Best Execution Policy —

For  the best possible results

VP Fund Solutions (Liechtenstein) AG (hereinafter: VPFSLI) undertakes to ensure that, whenever we buy or sell assets or pass on an order for such a transaction to third parties, appropriate measures are taken to achieve the best possible results for the funds managed by VPFSLI (known as "best execution").

Where VPFSLI has delegated responsibility for investment management, it will make sure that parties exercising that function comply with all statutory best execution obligations when carrying out trading orders for funds managed by VPFSLI .

In general, with regard to achieving the best possible results of a transaction, VPFSLI or its authorised agents will take the following factors into account:

• price of the transaction;

• costs of the transaction;

• speed and likelihood of execution and settlement;

• other factors relevent to execution.

How these factors are weighted will depend on the relative significance accorded to them by VPFSLI or its authorised agents in the context of that particular transaction. The main weighting factors are:

• objectives, investment policy and risks to which the assets are exposed;

• characteristics of the order;

• characteristics of the asset portfolio.

VPFSLI regularly monitors the effectiveness of its best execution policy so as to identify any shortcomings and rectify them without delay.