K&R SA, SICAV - RAIF | info@evf.lu Investor presentation Luxembourg, January 2022 K&R SA, SICAV - RAIF ▪ Founders with an institutional investment background founded Klein & Reich (K&R SA, SICAV) in 2017 , aiming to invest their own assets and those of fellow family offices and HNWIs in niche strategies to capture excess returns (current founder co - investment of EUR >2m in the funds) ▪ Strong independent Board of Directors , led by senior executives (Ex - CEO Luxembourg stock exchange; Ex - CEO Brussels stock exchange, ex - CEO Fundsquare ) ▪ Long - term orientation and value - driven approach with selective co - investors allow to focus on achieving extraordinary risk - adjusted returns ▪ The fund’s longest - run equity strategy is ranked #1 in Citywire Selector and has performed 2x market return over the last 8 years K&R SA, SICAV – RAIF | Investor presentation A top - performing niche fund family is launching the Universal Income Fund aiming for 5 - 7% annual return We are now raising the Universal Income Fund , launching in Q1, 2022: ▪ Highly attractive returns 5 - 7% p.a. ▪ Low volatility , little equity correlation and crisis - resistant ▪ Tested and proven strategy Universal Income Fund returns 5 - 7% p.a. ▪ Key objective of the fund is the generation of sustainable positive returns with low volatility , relatively independent of equity market developments ▪ Expected net return is 5 - 7% p.a. in EUR with positive returns over any 12 - month period ▪ Fund acts as a stabilizing portfolio component and deliver high and stable returns with low volatility and low correlation to other asset classes ▪ Fund collects number of different factor risk premia (credit risk, illiquidity risk), alternative risk premium (e.g., insurance linked, bank capital relief, etc.) and respective manager alpha ▪ Universal Income Fund offers relatively high liquidity ( monthly redemptions with 2 months prior notice) 3 K&R SA, SICAV – RAIF | Investor presentation Universal Income Fund (UIF) aims to provide 5 - 7% annualized net return in EUR with limited volatility High and stable returns with limited volatility Access to niche strategies ▪ Manager selection: Long experience in finding b est managers and strategies in a wide area of niches in alternative income (supply chain finance, CLO, capital relief, life settlements, litigation financing, etc.) ▪ Access: Many of the selected strategies are only available to large institutional investors or closed entirely. The fund gains access through its long - standing network among managers , as well as scale of the fund ▪ Liquidity: Fund invests into a mix of liquid (up to 3 months) and illiquid (>3 months to multiple years) strategies, and offers optimized liquidity (bi - monthly) to its investors compared to a direct investment ▪ Diversification: UIF offers access to a broad set of strategies with significant diversification for investor ▪ Hedging: UIF hedges returns into a EUR share class and a CHF share class 4 K&R SA, SICAV – RAIF | Investor presentation Fund offers diversified EUR - hedged, attractive returns through long - standing network of niche managers Value proposition: Knowledge of and access to top managers, attractive liquidity and EUR - hedged diversified returns Historic return of strategy (1/2) ▪ Return: Annualized EUR returns since 04/2016 to 9/2021 of 9.5% net of all fixed and variable management fees ▪ Volatility: Annual volatility of ~7.7% (less than half of equity markets) ▪ Correlation: Low correlation (~0.5) with equity markets ▪ Crisis resistance: Solid resistance to market shocks. Covid - impact on underlying strategies in March 2020 ( - 12.3%), recovered within 8 months 5 K&R SA, SICAV – RAIF | Investor presentation Highly attractive returns, low volatility, little equity correlation and crisis - resistant Note: Fund’s strategy historic performance simulated based on performance of underlying strategies followed closely, partiall y i nvested at the time and fully analyzed by the UIF’s Investment Committee; historic performance shown is a mix of actual realized performance in life trading of institutional portfolios managed by IC members a nd realized performance of underlying strategies paper - traded by IC members (overall metrics presented here are based on back - testing to integrate and fully reflect actual fees of the fund); Equity market comparisons base d on MSCI World TR in EUR metrics. * 12 - month rolling window average return since April 2016 (first period 04/16 - 04/17) until 09/21; all returns net of fees (after fees) 9,5% Annual return past 5 years UIF 2016 - 21* 90 190 290 390 490 590 690 Historic return of strategy (2/2) 6 K&R SA, SICAV – RAIF | Investor presentation Unmatched mix of positive returns and comparatively low volatility Note: Fund’s strategy historic performance simulated