Luxembourg Investment Vehicles

■Legal and regulatory requirements ■ Shareholding ■Reporting requirements ■ Approval and supervision ■ Taxation Supervised Investment Vehicles RAIF only with authorised AIFM SICAV The issue of shares does not require an amendment of the constitutive documents. SCS (AIF) SCSP (AIF) Transferability rules and the rights of the partners are as foreseen in the Transferability rules and the rights of the partners are as foreseen in the LPA. LPA. 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. 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). 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 is freely set out in the LPA. If not covered in the LPA, each partner participates in the profits and losses in proportion of its partnership interest. There are no statutory restrictions on distributions to partners, whether in the form of distribution of profit or reimbursement of partnership interests. Distribution may be subject to claw back by the partnership and can be freely foreseen in the LPA. Distribution of dividends or reimbursement of capital cannot be recalled unless foreseen in the LPA. The distribution is freely set out in the LPA. If not covered in the LPA, each partner participates in the profits and losses in proportion of its partnership interest. There are no statutory restrictions on distributions to partners, whether in the form of distribution of profit or reimbursement of partnership interests. Distribution may be subject to claw back by the partnership and can be freely foreseen in the LPA. Distribution of dividend or reimbursement of capital cannot be recalled unless foreseen in the LPA. Luxembourg Investment Vehicles KPMG 23

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