-based medical device corporation Boston Scientific posted 3’000 a decline in organic revenue of 11.3% last year. Thanks to busi- 2’700 ness performance in the second quarter significantly exceeding 2’400 the company’s own projections and the expectations of finan- 2’100 cial analysts, management revised its forecast for 2021 upwards 1’800 for a second time. The company is now estimating revenue 1’500 growth in the range of 19% to 20% on an organic basis. After 1’200 revenue decreased by 24% in the second quarter of 2020 due 900 to the pandemic, the broadly diversified US group Stryker 600 posted organic sales growth of 42.9% in the second quarter of 300 2021. For the current financial year, the company is anticipating organic sales growth of 9% to 10% versus 2019, the year before COVID-19 emerged. Following a slump of 41% in revenue in the same quarter of the previous year, the dominant supplier of clear aligners, US company Align Technology, exceeded all

expectations with a jump in sales of 187% in the second quar- Important legal information: ter. Past performance is not a reliable indicator of current or future performance. Performance data take no account of the commissions and costs charged when units are issued and redeemed. The return of the Fund may go down as well as up due to changes in rates of exchange between currencies.

Performance in EUR July 2021 1 year 3 years 5 years 10 years Inception MIV Global Medtech Fund P2 6.1% 18.7% 28.9% 58.2% 102.8% 413.6% 533.1% Benchmark * 5.8% 18.9% 29.5% 74.1% 127.5% 483.9% 526.6% MSCI World Index 1.8% 18.7% 34.7% 48.1% 83.9% 245.7% 292.0%

8.16-7.17 8.17-7.18 8.18-7.19 8.19-7.20 8.20-7.21 MIV Global Medtech Fund P2 7.2% 19.6% 18.7% 3.4% 28.9% Benchmark * 5.7% 23.6% 21.7% 10.4% 29.5% MSCI World Index 10.1% 12.7% 8.9% 1.0% 34.7%

* MSCI World Healthcare Equipment & Supplies

Investment Strategy The MIV Global Medtech Fund invests globally in listed medical device companies. The investment process is based on a combined top-down / bottom-up approach. Against the background of the particular macroeconomic environment, the most interesting markets and companies are determined based on an intensive primary analysis. Alongside an attractive valuation, a strong market position, good growth potential, excellent products, sustainable profitability and high-quality management are the decisive parameters for investment. The consideration of sustainability criteria (ESG) is integrated in the research, analysis and investment process. Risks are managed by means of portfolio diversification. The portfolio of the MIV Global Medtech Fund is structured more defensively or cyclically in the best possible anticipation of economic trends, with a view to achieving a higher return than the benchmark and the general market indices.

Benefits Risks Owing to demographic trends and the desire for quality of life and The MIV Global Medtech Fund invests in equity securities and may therefore mobility, the medical device industry is a long-term growth market. be subject to high fluctuations in value. For this reason, a medium-term to Emerging markets will have a positive impact on the medical device long-term investment horizon and corresponding risk tolerance and capacity industry’s future growth thanks to the state-backed expansion of their are required for an investment into this Sub-Fund. As the MIV Global healthcare systems. Medical device suppliers’ priority is the Medtech Fund pursues an active management style, the Sub-Fund’s development of innovative, minimally invasive products. These are performance can deviate substantially from that of its reference index. The beneficial for patients and cost efficient for the healthcare system due focus on equity securities of medical device companies exposes the Sub- to shorter convalescence periods. Most interesting from an investor’s Fund potentially to additional specific risks of this area of the healthcare perspective are the industry’s high growth rates, above-average industry. The Sub-Fund may, for the purpose of hedging and the efficient profitability and oligopolistic market structures with their high entry management of the portfolio, make use of derivatives, which can lead to barriers for new competitors. Even in a demanding environment, additional risks (particularly counter party risk). All investments are subject to significant product innovations continue to offer attractive growth market fluctuations. Every Fund has specific risks, which can significantly prospects. increase under unusual market conditions.

