Hereford Funds-Bin Yuan Healthcare Fd.L1/  LU2413982427  /

The investment objective of the Sub-Fund is to provide long term capital growth, measured in USD, primarily through investment in equities and equity-linked securities of Chinese Healthcare companies, as defined hereafter. The Compartment is actively managed. The benchmark index of the Compartment is MSCI China Health Care Index (MXCN0HC Index). It is used for the calculation of the performance fee and for performance comparison purposes. The Investment Manager is not in any way constrained by the benchmark index in its portfolio positioning. This means the Investment Manager is taking investment decisions without reference to a benchmark index. The Compartment can deviate significantly from the index. The Benchmark does not take into account the environmental and social characteristics of the Compartment. Bin Yuan Healthcare strategy investment objectives are to identifying and invest in socially and environmentally aware healthcare-related companies that create long term corporate value by providing leading products and services. Investment exposure will be achieved through equities and equity-linked securities (such as shares, ADRs (American Depositary Receipt) and GDRs (Global Depositary Receipt)). This also includesinvestment in China A-Shares through the RQFII schemes and the Shanghai and Shenzhen - Hong Kong Stock Connects. The Sub-Fund will not invest in companies which are included in the list of exclusion of the Norges Bank. For the avoidance of doubt, the Sub-Fund will not invest more than 10% of its net asset in UCITS and other UCIs (including open-ended exchange traded funds whose underlying belong to the Sub-Fund's investment universe) (as defined in the prospectus). In exceptional market circumstances and on a temporary basis, the Sub-Fund may hold up to 100% of its net assets in liquid assets and investment grade debt instruments (including money market instruments).

The investment objective of the Sub-Fund is to provide long term capital growth, measured in USD, primarily through investment in equities and equity-linked securities of Chinese Healthcare companies, as defined hereafter. The Compartment is actively managed. The benchmark index of the Compartment is MSCI China Health Care Index (MXCN0HC Index). It is used for the calculation of the performance fee and for performance comparison purposes. The Investment Manager is not in any way constrained by the benchmark index in its portfolio positioning. This means the Investment Manager is taking investment decisions without reference to a benchmark index. The Compartment can deviate significantly from the index. The Benchmark does not take into account the environmental and social characteristics of the Compartment.