Intended Amendment to the Fund Terms and Conditions

With regard to an amendment in Dutch fiscal law, as of 1 January 2026 participations in the Juno Selection Fund and Juno Continuation Fund can no longer be directly transferred between relatives in the direct line (e.g., from parent to child). Instead, the parent must sell the participations, and the child must subscribe for new participations. Regular conditions for redemption and subscription of participations apply, as stated in the prospectus.

Explanation

Recently, a legislative amendment was introduced in the Netherlands that affects participants (only natural persons, not legal entities) of our investment funds. This amendment relates to the funds’ current status as 'fiscally transparent'. In order to maintain this status, an adjustment must be made to the way in which participants in the funds could transfer their participations to direct blood relatives and descendants.

Until 31 December 2025, it will still be possible to transfer participations directly to relatives in the direct line. After that date, this option will no longer be available.

As of the transaction date of 1 January 2026, a direct transfer of participations between a parent and a child can no longer take place. Instead:

• the parent must sell the participations by means of a redemption form;
• the child must purchase the participations by means of a subscription form;
• both the sale and the subscription will be subject to the regular exit and entry fees.

This also means that actual cash flows will take place: the parent will receive the proceeds of the sale, while the child transfers the required subscription amount to the fund’s designated bank account.
 
If you have any questions regarding this amendment, you may contact Cécile Krikke via e-mail or telephone: +31 (0)70 240 0247 at any time.

About Juno Investment Partners

Since 2007, Juno Investment Partners has been investing in a highly concentrated portfolio of European listed companies with predictable and stable earnings growth, often family-owned businesses.

We focus on companies with a high return on invested capital, strong margins, and highly predictable (free) cash flows. These are typically companies with a strong competitive position and clear added value for their clients, enabling them to continue creating value over the long term.

Based on these characteristics, we select a limited number of companies that we want to understand thoroughly. The portfolio consists of approximately fifteen companies. These are analyzed intensively, visited regularly, and monitored over several years. The investment horizon is long, typically well over five years. Our analysts and portfolio managers also invest in the funds themselves.

Juno offers three products. The Juno Selection Fund focuses on small and medium-sized companies. The Juno Continuation Fund focuses on medium-sized companies. In addition, Juno offers individual asset management via managed accounts, using the same investment approach. The Juno Selection Fund was launched in 2008 and invests in European companies with an initial market capitalization between €250 million and €4 billion. The fund was closed to new investments for a long time and has been accessible to existing participants again since April 2023.

The Juno Continuation Fund was launched on February 1, 2020, and invests in medium-sized companies with a market capitalization between €4 and €20 billion. Here, too, the emphasis is on companies that often have family or management as co-shareholders.

Juno holds an AIFM license from the AFM.