Information Website www.mivglobalmedtech.ch Legal structure Sub-Fund of Variopartner SICAV, an investment fund under Luxembourg law Fund class P2 (EUR) accumulation / ISIN: LU0329630130 / Swiss Valor Number: 3535023 / WKN: A0NETR Subscription/redemption On every bank working day in Luxembourg until 3.45 p.m. at net asset value (no calculation of net asset values on bank/stock exchange holidays in Luxembourg and/or the US) Management fee 1.4% p.a. Total Expense Ratio (TER) as of 31.12.2020 1.56% Launch of fund 11 March 2008 Launch of fund class P2 13 January 2010 Close of financial year 30 June Benchmark MSCI World Healthcare Equipment & Supplies Reporting of the Portfolio manager Monthly, semester and yearly report Fund price monitoring www.mivglobalmedtech.ch / www.swissfunddata.ch / www.fundinfo.com Bloomberg: VARMVP2 LX / Reuters: LU0329630130.LUF / Neue Zürcher Zeitung Portfolio manager MIV Asset Management AG, Feldeggstrasse 55, CH-8008 Zurich, [email protected] Contact: Jürg Nagel, Christoph Gubler, Giuseppe Di Benedetto, Phone +41 44 253 64 11 Management company Vontobel Asset Management S.A., 18, rue Erasme, L-1468 Luxembourg (Kirchberg) Representative in Switzerland Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich Custodian/Administrator RBC Investor Services Bank S.A., 14, Porte de France, L-4360 Esch-sur-Alzette Auditor Ernst & Young S.A., 35E, Avenue John F. Kennedy, L-1855 Luxembourg Minimum subscription none Admissions to distribution Switzerland, Germany, Austria, Liechtenstein, Luxembourg, France, Italy, Spain, Finland, Norway, Sweden, Singapore (restricted scheme) Distribution restrictions USA / US persons

Glossary Benchmark An index, which is used as a reference for the measurement of the performance of the Fund. Inception Launch date of the Fund and/or the Fund class. Management fee Portfolio manager‘s fee for the management and the distribution of the Fund. NAV Net Asset Value: total Fund assets divided by total number of Fund shares outstanding. TER Total Expense Ratio: sum of all fees and costs, which are charged to the Fund on a continuous basis.

Important legal information: MIV Global Medtech Fund is a Sub-Fund of Variopartner SICAV, an investment fund under Luxembourg law. This document is for information purposes only and nothing contained in this document should constitute a solicitation, or offer, or recommendation, to buy or sell any investment instruments, to effect any transactions, or to conclude any legal act of any kind whatsoever. This document has been produced by MIV Asset Management AG (“MIV AM”). It is explicitly not the result of a financial analysis and therefore the “Directives on the Independence of Financial Research” of the Swiss Bankers Association is not applicable. Although MIV AM believes that the information provided in this document is based on reliable sources, it cannot assume responsibility for the quality, correctness, timeliness or completeness of the information contained in this report. Any companies described in this document may or may not currently represent a position in the portfolio of the MIV Global Medtech Fund. Any projections, forecasts or estimates contained in this document are based on a variety of estimates and assumptions. There can be no assurance that the estimates or assumptions made will prove accurate, and actual results may differ materially. Subscriptions of shares of the Sub-Fund should in any event be made solely on the basis of the current sales prospectus, the current Key Investor Information Document (KIID), the current articles of association and the most recent annual and semi-annual reports of Variopartner SICAV. For more details regarding the potential risks of an investment in Sub-Funds of Variopartner SICAV, please refer to the current sales prospectus. Interested parties may obtain the abovementioned documents free of charge from the Portfolio manager: MIV Asset Management AG, Feldeggstrasse 55, CH-8008 Zurich, the representative in Switzerland: Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich, the paying agent in Switzerland: Bank Vontobel AG, Gotthardstrasse 43, CH-8022 Zurich, the paying agent in Germany: B. Metzler seel. Sohn & Co. KGaA, Untermainanlage 1, D-60329 Frankfurt/Main, the paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna, the paying agent in Liechtenstein: Liechtensteinische Landesbank AG, Städtle 44, FL-9490 Vaduz, the financial and central agent in France: BNP Paribas Securities Services S.A., 3, Rue d’Antin, F-75002 Paris, the paying agents in Italy: RBC Investor Services Bank, Via Vittor Pisani, 26, I-20124 Milan, Allfunds Bank, S.A.U., Via Bocchetto, 6, I-20123 Milan, the paying agent in Sweden: Skandinaviska Enskilda Banken AB (publ), Investor Services/Paying Agent, AS-12, Råsta Strandväg 5, SE-169 79 Solna, from the offices of the Fund: Variopartner SICAV, 11–13, Boulevard de la Foire, L-1528 Luxembourg. They may also be downloaded from the website www.mivglobalmedtech.ch. This Sub-Fund is not available to retail investors in Singapore. It is accepted as restricted scheme by the Monetary Authority of Singapore (MAS) and may only be offered to certain prescribed persons on certain conditions as provided in the “Securities and Futures Act”, Chapter 289 of Singapore. This Sub-Fund is not authorised by the Securities and Futures Commission of Hong Kong. It may only be offered to those investors qualifying as professional investors under the Securities and Futures Ordinance. The contents of this document have not been reviewed by any regulatory authority in Hong Kong.

