While the details of SVB’s closure, as well as the potential impact on its business partners, are still emerging, we would like to provide you with an initial assessment and measures taken by LGT Capital Partners (LGT CP).

Our initial analysis has concluded that the direct exposure of cash positions with SVB within all LGT CP funds represents approximately 0.1% of total private markets assets managed by LGT CP.

While we continue to assess the indirect impact, we have taken immediate actions on behalf of our funds, where we have:

• immediately stopped payments to and receiving distributions through accounts with SVB,
• proactively initiated the monitoring of comparable banking relationships, and
• engaged with external legal counsel to begin the receivership process to maximize recovery of assets.

In addition to LGT CP’s direct exposure, some of our underlying private equity and venture capital investments have exposure to or banking relationships with SVB. We are in the process of reaching out to each of our investment partners to assess their individual exposure and the measures they are implementing to minimize risks to investor assets and their underlying businesses.

As this is a rapidly evolving situation, we will continue to keep our stakeholders informed of the status of our analyses and any actions we may possibly take.