Investor Presentaiton

CROSS-BORDER DISTRIBUTION OF INVESTMENT FUNDS RETAIL FUNDS Requirement to put in place "Facilities" Current position • For AIFs, the regulation of marketing to retail investors is left to individual Member States • Non-EU AIFMs market under national private placement regimes New Position • The AIFM must establish facilities that perform the following tasks: - Process investors' subscriptions, payment, repurchase or redemption orders - Provide investors with information on how orders can be made and how repurchase and redemption proceeds are paid - Facilitate the handling of information relating to the exercise of investors' rights - Make fund rules or instruments of incorporation and the latest annual report of the AIF available for inspection - Act as a contact point for communicating with regulators • No physical presence needed • Use of electronic or other means of distance communication permitted • The facilities can be run by a third party CLIFFORD CHANCE | 5

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