STATEMENT REGARDING THE ENGAGEMENT POLICY

In accordance with the provisions of Article 67.bis of Law 22/2014, of November 12, which regulates private capital entities, other closed-end collective investment entities, and the management companies of closed-end collective investment entities (the "Law 22/2014") and the Law 35/2003, of November 4, on Collective Investment Institutions, Teset Capital, S.G.E.I.C., S.A. ("Teset Capital"), is required to publish on its website an engagement policy describing how it integrates the engagement into its investment policy in the event of investments on behalf of the Private Equity Entities managed in shares admitted to trading on a regulated market located or operating in a Member State, as well as an annual report on how it has applied such engagement policy; or alternatively, publish a clear and reasoned explanation of why it has not done so.

Teset Capital has chosen not to develop an engagement policy and therefore, not to prepare the annual report, for the reasons set out below:

  1. In accordance with the Law 22/2014 and the respective management regulations of the Funds managed by Teset Capital, the investment policy of the Funds managed by Teset Capital consists of taking temporary stakes in the capital of non-real estate and non-financial companies that, at the time of investment, are not listed on the primary stock market or any other equivalent regulated market in the European Union or other OECD member countries.
  2. As of the date of this statement, none of the Funds managed by Teset Capital hold stakes in companies whose shares are admitted to trading on a regulated market located in or operating in an EU Member State; and there are no plans for this situation to change in the short term.
  3. As of the date of this statement, Teset Capital has not entered into an asset management services agreement with insurance entities or pension plans and funds.
  4. This statement, and therefore Teset Capital's decision regarding the application of the engagement policy, is subject to review, updating, or modifications.

TESET CAPITAL, S.G.E.I.C., S.A.