Luxembourg Investment Vehicles

Glossary of terms ALFI Association of the Luxembourg Fund Industry) Articles Articles of incorporation of a company / fund AIF Alternative Investment Fund: a collective investment undertaking, including investment compartments thereof, which: a) raise capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors; and b) do not require authorisation pursuant to Article 5 of Directive 2009/65/EC (the UCITS Directive) AIFM Alternative Investment Fund Manager: legal persons whose regular business is managing one or more AIFs AIFMD Directive 2011/61/EU of the European Parliament and the council of 8 of June 2011 on alternative investment fund managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 AIFM Law Law of 12 July 2013 on Alternative Investment Fund Managers, transposing Directive 2011/61/EU Authorised AIFM Any entities qualifying as an AIFM fall under Closed-ended fund Commercial Law the authorisation regime and have to be authorised under Chapter 2 of the AIFM Law, unless they can benefit from the registration regime referred to below A fund which is not open to redemptions The Law dated 10 August 1915 on commercial companies, as amended Constitutive documents Constitutive documents correspond to the Statuts (Articles of incorporation of a Company for a SA, SCOSA, SCA and Sàrl) or to the Contrat Social (partnership agreement for a SCS and SCSP) CSSF Commission de Surveillance du Secteur Financier, the Luxembourg financial supervisory authority DTT Double Taxation Treaties EPM Efficient Portfolio Management ETF Exchange-Traded Fund ESMA European Securities and Markets Authority FCP Fonds Commun de Placement, an unincorporated co- ownership of assets managed by a management company IFRS International Financial Reporting Standards IOSCO International Organisation of Securities Commissions Internally-managed (AIF) AIFs should be deemed internally managed when the management functions are performed by the governing body or any other internal resource of the AIF KID Key Investor Information Document: pre-sale document of two pages, written in plain language LuxGAAP Generally Accepted Accounting Principles applicable to investment funds in Luxembourg MMF Money Market Fund NAV Net Asset Value Offer to the public The meaning of offer to the public within the context of the Prospectus Directive: a communication that is addressed in any form or by any means to individuals and containing sufficient information on the conditions of the offer and on the shares offered, so that the investor is in a position to decide on the purchase or subscription of those shares; this definition also applies to the placement of shares by financial intermediaries Open-ended fund A fund that is open to redemptions OTC Over-The-Counter Part I fund A fund that complies with Part I of the law of 17 December 2010 as amended, also referred to as UCITS (Undertakings for Collective Investment in Transferable Securities) Part II fund A fund that complies with Part II of the law of 17 December 2010 as amended Professional Investors Investors who are considered to be professionals or who on request may be treated as professionals, within the meaning of Annex II to the Directive 2004/39/EC 40 40 KPMG Luxembourg Investment Vehicles

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