Investor Presentaiton

In summary-who is impacted? Proposed Reform Amendments to the AIFMD and UCITS Regimes Organisational Requirements for Investment Firms Disclosure Requirements Product Governance Suitability • Application to EU Managers Direct Impact on EU AIFMS and UCITS ManCos Direct impact on: EU AIFMS with top-up permissions; any EU investment firms in the group Direct impact on: EU AIFMs; UCITS ManCos; any investment firms in the group with authorisation to provide portfolio management services Indirect impact where fund shares are distributed to EU investors Indirect impact where fund shares are distributed to EU investors Direct impact on: • EU AIFMS with top-up permissions; any investment firms in the group with investment advice or portfolio management permissions Application to Non-EU Managers with EU Sub- Manger Indirect impact on non-EU managers acting as sub-managers to UCITS ManCos No direct impact on other non-EU managers No direct impact on non-EU manager Direct impact on EU sub-manager to non-EU manager Direct impact on: non-EU managers marketing funds to EEA investors EU sub-managers to non-EU managers Indirect impact on non-EU managers that act as sub- managers to UCITS ManCos Indirect impact where fund shares are distributed to EU investors Indirect impact where fund shares are distributed to EU investors Application to Non-EU Managers with no EU Sub-Manager Indirect impact on non-EU managers that act as sub- managers to UCITS ManCos No direct impact on other non- EU managers No direct impact on non-EU managers Direct impact on non-EU managers marketing funds to EEA investors Indirect impact on non-EU managers that act as sub- managers to UCITS ManCos Indirect impact where fund shares are distributed to EU investors Indirect impact where fund shares are distributed to EU investors KPMG © 2020 KPMG, an Irish partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 33 33

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