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Page 3 Investment in associates in aCommerce and related financial assetsRisk As at December 31, 2023, DKSH reported an investment in associates of aCommerce Group Ltd., Hong Kong (aCommerce) with a carrying value of CHF 62.6 million (21.5% stake) as well as other related financial assets of CHF 20.0 million (convertible loans and loans) in the scope of IFRS 9. Management identified indicators for impairment and carried out an impairment test on the investment in associates. Furthermore, Management determined the fair value of the convertible loans based on level 3 inputs and assessed the expected credit losses on the loans. The recoverability and valuation of these assets is dependent on the future development of the aCommerce business and/or a potential exit transaction. The determination of the recoverable amount of the investment in associates, the fair value of the convertible loans and the expected credit losses on the loans are based on significant assumptions including expected revenues, revenue multiples, discount rates and Management judgment. There is a risk that Management%u2019s assumptions may differ from the effective outcome. The assumptions, sensitivities, and results of the impairment test on the investment in associates as well as the valuation performed are disclosed in the critical accounting estimates and assumptions and in notes 12, 19 and 33 to the consolidated financial statements.Our audit responseWe involved our valuation specialists in the audit of the methods and significant assumptions used by Management to determine the underlying value of aCommerce and the recoverable amount of the investment in associates and the fair value of the convertible loans. We evaluated the historical accuracy of financial plans and considered Management%u2019s ability to produce longterm forecasts. Furthermore, we assessed whether future revenues were based on the most recent plans and we analyzed the applied revenue multiples. We also assessed the sensitivity of the valuation prepared by Management to changes in assumptions and evaluated the disclosures in the consolidated financial statements. Our audit procedures did not lead to any reservations relating to the investment in associates of aCommerce and related financial assets.124 Statutory auditor%u2019s report on the audit of the consolidated financial statements