Annual Report As at March 31St, 2020 Unidividend Management Company: Union Investment Luxembourg S.A

Annual report as at March 31st, 2020 UniDividend Management Company: Union Investment Luxembourg S.A.

In case of discrepancy between the English and German version, the German version shall prevail. Contents

Page Preface 3 UniDividend 5 Investment policy 5 Performance of the fund 5 Breakdown by country 6 Breakdown by sector 6 Development during the last 3 financial years 7 Composition of the fund's assets 7 Attribution to the unit classes 7 Changes in the fund's assets 8 Income statement 8 Change to number of units in circulation 8 Schedule of assets 9 Exchange rates 11 Purchases and sales in the reporting period 11 Notes on the report 13 Auditor's report (Réviseur d’entreprises agréé) 15 Other information of the Management Company 17 Management Company, Board of Directors, 22 Managing Directors, Committee, Supervisory board, Shareholders, Portfolio Management, Auditor (Réviseur d'entreprises agréé), Depositary, Paying Agents and Distributors

Note Units may be acquired only on the basis of the current sales prospectus and the key investor information accompanied by the most recent annual report and, if available, the semi-annual report.

2 Preface

Union Investment – devoted to your interests US government bonds in demand as a safe haven

The Union Investment Group manages assets of about EUR 350 The bond markets got off to a welcoming start in the year under billion, making it one of Germany's largest investment companies review. The US Fed changed its tone. Faced with the tougher for both private and institutional investors. It is an expert for environment, i.e. the trade conflict between the USA and China, Fund management within the cooperative finance association. it acted with more reliance on the market and data. At the end of Around 4.65 million private and institutional investors have July 2019, it cut interest rates by 25 basis points for the first time placed their trust in us as their partner for fund-based in ten years. In September and October, interest rates were cut investments. again, both times by another 25 basis points. With the cut in October, however, the Fed initially hinted at a pause in interest Today, the idea behind the foundation of the group in 1956 is rates due to signs of cautious economic stabilisation. more topical than ever: private investors should have the opportunity to benefit from economic developments – even with Due to poor economic data in the eurozone, the European only small monthly savings contributions. The interests of these Central Bank (ECB) also rather quickly retreated from its initially investors have always been our main concern and, together with more restrictive monetary policy stance. In September 2019, our 3,300 or so employees, we are committed to looking after numerous monetary policy measures were taken in view of the them. Around 1,255 public-investment and specialist funds offer eurozone's weak economic performance. As well as a reduction private and institutional investors solutions tailored to their in interest rates, the bond purchase programme was relaunched. individual requirements. These include share, bond and money- The yield on ten-year German bunds initially fell from plus 16 to market funds, open-end real estate funds, and intelligent minus 72 basis points. In Q4 2019, better economic data and a solutions for asset accumulation, risk management and private resolution in the trade dispute led to higher returns. and corporate pension schemes. After a mixed Q4 2019, German bunds and US Treasury notes Partner cooperation with advisers from the Volksbanken and got off to a positive start in the new year, quickly making up for Raiffeisen banks forms the basis of Union Investment’s strong the previous months' losses. However, the reasons behind the investor orientation. In approximately 9,400 branches our high demand were not very encouraging. Many investors viewed employees provide personalised advice on all investment matters. the securities more as a safe haven. A US attack in Iraq initially triggered a flight to quality. In the short term, investors feared a Our awards for individual funds – and our solid performance in further escalation of the crisis in the Middle East. And no sooner industry ratings – provide the best evidence of the quality of our had the events been digested than the coronavirus crisis hit. fund management. Numerous Union Investment funds were Despite extensive countermeasures, the virus, which had broken recognised by Finanzen Verlag for their good performance during out in China, spread rapidly and eventually reached Europe and different periods at the €uro Fund Awards 2020 in January 2020. the USA. Extensive restrictions on public life and the closure of The trade journal Capital again gave Union Investment the manufacturing facilities led to huge economic woes. highest rating of five stars in its Fund Compass in February 2020, and recognised it as the top fund management company. This Due to the great deal of uncertainty, risky securities suffered makes us the only fund management company to have received heavy price losses. During this time, risk premiums on securities this prestigious award every year since it was first awarded in from peripheral eurozone countries, corporate bonds and bonds 2003. from emerging markets increased significantly. There were also unusual market distortions. This ultimately prompted central In November 2019, Union Investment also received the Scope banks to put together comprehensive packages of measures. In Alternative Investment Award 2020 in the category “Retail Real addition to extensive purchasing programmes, interest rate cuts Estate Germany” and the Scope Investment Award for were approved and significant relief for banks implemented. UniInstitutional Corporate Hybrid Bonds in the category “Bonds These measures were flanked by fiscal measures. The scale of the EURO Corp. Investment Grade - Germany”. We also won the economic stimulus packages reached historic levels. Towards the “German Fund Champions 2020” in the category “ESG/ end of March, the bond market then stabilised somewhat. The Sustainability”, awarded for the first time by f-fex and systemic risks were largely minimised. However, the significant finanzen.net. economic risks remained.

