Luxembourg Investment Vehicles

Reporting requirements UCITS ("Part I Fund") Generally accepted accounting principles Irrespective of the methodology used for the calculation of the NAV, the reports may be prepared as follows: Annual report - Lux GAAP, i.e. provisions of the law of 19 December 2002 (as subsequently amended) except for: • The content and layout of the annual report. The valuation of assets which is ruled by articles 9§3, 28§4, 39 of the Fund law. Or: - IFRS Semi-annual report - Lux GAAP, i.e. provisions of the law of 19 December 2002 (as subsequently amended) except for: • The content and layout of the annual report. The valuation of assets which is ruled by articles 9§3, 28§4, 39 of the Fund law. Or: - IFRS Consolidated accounts IFRS is mandatory if the company is listed in accordance with EU regulation 1606/2002. Regulated Investment Vehicles SIF with authorised AIFM Part II Fund with authorised AIFM Irrespective of the methodology used for Irrespective of the methodology used for the calculation of the NAV, the reports may be prepared the calculation of the NAV, the reports may be prepared as follows: Annual report - Lux GAAP, i.e. provisions of the law of 19 December 2002 (as subsequently amended) except for: • The content and layout of the annual report. •The valuation of assets which is ruled by articles 88-4, 90, 95, 99§5 of the Fund law. Or: - IFRS In addition, the AIFM law requires specific disclosure to be included in the annual report. Semi-annual report - Lux GAAP, i.e. provisions of the law of 19 December 2002 (as subsequently amended) except for: The content and layout of the annual report. •The valuation of assets which is ruled by articles 88-4, 90, 95, 99§5 of the Fund law. Or: - IFRS Consolidated accounts IFRS is mandatory if the company is listed in accordance with EU regulation 1606/2002. as follows: Annual report -Lux GAAP, i.e. provisions of the law of 19 December 2002 (as subsequently amended) except for: • The content and layout of the annual report. The valuation of assets which is ruled by articles 9, 28§4, 40§1, 82 of the SIF law. Or: - IFRS In addition, the AIFM law requires specific disclosure to be included in the annual report. Semi-annual report Not required. Consolidated accounts IFRS is mandatory if the company is listed in accordance with EU regulation 1606/2002. SICAR with authorised AIFM Irrespective of the methodology used for the calculation of the NAV, the reports may be prepared as follows: Annual report -Lux GAAP, i.e. provisions of the law of 19 December 2002 (as subsequently amended) except for the valuation of assets which is ruled by article 49 of the SICAR law. Or: - IFRS In addition, the AIFM law requires specific disclosure to be included in the annual report. Semi-annual report Not required. Consolidated accounts IFRS is mandatory if the company is listed in accordance with EU regulation 1606/2002. Other reports A long-form report is to be issued by the auditor with the annual report in accordance with CSSF Circular 02/81. A long-form report to be issued by the auditor with the annual report in accordance with CSSF Circular 02/81. 28 KPMG Luxembourg Investment Vehicles None. None.

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