Factsheet: April 2021

White Fleet III * - Haitong Aggressive Fund Risk Statistics and Performance

* UCITS Structure

Share Class: C ISIN:LU1679670437

INVESTMENT GOAL INVESTMENT POLICY

The aim of Haitong Aggressive Fund is to achieve a higher long- 1. Assessment of the macro-economic outlook term return than the European markets incurring on similar market 2. Definition of the appropriate risk level for each context level of risk. The fund must include at least 80% of investment on 3. Identification of the vehicles that, overall, provide the desired European equity and it is allowed to invest up to 20% in other risk level: (i) liquidity; (ii) individual shares (iii) ETFs as they equity markets or other asset classes. have daily liquidity and availability 4. Continuous review of the assessment made

ASSET ALLOCATION Portfolio Breakdown HAITONG AGGRESSIVE FUND (30th April) Statistics

EQUITY TOTAL 88,0% TRACKERS EUROPE 54,4% White Fleet III XESC GY 19,8% ETF - EuroStoxx 50 - Europe Statistics Haitong CEMS GY 7,7% ETF - MSCI Europe Value Aggressive Fund C ESGE FP 6,9% ETF - MSCI ESG Leaders - Europe Return since Inception (28th Jun 2018) 9,95% IUSK GY 5,3% ETF - MSCI - Europe SRI YTD 9,87% DAXEX GY 4,2% ETF - Dax - Europe CAC FP 3,5% ETF - LYXOR CAC 40 - Last month 1,37% ISFA NA 3,4% ETF - FTSE - Last 12 months 31,83% INS FP 2,0% ETF - Stoxx 600 Insurance - Europe Annualized Volatility since Inception 19,45% TNO FP 1,6% ETF - Stoxx 600 Tecnology - Europe Sharpe Ratio 2021 (Rf = Euribor 12 months) 3,67 STOCK PICKING EUROPE 33,6% % of positive months since Inception 59% EDPR PL 2,5% EDP Renováveis - Portugal UP value 109,95 ORA FP 1,9% Orange - France SAP GY 1,8% SAP -Germany ASML NA 1,7% ASML Holding - Netherlands NESN SW 1,6% Nestle - Performance DTE GY 1,6% - Germany SAN FP 1,5% - France UCG IM 1,5% Unicredit - Cumulative Return LIN GY 1,4% LINDE - Germany since June 28th 2018 MC FP 1,4% LVMH Moet Henessy Luois Vuitton - France 15,00% 1,3% SAN SM Santander - 10,00% BN FP 1,2% - France 5,00% FP FP 1,2% Total SE - France AI FP 1,1% - France 0,00%

IBE SM 1,1% - Spain -5,00% NVG PL 1,0% Navigator - Portugal -10,00% VIV FP 1,0% - France IM 1,0% ENEL - Italy -15,00%

DG FP 0,9% Vinci - France -20,00% BNP FP 0,9% BNP Paribas - France -25,00% ALV GY 0,9% - Germany KER FP 0,9% Kering - France -30,00%

VOW3 GY 0,9% Volkswagen - Germany -35,00%

PHIA NA 0,9% Koninklijke - Netherlands

Oct/19 Oct/20 Oct/18

Apr/19 Apr/20

Jun/19 Jun/20 Jun/18

Feb/19 Feb/20 Feb/21

Aug/19 Dec/19 Aug/20 Dec/20 Dec/18 SIE GY 0,8% - Germany Aug/18 0,7% ADS GY - Germany White Fleet III - HaitongWhite Fleet Aggressive III - Haitong Fund Aggressive C Fund C ROG SW 0,7% Roche Holding AG - Switzerland CASH 12,0% Note: The Fund replicates a strategy managed by Haitong Bank through individual mandates, since beginning of 2003, CASH 12,0% Cash with an annualized return since inception of 9.6% with and standard deviation of 17.3% in the same period. TOTAL 100,0%

Portfolio Breakdown

Regional Allocation - Equity Sectorial Allocation - Equity Total Allocation

REAL ESTATE 0,7

ENERGY 3,3 OTHERS 4,49 33% COMMUNICATION SERVICES 6,4 SWEDEN 0,71 PORTUGAL 1,12 UTILITIES 7,1 51% ITALY 4,19 CONSUMER STAPLES 7,5 SWITZERLAND 4,65 HEALTH CARE 7,8

SPAIN 7,24 MATERIALS 8,8

NETHERLANDS 7,72 INDUSTRIALS 8,9 12% 4% UNITED KINGDOM 9,25 INFORMATION TECHNOLOGY 10,9 Stock Picking Cash & Equiv. GERMANY 20,68 CONSUMER DISCRETIONARY 11,9 FRANCE 27,06 Sectorial ETF Regional ETF FINANCIALS 14,0 % OF PORTFOLIO % OF PORTFOLIO

Contacts: Fernando Castro Solla [email protected] Gonçalo Mendes de Almeida [email protected] E-Mail [email protected] Tel +351 21 319 97 81 Fax +351 21 330 92 70 Factsheet: April 2021

White Fleet III * - Haitong Aggressive Fund Risk Statistics and Performance

* UCITS Structure

Share Class: C ISIN:LU1679670437

OVERVIEW

April was a very positive month for most global indexes, which were propelled by the advances made in the fight against the COVID-19 pandemic in particular through vaccination campaigns all over the world. A vast majority of the first quarter results disclosed throughout April surpassed analysts’ estimates. This was also the month where the Stoxx 600, the index that gathers the 600 largest European companies, established a new all-time high with a 1.81% increase by month’s end.