3 Measured against the iBoxx Euro Sovereign Index, European Aside from the trade issues, Europe was also hit by political government bond valuations increased by 4.5% during the events. For example, uncertainty about Brexit had been looming reporting period. Bonds from peripheral countries (+6.4%) over the UK for a long time. The elections in mid-December 2019 outperformed those from core countries (+3.2%) over the entire finally gave the new Prime Minister Boris Johnson the room for period despite the recent price losses. There had long been a manoeuvre he needed to complete the exit from the EU on trend towards converging yields, which had led to declining risk 31 January 2020. The ECB took an offensive stance in terms of premiums. US government bond prices rose much more strongly its monetary policy. The Italian debt problem essentially remained at index level (JP Morgan Global Bond US Index), growing by unresolved. From mid-January 2020, the coronavirus also caused 14.2%. great uncertainty in Europe. Italy and Spain were the countries with the highest number of corona infections. The EURO STOXX Due to low yields, corporate bonds and emerging market 50 Index lost 16.9% on balance year-on-year and the STOXX securities were in demand for most of the period under review Europe 600 Index dropped by 15.6%. and recorded price gains. However, the market correction triggered by the coronavirus resulted in considerable losses, and For a long time, Japanese equities were unable to match the so the balance sheet is negative year-on-year. Corporate bonds, price gains in the US and Europe. The Nikkei 225 Index did not measured by the ICE BofA Euro Corporate Index, fell by 3.2%. start to rise significantly again until October 2019. Since mid- And bonds from emerging markets lost almost 7% (JP Morgan January 2020, however, the events surrounding the coronavirus EMBI Global Diversified Index). have also had an impact there, albeit not quite as severe as in western countries. The Nikkei 225 Index declined on balance by 10.8%. Emerging market stock exchanges have been hit Coronavirus ends uptick on the stock markets particularly hard by the trade conflict, the weakness of the Chinese economy and the spread of the coronavirus. As a result, Global stock markets were performing well for most of the period they fell by a total of 15.2% (in local currency). under review. But when the global coronavirus pandemic hit in early 2020, they saw a sudden dramatic slump. The MSCI World Index fell by 13.1% in March alone. In the past twelve months, Important information: the index fluctuated but ultimately lost 11.4% (in local currency). Unless otherwise specified, the data source for the financial Up to January 2020, the easing of monetary policy, signs of indices is Datastream. All unit performance data on the following easing tensions in the trade dispute between the USA and China pages is taken from Union Investment's own calculations in and generally solid corporate results had boosted the stock accordance with the method applied by the German Investment markets. Despite a small setback in May 2019 due to the trade Funds Association (BVI), unless otherwise specified. The ratios conflict, the upward trend continued. In December, stronger illustrate past performance. Future results may be either higher or economic data and a first concrete agreement in the trade lower. dispute (Phase One Deal) led to a year-end rally. But with the global spread of the novel coronavirus from China, prices Detailed information on the Management Company and the collapsed from mid-January 2020 onwards. The subsequent Depositary of the investment fund (the "Fund") can be found on containment measures slowed economic activity massively, the last pages of this report. making a global recession inevitable. Governments and central banks soon put together comprehensive aid packages on a historic scale. The market then calmed down somewhat. In the USA, the broad-based S&P 500 Index fell by 8.8% on balance, while the Dow Jones Industrial Average lost 15.5% in the year under review.

4 UniDividend

Class A Class -net- A Annual report Security Ident. No. A0B822 Security Ident. No. A0B821 01.04.2019 - 31.03.2020 ISIN-Code LU0186860408 ISIN-Code LU0186860663

Investment policy

Investment objective, investment policy and significant At the end of the reporting period, the Fund held 41% of its events assets in foreign currencies. The largest positions at close were the British pound (27%) and the Swiss franc (10%). Minor The UniDividend, consisting of two unit classes, is an actively holdings in various other foreign currencies completed the managed stock fund which focuses its stock selection especially portfolio. on dividend returns. At least two thirds of the Fund's assets are invested in European stocks and stock certificates which, at the For the financial year from 1 April 2019 to 31 March 2020, the time of purchase, had historically had an above-average return Fund will distribute EUR 1.26 per unit for the UniDividend A unit and/or for which such a return can be expected. Profit growth class. and other company information relevant for valuation purposes may also be taken into account. In addition, at least 51% of the For the financial year from 1 April 2019 to 31 March 2020, the Fund value has to be invested in equity investments, subject to Fund will distribute EUR 1.25 per unit for the UniDividend -net- A the given investment limits. Derivatives may also be used for unit class. investment and hedging purposes. The objective of the investment policy is to generate an adequate return on the Note: The values stated may deviate from the statement of assets due to a risk-based approach. capital invested, while at the same time taking economic and political risks into consideration. Stocks are selected with a Performance in percent 1) particular focus on dividend yields. 6 months 1 year 3 years 10 years Class A -16.72 -11.95 -10.44 32.38 Portfolio structure and significant changes Class -net- A -16.87 -12.26 -11.38 27.82

Over the latest reporting period, UniDividend invested all its 1) Based on published unit values (BVI method). assets in equities. The Fund invested in derivatives.

The equity portfolio's regional focus in eurozone countries amounted to 61% of equities at close. At the end of the reporting period, large positions were held in European countries outside the eurozone (39%).

The sector selection was very diverse. The equity portfolio's sector focus was the financial sector, with 21% of equities at close. At the end of the reporting period, the portfolio was completed by investments in companies in the utilities (19%), raw materials and supplies (17%), and health (14%) sectors. Minor holdings in various other sectors rounded off the sector structure.

The notes on the report form an integral part of this report.

5 UniDividend

Breakdown by country 1) Breakdown by sector 1)

Great Britain 26.91 % Insurance 21.33 % Germany 23.51 % Utilities 18.88 % France 21.85 % Raw materials and supplies 17.79 % Switzerland 9.89 % Pharmaceuticals, Biotechnology & Life Sciences 13.70 % Finland 7.58 % Telecommunication Services 6.87 % Spain 5.32 % Energy 5.30 % Sweden 2.88 % Automobiles & Components 4.77 % Italy 2.60 % Capital Goods 2.77 % Ireland 0.94 % Real Estate 2.08 % Portfolio assets 101.48 % Consumer Durables & Apparel 1.86 % Food, Beverage & Tobacco 1.65 % Options -0.50 % Technology Hardware & Equipment 1.25 % Food & Staples Retailing 1.24 % Futures -0.26 % Software & Services 1.07 % Transportation 0.92 % Bank liabilities -2.31 % Portfolio assets 101.48 % Other assets/Other liabilities 1.59 % Options -0.50 % Fund assets 100.00 % Futures -0.26 %

Bank liabilities -2.31 % 1) Due to rounding differences in each position, the sum may deviate from the actual value. Other assets/Other liabilities 1.59 %

Fund assets 100.00 %

1) Due to rounding differences in each position, the sum may deviate from the actual value.

The notes on the report form an integral part of this report.

6 UniDividend

Development during the last 3 financial years Composition of the fund's assets as at March 31st, 2020 Class A EUR Date Fund assets No. of Units in Incoming funds Unit value Portfolio assets 892,326,668.13 Mio. EUR Circulation (´000) Mio. EUR EUR (Cost of securities: EUR 966,214,329.85) 31.03.2018 614.76 12,144 -28.58 50.62 Other bank deposits 6,527,349.92 31.03.2019 612.43 11,641 -24.88 52.61 Dividends receivable 4,266,880.57 31.03.2020 500.49 11,113 -28.24 45.03 Receivable on sale of units 77,887.48 Receivable on security trades 8,314,591.08 Class -net- A Receivable from currency exchange transactions 1,420,281.07 912,933,658.25 Date Fund assets No. of Units in Incoming funds Unit value Mio. EUR Circulation (´000) Mio. EUR EUR 31.03.2018 465.32 9,184 -12.01 50.67 Options -4,473,360.00 31.03.2019 461.53 8,796 -19.39 52.47 Bank liabilities -20,327,527.95 31.03.2020 378.72 8,462 -17.70 44.75 Liabilities on repurchase of units -86,772.06 Unrealised losses from financial futures -2,266,349.92 Unrealised losses from forward exchange transactions -3,826,818.22 Interest liabilities -10,929.67 Payable on currency exchange transactions -1,424,317.96 Other liabilities -1,305,736.63 -33,721,812.41

Fund assets 879,211,845.84

Attribution to the unit classes Class A Proportional fund assets 500,487,346.79 EUR Units in circulation 11,113,476.000 Unit value 45.03 EUR Class -net- A Proportional fund assets 378,724,499.05 EUR Units in circulation 8,462,355.000 Unit value 44.75 EUR

The notes on the report form an integral part of this report.

7 UniDividend

Changes in the fund's assets in the reporting period from April 1st, 2019 to March 31st, 2020

Total Class A Class -net- A EUR EUR EUR Fund assets at the beginning of reporting period 1,073,952,837.64 612,426,161.47 461,526,676.17 Ordinary net income 24,303,863.14 14,719,016.48 9,584,846.66 Income and expenditure equalisation 886,180.20 539,150.58 347,029.62 Inflow of funds from the sale of units 48,174,116.51 26,949,153.32 21,224,963.19 Outflow of funds for repurchase of units -94,109,142.13 -55,187,384.15 -38,921,757.98 Realised profits 81,369,111.68 46,358,184.73 35,010,926.95 Realised losses -74,924,382.96 -42,673,048.67 -32,251,334.29 Net change in non-realised profits -25,977,269.54 -14,722,348.57 -11,254,920.97 Net change in non-realised losses -124,569,407.50 -70,947,487.96 -53,621,919.54 Distribution -29,894,061.20 -16,974,050.44 -12,920,010.76 Fund assets at the end of 879,211,845.84 500,487,346.79 378,724,499.05 reporting period

Income statement in the reporting period from April 1st, 2019 to March 31st, 2020

Total Class A Class -net- A EUR EUR EUR Dividends 42,621,836.64 24,267,882.28 18,353,954.36 Income from refund of withholding tax 540,309.28 308,360.60 231,948.68 Bank interest -60,046.62 -34,178.60 -25,868.02 Income from securities lending operations 16,806.07 9,577.17 7,228.90 Other receipts 19,844.34 11,285.63 8,558.71 Income equalisation -1,368,877.00 -811,115.69 -557,761.31 Total receipts 41,769,872.71 23,751,811.39 18,018,061.32

Interest on borrowings -1,641.75 -935.32 -706.43 Management fee -14,586,089.29 -7,387,962.34 -7,198,126.95 All-in fee -2,697,192.12 -1,537,482.92 -1,159,709.20 Printing and mailing of annual and semi-annual reports -3,427.40 -1,956.82 -1,470.58 Publication costs -11,607.62 -6,608.79 -4,998.83 Taxe d'abonnement -525,713.02 -299,675.48 -226,037.54 Other expenditure -123,035.17 -70,138.35 -52,896.82 Expenditure equalisation 482,696.80 271,965.11 210,731.69 Total expenditure -17,466,009.57 -9,032,794.91 -8,433,214.66

Ordinary net income 24,303,863.14 14,719,016.48 9,584,846.66

Total transaction costs in the financial year 1) 1,346,050.83

Ongoing charges in per cent 1) 2) 1.53 1.88

1) See notes on the report. 2) For the fund UniDividend / Class -net- A , during the reporting period, no selling fee has been collected. The distribution costs were taken from the management fee.

Change to number of units in circulation

Class A Class -net- A Quantity Quantity Units in circulation at the beginning of reporting period 11,641,018.000 8,795,752.000 Units issued 509,248.000 408,815.000 Units redeemed -1,036,790.000 -742,212.000 Units in circulation at the end of reporting period 11,113,476.000 8,462,355.000

The notes on the report form an integral part of this report.

8 UniDividend

Schedule of assets as at March 31st, 2020

ISIN Securities Additions Disposals Volume Price Market Value Per cent of fund assets EUR % 1)

Equities, rights on equities and profit-participation certificates

Stock-exchange-traded securities

Finland FI0009007884 Elisa Oyj EUR 323,306 6,410 527,297 56.4800 29,781,734.55 3.39 FI0009003305 Sampo OYJ EUR 53,800 381,180 475,143 26.6200 12,648,306.66 1.44 FI0009005987 UPM Kymmene Corporation EUR 1,097,262 133,047 964,215 25.0900 24,192,154.35 2.75 66,622,195.56 7.58

France FR0000120628 AXA S.A. EUR 1,482,495 1,628,747 2,619,156 15.7880 41,351,234.93 4.70 FR0000125007 Compagnie de Saint-Gobain S.A. 2) EUR 317,719 0 317,719 22.1650 7,042,241.64 0.80 FR0000120578 Sanofi S.A. 2) EUR 87,846 48,133 833,931 80.1400 66,831,230.34 7.60 FR0000121972 Schneider Electric SE EUR 115,700 140,553 115,700 78.5800 9,091,706.00 1.03 FR0010613471 Suez S.A. 2) EUR 755,170 0 755,170 9.2760 7,004,956.92 0.80 FR0000120271 Total S.A. EUR 332,407 296,558 1,131,639 35.3900 40,048,704.20 4.56 FR0000124141 Veolia Environnement S.A. 2) EUR 146,153 129,610 640,342 19.4750 12,470,660.45 1.42 FR0000125486 VINCI S.A. EUR 0 21,670 109,530 75.4000 8,258,562.00 0.94 192,099,296.48 21.85

Germany DE0008404005 Allianz SE EUR 0 62,404 308,769 156.8800 48,439,680.71 5.51 DE000BASF111 BASF SE EUR 1,504,260 446,611 1,057,649 43.1450 45,632,266.11 5.19 DE000BAY0017 Bayer AG EUR 163,349 0 163,349 52.8500 8,632,994.65 0.98 DE0005190003 Bayer. Motoren Werke AG EUR 319,120 132,296 412,824 47.1150 19,450,202.76 2.21 DE0006062144 Covestro AG EUR 738,911 240,000 498,911 27.8700 13,904,649.57 1.58 DE0007100000 Daimler AG EUR 0 44,821 570,185 27.5200 15,691,491.20 1.78 DE0005552004 Dte. Post AG EUR 90,322 54,775 325,547 24.7750 8,065,426.93 0.92 DE0005557508 Dte. Telekom AG EUR 1,042,180 0 1,042,180 11.8140 12,312,314.52 1.40 DE000EVNK013 Evonik Industries AG EUR 451,000 0 451,000 19.0700 8,600,570.00 0.98 DE0007164600 SAP SE EUR 36,048 1,748 91,663 102.8000 9,422,956.40 1.07 DE0007664039 Volkswagen AG -VZ- EUR 0 40,545 64,455 106.8400 6,886,372.20 0.78 DE000A1ML7J1 Vonovia SE EUR 248,376 31,126 217,250 44.8600 9,745,835.00 1.11 206,784,760.05 23.51

