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12 November 2025

Delivering alignment, deepening sustainability

From commitment to delivery
In July, the fund adopted the Paris-Aligned Benchmark (PAB), a milestone that strengthens its climate credentials. The PAB starts with 50% lower carbon intensity than the broad market index and targets a 7% annual reduction in emissions. It also applies stricter ESG criteria, excludes companies with the highest controversy scores and allocates more to green bonds. The transition to this new benchmark required only limited trading because sustainability has long been embedded in our process. That continuity matters: it shows alignment is not a marketing exercise but a natural extension of how we invest. Today, the portfolio demonstrates clear progress with a carbon intensity of 44 versus 53 for the benchmark, 53.5% of holdings classified as sustainable investments1, and an average AA MSCI ESG rating with zero severe controversies.

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Disclaimer
This document from Van Lanschot Kempen Investment Management NV (VLK Investment Management) is presented to you for information purposes only and does not provide sufficient information for you to make an investment decision. The information in this document is not complete without the oral explanation given by an employee of VLK Investment Management. VLK Investment Management is licensed as a manager of several UCITS and ABIs and is authorised to provide investment services and as such is supervised by the Financial Markets Authority. VLK Investment Management expressly wishes to prevent the benchmarks used in this document from being published or made available to the public within the meaning of the Benchmark Regulation. Therefore, the information in this document has been made available to you for internal business and non-commercial use only. Use of (the information from) this document other than for the purposes described above is only permissible with the prior consent of VLK Investment Management. As asset manager VLK IM may have investments, generally for the benefit of third parties, in financial instruments mentioned in this document and it may at any time decide to execute buy or sell transactions in these financial instruments. This document has been produced independently of the companies mentioned, and the views contained herein are entirely those of VLK Investment Management.

Credits: general risks to take into account when investing in Credit strategies
Please note that all investments are subject to market fluctuations. Investing in a credit strategy may be subject to interest rate securities risk, credit risk and bond market risk, which could negatively affect the performance. Under unusual market conditions the specific risks can increase significantly. Potential Investors should be aware that upgrades or downgrades of the issuing institution’s credit rating may affect the value of the fixed-income security. The issuing institution may not be able to meet its interest and repayment liabilities, which may result in the strategy sustaining losses. The value of your investment may fluctuate, past performance is no guarantee for the future. Do not take unnecessary risks. Before you invest, it is important that you are aware of and are informed about the characteristics and risks of investing. This information can be found in the available documents of the strategy and/or in the agreements that are part of the service you choose or have chosen.

Profile of the typical investor in Credit strategies
The strategy may be suitable as a core or supplemental investment for those:

Interested in a convenient way of gaining exposure to international (below) investment grade corporate bond markets;
seeking long-term growth of their investment (3-5 years or longer);
who can bear the possibility of losses, especially in the short term; and
who have experience with the risks and rewards investing in fixed income securities issued by corporates.

For more information about the sustainability features of the fund, please visit the Sustainability-Related Disclosures page at https://www.vanlanschotkempen.com/en-nl/investmentmanagement/fund-library Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a subfund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV (VLK Investment Management) is the management company of the Fund. VLK Investment Management is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund. The information in this document provides insufficient information for an investment decision. Please read the
Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of VLK Investment Management (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website.

There’s a saying in Dutch, Kom verder, it means many things and it’s our business philosophy. It captures the way we work with clients but also the way we steer our investee companies to deliver shareholder value through active engagement.

Capital at risk. The value of investments and the income from them can fall as well as rise, and investors may not get back the amount originally invested. Past performance provides no guarantee for the future.