The main highlight of the month was the consolidation of long-term US yields. The Federal Reserve (FED) Chairman Jerome Powell was able, for now, to keep under control the beliefs that inflation is an imminent risk and that the increase in reference interest rates and reversion of the ultra-expansionist policy is inevitable.

Are the signs such as an increase in commodities prices temporary, as stated by the FED, or is it structural and long- lasting? The next chapters of this inflation dilemma will mark the behavior of the financial markets until the end of this year. With this topic in mind, our strategy has been more cautious. We sought to identify which sectors and companies are more exposed to a possible change in the “rules” of the monetary policy “game”. In addition to the gradual increase in the portfolio’s liquidity, we aimed to avoid, and even sell, positions that were more vulnerable to an increase in interest rates from our viewpoint. Conversely, we aimed to maintain or acquire other positions that could benefit from this scenario from our perspective. We maintained, nonetheless, some equilibrium, as none of the scenarios is completely clear.

During the month, we closed our positions in and Endesa. In the first one, we chose to generate a capital gain in a company that we quite like because the recent returns led us to believe that the potential for increases was more limited for now. In the latter, we aimed to reduce the weight of the electric sector, a more sensitive segment to a rise in interest rates. We also took the opportunity to reduce our positions in Linde, Kering, and Sanofi. From the purchase side, we decided to increase our exposure to the Italian bank Unicredito and acquired a position in Philips.

We decided to increase the liquidity levels in the portfolio slightly and have an exposure to stocks of around 88%. The Haitong Aggressive Fund ends the month of April with a 1.37% increase and an 9.87% performance year-to-date. This means that we continue to register a historical maximum, which we are naturally very pleased with.

COMMERCIAL CONDITIONS

Inception Date 28th June 2018 Subscription Fee not aplicable Management Company MultiConcept Fund Management AuM (EUR M) 13,651 Redemption Fee not aplicable S.A., Luxembourg

ISIN LU1679670437 Performance Fee 15% of the excess return above EURIBOR 12m Bloomberg Ticker WFHAAGC LX Management Company Contacts: Management Fee 1,00% 5, rue Jean Monnet, L-2180 Luxembourg Fund Currency EUR www.credit-suisse.com/ Subscription Settlement D + 3 Multiconcept Investment Period Long term recommended Redemption Settlement D + 3

Initial Subscription Min. 100,000 € *TER (Total Expense Ratio) not aplicable Depositary Bank Credit Suisse (Luxembourg) Following subscriptions No minimum *PTR (Portfolio Turnover Rate) not aplicable S.A., Luxembourg

NAV Daily * Only disclosed as of the 1st annual report

Domicile Luxembourg Investment Manager Haitong Bank, S.A. D is the day in which the order is placed (cut-off time – 12h)

Disclaimer: The asset management and/or portfolio management activities of Haitong Bank, S.A. (“Bank”) are subject to the supervision of the Portuguese Securities Market Commission (CMVM). The Bank complies with national and European legislation, according to the requirements of “MIFID II” (including Directive no. 2014/65/EU of May 15 and the EU Regulation no. 600/2014 of May 15 – “MiFIR”). The funds/portfolios under management can include the underwriting and/or acquisition of financial instruments that are sold/distributed/issued by the Bank and/or by the entities of the Haitong’s Bank Group. The negotiation of assets for the funds/portfolios can be carried out by financial intermediation services of the Bank and/or of other third-party entities. All information included in this document has been compiled by the Bank under the principle of good faith, using public information sources considered to be reliable, although its accuracy cannot be guaranteed. Opinions expressed in this document reflect the Bank’s viewpoint on the date of publication and can be subject to corrections without previous notice. The Bank does not guarantee that this document will be updated. This document is not an investment recommendation and it does not constitute any type of advice or any purchase or sale offer, nor is its purpose to request an offer for the purchase or sale of financial products. The historic profitability data presented is not, nor can it ever be considered as, any guarantee of future profitability. Resorting to this type of investment information does not include the provision of any guarantees of profitability or capital, and there is the risk of capital loss. Subscribing to these services could involve several costs such as commissions related to custody, execution, registry or deposit and management. The information provided herein constitutes marketing material. The relevant legal documentation (prospectus, the simplified prospectus and/or the Key Investor Information Document - KIID) and the annual and half-yearly reports may be obtained free of charge from Haitong Bank SA. or its representatives. This document is confidential and restricted to a few authorized entities. If you are not the proposed recipient of this document, you should immediately delete it. The distribution or reproduction of part or the full amount of this document is prohibited.