OPERATIONAL GUIDE - Carmignac · 2015. 9. 14. · OPERATIONAL GUIDE / LATAM - US OFFSHORE / SOMMAIRE 2 Subscription process – 4 possibilities 3 Account Opening 4-5 General Information

LATAM / US OFFSHORE

OPERATIONAL GUIDE & Account Opening Form

OPERATIONAL GUIDE / LATAM - US OFFSHORE /

SOMMAIRE

2 Subscription process – 4 possibilities

3 Account Opening

4-5 General Information

6 Operational Contacts

7 Rebates Calculation

8 Contacts

9 - APPENDIX A: LIST OF FUNDS

10 - APPENDIX B: TRADING CALENDAR 2015

12-37 - Account opening document

We remind you that Carmignac Funds are not registered in North and South America. The Funds have not been registered in accordance with the US

Securities Act of 1933. They may therefore not be offered or sold, either directly or indirectly, on behalf of or for the benefit of a US person, as defined

in Regulation S and by the US Foreign Account Tax Compliance Act (FATCA). OPERATIONAL GUIDE / LATAM - US OFFSHORE / 2

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HOW TO SUBSCRIBE?

CASE 1: Directly via our Transfer Agent CACEIS Bank Luxembourg

Account opening process: please refer to page 4

CASE 2: Via an International Central Securities Depositary (ICSD)

CASE 3: Via a Trading Platform (1)

CASE 4: Via Intermediaries

(1)

Trading Platform: CARMIGNAC is NSCC eligible since February 2015 – Participant ID: 3105 (2)

CALASTONE Fund Provider ID: CARMIGNAC and BIC CODE for SWIFT: CLAOLU2LCGL

FINANCIAL INTERMEDIARIES CACEIS BANK LUXEMBOURG

FINANCIAL INTERMEDIARIES

CLEARSTREAM/VESTIMA

EUROCLEAR/FUNDSETTLE

CACEIS BANK LUXEMBOURG

FINANCIAL INTERMEDIARIES

PERSHING

JP MORGAN Clearing Services

BBH

CALASTONE(2)

(...)


INDEPENDENT FINANCIAL

ADVISOR or

MULTI FAMILY OFFICE

DEPOSITARY BANK n°1

and/or

DEPOSITARY BANK n°2 (...)





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HOW TO OPEN AN ACCOUNT WITH CACEIS BANK LUXEMBOURG?

To open an account, please fill in the Application package and send it to CACEIS Bank Luxembourg. The documents below have to be attached:

Application form (p. 12 to 37)

Original letter of Representation signed by 2 authorized signatories for FCA regulated entities or 2 FCA regulated directors for non FCA regulated entities (letter enclosed in the Application Form document)

WOLFSBERG questionnaire – Available on the website http://www.wolfsberg-principles.com

Certified Copy of Articles of Incorporation & Memorandum of Association or Extract from Trade Registry ***

Proof of regulation

List of authorised signatories (powers and specimens)

Payment instructions

Certified Copy of valid ID Documents of the Company's "Legal Representatives" ***

Full Identification of Economic Beneficiaries => official declaration or register, self-declaration and original certified copy of valid ID documents ***

(***) Documents non-required for investors based in regulated countries

Bank detail

To pay via target, please note that the IBAN is LU83007J000000007EUR




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OUR FUNDS SICAV CARMIGNAC PORTFOLIO and FCP*: SICAV: 14 compartments available in 4 currencies (USD, EUR, CHF and GBP) FCP: 12 Funds available in 4 currencies (USD, EUR, CHF, and GBP) A & E share classes are eligible to rebates. F share classes are RDR compliant. Technical Cut-off time for your order transmission: please refer to the APPENDIX A

CACEIS Bank Luxembourg, 5 Allée Scheffer L-2520 LUXEMBOURG, has been designated to act as Administrative Agent (Domiciliary Agent, Registrar and Transfer Agent, Paying Agent) Depositary Bank: BPSS Luxembourg for SICAV / CACEIS Paris for FCP

Information about our funds available for Offshore Investors:

Number of decimals: 3

Settlement period for Subscriptions & Redemptions: TD+3 for EUR/USD/CHF & TD+4 for GBP

Settlement via CLEARSTREAM: yes Vestima Code: 11193 for SICAV CARMIGNAC PORFOLIO & 10007 for FCP French Funds

Time zone: Central European Time “CET”

Subscription and Redemption in Shares or amount are allowed

No fees charged by CARMIGNAC on subscription or redemption

Investor Restrictions: US investors, Private person, non-participating FFI, passive NFFE

Our FCP French Funds and our SICAV CARMIGNAC PORTFOLIO should enter in a category of Foreign Financial Institution (FFI) named Non Reporting Foreign Financial Institution (NRFFI) that is deemed to comply FATCA rules. This qualification should be confirmed by the futures IGA expected for this autumn (IGA Luxembourg-US and France-US). As a result, neither our FCP French Funds nor our SICAV CARMIGNAC PORTFOLIO should be subject of FATCA taxation.

Bank holidays: our funds follow the French calendar (Appendix B)

More funds details in our prospectus on the following links: http://www.carmignac.com/en/permalinks or http://www.carmignac.com/es/enlaces- permanentes or https://carmignac.openfpp.com

FCP*: “Fonds communs de Placement” – French Mutual funds are open-ended collective investment funds based that are neither trust or company law based

4

http://www.carmignac.com/en/permalinks

http://www.carmignac.com/es/enlaces-permanentes




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Information about trading

Transfers are performed by our Transfer Agent CACEIS Bank Luxembourg.

Transfers in amount are not allowed. Only transfers in units may be done via:

- CLEARSTREAM / VESTIMA: CARMIGNAC code is 11193 for SICAV CARMIGNAC PORTFOLIO and 10007 for FCP

- CACEIS Bank Luxembourg: between two registrar accounts

The Standard Settlement Instructions are available in different currencies. However, please note that the client will pay and receive the cash in the same currency than the fund’s currency.

Switches within the same Lux Portfolio SICAV structure are allowed.

Dividends - