Semi-Annual Report As at March 31St, 2016 Unideutschland XS Investment Company: Union Investment Privatfonds Gmbh

Semi-annual report as at March 31st, 2016 UniDeutschland XS Investment Company: Union Investment Privatfonds GmbH

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

Page Preface 3 UniDeutschland XS 6 Investment Company, Depositary, Distributors 12 and Paying Agents, Committees, Auditor

2 Preface

Union Investment – devoted to your interests Dealing with the change in the markets

The Union Investment Group manages assets of about EUR 265 A volatile capital market, changing regulatory requirements and billion, making it one of Germany's largest investment companies new customer demands are all challenges we are meeting for both private and institutional investors. It is a fund successfully. management expert within the cooperative finance association. About 4.1 million private and institutional investors have placed The six months under review began on an upward trend, after their trust in us as their partner for fund-based investments. concerns about growth in China in previous months levelled off and the Fed stated that it intended to continue with its planned Today, the idea behind the foundation of the group in 1956 is interest rate increases, although at a moderate pace. In more topical than ever: private investors should have the December 2015, the two large central banks, the ECB and the opportunity to benefit from economic developments – even with Fed eventually stayed true to their announcements, albeit in only small monthly savings contributions. The interests of these different directions. While the Europeans further eased their investors have always been our main concern and, together with monetary policy, the Fed decided to tighten its policy. In the first our approximately 2,790 employees, we are committed to quarter of 2016 the international capital markets were looking after them. About 1,210 public-investment and specialist characterised by severe price swings. At the beginning of the funds offer private and institutional investors solutions tailored to year, the equity markets, commodities and riskier bond segments their individual requirements. These include share, bond and were dragged into a swirling maelstrom. In contrast, government money-market funds, open-end real estate funds as well as bonds from the US and core eurozone countries were sought intelligent solutions for asset accumulation, risk management after as safe havens. The trigger for this was the apparently and private and corporate pension schemes. unending decline in oil prices and unexpectedly weak US economic data. All of this stoked fears of a recession in the Partner cooperation with advisers from the Volksbanken and United States. January 2016 was one of the weakest starts to the Raiffeisen banks forms the basis of Union Investment’s strong year in stock market history. In February and March the markets investor orientation. In approximately 12,800 branches, investors rallied considerably, as improving US data eased fears of an can call upon advisers for individual consultancy on all economic slowdown and oil prices picked up again. Monetary investment matters. policy provided particular support as in March the European Central Bank announced numerous new monetary measures and Our awards for individual funds – and our solid performance in the Fed announced much more moderate interest rate increases. industry ratings – provide the best evidence of the quality of our This led to growth in the international equity markets over the six fund management. At the 2016 Feri EuroRating Awards in months under review. The same happened in other bond market November 2015, Union Investment scooped the award for best segments. asset manager in the "Socially Responsible Investing" category for the second year in a row. Furthermore, at the 2016 €uro Fund Bond markets influenced by monetary policy Awards in February 2016, the finance publisher gave Union Investment the "2016 Fund Company of the Year" and the The European government bond markets were heavily impacted "Golden Bull" awards. Many of our funds won prizes at this by the European Central Bank (ECB) over the past six months. event. Moreover, industry magazine Capital once again awarded After a turbulent market phase, central bankers managed to Union Investment five stars in February 2016. This makes us the stabilise market activity in the autumn by announcing further only fund company to receive this prestigious award every year monetary measures and implementing them in December. The since it was first awarded in 2003. Greenwich Associates has bond-buying programme was extended and deposit rates further named us “Quality Leader” in institutional business. At the end reduced. Weak economic figures in the US and new concerns of November 2015, Union Investment Real Estate GmbH won an about China supported core bonds seen as safe investments. award for “Retail Real Estate” in the open property funds Securities from peripheral countries appeared well supported by segment at the Scope Awards. the bond-buying programme and were in demand. Oil prices fell over long stretches of the reporting period, causing inflation rates to drop and worrying central bankers. In March 2016, the ECB therefore announced wide-ranging measures. The key interest rate dropped to zero per cent and the deposit rate was reduced to minus 0.4 per cent. The prospect of long-term refinancing tenders (TLTRO), whose interest rate is linked to credit business, was also held out to banks. Higher lending rates will benefit from lower interest rates, which could even fall into negative territory.

