Luxembourg Investment Vehicles

Shareholding UCITS ("Part I Fund") SICAV The issue of shares does not require an amendment of the constitutive documents. The share price will be determined by dividing the NAV by the number of shares outstanding. Existing shareholders do not have a pre-emption right when new shares are issued, unless specifically provided for in the constitutive documents. SICAF The issue of shares requires an amendment of the constitutive documents. The share price will be determined based on the principles laid down in the constitutive documents. When the SICAF is organised as a SA or SCA, existing shareholders have a pre-emption right when new shares are issued, unless this right was waived by the shareholders' meeting as permitted in the constitutive documents. Regulated Investment Vehicles Part II Fund with authorised AIFM SICAV The issue of shares does not require an amendment of the constitutive documents. The share price will be determined by dividing the NAV by the number of shares outstanding. Existing shareholders do not have a pre-emption right when new shares are issued, unless specifically provided for in the constitutive documents. SICAF The issue of shares requires an amendment of the constitutive documents. The share price will be determined based on the principles laid down in the constitutive documents. When the SICAF is organised as a SA or SCA, existing shareholders have a pre-emption right when new shares are issued, unless this right was waived by the shareholders' meeting as permitted in the constitutive documents. SIF with authorised AIFM SICAV The issue of shares does not require an amendment of the constitutive documents. The share price will be determined based on the principles laid down in the constitutive documents. Existing shareholders do not have a pre-emption right when new shares are issued, unless specifically provided for in the constitutive documents. SICAF The issue of shares requires an amendment of the constitutive documents. The share price will be determined based on the principles laid down in the constitutive documents. When the SICAF is organised as a SA or SCA, existing shareholders have a pre-emption right when new shares are issued, unless this right was waived by the shareholders' meeting as permitted in the constitutive documents. SICAR with authorised AIFM The issue of new shares will be conducted as provided for in the constitutive documents. The existing shareholders will have a pre-emption right if specifically provided for in the constitutive documents. Distribution of dividends The distribution of dividends must be foreseen in the prospectus of the fund. For SICAV and FCP, distributions (interim or final) can be made irrespective of the realised results within the period, to the extent the minimum share capital is maintained (€1,250,000). For SICAF, final dividend distributions may not result in a decrease in assets to an amount less than one-and- a-half times the fund's total liabilities to its creditors. Interim dividend distributions may be subject to statutory requirements of the Commercial Law. The distribution of dividends must be foreseen in the prospectus of the fund. For SICAV and FCP, distributions (interim or final) can be made irrespective of the realised results within the period, to the extent the minimum share capital is maintained (€1,250,000). When the SICAF is organised as a SA or SCA, final dividend distributions are subject to restrictions as per Article 461-4 of the Commercial Law. For SA, SCA and Sàrl, interim dividend distributions may be subject to statutory requirements of the Commercial Law. The distribution of dividends must be foreseen in the prospectus of the fund. For SICAV and FCP, distributions (interim or final) can be made irrespective of the realised results within the period, to the extent the minimum share capital is maintained (€1,250,000). When the SICAF is organised as a SA or SCA, final dividend distributions are subject to restrictions as per Article 461-4 of the Commercial Law. For SA, SCA and Sàrl, interim dividend distributions may be subject to statutory requirements of the Commercial Law. The distribution of dividends must be foreseen in the prospectus/article of incorporation of the SICAR. Dividend distributions, interim and final, are not subject to specific regulatory restrictions, except for compliance with minimum capital requirements and other restrictions stated in the constitutive documents. 22 22 KPMG Luxembourg Investment Vehicles

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