CSSF requirement in the context of Art. 154 (1) of the law of December 17, 2010 and respectively Art. 55 (1) of the law of February 13, 2007.

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1 Liquidation * financial report and signature of the Representation Letter ( requirement) /F Report for the period from 1st day of the accounting period to the beginning of the liquidation period (1) AND Audit opinion to the Shareholders requirement in the context of Art. 154 (1) of the law of December 17, law of February 13, as adopted by Board of Directors Derogation to prepare Long Form report should be asked to the. Report for the period from beginning of the liquidation period to the liquidation date Report to the Shareholders: believe that: - the attached liquidation accounts do not give a true and fair view of the liquidation transactions, in conformity with the Luxembourg legal and regulatory requirements; - the description part of the liquidator report is not in accordance with the liquidation accounts. Art. 154 (5) of the law of December 17, 2010 and respectively Art. 55 (5) of the law of February 13, relating to Liquidations Liquidator Not required (1) In case of gathering of all shares in one hand, and the sole shareholder decides to dissolve the fund, it is possible to not appoint a liquidator, and the audit report should cover the period from the first day of the accounting period to the date of the dissolution of the fund. The dissolution of the fund is formalised by a notary deed. FCP Report for the period from 1st day of the accounting period to the beginning of the liquidation period (2) Audit opinion to the Unitholders requirement in the context of Art 154 (1) of the law of December 17, 2010 and respectively Art 55 (1) of the law of February 13, 2007 as adopted by Management Company Derogation to prepare the Long Form report should be asked to the. (2) In case no Liquidator is appointed, the Report should cover the period from the 1st day of the financial period to the last NAV calculation date (date of liquidation of the FCP). AND if a Liquidator is appointed, s Report for the period from beginning of the liquidation period to the liquidation date Report to the Unitholders: believe that: - the attached liquidation accounts do not give a true and fair view of the liquidation transactions, in conformity with the Luxembourg legal and regulatory requirements; - the description part of the liquidator report is not in accordance with the liquidation accounts. Art. 154 (5) of the law of December 17, 2010 and respectively Art. 55 (5) of the law of February 13, relating to Liquidations Liquidator Not required Sub-Fund No specific report is required. The auditor must check the operations of closure of the sub-fund as part of his role as statutory auditor Date of closure of the sub-fund should be mentioned in the annual report. The statement of changes in net assets / statement of operations of the sub-fund for the period up to its closure should be included in the audited financial statements. * Since the Law on UCI provides that the auditor of the Fund is also the auditor of the liquidation account, the engagement letter relating to the audit of the annual report the engagement letter relating to the audit of the annual report could also include a specific section relating to the work to be performed in the context of the liquidation accounts.

2 Contribution in / Switch in / Redemption in * Responsibiliy for the preparation of financial report and signature of the Representation Letter ( requirement) Contribution in (CIK) /SICAF Report on the value of the Contribution in Report to the Board of Directors: Art and Art Commercial Law believe that the global value of the contribution in kind August 10, 1915 does not correspond at least to the number and to the value of the shares to be issued in counterpart. Board of Directors The CIK report should describe the contributed assets with their respective values. FCP Report on the value of the Contribution in Report to the ManCo : believe that the global value of the contribution in kind does not correspond at least to the number and to the value of the units to be issued in counterpart. Art and Art Commercial Law August 10, 1915 Management Company The CIK report should describe the contributed assets with their respective values. Switch in (SIK) Within the same entity (Sicav or FCP) There is no legal or regulatory framework that requires a specific report for such transaction since the transaction is made within the same legal entity. The auditor will check the transaction as part of its annual audit. A specific report could be asked by the Board of Directors on a voluntary basis. If required on a voluntary basis, use of the Règlement on Contributions in by analogy The transaction may be described in a note to the annual report of the fund. Assets and shareholding transferred from one sub-fund to another sub-fund of the same legal entity. The transaction could be seen as a redemption in kind of certain assets from one sub-fund followed by a contribution in kind (the same day, at the same value) into another sub-fund Redemption in (RIK) /SICAF/FCP Report on the value of Redemption in Report to the Board of Directors of Sicav/ManCo : believe that the global value of the delivered assets exceeds the number and value of the shares/units to be redeemed in counterpart. requirement the Contribution in + could also be required by the provisions of the prospectus of the fund. Règlement on Contribution in by analogy /ManCo requires a report from the auditor only if the RIK is made on a nonproportional basis. In case of proportional RIK no report is required unless foreseen in the prospectus. The report on RIK should describe the assets delivered with their respective values. The prospectus may include additional requirements such as payment of the cost for the RIK. * The conditions listed in Art. 2 of the law of June 10th, 2009 with regards to amendment of Art of the law of August 10th, 1915, providing exemptions for contribution in kind report are unlikely to be applicable for open-ended investment funds investing in listed securities.

