• We are very concerned about this issue. The deeper we look into the workings of institutional money management, the more we find many players are motivated by incentive systems that do not benefit long-term investors. The fees charged often do not reflect the economic value added by managers. Downside sharing is uncommon, many incentive structures are clearly arranged asymmetrically. "Asset Gathering" is almost always more profitable than the maximisation of returns.

• Therefore we do not invest in other money managers.

• All employees of FORUM have invested more than 90% of their wealth in parallel with our families. Our carried-arrangement only rewards profits that are above the long-term price increase of equities. Therefore, we believe that we have created a strong alignment of interests.