Great Britain GB00BYQ0JC66 Beazley Plc. GBP 165,881 48,556 1,710,951 3.9060 7,554,798.34 0.86 GB0030913577 BT Group Plc. GBP 1,177,003 8,212,998 2,983,309 1.1790 3,976,171.50 0.45 GB0009252882 GlaxoSmithKline Plc. GBP 149,904 504,513 1,933,269 15.1460 33,101,166.93 3.76 GB0005603997 Legal & General Group Plc. GBP 0 6,569,423 3,584,210 1.9385 7,854,387.40 0.89 GB00BDR05C01 National Grid Plc. GBP 1,346,667 326,479 5,552,736 9.4660 59,419,171.34 6.76 GB0006825383 Persimmon Plc. GBP 89,821 188,136 754,364 19.1650 16,343,416.30 1.86 GB0007188757 Rio Tinto Plc. GBP 516,846 68,310 1,329,063 37.1850 55,868,423.75 6.35 GB00B5ZN1N88 Segro Plc. GBP 0 1,095,994 988,809 7.6400 8,540,018.95 0.97 GB0007908733 SSE Plc. GBP 2,244,775 0 2,244,775 13.0500 33,115,887.12 3.77 GB0008847096 Tesco Plc. GBP 4,209,073 0 4,209,073 2.2880 10,886,682.14 1.24 236,660,123.77 26.91

Ireland IE0001827041 CRH Plc. EUR 364,870 32,818 332,052 24.8500 8,251,492.20 0.94 8,251,492.20 0.94

Italy IT0000062072 Assicurazioni Generali S.p.A. EUR 241,130 15,870 746,119 12.4100 9,259,336.79 1.05 IT0003128367 ENEL S.p.A. EUR 529,445 1,308,714 2,148,897 6.3390 13,621,858.07 1.55 22,881,194.86 2.60

Spain ES0144580Y14 Iberdrola S.A. EUR 260,223 5,540,365 4,478,588 8.9840 40,235,634.59 4.58 ES0173516115 Repsol S.A. EUR 182,966 354,768 785,962 8.3320 6,548,635.38 0.74 46,784,269.97 5.32

The notes on the report form an integral part of this report.

9 UniDividend

ISIN Securities Additions Disposals Volume Price Market Value Per cent of fund assets EUR % 1)

Sweden SE0000108656 Telefonaktiebolaget L.M. Ericsson SEK 1,472,101 0 1,472,101 81.0600 10,981,218.33 1.25 SE0005190238 Tele2 AB SEK 1,167,661 0 1,167,661 133.4000 14,334,380.34 1.63 25,315,598.67 2.88

Switzerland CH0038863350 Nestlé S.A. CHF 0 73,639 154,361 99.4500 14,463,163.23 1.65 CH0012032048 Roche Holding AG Genussscheine CHF 40,511 0 40,511 314.0500 11,986,507.96 1.36 CH0011075394 Zurich Insurance Group AG 2) CHF 37,700 23,559 186,929 343.4000 60,478,065.38 6.88 86,927,736.57 9.89 Stock-exchange-traded securities 892,326,668.13 101.48 Equities, rights on equities and profit-participation certificates 892,326,668.13 101.48 Portfolio assets 892,326,668.13 101.48

Options

Long positions

EUR Call on Covestro AG Dezember 2020/42.00 5,130 0 5,130 133,380.00 0.02 133,380.00 0.02 Long positions 133,380.00 0.02

Short positions

EUR Put on Covestro AG Dezember 2020/34.00 0 5,130 -5,130 -4,606,740.00 -0.52 -4,606,740.00 -0.52 Short positions -4,606,740.00 -0.52 Options -4,473,360.00 -0.50

Futures

Short positions

EUR Euro Stoxx 50 Price Index Future Juni 2020 0 2,300 -2,300 -2,266,349.92 -0.26 -2,266,349.92 -0.26 Short positions -2,266,349.92 -0.26 Futures -2,266,349.92 -0.26 Bank liabilities -20,327,527.95 -2.31 Other assets/Other liabilities 13,952,415.58 1.59 Fund assets in EUR 879,211,845.84 100.00

1) Due to rounding differences in each position, the sum may deviate from the actual value. 2) The securities indicated have been lent either in part or in full.

Forward exchange transactions On the 31st of March, 2020 the following open forward exchange transactions were outstanding:

Currency Monetary amount Market Value Per cent of fund assets EUR % GBP/EUR Currency buys 61,460,000.00 69,451,350.16 7.90 NOK/EUR Currency buys 235,400,000.00 20,428,638.66 2.32 EUR/GBP Currency sales 37,100,000.00 41,923,935.74 4.77 EUR/NOK Currency sales 49,000,000.00 4,252,350.44 0.48 EUR/SEK Currency sales 159,000,000.00 14,627,657.13 1.66 EUR/CHF Currency sales 9,700,000.00 9,142,060.08 1.04

The notes on the report form an integral part of this report.

10 UniDividend

Exchange rates For the valuation of assets in a foreign currency, the following exchange rate for March 31st, 2020 was used for conversion into Euro. British pound GBP 1 0.8846 Norwegian krone NOK 1 11.5155 Swedish krona SEK 1 10.8666 Swiss franc CHF 1 1.0614

Purchases and sales from April 1st, 2019 to March 31st, 2020 Purchases and sales of securities, loans evidenced by promissory notes and derivatives, including changes without money movements, made during the reporting period insofar as they are not specified in the schedule of assets.

