DUAL RETURN FUND - VISION MICROFINANCE Market Commentary

Overall, Dual Return-Vision Microfinance funds’ investees show an improving trend in the risk management metrics throughout the year (comparing figures as of August 2023 with December 2022). PAR levels in the hard currency fund decreased and also the local currency fund shows a decreasing trend (even when starting from a low level). ROE is increasing in both funds and OSS, D/E and operational expense ratios are stable on portfolio level. The fund management team will as always take a close look at the financial and social indicators of the institutions to find the best mix for the funds’ portfolios.

I-AM GreenStars Market Commentary

Weaker economic data and persistent inflation weighed on sentiment, but equity markets recovered in the course of the month and the outlook remains constructive.

After the gains of the previous months, the stock markets took a break in August. Weaker economic data and persistent inflation weighed on sentiment. In the meantime, equities corrected by almost 5%, but were able to recover to just below zero in the course of the month. Accordingly, there were also only slight adjustments in the outlook, basically a further normalization is assumed - the economy remains resilient and will weaken only slightly, price pressure continues to decrease, the period of major interest rate hikes is behind us, corporate results are improving steadily. The price movements in August can also be explained technically, some big movers are still consolidating the gains of the first half of the year.

Médecins Sans Frontières says THANK YOU for the generous donation and that I-AM stands by patients, especially in times like these, to provide them with medical care, they would otherwise not have access to.

We invite you to participate in our online fundraising campaign for Doctors Without Borders and donate an additional 10 euros per participant.

In golden October weather, Günther Kastner, CIO at Impact Asset Management, and Florian Mende, who is responsible for sales at Impact Asset Management's Frankfurt office, welcomed journalists to a lunch at Flemings Selection Hotel Frankfurt-City. There, the participants could learn more about the Dual Return Fund - Vision Microfinance and the Dual Return Fund - Vision Microfinance Local Currency.

Our address details have changed!

We are pleased to inform you that from May 9, 2022 we will have a new company headquarters in Vienna's Viertel Zwei.

Frankfurt am Main, 4 April 2022: The Austrian Impact Asset Management ("I-AM") has renamed its flagship fund "C-QUADRAT GreenStars ESG" to "I-AM GreenStars Opportunities" as of 1 April 2022. With the rebranding of the fund, which was launched in 2013 and currently comprises assets under management of around 260 million euros, the company is now also repositioning itself at the product level. The former C-QUADRAT Asset Management GmbH has been operating under the name Impact Asset Management since mid-2021. With this step, the consistent focus on sustainable fund products will communicated more intensively to external stakeholders.

Frankfurt am Main, 07.03.2022: The Austrian asset management company Impact Asset Management ("I-AM") is strengthening its client service team at its Frankfurt location with Florian Mende. Mende has been working for the German branch of I-AM since 1 March 2022. He has more than 20 years of professional experience in the financial industry and in-depth knowledge of the German fund market.

C-QUADRAT Asset Management GmbH announces that the company is now operating under the new name Impact Asset Management GmbH. In addition to the new name, a comprehensive rebranding will also take place. IAM - Impact Asset Management GmbH thus underlines its position in the C-QUADRAT Group as the leading provider of sustainable products.

The Sustainable Finance Disclosure Regulation (SFDR) of the European Union will come into force on March 10, 2021 in order to create transparency with regards to the inclusion of sustainability risks in the investment process and the consideration of adverse effects on sustainability factors in financial investment products.