Monthly report July 2021 Marketing document for private and institutional investors

Facts Fund class P3 Company Headlines Net Asset Value per Fund share USD 3’134.85 Assets USD m (all Fund classes) 4’321 After a positive reporting season in the first quarter, various key Investment level 100% holdings of the Fund published second-quarter 2021 results in Liquidity 0% July which substantially exceeded expectations once again. Thanks to the advancing vaccination campaigns in many coun- tries, numerous companies are benefiting from elective sur- Industry breakdown geries and medical treatments being put back on the agenda. In-vitro Diagnostics 13% This applies primarily to the orthopaedics, dentistry, hearing Disposable Medical Supplies 9% aid, ophthalmology and hospital equipment sectors as well as Life Sciences Supply 8% sub-segments of cardiac surgery, cardiology and interventional Dentistry 7% radiology, which were temporarily hard hit during the waves of Hospital Equipment 6% COVID-19. This confirms the resilience of the business models Surgical Instruments 5% in the growth market of medical devices, even in these extraor- Orthopaedics 5% dinary times of pandemic. The very good business develop- Ophthalmology 5% ment in the first half of the year led the management of several Diabetes 4% holdings to revise their projections for revenue and earnings Other Medical Technology Sectors 38% growth for the current financial year upwards. The dominant supplier of surgical robots for minimally invasive Holdings surgical interventions in soft tissue, American group Intuitive Abbott Laboratories 10% Alcon 2% Surgical, increased revenue by 72% in the second quarter to Danaher 9% Straumann 2% USD 1.46 billion. This compares with a 22% fall in the same Medtronic 7% Sonova 2% quarter of the previous year due to the pandemic. In 2020, the Intuitive Surgical 7% ResMed 2% number of operations performed with the help of da Vinci Edwards Lifesciences 5% Baxter 2% surgical systems installed worldwide rose by only 1% to Becton Dickinson 4% West Pharmaceutical Serv. 2% 1.24 million due to COVID-19. For the current financial year, Align Technology 4% Teleflex 2% management increased its original growth forecast from Stryker 4% Sysmex 2% between 22% and 26% to between 27% and 30%. In the IDEXX Laboratories 4% DexCom 2% second quarter, the company placed 328 da Vinci surgical Boston Scientific 4% 19 small holdings 22% robots at an average price of USD 1.55 million, meaning that the number of systems installed globally rose to 6'335. Edwards Currency breakdown Lifesciences is the global leader for minimally invasive implant- USD 79% DKK 5% able transcatheter heart valves. The company increased organic CHF 7% EUR 4% revenue by 44% in the second quarter, beating expectations, JPY 6% after a 14% decline in the same quarter last year due to the pandemic. The corporation raised its revenue guidance for the 2021 financial year from between USD 4.9 billion and USD 5.3 Performance Fund class P3 USD billion to between USD 5.2 billion and USD 5.4 billion, repre- NAV P3 Benchmark MSCI World Index senting a growth rate of nearly 19% to 23%. Due to COVID-19, US-based medical device corporation Boston Scientific posted 3’800 a decline in organic revenue of 11.3% last year. Thanks to busi- 3’500 ness performance in the second quarter significantly exceeding 3’200 the company’s own projections and the expectations of finan- 2’900 cial analysts, management revised its forecast for 2021 upwards 2’600 for a second time. The company is now estimating revenue 2’300 growth in the range of 19% to 20% on an organic basis. After 2’000 revenue decreased by 24% in the second quarter of 2020 due 1’700 1’400 to the pandemic, the broadly diversified US group Stryker 1’100 posted organic sales growth of 42.9% in the second quarter of 800 2021. For the current financial year, the company is anticipating organic sales growth of 9% to 10% versus 2019, the year before COVID-19 emerged. Following a slump of 41% in revenue in the same quarter of the previous year, the dominant supplier of clear aligners, US company Align Technology, exceeded all expectations with a jump in sales of 187% in the second quar- Important legal information: ter. Past performance is not a reliable indicator of current or future performance. Performance data take no account of the commissions and costs charged when units are issued and redeemed. The return of the Fund may go down as well as up due to changes in rates of exchange between currencies.