3 The aim here is to stimulate economic growth and bring inflation Equity markets rise again with fluctuations back towards the ECB target of around two per cent. The big surprise, however, is that the central bank is now also buying At the end of 2015, the global equity markets gained significant corporate bonds. To this end, the programme has been further ground before engaging in a real roller coaster ride in the first expanded to 80 billion a month. Measured by the iBoxx Euro quarter of this year. Concerns about growth in Europe, the US Sovereign Index, European government bonds gained 3.9 per and China were to the fore, exacerbated by the uncertainty cent over the reporting period. surrounding central bank policy in the United States. This led to significant price markdowns. From mid-February on, the US On the US bond market, the trend was dominated by the US rate economy was increasingly showing encouraging signs. From reversal. In such an environment, yields for US treasury bills March it also became apparent that the Fed would have to watch initially rose. Then in December came the first increase of 25 its step with its interest-rate policy over the coming months. The basis points. Central bankers announced four further measures markets then recovered. Between 1 October 2015 and 31 March for 2016. However, weak economic figures cast doubt on these 2016, the MSCI World Index gained 3.2 per cent on balance in among investors. The Fed's plans were successively priced out local currency. and US government bonds posted substantial price gains. The Fed forecast a second hike in the first quarter. At the end of The key factors shaping the markets included the decisions of the March, Fed Chair Janet Yellen rejected further interest rate hikes. major central banks. In the eurozone, equity markets gained This gave a total premium of 2.4 per cent over the past six considerably in expectation of further quantitative easing months across the entire market, measured according to the JP measures. In December 2015 the European Central Bank finally Morgan Global Bond US-Index. announced that it was extending its asset-purchase programme and lowering its deposit rates. Market participants had been The European corporate bond market initially experienced sharp hoping for even more ambitious measures. The year-end brought losses. Company-specific problems at Anglo-Swiss commodity fears regarding the economic situation. The possibility that Great trader Glencore and the exhaust gas scandal at Volkswagen were Britain may decide to leave the European Union in the June responsible for the market correction. At this juncture, there were referendum also unsettled market players. The ECB's further also significant liquidity problems. As many trading departments easing of its monetary policy in March gave the markets only a significantly reduced their holdings, there were no buyers on the temporary boost. Below the line, the EURO STOXX 50 has market at that time, which added pressure. Meanwhile, financial consequently lost 2.9 per cent in value over the past six months. bonds also came under pressure, mainly in the subordinated segment. The end of the reporting period, however, saw a In the US, market attention now turned to the Federal Reserve. comprehensive recovery. This started in a rally in commodity Markets first responded sceptically to the upcoming interest rate prices, along with a generally higher appetite for risk among turnaround. As it became increasingly clear that the Fed, after investors. It also helped recover losses in the energy segment. initially raising interest rates, would keep the rate path fairly flat Finally, the ECB's announcement that it would now start buying thereafter, there were considerable price gains, with the markets corporate bonds triggered a genuine rally. Industry stocks reacting calmly in December to the first interest-rate rise in a trended better than financial bonds as the latter did not come good 10 years. At the start of 2016, after the publication of under the purchasing programme. However, no further details weak industry figures and mixed quarterly data from companies, were available at the end of March 2016. Measured against the fears emerged that US economic growth could unexpectedly slow BofA Merrill Lynch Euro Corporate Index, corporate bonds rose down significantly. Even a recession was no longer excluded. 3.7 per cent under the period under review. Further falls in oil prices at the start of the year and the uncertainty surrounding future monetary policy made matters Trends in bonds from emerging markets were highly varied. The worse. The situation improved when oil prices picked up again sharp fall in commodity prices, which caused major problems for and the Fed refrained from rapid interest rate hikes. On balance, a large number of commodity exporters from emerging the market-wide S&P 500 Index rose 7.3 per cent over the six economies, also impacted market activity. Brazil and Russia – months under review. The Dow Jones Industrial Average Index where the rouble fell in value – were significantly affected by this simultaneously climbed 8.6 per cent. situation. The Fed’s plans to raise key interest rates initially had a considerable negative impact. However, as there was only one The Nikkei 225 Index in Japan fell 3.6 per cent. Economic hike and no further increases are expected for the time being, concerns have also spread in the land of the rising sun since the bonds from emerging countries denominated in euro or US turn of the year. The strength of the yen exchange rate made dollars were spurred on in the second half of the period under matters worse. The equity markets in emerging countries were review. At index level (JPMorgan EMBI Global Diversified Index), initially affected by the prospect of the US interest rate there was an increase of 6.4 per cent. turnaround. Against the background of the recently eased US interest-rate policy and increasing commodity prices, they recovered in the last two months. During the reporting period, the MSCI Emerging Markets Index gained 3.5 per cent in local currency.

4 Important information:

Unless otherwise specified, the data source for the financial indices is Datastream. All unit performance data on the following pages is taken from Union Investment's own calculations in accordance with the method applied by the German Investment Funds Association (BVI), unless otherwise specified. The ratios illustrate past performance. Future results may be either higher or lower.

Detailed information on the Investment Company and the depositary of the investment fund (the "Fund") can be found on the last pages of this report.

5 UniDeutschland XS UniDeutschland XS I UniDeutschland XS Semi-annual report Security Ident. No. A0RPAV Security Ident. No. 975049 01.10.2015 - 31.03.2016 ISIN-Code DE000A0RPAV6 ISIN-Code DE0009750497

Asset overview

Market value in % of EUR fund assets 1)

I. Assets

1. Shares - Classification by sector

Real Estate 138,908,824.86 23.72 Automobiles & Components 67,659,637.46 11.55 Capital Goods 64,637,092.62 11.04 Retailing 56,263,880.00 9.61 Transportation 45,863,879.16 7.83 Commercial & Professional Services 42,808,246.11 7.31 Consumer Durables & Apparel 39,135,520.05 6.68 Software & Services 29,759,939.36 5.08 Technology Hardware & Equipment 19,400,400.00 3.31 Pharmaceuticals, Biotechnology & Life Sciences 15,412,628.50 2.63 Diversified Financials 14,539,828.12 2.48 Media 13,461,381.00 2.30 Total 547,851,257.24 93.54

2. Derivatives 80,684.88 0.01

3. Bank Deposits 38,088,581.03 6.50

4. Other Assets 834,310.42 0.14

Total 586,854,833.57 100.19

II. Liabilities -1,125,551.80 -0.19

III. Fund Assets 585,729,281.77 100.00

1) Due to roundings, the addition of individual positions in the schedule of assets, could lead to value differences to the above listed percentages.

6 UniDeutschland XS UniDeutschland XS I UniDeutschland XS Semi-annual report Security Ident. No. A0RPAV Security Ident. No. 975049 01.10.2015 - 31.03.2016 ISIN-Code DE000A0RPAV6 ISIN-Code DE0009750497

Master data of the fund

UniDeutschland XS I UniDeutschland XS Date of inception 15.08.2011 04.10.2006 Unit class currency EUR EUR First redemption price (in unit class currency) 100.00 43.27 Profit expenditure Distributing Accumulative Number of units 525,757 3,768,544 Unit value (in unit class currency) 206.68 126.59 Investor institutional investors private investors Current front load (as a percentage) - 4.00 Repurchase fee (as a percentage) - - Management fee p.a. (as a percentage) 1.55 1.55 Minimum investment (in unit class currency) 100,000.00 -

Schedule of assets

ISIN Class of assets Quantity Volume Purchases Sales Price Market Value Per cent or units 31.03.16 Additions Disposals in EUR of fund- or CCY in reporting period in reporting period assets

