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

Juno Investment Partners is an independent asset manager based in The Hague. Juno invests in concentrated portfolios of high-quality European listed companies, often family-owned businesses or companies in which founders and directors are shareholders. The selection process emphasises predictable earnings growth, a high return on invested capital, low debt levels, strong margins and free cash flow, and a sustainable competitive advantage.

Launched in January 2008, the Juno Selection Fund focuses on small- and mid-cap European companies. The portfolio typically consists of around fifteen companies. Each is analysed intensively, and regular contact is maintained with management. The investment horizon is long, generally well over five years. Juno’s analysts, portfolio managers and employees also invest their personal capital in the JSF.

In addition to the JSF, Juno offers individually managed accounts through separate mandates, using the same investment approach. Juno holds an AIFM licence issued by the Dutch Authority for the Financial Markets (AFM).