Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (the "SFDR") lays down harmonised rules for financial market participants and financial advisers on transparency with regard to the integration of sustainability risks and the consideration of adverse sustainability impacts in their processes and the provision of sustainability-related information with respect to financial products.
In accordance with these rules, Naco S.à r.l. (the "AIFM"), being the alternative investment fund manager of 25/51 Capital (the "Fund"), is required to disclose specific information regarding its approach to the integration of sustainability risks and the consideration of adverse sustainability impacts.

The AIFM does not consider any adverse impacts of its investment decisions on sustainability factors. Therefore, the Fund is considered to fall within the scope of Article 6 of the SFDR. Sustainability risks are not integrated into the investment decisions and are deemed not to be relevant, as (i) as an extra-financial analysis based on sector exclusion and/or the reduction of the investment universe on the basis of an ESG analysis is unlikely to have a relevant impact on the potential reduction of sustainability risks that the investment strategy of the AIFM may generate and (ii) the information reported to the AIFM in relation to its portfolio investments does not necessarily enable the AIFM to do so. The AIFM shall continue to review and consider its obligations with respect to taking into account the main adverse impacts of investment decisions on sustainability factors as defined in Article 4 of the SFDR.