Stock-exchange-traded securities

Germany DE0005093108 Amadeus Fire AG QNT 284,181.00 0.00 0.00 EUR 66.5000 18,898,036.50 3.23 DE0005232805 Bertrandt AG QNT 218,737.00 67,299.00 11,500.00 EUR 100.8500 22,059,626.45 3.77 DE000A0S8488 Hamburger Hafen und Logistik AG QNT 1,062,489.00 1,062,489.00 0.00 EUR 12.9400 13,748,607.66 2.35 DE000HLAG475 Hapag-Lloyd AG QNT 688,701.00 688,701.00 0.00 EUR 16.1000 11,088,086.10 1.89 DE0007314007 Heidelberger Druckmaschinen AG QNT 10,837,628.00 1,950,000.00 250,000.00 EUR 1.9890 21,556,042.09 3.68 DE0005493365 Hypoport AG QNT 235,883.00 235,883.00 0.00 EUR 61.6400 14,539,828.12 2.48 DE0007193500 König & Baur AG QNT 917,181.00 160,000.00 0.00 EUR 32.2950 29,620,360.40 5.06 DE0006464506 Leifheit AG QNT 203,000.00 0.00 0.00 EUR 51.9600 10,547,880.00 1.80 DE000A0JQ5U3 Manz AG 1) QNT 204,243.00 307,349.00 103,106.00 EUR 33.5750 6,857,458.73 1.17 DE0006632003 MorphoSys AG QNT 234,615.00 277,563.00 42,948.00 EUR 42.4050 9,948,849.08 1.70 DE0006452907 Nemetschek SE QNT 393,182.00 32,000.00 415,038.00 EUR 42.4500 16,690,575.90 2.85 DE000PAT1AG3 Patrizia Immobilien AG QNT 2,271,811.00 72,000.00 235,000.00 EUR 24.6550 56,011,500.21 9.56 DE0006969603 PUMA SE QNT 147,321.00 10,000.00 0.00 EUR 194.0500 28,587,640.05 4.88 DE000SHA0159 Schaeffler AG QNT 3,227,177.00 3,227,177.00 0.00 EUR 14.1300 45,600,011.01 7.79 DE0007235301 SGL Carbon SE 1) QNT 731,012.00 329,817.00 707,515.00 EUR 9.0330 6,603,231.40 1.13 DE000A0DPRE6 Sixt Leasing AG QNT 526,846.00 0.00 108,609.00 EUR 17.4000 9,167,120.40 1.57 DE0007231334 Sixt SE -VZ- QNT 636,079.00 16,000.00 145,000.00 EUR 37.5900 23,910,209.61 4.08 DE0003304002 Software AG QNT 380,421.00 380,421.00 0.00 EUR 34.3550 13,069,363.46 2.23 DE000TCAG172 Tele Columbus AG QNT 1,495,709.00 1,495,709.00 0.00 EUR 9.0000 13,461,381.00 2.30 DE000A0CAYB2 Wincor Nixdorf AG 1) QNT 360,000.00 360,000.00 0.00 EUR 53.8900 19,400,400.00 3.31 DE000XNG8888 XING AG QNT 174,075.00 32,649.00 2,930.00 EUR 161.1500 28,052,186.25 4.79 DE000ZAL1111 Zalando SE QNT 977,875.00 333,718.00 905,110.00 EUR 28.8500 28,211,693.75 4.82 447,630,088.17 76.44

Luxembourg LU1250154413 ADO Properties S.A. QNT 1,332,700.00 565,000.00 0.00 EUR 30.1400 40,167,578.00 6.86 40,167,578.00 6.86

Netherlands NL0000240000 Qiagen NV QNT 279,049.00 500,000.00 220,951.00 EUR 19.5800 5,463,779.42 0.93 5,463,779.42 0.93 Total shares 493,261,445.59 84.23 Total stock-exchange-traded securities 493,261,445.59 84.23

Securities listed or included on organised markets

Cyprus CY0105562116 Aroundtown Property Holdings Plc. QNT 1,196,000.00 330,000.00 0.00 EUR 4.3700 5,226,520.00 0.89 CY0104972217 Primecity Investment Plc. QNT 2,233,293.00 813,293.00 0.00 EUR 3.6500 8,151,519.45 1.39

7 UniDeutschland XS UniDeutschland XS I UniDeutschland XS Semi-annual report Security Ident. No. A0RPAV Security Ident. No. 975049 01.10.2015 - 31.03.2016 ISIN-Code DE000A0RPAV6 ISIN-Code DE0009750497

ISIN Class of assets Quantity Volume Purchases Sales Price Market Value Per cent or units 31.03.16 Additions Disposals in EUR of fund- or CCY in reporting period in reporting period assets 13,378,039.45 2.28

Germany DE0006972508 Publity AG QNT 338,859.00 138,859.00 0.00 EUR 35.0000 11,860,065.00 2.02 DE0002457512 VIB Vermögen AG QNT 20,000.00 20,000.00 0.00 EUR 17.2900 345,800.00 0.06 12,205,865.00 2.08

Luxembourg LU0775917882 Grand City Properties S.A. QNT 1,435,936.00 475,100.00 0.00 EUR 20.2000 29,005,907.20 4.95 29,005,907.20 4.95 Total shares 54,589,811.65 9.31 Total securities listed or included on organised markets 54,589,811.65 9.31 Total portfolio assets 547,851,257.24 93.54

