Conversion risk

It may be difficult for the Management Company or the Investment Manager (s) to assess the behavior of the securities during the conversion. In the event of conversion into shares, the Management Company or the Investment Manager (s) may be forced to sell these new shares when the investment policy of the relevant Fund does not authorize the holding of shares in his wallet. This forced sale and the increased availability of these shares may have an impact on market liquidity due to insufficient demand for these shares.