ALLOCATION, SICAV, S.A.

The purpose of investment is to achieve the highest returns with the least possible risk.

Investment policy:

The Company may invest between 0% and 100% of its equity in financial CII that are eligible assets, harmonised or otherwise, and which may or may not belong to the Management Company’s group. The Company may invest, either directly or indirectly through CII, in equity, fixed income or other assets permitted under current law, with no pre-determined percentages of exposure to each class of assets, allowing for full exposure to any of them. The category of fixed income assets, in addition to securities, includes instant access deposits or deposits that mature within one year, held by credit institutions within the EU or Member States of the OECD subject to prudential supervision, and liquid non-listed money market instruments.

There is no predetermined objective or maximum limits in terms of the distribution of assets by type of issuer (public or private), or by issue/issuer rating, duration, stock market capitalisation, currency, economic sector, or countries. Investments can be made in emerging countries. Exposure to currency risk may affect 100% of total exposure.

Up to a maximum of 10% of the equity may be invested in assets that could introduce a higher level of risk than the rest of the investments as a result of their characteristics, including liquidity, type of issuer, or degree of investor protection.