Derivatives (Holdings marked minus are sold positions)

Share-Index Derivatives Receivables/Liabilities

Share-Index future contracts Stoxx 600 Automobiles&Parts Future Juni 2016 EUX EUR Number -1,000 -271,315.12 -0.05

Options Options on share-index Put on DAX Performance-Index Mai 2016/8,600.00 EUX Number -2,200 EUR 39.5000 -434,500.00 -0.07 Put on DAX Performance-Index Mai 2016/9,000.00 EUX Number 2,200 EUR 71.5000 786,500.00 0.13 Total share-index derivatives 80,684.88 0.01

Bank deposits, non securitised money market instruments and money market funds

Bank deposits

EUR-denominated deposits with: WGZ BANK AG Westdeutsche Genossenschafts-Zentralbank EUR 38,088,581.03 38,088,581.03 6.50 Total bank deposits 38,088,581.03 6.50 Total bank deposits, non-securitised money market instruments and money market funds 38,088,581.03 6.50

Other assets Receivables on Security Transactions EUR 171,765.91 171,765.91 0.03 Receivables on unit sales EUR 662,544.51 662,544.51 0.11 Total other assets 834,310.42 0.14

Other liabilities Liabilities on security transactions EUR -257,818.95 -257,818.95 -0.04 Liabilities for management fee to be paid EUR -608,911.17 -608,911.17 -0.13 Other liabilities EUR -258,821.68 -258,821.68 -0.04 Total other liabilities -1,125,551.80 -0.21 Fund assets 585,729,281.77 100.00 The rounding up or down of the percentage shares may create slight calculation discrepancies. Attribution to the unit classes UniDeutschland XS I Unit value EUR 206.68 Units in circulation QNT 525,757.00

UniDeutschland XS Unit value EUR 126.59 Units in circulation QNT 3,768,544.00

Volume of securities as percentage of fund assets 93.54 Volume of derivatives as percentage of fund assets 0.01

8 UniDeutschland XS UniDeutschland XS I UniDeutschland XS Semi-annual report Security Ident. No. A0RPAV Security Ident. No. 975049 01.10.2015 - 31.03.2016 ISIN-Code DE000A0RPAV6 ISIN-Code DE0009750497

Explanatory notes to loans on securities

The following securities are transferred as loans on securities as at the reporting date

Quantity Quantity Loans on securities or or Market value in EUR Class of assets Currency Nominal Dated Undated Total SGL Carbon SE QNT 731,012 6,603,231.40 6,603,231.40 Wincor Nixdorf AG QNT 150,000 8,083,500.00 8,083,500.00 Manz AG QNT 105,000 3,525,375.00 3,525,375.00 Total refund claims from loans on securities in EUR 18,212,106.40 18,212,106.40

1) These securities are wholly or partly transferred as loans on securities.

Securities prices, exchange rates and market rates The assets of the fund are valued on the basis of the following prices/market rates:

Securities prices Prices as at 31.03.2016 or last known All other assets Prices as at 31.03.2016 Exchange Rates Prices as at 31.03.2016

Key to market A) Securities trading A Officially traded on stock market M Organised markets

B) Future markets EUX EUREX, Frankfurt

C) OTC Over the counter

Transactions concluded during the reporting period if no longer shown in the schedule of assets: Purchases and sales of securities, investment fund units and note loans (market allocation as at reporting date):

ISIN Class of assets Quantity Volume Purchases Sales or units in 1,000 or or or CCY Additions Disposals

Stock-exchange-traded securities

Germany DE000A0LD2U1 Alstria Office REIT-AG QNT 653,119.34 653,119.34 DE000PRME020 DO Deutsche Office AG QNT 0.00 1,714,224.00 DE0008019001 Dte. Pfandbriefbank AG QNT 125,000.00 125,000.00 DE0005565204 Dürr AG QNT 0.00 127,985.00 DE0006602006 Gea Group AG QNT 70,000.00 70,000.00 DE0005875306 GfK AG QNT 0.00 478,497.00 DE0005895403 GRAMMER AG QNT 135,000.00 135,000.00 DE000A1PHFF7 Hugo Boss AG QNT 293,067.00 293,067.00 DE0005470405 Lanxess AG QNT 700,000.00 1,059,440.00 DE0007257503 Metro AG QNT 487,884.00 687,884.00 DE000LED4000 OSRAM Licht AG QNT 420,000.00 557,000.00 DE0007010803 Rational AG QNT 0.00 64,180.00 DE0007251803 STADA Arzneimittel AG QNT 620,000.00 620,000.00 DE0005089031 United Internet AG QNT 0.00 727,336.00 DE000WCH8881 Wacker Chemie AG QNT 0.00 194,124.00

