Luxembourg Investment Vehicles

Legal and regulatory requirements Regulated Investment Vehicles Part II Fund with authorised AIFM SIF with authorised AIFM SICAR with authorised AIFM Law of 13 February 2007, as amended ("SIF law"). Law of 15 June 2004, as amended ("SICAR law"). UCITS ("Part I Fund") Applicable legislation Law of 17 December 2010, as amended ("Fund law"), Part I. Eligible assets Restricted to: Transferable securities admitted or dealt on a regulated market, investment funds, financial derivative instruments, cash and money market instruments that are compliant with Article 41 of the Fund law, the Commission Directive of 19 March 2007 implementing Council Directive 85/611/EEC as transposed in Luxembourg by the grand-ducal decree of 8 February 2008, CSSF circular 08/339, CSSF circular 08/380 and the EU regulation 2017/1131 on money market funds and the related delegated regulations from EU Commission. Uncovered short sales and borrowings are not permitted. Precious metals and certificates representing them may not be acquired. Law of 17 December 2010, as amended ("Fund law"), Part II. Unrestricted. Prior approval of the investment objective and strategy by the CSSF. Unrestricted. Restricted to direct and/or indirect investment in securities that represent risk capital. CSSF Circular 06/241 defines the notion of risk capital and the way the CSSF will decide if the investment objective of the SICAR complies with the requirement to invest in risk capital. Risk capital consists mainly of high risk investments made in view of their launch, development or listing on a stock exchange. Such investments may take varied forms and are normally done with a medium- term view. The SICAR may also marginally enter into financial derivative instruments on an exceptional basis. Temporary investment in other assets is allowed pending investment in risk capital. Risk diversification requirements Detailed risk diversification is required per Articles 42 to 52 of the Fund law. Risk diversification requirements are detailed in CSSF Circular 91/75, as amended and are less stringent than the stringent ones in application for Part I funds. In addition, specific restrictions are contained in: CSSF Circular 91/75, as amended for funds investing in venture capital, futures, options, and real estate. • CSSF Circular 02/80 for funds adopting an alternative investment strategy. Risk diversification requirements are detailed in CSSF Circular 07/309 and are less stringent than the ones in application for part I and part II funds under the Fund Law. The main requirement for the SIF is in principle not to invest more than 30% of its assets with the same issuer. No risk diversification requirements. 12 KPMG Luxembourg Investment Vehicles

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