ISIN Securities Additions Disposals

Equities, rights on equities and profit-participation certificates

Stock-exchange-traded securities

Belgium BE0974293251 Anheuser-Busch InBev S.A./NV 28,609 135,153

Finland FI0009007132 Fortum Oyj 0 1,287,772 FI4000297767 Nordea Bank Abp 83,187 83,187

France FR0000131104 BNP Paribas S.A. 156,600 156,600 FR0000125338 Capgemini SE 0 87,932

Germany DE0005501357 Axel Springer SE 133,579 133,579 DE0005810055 Deutsche Börse AG 0 95,315 DE000ENAG999 E.ON SE 376,928 1,132,360 DE000TUAG000 TUI AG 1,281,438 1,281,438

Great Britain GB0009895292 AstraZeneca Plc. 0 179,270 GB0004544929 Imperial Brands Plc. 0 1,244,340 GB0033986497 ITV Plc. 0 5,242,101 GB0007669376 St. James's Place Plc. 445,936 886,917 GB0001500809 Tullow Oil Plc. 2,229,599 2,229,599

Netherlands NL0013267909 Akzo Nobel NV 130,876 130,876

Norway NO0010345853 Aker BP ASA 0 300,000 NO0010031479 DNB ASA 315,815 660,715 NO0003054108 Mowi ASA 310,190 1,083,529 NO0010063308 Telenor ASA 206,516 1,731,233

Spain ES0167050915 ACS, Actividades de Construcción y Servicios S.A. 650,796 650,796 ES06670509G4 ACS, Actividades de Construcción y Servicios S.A. BZR 03.03.20 641,226 641,226 ES06445809I8 Iberdrola S.A. BZR 18.07.19 7,688,204 7,688,204 ES06445809J6 Iberdrola S.A. BZR 23.01.20 4,397,160 4,397,160 ES0116870314 Naturgy Energy Group S.A. 215,785 758,849 ES06735169E5 Repsol S.A. BZR 04.07.19 643,409 643,409 ES06735169F2 Repsol S.A. BZR 07.01.20 762,846 762,846

Sweden SE0011166933 Epiroc AB 0 654,963

Switzerland CH0102484968 Julius Baer Gruppe AG 53,356 278,657 CH0418792922 Sika AG 0 59,940 CH0126881561 Swiss Re AG 0 213,772

The notes on the report form an integral part of this report.

11 UniDividend

ISIN Securities Additions Disposals

Unquoted securities

Germany DE000A2TSGY3 Vonovia SE Dividende Cash BZR 03.06.19 131,295 131,295

Spain ES0173516172 Repsol S.A. 23,117 23,117

Options

EUR Put on Euro Stoxx 50 Price Index April 2020/3,725.00 2,900 2,900

Futures

EUR Euro Stoxx 50 Price Index Future Juni 2020 1,600 1,600 Euro Stoxx 50 Price Index Future März 2020 1,600 1,600

The notes on the report form an integral part of this report.

12 Notes on the report as at the end of March 2020

The fund's accounts are kept in Euro. The fees of the Management Company and the all-in fee are calculated based on the net fund assets per calendar day and The fund's annual accounts were prepared based on the paid out on a monthly basis. The all-in fee covers the depositary applicable classification and valuation principles in the country of fee, general custody and bearing fees for holding assets in domicile. custody, auditors' fees, costs of appointing proxies and costs of principal management activities, such as fund accounting and The price of securities and other exchange-listed derivatives reporting. The calculation is based on a contractual agreement. reflects the relevant stock exchange or market value at the end of the financial year. Securities traded on a regulated market are The fund is subject to a performance-related fee which is charged valued at the market prices published for the relevant market. by the Management Company based on the terms defined in the prospectus. The performance-related management fee for the If the fund holds OTC derivatives on the closing date, these are financial year ending March 31st, 2020 is accrued on a daily valued daily on the basis of indicative quotes from brokers or basis and recorded in the income statement. The paid amounts mathematical valuation models. for the financial year are shown in the income statement under the position "performance-related management fee", the If the fund has pending forward exchange transactions, these are accrued amounts are shown in the position "net change in valued based on the forward rates applicable to the residual unrealised losses". maturity. If profit and loss includes other expenses, these expenses consist Securities whose prices are not in line with market conditions and of the costs referred to in the prospectus, such as government all assets for which no representative market value can be fees, collateral management fees or cost of changes to the obtained are valued at a price established by the Management prospectus. Company in good faith using recognised valuation rules. Earnings and expense adjustments have been charged to the Bank deposits were estimated at par value. ordinary net income. These include net income generated during the reporting period, which purchasers of units pay as part of the Assets and liabilities denominated in a currency other than that issue price, and sellers of units receive in the redemption price. of the fund are converted at the latest available mean rate of exchange into Euro. Transactions in foreign currencies are Fund assets are currently subject to a "taxe d'abonnement" of converted into the fund currency at the time of compiling the 0.05 % p.a. in Luxembourg, payable quarterly and based on the accounts. Realised and unrealised currency gains and losses are respective reported net fund assets at the end of the quarter. included as income or expenses. Insofar as fund assets are invested in other Luxembourg investment funds that are already subject to the taxe The fund shows various unit classes which participate in the d'abonnement, the portion of fund assets invested in such fund's performance in proportion to the net asset value and after Luxembourg investment funds is exempt from this tax. deduction of attributable expenses. Income from the investments of the fund's assets will not be The issue or redemption price of the fund units is determined taxed in Luxembourg. However, it may be subject to withholding from the net asset value per unit on the respective valid trading or other tax in the countries in which the fund assets are days and, if relevant, plus any initial sales charge and/or invested. Neither the Management Company nor the depositary redemption fee as defined in the sales prospectus. The initial will obtain individual or collective receipts for such taxes. sales charge shall be levied in favour of the Management Company and the sales agent and can be scaled according to the size of the order. The redemption fee is credited to the fund.