Great Britain GB0059822006 Dialog Semiconductor Plc. QNT 775,000.00 775,000.00

9 UniDeutschland XS UniDeutschland XS I UniDeutschland XS Semi-annual report Security Ident. No. A0RPAV Security Ident. No. 975049 01.10.2015 - 31.03.2016 ISIN-Code DE000A0RPAV6 ISIN-Code DE0009750497

ISIN Class of assets Quantity Volume Purchases Sales or units in 1,000 or or or CCY Additions Disposals

Securities listed or included on organised markets

Germany DE000A12UKK6 Rocket Internet SE QNT 0.00 553,245.00

Money market funds

Group's own money market funds LU0509230370 UniInstitutional Euro Liquidity UNITS 412.00 412.00

Derivatives

(Option premiums sold in opening transactions or volume of options trading, purchase and sale amounts shown for warrants)

Financial Futures

Share-Index future contracts

Contracts purchased Underlying instrument(s) EUREX STOXX 600 Automobiles & Parts Index EUR 67,495

Contracts sold Underlying instrument(s) EUREX STOXX 600 Automobiles & Parts Index EUR 167,817

Options

Options on Shares

Purchased buy options (call) Underlying instrument(s) Lanxess AG, OSRAM Licht AG EUR 2,475

Sold buy options (call) Underlying instrument(s) OSRAM Licht AG EUR 252

Options on share index-derivates

Options on share index

Purchased buy options (call) Underlying instrument(s) DAX Performance-Index EUR 17,523

Contracts purchased (put) Underlying instrument(s) DAX Performance-Index EUR 6,646

Sold contracts (Call) Underlying instrument(s) DAX Performance-Index EUR 4,880

Sold sell options (put) Underlying instrument(s) DAX Performance-Index EUR 2,871

Loans on securities

(Volume of transactions, valued on the basis of the value agreed when the loan arrangement was concluded):

Dated

Underlying instrument(s) Grand City Properties S.A. EUR 12,859 Heidelberger Druckmaschinen AG EUR 50,765 PUMA SE EUR 9,709 Rocket Internet SE EUR 5,571 SGL CARBON SE EUR 31,177

Undated Underlying instrument(s) SGL CARBON SE EUR 500

10 UniDeutschland XS UniDeutschland XS I UniDeutschland XS Semi-annual report Security Ident. No. A0RPAV Security Ident. No. 975049 01.10.2015 - 31.03.2016 ISIN-Code DE000A0RPAV6 ISIN-Code DE0009750497

Appendix pursuant to §7 Nr. 9 KARBV

Unit value UniDeutschland XS I EUR 206.68

Units in circulation UniDeutschland XS I QNT 525,757.00

Unit value UniDeutschland XS EUR 126.59

Units in circulation UniDeutschland XS QNT 3,768,544.00

Details of the asset valuation procedure Generally speaking, where a security was traded on several markets, the market's most recently available tradable price with the highest level of liquidity was applied. The market value determined and notified by the issuer of the respective asset or a counterparty or other third party was used for assets for which no tradable price could be determined insofar as this value could be validated with a second reliable and current price source. The regulations laid down were documented. Market values were determined for assets for which no tradable price could be determined and for which at least two reliable and current price sources could not be determined, such values were based on careful estimates and appropriate valuation models, while taking account of the current market factors. The market value refers to the amount at which the relevant asset could be exchanged in a transaction involving expert and independent business partners who are willing to enter into an agreement. The evaluation processes used were documented in detail internally, and their suitability is examined at regular intervals. Units in domestic investment funds, ec-investment fund units and foreign investment fund units will be valued at their most recently determined redemption price, or for ETFs at their current market price. Cash held at banks will be valued at face value and liabilities at their repayment amount. Term deposits will be valued at face value and other assets will be valued at their market value or par value.