Performance in USD July 2021 1 year 3 years 5 years 10 years Inception MIV Global Medtech Fund P3 6.1% 15.1% 29.2% 60.3% 115.1% n.a. 217.7% Benchmark * 5.8% 15.2% 29.9% 76.4% 141.3% n.a. 268.8% MSCI World Index 1.8% 15.1% 35.1% 50.1% 95.0% n.a. 121.6%

8.16-7.17 8.17-7.18 8.18-7.19 8.19-7.20 8.20-7.21 MIV Global Medtech Fund P3 13.1% 18.7% 12.9% 9.9% 29.2% Benchmark * 11.4% 22.7% 15.8% 17.3% 29.9% MSCI World Index 16.1% 11.9% 3.6% 7.2% 35.1%

* MSCI World Healthcare Equipment & Supplies

Investment Strategy The MIV Global Medtech Fund invests globally in listed medical device companies. The investment process is based on a combined top-down / bottom-up approach. Against the background of the particular macroeconomic environment, the most interesting markets and companies are determined based on an intensive primary analysis. Alongside an attractive valuation, a strong market position, good growth potential, excellent products, sustainable profitability and high-quality management are the decisive parameters for investment. The consideration of sustainability criteria (ESG) is integrated in the research, analysis and investment process. Risks are managed by means of portfolio diversification. The portfolio of the MIV Global Medtech Fund is structured more defensively or cyclically in the best possible anticipation of economic trends, with a view to achieving a higher return than the benchmark and the general market indices.

Benefits Risks Owing to demographic trends and the desire for quality of life and The MIV Global Medtech Fund invests in equity securities and may therefore mobility, the medical device industry is a long-term growth market. be subject to high fluctuations in value. For this reason, a medium-term to Emerging markets will have a positive impact on the medical device long-term investment horizon and corresponding risk tolerance and capacity industry’s future growth thanks to the state-backed expansion of their are required for an investment into this Sub-Fund. As the MIV Global healthcare systems. Medical device suppliers’ priority is the Medtech Fund pursues an active management style, the Sub-Fund’s development of innovative, minimally invasive products. These are performance can deviate substantially from that of its reference index. The beneficial for patients and cost efficient for the healthcare system due focus on equity securities of medical device companies exposes the Sub- to shorter convalescence periods. Most interesting from an investor’s Fund potentially to additional specific risks of this area of the healthcare perspective are the industry’s high growth rates, above-average industry. The Sub-Fund may, for the purpose of hedging and the efficient profitability and oligopolistic market structures with their high entry management of the portfolio, make use of derivatives, which can lead to barriers for new competitors. Even in a demanding environment, additional risks (particularly counter party risk). All investments are subject to significant product innovations continue to offer attractive growth market fluctuations. Every Fund has specific risks, which can significantly prospects. increase under unusual market conditions.

Information Website www.mivglobalmedtech.ch Legal structure Sub-Fund of Variopartner SICAV, an investment fund under Luxembourg law Fund class P3 (USD) accumulation / ISIN: LU0969575561 / Swiss Valor Number: 22479642 / WKN: A1W6X2 Subscription/redemption On every bank working day in Luxembourg until 3.45 p.m. at net asset value (no calculation of net asset values on bank/stock exchange holidays in Luxembourg and/or the US) Management fee 1.4% p.a. Total Expense Ratio (TER) as of 31.12.2020 1.56% Launch of fund 11 March 2008 Launch of fund class P3 21 October 2013 Close of financial year 30 June Benchmark MSCI World Healthcare Equipment & Supplies Reporting of the Portfolio manager Monthly, semester and yearly report Fund price monitoring www.mivglobalmedtech.ch / www.swissfunddata.ch / www.fundinfo.com Bloomberg: VARP3US LX / Reuters: LU0969575561.LUF / Neue Zürcher Zeitung Portfolio manager MIV Asset Management AG, Feldeggstrasse 55, CH-8008 Zurich, [email protected] Contact: Jürg Nagel, Christoph Gubler, Giuseppe Di Benedetto, Phone +41 44 253 64 11 Management company Vontobel Asset Management S.A., 18, rue Erasme, L-1468 Luxembourg (Kirchberg) Representative in Switzerland Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich Custodian/Administrator RBC Investor Services Bank S.A., 14, Porte de France, L-4360 Esch-sur-Alzette Auditor Ernst & Young S.A., 35E, Avenue John F. Kennedy, L-1855 Luxembourg Minimum subscription none Admissions to distribution Switzerland, Germany, Austria, Liechtenstein, Luxembourg, France, Italy, Spain, Finland, Norway, Sweden, Singapore (restricted scheme) Distribution restrictions USA / US persons