13 In conjunction with transactions in listed and/or OTC derivatives, The Management Company, in its role as the Management the fund is required to provide or receive collateral in the form of Company of the fund, may benefit from "soft commissions" (e.g. bank deposits or securities. broker research, financial analyses, market and price information systems) in connection with trade transactions. Said commissions The positions “Other bank deposits/bank liabilities” include are used in the interests of unitholders when making collateral provided/received by the fund in the form of bank investment decisions. Transactions of this type cannot be deposits for listed derivatives and/or collateral provided for OTC conducted with natural persons; the service providers concerned derivatives. Collateral provided in the form of securities is may trade only in the interests of the fund and the services recorded in the schedule of assets. Collateral received in the form provided must be directly associated with fund activities. of securities as well as collateral for OTC derivatives in the form of bank deposits are not recorded in the composition of the Since the end of 2019, the spread of the corona virus Covid-19 fund's assets and the schedule of assets. can be observed, initially in China and now on all continents. The pandemic and the worldwide determined containment measures As at March 31st, 2020, the fund has lent securities as per the caused particularly in March 2020 massive shifts on all capital information provided in the list of assets. The fund has received markets. These shifts led to fluctuations in the performance of collateral to the amount of the market value of the securities lent the investment fund, which, however, stabilized in the further in the form of transferable securities or other liquid assets. course. By the use of appropriate measures the operational continuation of the investment fund is secured until today and its The performance of the fund's units is calculated based on the liquidity was always guaranteed in the reporting period. The unit values published on the closing dates, according to the BVI committee of the Management Company continues to track the formula. In individual cases, it may vary slightly from the capital markets and the efforts of the government to contain the performance of the units as shown in the fund report. spreading of the virus and observes potential economic impacts on the investment fund. The calculation method used to calculate the “ongoing charges” indicator, is that outlined by the Committee of European Note on the Law of 17 December 2010 Securities Regulators (Circular CESR/10-674 of 1 July 2010). The fund was set up in accordance with Part I of the Luxembourg The “ongoing charges” indicate the costs charged to the fund Law of 17 December 2010 relating to undertakings for collective and may vary from year to year. They take into account the investment ("Law of 17 December 2010") and fulfils the management charges and all-in fee, the taxe d’abonnement and conditions laid down by Directive 2009/65/EC of the European all other costs charged to the fund. For funds with a significant Parliament and of the Council of 13 July 2009 on the holding in other funds, the costs of those funds will be taken into coordination of legal and administrative provisions relating to account. This figure shows the total costs as a percentage of the undertakings for collective investment in transferable securities average fund volume during the financial year. Any performance- ("Directive 2009/65/EC"). related fee and transaction costs incurred - except the transaction costs of the depositary - are not included in the figure "ongoing charges".

The transaction costs refer to all costs that were listed or invoiced separately in the financial year in the name of the fund and are directly related to the purchase or sale of assets.

14 Independent auditor's report

To the unitholders of Other information UniDividend The Board of Directors of the management company is Report on the annual audit responsible for the other information. The other information comprises the information included in the annual report but does Opinion not include the financial statements and our report of the “réviseur d’entreprises agréé” thereon. We have audited the financial statements of UniDividend (the “Fund“), which comprise the composition of assets and the Our opinion on the financial statements does not cover the other schedule of assets as at 31 March 2020, and income statement information and we do not express any form of assurance and the changes in the fund's assets for the year then ended, and conclusion thereon. the notes to the financial statements, including a summary of significant accounting policies. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, In our opinion, the accompanying financial statements give a true consider whether the other information is materially inconsistent and fair view of the financial position of the Fund as at with the financial statements or our knowledge obtained in the 31 March 2020, and of the results of their operations and audit or otherwise appears to be materially misstated. If, based changes in their net assets for the year then ended in accordance on the work we have performed, we conclude that there is a with Luxembourg legal and regulatory requirements relating to material misstatement of this other information, we are required the preparation and presentation of the financial statements. to report this fact. We have nothing to report in this regard.

Basis for Opinion Responsibilities of the Board of Directors of the management company and those charged with governance for the financial We conducted our audit in accordance with the Law of 23 July statements 2016 on the audit profession (the “Law of 23 July 2016”) and with International Standards on Auditing (“ISAs”) as adopted for The Board of Directors of the management company is Luxembourg by the “Commission de Surveillance du Secteur responsible for the preparation and fair presentation of these Financier” (“CSSF”). Our responsibilities under those Law and financial statements in accordance with Luxembourg legal and standards are further described in the « responsibilities of the regulatory requirements relating to the preparation and “réviseur d’entreprises agréé” for the audit of the financial presentation of the financial statements, and for such internal statements » section of our report. We are also independent of control as the Board of Directors of the management company the Fund in accordance with the International Ethics Standards determines is necessary to enable the preparation of financial Board for Accountants’ Code of Ethics for Professional statements that are free from material misstatement, whether Accountants (“IESBA Code”) as adopted for Luxembourg by the due to fraud or error. CSSF together with the ethical requirements that are relevant to our audit of the financial statements, and have fulfilled our other In preparing the financial statements, the Board of Directors of ethical responsibilities under those ethical requirements. We the management company is responsible for assessing the Fund’s believe that the audit evidence we have obtained is sufficient and ability to continue as a going concern, disclosing, as applicable, appropriate to provide a basis for our opinion. matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the management company either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

15 Responsibilities of the “réviseur d’entreprises agréé” for the audit • Conclude on the appropriateness of Board of Directors of the of the financial statements management company use of the going concern basis of accounting and, based on the audit evidence obtained, whether Our objectives are to obtain reasonable assurance about whether a material uncertainty exists related to events or conditions that the financial statements as a whole are free from material may cast significant doubt on the Fund’s ability to continue as a misstatement, whether due to fraud or error, and to issue a going concern. If we conclude that a material uncertainty exists, report of the “réviseur d’entreprises agréé” that includes our we are required to draw attention in our report of the “réviseur opinion. Reasonable assurance is a high level of assurance, but is d’entreprises agréé” to the related disclosures in the financial not a guarantee that an audit conducted in accordance with the statements or, if such disclosures are inadequate, to modify our Law of 23 July 2016 and with ISAs as adopted for Luxembourg opinion. Our conclusions are based on the audit evidence by the CSSF will always detect a material misstatement when it obtained up to the date of our report of the “réviseur exists. Misstatements can arise from fraud or error and are d’entreprises agréé”. However, future events or conditions may considered material if, individually or in the aggregate, they could cause the Fund to cease to continue as a going concern. reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether As part of an audit in accordance with the Law of 23 July 2016 the financial statements represent the underlying transactions and with ISAs as adopted for Luxembourg by the CSSF, we and events in a manner that achieves fair presentation. exercise professional judgment and maintain professional skepticism throughout the audit. We also: We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit • Identify and assess the risks of material misstatement of the and significant audit findings, including any significant financial statements, whether due to fraud or error, design and deficiencies in internal control that we identify during our audit. perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting ERNST & YOUNG from error, as fraud may involve collusion, forgery, intentional Société Anonyme omissions, misrepresentations, or the override of internal control. Cabinet de révision agréé

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control. Dr. Christoph Haas

• Evaluate the appropriateness of accounting policies used and Luxembourg, 26 June 2020 the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the management company.

16 Other information of the Management Company

CO2 footprint Information on risk management processes

The fund exhibited a CO2 intensity of 224.18 tons per million The method used to monitor the overall risk associated with USD of revenue at the end of the financial year. The CO2 derivatives for the fund is the commitment approach. intensity is calculated on a booking-day basis and may therefore vary. This affects both the amount of the CO2 intensity, as well as the degree of coverage of the data. The degree of coverage may therefore be requested from the management company.

