Important Legal Information

Persons who access the material made available by Alegra Capital Ltd., Switzerland and/or Alegra Capital (Lie) Ltd., Liechtenstein (together, "ALEGRA CAPITAL") at its website on the worldwide web ("ALEGRA CAPITAL Website") agree to the following:

Use of the ALEGRA CAPITAL Website
The entire content of this ALEGRA CAPITAL Website is subject to copyright with all rights reserved. You may download or print out a hard copy of individual pages and/or sections of the ALEGRA CAPITAL Website, provided that you do not remove any copyright or other proprietary notices. Any downloading or otherwise copying from the ALEGRA CAPITAL Website will not transfer title to any software or material to you. You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link into or use for any public or commercial purpose the ALEGRA CAPITAL Website without the prior written permission of ALEGRA CAPITAL.

No Offer
Nothing on the ALEGRA CAPITAL Website should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction. Note that any reference to any product is not a prospectus in accordance with Art. 652a and 1156 ff. of the Swiss Code of Obligations.

No Reliance
While ALEGRA CAPITAL uses reasonable efforts to obtain information from sources which it believes to be reliable, ALEGRA CAPITAL makes no representation that the information or opinions contained on the ALEGRA CAPITAL Website is accurate, reliable or complete. The information and opinions contained in the ALEGRA CAPITAL Website are provided by ALEGRA CAPITAL for personal use and informational purposes only and are subject to change without notice. Nothing contained on the ALEGRA CAPITAL Website constitutes investment, legal, tax or other advice nor is to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision.

No Warranty
The information and opinions contained on the ALEGRA CAPITAL Website is provided without any warranty of any kind, either express or implied.

Limitations of Liability
In no event, including (without limitation) negligence, will ALEGRA CAPITAL be liable for any loss or damage of any kind, including (without limitation) any direct, special indirect or consequential damages, even if expressly advised of the possibility of such damages, arising out of or in connection with the access of, use of, performance of, browsing in or linking to other sites from the ALEGRA CAPITAL Website.

Linked Websites
When you access certain links on the ALEGRA CAPITAL Website you may leave the ALEGRA CAPITAL Website. ALEGRA CAPITAL has not reviewed any of the websites linked to the ALEGRA CAPITAL Website and does not endorse or accept any responsibility for the content of such websites nor the products, services or other items offered through such websites.

Material Interests
The ALEGRA CAPITAL and/or its directors, officers and employees may have or have had interests or positions or traded or acted as market makers in relevant securities. Furthermore, such entities or persons may have or have had a relationship with or may provide or have provided corporate finance or other services to or serve or have served as directors of relevant companies.

Alegra Capital has implemented internal organisational measures to prevent possible conflicts of interest from arising and, if these do occur, to disclose them.

Investment Performance
The past is not necessarily a guide to the future performance of an investment. The value of investments may fall as well as rise and investors may not get back the amount invested. Changes in rates of foreign exchange may cause the value of investments to go up or down.

Local Legal Restrictions
The ALEGRA CAPITAL Website is not directed to any person in any jurisdiction where (by reason of that person's nationality, residence or otherwise) the publication or availability of the ALEGRA CAPITAL Website is prohibited. Persons in respect of whom such prohibitions apply must not access the ALEGRA CAPITAL Website.

The funds-related part, which is a password-protected area of ALEGRA CAPITAL Website is only for qualified investors. An access form must be filled in and only after verifying the data will the access be granted.

Participation Policy Alegra Capital (Lie) AG

Alegra Capital (Lie) AG (hereinafter referred to as the "Company") falls under the term "asset manager" as defined in Art. 367a No. 3 of the Liechtenstein Persons and Companies Act (PGR) and must therefore describe its participation policy as defined in Art. 367h PGR.

The company manages investments in loan securitizations and does not invest in shares of corporations. In this respect, the Company does not exercise any shareholder rights within the meaning of Art. 367h para. 1 items 1 and 4 PGR based on participation in the companies in which the Company has invested within the scope of asset management mandates. In particular, no rights related to general meetings of stock corporations are exercised.

Loan securitizations are usually organized in special purpose companies whose prospectuses exhaustively regulate the rights of the various classes of creditors.

Most of these special purpose companies report on a monthly basis (so-called trustee reports). The monitoring of important matters of the companies within the meaning of Art. 367h para. 1 item 2 PGR is carried out by taking note of the contractual or legally required reporting of the companies in financial reports as well as ad hoc announcements.

An exchange of views with the corporate bodies or the administrators of these special purpose entities within the meaning of Art. 367h para. 1 item 3 PGR takes place within the framework of regular information regarding underlying loans of the special purpose entities. However, the Company has no decision-making authority with regard to such underlying loans. There is no exchange with other investors in these companies.

There is no cooperation with other shareholders or creditors within the meaning of Art. 367h para. 1 items 5 and 6 PGR.

The prospectuses of the securitization structures provide for voting rights regarding early repayment/ dissolution of the structures, respectively refinancing of individual bond categories. The Company safeguards these rights by electively participating in votes and voting in accordance with economic principles.

In the event of conflicts of interest within the meaning of Art. 367h Para. 1 No. 7 PGR, disclosure is made to the parties concerned in accordance with the statutory provisions and clarification of the further course of action is provided with them.

An annual publication on the implementation of the participation policy within the meaning of Art. 367h para. 2 PGR is made in the respective annual reports for the individual funds managed by the Company, insofar as a corresponding exercise of rights within the meaning of Art. 367h para. 1 PGR has taken place.

Voting behavior within the meaning of Art. 367h para. 1 item 3 PGR is published in the respective annual reports of the individual funds managed by the company, insofar as a corresponding participation in voting within the meaning of Art. 367h para. 1 PGR has taken place.


In accordance with the European Union's understanding of sustainability, sustainability is not to be limited to ecological aspects alone but should rather consider the entire ESG spectrum (Environment, Social and Governance). In this regard, ALEGRA CAPITAL is subject to disclosure obligations arising from the Sustainable Finance Disclosure Regulation (SFDR). In fulfillment of these disclosure obligations, we are disclosing the following:

ALEGRA CAPITAL recognizes its responsibility to ensure a livable future for generations to come. ALEGRA CAPITAL is currently not implementing the strategies required under EU regulations to incorporate sustainability risks into the investment decision-making process or investment advisory process and, as a result, is not considering the adverse impact on sustainability factors. This is due, among other things, to the fact that not all relevant ratings or ESG information are yet available in this regard. ALEGRA CAPITAL's compensation policy is ESG neutral. However, we will closely monitor developments in this area and will provide information here about any changes.