Proposed 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 was established in 2007 as a fully independent fund manager and has an AIFM license (as referred to in Section 2:65 of the Wft), issued by the Dutch regulator AFM. Juno specializes in the selection of exceptional listed (family owned) companies in Europe. Companies that are able to achieve predictable and stable earnings growth year after year are considered for investment. The selection process focuses on the return on invested capital, a low debt ratio and free cash flows of a highly predictable nature. The analysts/portfolio managers compile a highly concentrated portfolio of approximately fifteen companies that they identify, analyze and visit regularly. Selected companies remain in the portfolio for a longer time period (usually more than five years). All analysts/portfolio managers have themselves invested in the Juno funds.

Juno offers three products: The Juno Selection Fund, which focuses on the selection of smaller and medium-sized listed companies, the Juno Continuation Fund for medium-sized companies and individual asset management using the same investment style, for larger clients through managed segregated accounts.

– The Juno Selection Fund was launched in 2008. This mutual fund invests in distinctive European small and medium-sized companies with an initial market capitalization of €250 million to €4 billion. In recent years, this investment style has resulted in above average investment returns for participants in the Juno Selection Fund. This fund has been hard closed for further (follow on) subscriptions since 2018.

– The same investment strategy is applied in the Juno Continuation Fund, which was launched on February 1, 2020. This fund focuses on unique, medium-sized European companies with a market value between €4 billion and €20 billion at the time of initial purchase. As is the case with the Selection Fund, the Continuation Fund also has a strong preference for investments in businesses that are family owned, or companies in which a family or management itself is also a shareholder.