Luxembourg Investment Vehicles

■Legal and regulatory requirements ■ Shareholding ■Reporting requirements ■ Approval and supervision ■ Taxation RAIF only with authorised AIFM Prospectus directive as transposed into the Luxembourg law Closed-ended A prospectus prepared in compliance with the requirements of the Prospectus Directive must be prepared when an "offer to the public" within the meaning of the Prospectus Directive is made except if the offer falls under any exemption of the Prospectus Directive. In that case, either a prospectus or an offering document must be prepared in accordance with the RAIF law. The information to be communicated to investors stated in article 21 of the AIFM law must either be included in the prospectus or communicated separately to investors. Supervised Investment Vehicles SCS (AIF) Unless listed which is not practically due to transferability, the SCS is established by way of partnership agreement. Open-ended A RAIF may make an offer to well-informed investors on the basis of their prospectus/offering document being prepared in accordance with the requirements of the RAIF law. The information to be communicated to investors stated in article 21 of the AIFM law must either be included in the prospectus or communicated separately to investors. The prospectus/offering document must be updated on an ongoing basis. SCSP (AIF) Unless listed which is not practically due to transferability, the SCSp is established by way of partnership agreement. PRIIP (Packaged Retail and Insurance-based Investments Products) Required if the RAIF's well-informed investor is classified as retail investor. Key Investor Information Document (KIID) Not required. NAV computation frequency NAV is computed on the frequency set in the constitutive documents or management regulations with a minimum of once a year. Required if the SCS' investor is classified as retail investor. Required if the SCSp's investor is classified as retail investor. Not required. NAV is computed on the frequency set in the LPA, which must be done at least once a year. Not required. NAV is computed on the frequency set in the LPA, which must be done at least once a year. Luxembourg Investment Vehicles KPMG 25

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