Other information

Securities transactions are only ever carried out with counterparties included in a list of approved parties by the fund management. The list is reviewed on an ongoing basis. Criteria such as quality of execution, level of transaction costs, quality of research and reliability in the settlement of securities transactions are given precedence. Furthermore, the annual reports of the counterparties are examined.

The proportion of securities transactions conducted during the period under review (April 1st, 2019 to March 31st, 2020) on account of the retail funds managed by Union Investment Luxembourg S.A. with companies within the Group or associated with it through significant holdings amounted to 5.35 per cent. The total transactions volume amounted to EUR 3,614,522,165.08.

17 Information on the remuneration policy of Union Investment Luxembourg S.A.

Scope of the remuneration policy Remuneration policy and practice includes fixed and variable components of salaries and voluntary retirement benefits. The calculation methodology is defined in the remuneration policy and in the discretionary and internal guidelines of the Company. The above remuneration refers to all UCITS and alternative investment funds managed by Union Investment Luxembourg S.A. All employees are holistically concerned with the administration, so a division per fund is not possible. When calculating the compensation for the 2019 financial year, there was no deviation from the defined methodology in accordance with the remuneration policy as well as the discretionary guidelines and internal guidelines.

Description of the calculation of the remuneration elements The remuneration consists of the following components: 1) Fixed compensation: total of the monthly basic salaries paid in the past financial year and the 13th salary. 2) Variable compensation: total of the variable remuneration components paid in the past financial year. These include variable compensation and special payments based on the business result.

Total amount of compensation paid by the Management Company in the past financial year (as at: 31 December 2019) Number of staff 67 Fixed remuneration EUR 4,500,000.00 Variable remuneration EUR 1,000,000.00 Total compensation EUR 5,500,000.00

Number of employees with management function 12 Total remuneration of employees with management function EUR 2,200,000.00

Number of funds managed by the management company (as at: 31. December 2019): 148 UCITS and 11 AIF's

18 Supplementary information in accordance with ESMA - guideline for the fund UniDividend

Derivatives

Underlying exposure from OTC and derivatives traded on the stock exchange: EUR 235,273,612.03

Identity of the counterparty(-ies) in these derivative transactions: BofA Securities Europe S.A., Paris Citibank Europe PLC, Dublin Deutsche Bank AG, Frankfurt DZ PRIVATBANK S.A., Luxemburg J.P. Morgan AG, Frankfurt Morgan Stanley Europe SE, Frankfurt Société Générale S.A., Paris Unicredit Bank AG, München

Type and amount of the collateral received for OTC derivatives which is attributed to the UCITS' counterparty risk: EUR 2,860,000.00 of which: Bank deposits EUR 2,860,000.00 Debenture bonds EUR 0.00 Shares EUR 0.00

Techniques for efficient portfolio management

Exposure achieved from techniques for efficient portfolio management EUR 75,914,563.24

Identity of the counterparty(-ies) in these techniques for efficient portfolio management: Barclays Bank PLC

Type and amount of the collateral received which is attributed to the UCITS' counterparty risk: EUR 77,244,425.58 of which: Bank deposits EUR 0.00 Debenture bonds EUR 0.00 Shares EUR 77,244,425.58

Income received from securities lending for the purpose of efficient portfolio management for the whole reporting period, including any direct and indirect EUR 9,577.17 costs and fees Class A Income received from securities lending for the purpose of efficient portfolio management for the whole reporting period, including any direct and indirect EUR 7,228.90 costs and fees Class -net- A

Earnings from securities lending transactions are distributed between the Fund and the management company Union Investment Luxembourg S.A. for its activity as an agent after deducting associated costs and the vast majority is credited to Fund assets.

ADDITIONAL INFORMATION ON COLLATERAL RECEIVED FOR OTC DERIVATIVES AND TECHNIQUES FOR EFFICIENT PORTFOLIO MANAGEMENT

Identity of the issuer, if the collateral received from the issuer exceeds 20% of the net asset value of the UCITS not applicable Collateralisation in conjunction with OTC derivatives and techniques for efficient portfolio management The collateralisation is not completely carried out through securities issued or guaranteed by an EU Memeber State.

19 Additional disclosures in accordance with Regulation (EU) 2015/2365 on securities financing transactions for the fund UniDividend

Securities Lending Repurchase Transactions Total Return Swaps

Used assets absolute 75,914,563.24 not applicable not applicable as a percentage of the fund's assets 8.63 % not applicable not applicable

Ten largest counterparties 1) 1. Name Barclays Bank PLC, London not applicable not applicable 1. Gross volume of open transactions 75,914,563.24 not applicable not applicable 1. Country of residence Great Britain not applicable not applicable

Types of settlement and clearing (e.g. bilateral, trilateral, CCP) bilateral not applicable not applicable

Transactions sorted by remaining term (absolute amounts) less than 1 day not applicable not applicable not applicable 1 day to 1 week (= 7 days) 48,280,797.62 not applicable not applicable 1 week to 1 month (= 30 days) 27,633,765.62 not applicable not applicable 1 to 3 months not applicable not applicable not applicable 3 months to 1 year (= 365 days) not applicable not applicable not applicable more than 1 year not applicable not applicable not applicable unlimited not applicable not applicable not applicable

Type(s) and quality(ies) of the collateral received Types equities not applicable not applicable Qualities 2) A not applicable not applicable A- BBB+ BBB BBB- BB+ BB not rated

Currency(ies) of the collateral received CHF not applicable not applicable EUR RUB USD

Collateral sorted by remaining term (absolute sums) less than 1 day not applicable not applicable not applicable 1 day to 1 week (= 7 days) not applicable not applicable not applicable 1 week to 1 month (= 30 days) not applicable not applicable not applicable 1 to 3 months not applicable not applicable not applicable 3 months to 1 year (= 365 days) not applicable not applicable not applicable more than 1 year not applicable not applicable not applicable unlimited 77,244,425.58 not applicable not applicable

Income share and expenses The fund's income share absolute 16,806.07 not applicable not applicable as a percentage of gross income 47.35 % not applicable not applicable the fund's expenses 18,685.02 not applicable not applicable of which Management Company expenses / income absolute 16,147.02 not applicable not applicable as a percentage of gross income 45.50 % not applicable not applicable of which third-party expenses / income absolute 2,538.00 not applicable not applicable as a percentage of gross income 7.15 % not applicable not applicable

Returns for the fund from reinvested cash collateral, calculated based on all securities financing transactions and total return swaps (absolute amount) not applicable