3 INSTITUT DES REVISEUR D'ENTREPRISES Merger * financial information / report and signature of the Representation Letter ( requirement) /F absorbed by /F, Report on the merger proposal Report to the Shareholders of each entity (one report by entity) (1): that causes us to believe that the proposed method used to determine the exchange ratio described in the merger proposal is not adequate in the circumstances. Art. 266 Commercial Law August 10, 1915 Réglement 11- No representation letter required The report of REA indicated that the applicable exchange ratio(s) will be determined on [date] and will be subject to an additional report. Absorbed /F, report for the period from 1st day of the accounting Audit opinion to the Shareholders of the absorbed /F requirement in the context of Art. /F the. AND/OR : not necessary to issue the report on the exchange ratio if it is equal to 1:1 Report on the exchange ratio (2) Report to the Shareholders of each entity (one report per entity) (1): that causes us to believe that the exchange ratio is not Art. 266 Commercial Law August 10, 1915 /F and absorbing /F In the annual report of the absorbed and absorbing /F, a note to the financial statements could describe the merger including the exchange ratio applied. (1) Each Fund (absorbing /F and absorbed /F) should appoint an independent expert. "The Tribunal de Commerce" upon request from both Board of Directors could appoint one common expert ; (2) if ratio is 1 old share for 1 new share which is generally the case when the absorbing fund is a newly created fund, the report on the merger proposal also reports on the appropriateness of the exchange ratio. OR : Simplified Merger - Liquidation of the followed by contribution of the assets and liabilities to another Report on the value of the Contribution in the exchange ratio : number and to the value of shares to be issued in 10, 1915 For the liquidation part, refer to section "liquidation" above. FCP or absorbed by FCP, Report on the value of the Contribution in the exchange ratio Report to the ManCo of absorbing FCP: number and to the value of the units to be issued in Art and Art and Art. 266 of Commercial Law August 10, on mergers and Management Company of the absorbing FCP In the annual report of the absorbing FCP and of the absorbed FCP/, a note could describe the merger including the exchange ratio applied. Absorbed /FCP, report for the period from 1st day of the accounting Audit opinion to the Unitholders/Shareholders of absorbed FCP/ requirement in the context of Art. / ManCo of the absorbed FCP the. FCP absorbed by, involving at least one Non-UCITS Report on the value of the Contribution in the exchange ratio : number and to the value of the shares to be issued in 10, by analogy with Règlement 11- In the annual report of the absorbing and of the absorbed FCP, a note could describe the merger including the exchange ratio applied.