based on performance of underlying strategies followed closely, partiall y i nvested at the time and fully analyzed by the UIF’s Investment Committee; historic performance shown is a mix of actual realized performance in life trading of institutional portfolios man age d by IC members and realized performance of underlying strategies paper - traded by IC members (overall metrics presented here are based on back - testing to integrate and fully reflect actual fees of the fund); Equity market comparisons based on MSCI World TR in EUR metrics. * 12 - month rolling window average return since January 2016 (first period 01/16 - 01/17) until 09/21; all returns net of fees (aft er fees) UIF Strategy (in EUR) – net of fixed & variable fee BofA High Yield Index Europe Constrained (in EUR) 3m EURIBOR UIF strategy ( synthetic ) versus EURIBOR and Equities Universal Income Fund strategy 7 K&R SA, SICAV – RAIF | Investor presentation Fund strategy based on niche strategies in fixed income, in both liquid and illiquid niches Fund will harvest different risk premia credit risk, illiquidity risk, alternative risk premium (e.g., insurance linked, bank capital relief, etc.) and capture respective manager alpha ▪ Objective: Provide access to a pool of income - generating assets and niche strategies , many of which are only accessible to institutional investors; thereby generating average returns of 5 - 7 % p.a. (in EUR) with low volatility and limited equity - market correlation. ▪ Investment universe: Mix of liquid and illiquid fixed income instruments, spanning carefully selected opportunities in fields such as private debt, structured debt, alternative income premium and certain niche strategies. ▪ Strategy: Focus on hand - selected specialist managers in attractive market niches , often fully independent from equity markets, that offer industry - leading risk - return characteristics paired with down - side protection through the cycle. Returns are hedged to EUR to mitigate foreign exchange risk. ▪ Portfolio construction: ~10 - 15 mostly uncorrelated alternative income strategies with numerous underlying positions to manage risk and factor exposure. Liquidity management ensured through mix of liquid and highly attractive but less liquid strategies. Key terms of Universal Income Fund (1/3) ▪ The Universal Income Fund (UIF) is a diversified investment fund providing access to a pool of hand - picked strategies with strong and stable income components, good downside protection and comparatively low correlation to equity markets ▪ The return target is 5 - 7% p.a. (in EUR) ▪ UIF will invest into a mix of liquid (up to 3 months) and illiquid (>3 months to multiple years) strategies, many of which are only available to large institutional investors ▪ The fund offers monthly liquidity with 2 - month prior notice 8 K&R SA, SICAV – RAIF | Investor presentation K&R SA, SICAV - RAIF – Universal Income Fund Class A shares Class C shares Currency EUR CHF NAV (at launch) EUR 1’250 CHF 1’250 Minimum invest. EUR 125’000 CHF 150’000 Income utilization Reinvesting Restricted Only qualified, non - US investors Liquidity Monthly with 2 months prior notice Launch date End of Q1, 2022 Investors in UIF will be exposed to investment risks including but not limited to credit and default risk, counterparty risk, FX risk (mostly hedged), equity market risk, liquidity risk, portfolio risk, and underlying manager specific risks, as well as other risks. Please observe the Offering Memorandum for a complete overview of all related risks. Key terms of Universal Income Fund (2/3) ▪ Fund structure for “well - informed investors” ( SICAV SA - RAIF) with min. invest of EUR 125k/CHF 150k , Luxembourg - based since 2017 ▪ Alternative Investment Fund Manager (AIFM): MC Square SA ▪ Board of Directors: Senior non - executive Directors with deep and long - standing experience ▪ Base currency: EUR, CHF ▪ Management fee: 0.70% on fund - level ▪ Success fee: 10% with high water mark ▪ Subscription/redemption fee: 0% ▪ NAV calculation: Monthly ▪ Liquidity: Monthly liquidity with 2 - month prior notice 9 K&R SA, SICAV – RAIF | Investor presentation K&R SA, SICAV - RAIF – Universal Income Fund Legal set - up Fees and liquidity and size restriction Key terms of Universal Income Fund (3/3) ▪ Depositary bank/custody: Quintet Private Bank (Europe) SA ▪ Fund administration: European Fund Administration (EFA) SA ▪ Auditor: KPMG Luxembourg ▪ Founders have co - invested EUR >2m in K&R SA, SICAV - RAIF and are highly committed to the long - term success of the fund ▪ Entrepreneurial spirit of doing well when investors do well and reflect this in fair management fees and incentive through success fees 10 K&R SA, SICAV – RAIF | Investor presentation K&R SA, SICAV - RAIF – Universal Income Fund Service providers Founder commitment