20 Securities financing transactions and Total Return Swaps

Lended securities as a percentage of all the fund's lendable assets 8.51 %

The ten largest issuers of collateral, calculated based on all securities financing transactions and total return swaps 3) 1. Name Banco Santander S.A. 1. Volumes collateral received (absolute) 24,094,345.93 2. Name Intesa Sanpaolo S.p.A. 2. Volumes collateral received (absolute) 17,883,512.80 3. Name Kering S.A. 3. Volumes collateral received (absolute) 8,667,000.00 4. Name Iberdrola S.A. 4. Volumes collateral received (absolute) 5,311,880.00 5. Name STMicroelectronics N.V. 5. Volumes collateral received (absolute) 5,217,623.51 6. Name Gazprom PJSC 6. Volumes collateral received (absolute) 4,031,877.25 7. Name Polyus PJSC 7. Volumes collateral received (absolute) 2,716,082.46 8. Name Amplifon S.p.A. 8. Volumes collateral received (absolute) 2,018,481.60 9. Name Mining and Metallurgical Company Norilsk Nickel PJSC 9. Volumes collateral received (absolute) 1,398,031.11 10. Name ENEL S.p.A. 10. Volumes collateral received (absolute) 1,257,845.00

Reinvested collateral as a percentage of received collateral, calculated based on all securities financing transactions and total return swaps No re-invested collateral; According to the sales prospect, a reinvestment of 100% is possible for bank deposits

Depositary / account manager for received collateral from securities financing transactions and total return swaps Total number depositaries / account managers 1 1. Name DZ PRIVATBANK S.A. 1. Deposit amount absolute 77,244,425.58

Type of custody for issued collateral from securities financing transactions and total return swaps As a percentage of all issued collateral from securities financing transactions and total return swaps separate accounts / securities accounts not applicable collective accounts / securities accounts not applicable other accounts / securities accounts not applicable Type of custody for certain recipients not applicable

1) Only actual fund counterparties are listed. The number of counterparties can be below 10. 2) Only assets which may be acquired for the Fund in accordance with the Law of 17 December 2010 and which meet the requirements of the relevant CSSF Circulars will be accepted as collateral. In addition to any bank deposits, such collateral includes highly liquid assets traded on a liquid market with transparent price fixing. The collateral provided is issued by issuers with high credit ratings. Additional information on collateral requirements can be found in the sales prospectus of the Fund. 3) Only actual fund securities issuers are listed. The number of issuers can be below 10.

21 Management Company and Main Karl-Heinz MOLL Management Company Independent member of the Board of Directors

Union Investment Luxembourg S.A. Bernd SCHLICHTER (until 31.12.2019) 308, route d'Esch Independent member of the L-1471 Luxembourg Board of Directors Grand Duchy of Luxembourg R.C.S.L. B 28679 Chief Executive of Union Investment Luxembourg S.A. (until 29.02.2020) Equity capital as at 31.12.2019: Euro 162.207 million Maria LÖWENBRÜCK after profit appropriation Dr. Joachim VON CORNBERG

Management body of Union Committee of Union Investment Investment Luxembourg S.A.: Luxembourg S.A. (since 01.03.2020)

Board of Directors (until 29.02.2020) Maria LÖWENBRÜCK Member of the Committee of Chairman of the Board of Directors Union Investment Luxembourg S.A. Luxembourg Hans Joachim REINKE Chairman of the Executive Board of Dr. Joachim VON CORNBERG Union Asset Management Holding AG Member of the Committee of Frankfurt / Main Union Investment Luxembourg S.A. Luxembourg Deputy Chairman of the Board of Directors Supervisory Board of Union Investment Giovanni GAY Luxembourg S.A. (since 01.03.2020) Member of the Board of Management of Union Investment Privatfonds GmbH Chairman of the Supervisory Board Frankfurt / Main Dr. Gunter HAUEISEN (since 01.04.2020) Other Members of the Board of Directors Union Asset Management Holding AG Frankfurt / Main Dr. Frank ENGELS Member of the Management Board of Other members of the Supervisory Board Union Investment Privatfonds GmbH Frankfurt / Main Dr. Carsten FISCHER (since 01.04.2020) Union Asset Management Holding AG Nikolaus SILLEM (until 30.06.2019) Frankfurt / Main Member of the Management Board of Union Investment Institutional GmbH Giovanni GAY (until 31.03.2020) Frankfurt / Main Member of the Board of Management of Union Investment Privatfonds GmbH André HAAGMANN (since 01.10.2019) Frankfurt / Main Member of the Management Board of Union Investment Institutional GmbH André HAAGMANN (until 31.03.2020) Frankfurt / Main Member of the Management Board of Union Investment Institutional GmbH Maria LÖWENBRÜCK Frankfurt / Main Member of the Management Board of Union Investment Luxembourg S.A. Karl-Heinz MOLL Luxembourg Independent member of the Supervisory Board Dr. Joachim VON CORNBERG Member of the Management Board of Union Investment Luxembourg S.A. Luxembourg

22 Shareholders of Union Investment Luxembourg S.A. Paying and sales agent in the Grand Duchy of Luxembourg Union Asset Management Holding AG Frankfurt / Main DZ PRIVATBANK S.A. 4, rue Thomas Edison Outsourcing of portfolio management L-1445 Luxembourg-Strassen to the following companies belonging to the Union Investment Group: Paying Agents, Distributors and Information Agents in the Federal Republic of Germany Union Investment Privatfonds GmbH Weißfrauenstraße 7 DZ BANK AG D-60311 Frankfurt / Main Deutsche Zentral-Genossenschaftsbank Platz der Republik Union Investment Institutional GmbH D-60265 Frankfurt / Main Weißfrauenstraße 7 Registered Office: Frankfurt / Main D-60311 Frankfurt / Main BBBank eG Auditor (Réviseur d'entreprises agréé) Herrenstraße 2-10 D-76133 Karlsruhe Ernst & Young S.A. Registered Office: Karlsruhe 35E avenue John F. Kennedy L-1855 Luxembourg Deutsche Apotheker- und Ärztebank eG Richard-Oskar-Mattern-Str. 6 also the auditor of D-40547 Düsseldorf Union Investment Luxembourg S.A. Registered Office: Düsseldorf

Depositary and Main Paying Agent Further Distributors in the Federal Republic of Germany

DZ PRIVATBANK S.A. Banks affiliated to the abovementioned banks and cooperative 4, rue Thomas Edison central banks are additional distributors in the Federal Republic L-1445 Luxembourg-Strassen of Germany.

Paying Agent and Distributor in Austria

VOLKSBANK WIEN AG Dietrichgasse 25 A-1030 Vienna

23 Union Investment Luxembourg S.A. 308, route d'Esch L-1471 Luxembourg [email protected] privatkunden.union-investment.de