This ESG Report has been prepared by FSN Capital Partners AS (together with one or more of its affiliates, as the context requires, “FSN Capital”) on a voluntary basis and for information purposes only. Recipients should not treat the contents of this ESG Report as advice of any kind (whether relating to legal, taxation, regulatory, financial, investment or accounting matters or otherwise), or as a recommendation by FSN Capital or any of its directors, officers, employees, shareholders, members, consultants, agents or advisers (collectively, the “FSNC Persons”), and recipients are advised to consult their own professional advisers concerning the information contained herein. This ESG Report is not an offer to sell to any person, or a solicitation to any person to buy, interests in any fund advised by FSN Capital (collectively, the “FSNC Funds”) in any state or jurisdiction.

No reliance may be placed for any purpose whatsoever on the information or opinions contained in this ESG Report or on its completeness, accuracy or fairness, no representation or warranty, express or implied, is made or given by or on behalf of the FSNC Persons or any other person (whether or not referred to in this ESG Report) as to the completeness, accuracy or fairness of the information contained in this ESG Report or the opinions expressed in it and no responsibility or liability is accepted by any of them for any such information or opinions.  Where data is obtained directly from a portfolio company, this data may be inaccurate, and the collection of such data may be limited due to human error and/or rounding errors when processing the data. In these situations, the quality and/or consistency will vary between portfolio companies based on potentially diverging approaches.

All performance information in this ESG Report is as at 31 December 2023, unless otherwise stated, and do not reflect any subsequent events. The delivery of this ESG Report does not imply that the information herein is correct as at any time subsequent to the date hereof (or, as applicable, such other date stated herein).

In considering performance information contained herein, recipients should bear in mind that past or target performance is not a guarantee, prediction or projection and is not necessarily indicative of future performance. Such information is provided solely to illustrate FSN Capital’s investment experience, processes and strategies, and it is not intended to be indicative of future results or returns. There can be no assurance that any FSNC Fund will achieve comparable investment results or that any FSNC Fund will be able to implement its investment strategy or achieve its investment objectives. 

In addition, certain information contained in this ESG Report constitutes “forward-looking statements”, which can often be identified by the use of forward-looking terminology such as “may”, “can”, “will”, “would”, “should”, “seek”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “plan”, or “believe” or the negatives thereof or other variations thereon or comparable terminology. Any forward-looking statements contained herein are subject to known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from those contemplated by such statements and, accordingly, such statements are not a reliable indicator of future performance. All statements of opinion and/or belief contained in this ESG Report and all views expressed and all projections, forecasts or statements relating to expectations regarding future events or possible future performance represent FSN Capital’s own assessment and interpretation of information available to it as at the date of this ESG Report (or, as applicable, such other date stated herein) and do not represent the opinion or belief of any other person. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts are correct. In particular, references to results being “repeatable” or other variations thereon or comparable terminology reflect FSN Capital’s assessment based on past performance and there can be no assurance that any FSNC Fund will achieve comparable results in the future. 

The case studies and other transaction summaries presented in this ESG Report are for illustrative purposes only, have been selected in order to provide examples of the types of investments made by FSN Capital and FSNC Funds and do not purport to be a complete list thereof. It should not be assumed that investments identified were, or will be, profitable, or that their performance is necessarily representative of FSN Capital’s or any FSNC Fund’s overall performance. In addition, there is no guarantee that investments made in the future will be comparable in type, quality or performance to the investments described herein. 

Certain of the information contained herein has been derived from published and unpublished material prepared by other parties, which in certain cases may not be current as at the date of this ESG Report. Neither FSN Capital nor any other person has independently verified such information and therefore no FSNC Person makes any representation, warranty or undertaking, express or implied, as to, or assumes any responsibility for, the accuracy or completeness of such information. In addition, to the maximum extent not prohibited by law, no responsibility or liability or duty of care is, or will be, accepted by any FSNC Person for updating any information contained in this ESG Report, correcting any inaccuracies in it or providing any additional information to any recipient. To the maximum extent not prohibited by law, no FSNC Person shall be liable (including in negligence) for any direct, indirect or consequential losses, damages, fees, costs or expenses arising out of or in connection with any person’s use of this ESG Report.

The inclusion of any third party firm and/or company names, brands and/or logos in this ESG Report does not imply any affiliation with these firms or companies. None of these firms or companies have endorsed FSN Capital, the FSNC Funds or any other FSNC Person. Any awards, honours or other references or rankings referred to herein are provided solely for informational purposes and are not intended to be, nor should they be, construed, or relied upon, as any indication of future performance or other future activity. 

For the purpose of Regulation (EU) 2019/2088, any environmental and/or social characteristics of FSNC Funds are those stated in the relevant fund documentation and/or regulatory disclosures made pursuant to Regulation (EU) 2019/2088. Any ESG claims, targets, commitments, incentives, initiatives or outcomes are otherwise not binding on investment decisions and/or management of investments made by or on behalf of the FSN Funds or FSN Capital Partners. Investors should refer to those materials for further information on binding ESG, goals, targets, commitments, incentives, initiatives or outcomes and how they are incorporated into investment strategies, screening decision making, stewardship and engagement. 

ESG and/or impact-related considerations are only some of many that FSN Capital takes into account when providing investment advice in respect of the FSNC Funds, and other considerations can be expected in certain circumstances to outweigh these types of considerations. Further, investments described herein were not necessarily pursued on the basis of achieving any particular non-financial impact or similar thesis and the identification and measurement of such impact or related metrics may not necessarily have been completed prior to the investment recommendation being made. FSN Capital is permitted to determine in its discretion, taking into account any applicable legal, contractual or regulatory requirements, that it is not feasible or practical to implement or complete certain of its ESG, DEI and/or impact-related initiatives, policies and procedures based on cost, timing or other considerations or its fiduciary duties. 

References to the term “impact” throughout this ESG Report are not intended to represent, warrant or undertake that investments will generate measurable, beneficial social or environmental impacts alongside financial returns. The description of FSN Capital’s approach to impact presented herein seeks to provide information on a potential approach that may be adopted. There is no single regulatory meaning for the terms “impact”, “impact investments” or variations thereof, and FSN Capital’s use of these terms is subjective in nature. There is no representation or guarantee that these terms, as used by FSN Capital, or judgement exercised by FSN Capital or its advisers in the application of these terms, will reflect the beliefs or values, policies, principles, frameworks or preferred practices of any particular third party or reflect market or regulatory trends. Similarly, there are a variety of impact-related principles, frameworks, methodologies and tracking tools and FSN Capital’s integration thereof may vary over time as its practices evolve. There can be no assurance that FSN Capital or any FSNC Fund investment will be able to achieve any impact and/or outcome-related objectives, that its actions will not result in outcomes that could be viewed as undesirable and/or as having a negative effect, or that any historical trends will continue to occur. 

Additionally, it should be noted that data collection and reporting practices are fast evolving areas and the selection of different measurement techniques can result in materially different measurements. Further, these techniques are subject to measurement uncertainties resulting from inherent limitations in the nature and methods used to determine such data. The precision of different measurement techniques may also vary. FSN Capital, the FSNC Funds and their respective portfolio companies shall not be responsible or liable for the accuracy or completeness of the data or information provided herein. 

The SDGs are aspirational in nature. The analysis involved in determining whether and how certain investments may contribute to or support the SDGs is inherently subjective and dependent on a number of factors and the FSNC Funds make no commitment or guarantee that they are investing in companies that have a formal commitment or plan or take specific actions to support or contribute to the SDGs. There can be no assurance that reasonable parties will agree on a decision as to whether certain investments contribute to or support a particular SDG.