4 financial information / report and signature of the Representation Letter ( requirement) Absorbed FCP, report for the period from 1st day of the accounting Audit opinion to the Unitholders of the absorbed FCP requirement in the context of Art. Ful scope audit ISA Management Company of the absorbed FCP the. Sub-Fund of an entity ( or FCP) absorbed by a Sub-Fund of a /F, involving at least one Non- UCITS Report on the value of the Contribution in on the exchange ratio : number and to the value of the shares to be issued in 10, There could be a disclosure in the annual report of the absorbing /F and in the annual report of the absorbed fund explaining the "merger" including the exchange ratio. Sub-Fund of an entity ( or FCP) absorbed by a Sub-Fund of a FCP, Report on the value of the Contribution in on the exchange ratio Report to the Management Company of the absorbing FCP: number and to the value of the units to be issued in Art and Art and Art. 266 of Commercial Law August 10, demergers and Management Company of the absorbing FCP There could be a disclosure in the annual report of the absorbing FCP and in the annual report of the absorbed fund explaining the "merger" including the exchange ratio. Sub-Fund of an entity ( or FCP) absorbed by a Sub-Fund of the same entity (Non-UCITS) No specific report is required. The Auditor must check the exchange ratio as part of his role as statutory auditor. However, the Auditor should recommend to the Board of Directors to consider on a voluntary basis to apply the same procedures as the one applicable for the merger between different entities. Optional There could be a disclosure in the annual report explaining the "merger" including the exchange ratio. If required by the entity, report on the exchange ratio Report to the entity: that causes us to believe that the method used to determine the exchange ratio is not adequate in the circumstances and the resulting exchange ratio is not Art. 266 Commercial Law August 10,1915 entity * Merger of Luxembourg investment funds could be also achieved through a contribution in kind of the net assets from the absorbed fund to the absorbing fund followed by a liquidation of the absorbed fund with proceed paid in kind to the shareholders/unitholders of the absorbed fund. Taxation consequences for the shareholders/unitholders should be considered.

5 Merger of UCITS* Structure of the fund : or FCP Description of the Report to be issued Format of the Auditor's report Legal and regulatory reference Responsibility for the preparation of financial information / report and signature of the Representation Letter ( requirement) Report to the Shareholders/Unitholders of the absorbed /FCP. UCITS ( or FCP) absorbed by another UCITS ( or FCP) Report on the criteria and methods included in the merger proposal that causes us to believe that the proposed criteria used to evaluate the assets and liabilities [or net assets] of the absorbed and absorbing funds and the method used to determine the cash payment if any and to calculate the exchange ratios described in the merger proposal are not adequate in the circumstances. We will report on the exchange ratio calculation in a separate report on the effective date of the merger. Our report has been prepared solely for the purpose of complying with the Law of December 17, 2010 on undertakings for collective investment, and it should not be used, mentioned or distributed for any other purposes. It shall be made available on request to the Shareholdes/Unitholders of the absorbing fund and to the competent authorities Art. 71 (1) Law of December 17, 2010 on undertakings for collective investment Representation letter is not required demergers The requirements set by Règlement on merger and demergers are much broader as required for funds. Therefore, the auditor will perform procedures relevant in context with the fund. Only if the absorbed whole UCITS structure disappears and not in case of a merger of sub-funds Absorbed UCITS: report for the period from 1st day of the accounting Audit opinion to the Shareholders/Unitholders of the absorbed UCITS requirement in the context of Art 2010 /ManCo of the absorbed FCP Derogation to prepare the Long Form report should be asked to the AND/OR : not necessary to issue the report on the exchange ratio if it is equal to 1:1 and if it is described in the merger proposal Report on the exchange ratio Report to the Shareholders/Unitholders of the absorbed /FCP. that causes us to believe that the exchange ratio [and the cash payment per share/unit] [is / are] not Our report has been prepared solely for the purpose of complying with the Law of December 17, 2010 on undertakings for collective investment, and it should not be used, mentioned or distributed for any other purposes. It shall be made available on request to the Shareholders/Unitholders of the absorbing fund and to the competent authorities Art. 71 (1) Law of December 17, 2010 on undertakings for collective investment /ManCo of the absorbed FCP and absorbing /ManCo of the absorbing FCP (In case the auditor of the absorbed UCITS is relying on the work of another auditor for the absorbing UCITS there is no need to obtain a representation letter from the absorbing FCP/) In the financial statements of the absorbed and absorbing UCITS a note might describe the merger including the exchange ratio applied. The requirements set by Règlement 11- demergers are much broader as required for funds. Therefore, the auditor will perform procedures relevant in context with the fund. * The term "UCITS" is defined in this context as a fund or sub-fund (including merger between sub-funds of the same legal entity) subject to Directive 2009/65/EC. According to Art. 66 of the Law of December 17, 2010 on undertakings for collective investment, the above not only applies to domestic mergers but also to cross-border mergers as defined in Art. 1 (21) of the Law of December 17, 2010 on undertakings for collective investment as well.