Glossary Benchmark An index, which is used as a reference for the measurement of the performance of the Fund. Inception Launch date of the Fund and/or the Fund class. Management fee Portfolio manager‘s fee for the management and the distribution of the Fund. NAV Net Asset Value: total Fund assets divided by total number of Fund shares outstanding. TER Total Expense Ratio: sum of all fees and costs, which are charged to the Fund on a continuous basis.

Important legal information: MIV Global Medtech Fund is a Sub-Fund of Variopartner SICAV, an investment fund under Luxembourg law. This document is for information purposes only and nothing contained in this document should constitute a solicitation, or offer, or recommendation, to buy or sell any investment instruments, to effect any transactions, or to conclude any legal act of any kind whatsoever. This document has been produced by MIV Asset Management AG (“MIV AM”). It is explicitly not the result of a financial analysis and therefore the “Directives on the Independence of Financial Research” of the Swiss Bankers Association is not applicable. Although MIV AM believes that the information provided in this document is based on reliable sources, it cannot assume responsibility for the quality, correctness, timeliness or completeness of the information contained in this report. Any companies described in this document may or may not currently represent a position in the portfolio of the MIV Global Medtech Fund. Any projections, forecasts or estimates contained in this document are based on a variety of estimates and assumptions. There can be no assurance that the estimates or assumptions made will prove accurate, and actual results may differ materially. Subscriptions of shares of the Sub-Fund should in any event be made solely on the basis of the current sales prospectus, the current Key Investor Information Document (KIID), the current articles of association and the most recent annual and semi-annual reports of Variopartner SICAV. For more details regarding the potential risks of an investment in Sub-Funds of Variopartner SICAV, please refer to the current sales prospectus. Interested parties may obtain the abovementioned documents free of charge from the Portfolio manager: MIV Asset Management AG, Feldeggstrasse 55, CH-8008 Zurich, the representative in Switzerland: Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich, the paying agent in Switzerland: Bank Vontobel AG, Gotthardstrasse 43, CH-8022 Zurich, the paying agent in Germany: B. Metzler seel. Sohn & Co. KGaA, Untermainanlage 1, D-60329 Frankfurt/Main, the paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna, the paying agent in Liechtenstein: Liechtensteinische Landesbank AG, Städtle 44, FL-9490 Vaduz, the financial and central agent in France: BNP Paribas Securities Services S.A., 3, Rue d’Antin, F-75002 Paris, the paying agents in Italy: RBC Investor Services Bank, Via Vittor Pisani, 26, I-20124 Milan, Allfunds Bank, S.A.U., Via Bocchetto, 6, I-20123 Milan, the paying agent in Sweden: Skandinaviska Enskilda Banken AB (publ), Investor Services/Paying Agent, AS-12, Råsta Strandväg 5, SE-169 79 Solna, from the offices of the Fund: Variopartner SICAV, 11–13, Boulevard de la Foire, L-1528 Luxembourg. They may also be downloaded from the website www.mivglobalmedtech.ch. This Sub-Fund is not available to retail investors in Singapore. It is accepted as restricted scheme by the Monetary Authority of Singapore (MAS) and may only be offered to certain prescribed persons on certain conditions as provided in the “Securities and Futures Act”, Chapter 289 of Singapore. This Sub-Fund is not authorised by the Securities and Futures Commission of Hong Kong. It may only be offered to those investors qualifying as professional investors under the Securities and Futures Ordinance. The contents of this document have not been reviewed by any regulatory authority in Hong Kong.