Frankfurt am Main, April 1st, 2016 Union Investment Privatfonds GmbH The Management

11 Investment company Jens Wilhelm is Chairman of the supervisory board of Union Investment Real Estate GmbH, Chairman of the supervisory board Union Investment Privatfonds GmbH of Union Investment Institutional Property GmbH, Vice-chairman D-60070 Frankfurt am Main of the supervisory board of Quoniam Asset Management GmbH P.O. Box 16 07 63 and Vice-chairman of the supervisory board of Immo Tel. +49 69 2567-0 Kapitalanlage AG.

Subscribed and paid-up capital: Professor Stefan Mittnik is an independent member of the EUR 24.462 million Supervisory Board of Union Investment Institutional GmbH.

Capital and reserves: Giovanni Gay is Chairman of the Board of Directors of attrax S.A., EUR 238.270 million Vice-chairman of the Board of Directors of Union Investment Luxembourg S.A. and Chairman of the supervisory board of VR (As at December 31st, 2015) Consultingpartner GmbH.

Dr. Daniel Günnewig is a member of the executive board of R+V Registration Court Pensionsfonds AG.

Frankfurt am Main District court HRB 9073 Shareholder

Supervisory Board Union Asset Management Holding AG, Frankfurt am Main Hans Joachim Reinke Chairman Distributors and Paying Agents in the Federal Republic (Chairman of the Board of Directors of Union Asset of Germany: Management Holding AG, Frankfurt am Main) DZ BANK AG Jens Wilhelm Deutsche Zentral-Genossenschaftsbank Vice-chairman Platz der Republik (Member of the Board of Directors of Union Asset Management 60265 Frankfurt am Main Holding AG, Frankfurt am Main) Registered Office: Frankfurt am Main

Prof. Stefan Mittnik, Ph.D. WGZ BANK AG (Independent member of the supervisory board according Westdeutsche Genossenschafts-Zentralbank to § 18 (3) KAGB) Ludwig-Erhard-Allee 20 Ludwig-Maximilians-Universität München 40227 Düsseldorf Registered Office: Düsseldorf Managing Directors as well as the aforementioned credit institutions connected with Dr. Frank Engels the co-operative central banks Giovanni Gay Dr. Daniel Günnewig Björn Jesch Klaus Riester

Information about main functions of the supervisory board members and managing directors which are being exerted outside of the company Hans Joachim Reinke is Chairman of the Board of Directors of Union Investment Luxembourg S.A., Chairman of the supervisory board of Union Investment Service Bank AG, Vice-Chairman of the supervisory board of Union Investment Institutional GmbH, Vice-Chairman of the supervisory board of Union Investment Real Estate GmbH and Vice-Chairman of the supervisory board of Volksbank Invest Kapitalanlagegesellschaft m.b.H.

Additional information for selling UniDeutschland XS Depositary in the Grand Duchy of Luxembourg: WGZ BANK AG At the Paying Agent and Distributor in Luxembourg, DZ Westdeutsche Genossenschafts-Zentralbank, PRIVATBANK S.A., 4, rue Thomas Edison, L-1445 Luxembourg- Düsseldorf Strassen, the sales prospectus is available along with the investment conditions, the key investment information, the Subscribed and paid-up capital: annual and semi-annual reports and the issue and redemption EUR 714 million prices, and other information and documents may be inspected as well. Moreover, DZ PRIVATBANK S.A. will forward certain Capital and reserves: payments intended for unitholders to them and settle EUR 3,278 million subscriptions and redemptions through Union Investment Privatfonds GmbH as soon as the corresponding subscription and (As at December 31st, 2015) redemption orders are submitted.

Important communications to shareholders are published on the Auditor Union Investment homepage at www.union-investment.com and, exclusively where prescribed by law, in the Luxemburger Ernst & Young GmbH Tageblatt newspaper as well. Wirtschaftsprüfungsgesellschaft

Mergenthalerallee 3-5 Distributor only: 65760 Eschborn Union Investment Luxembourg S.A.

308 route d’Esch As at: March 31st, 2016, L-1471 Luxembourg, unless otherwise stated Registered Office: Grand Duchy of Luxembourg

Distributor and Paying Agent in Austria:

VOLKSBANK WIEN AG Schottengasse 10 A-1010 Vienna

13 Union Investment Privatfonds GmbH Weißfrauenstraße 7 60311 Frankfurt am Main Telephone 069 58998-6060 Telefax 069 58998-9000

Visit our website: privatkunden.union-investment.de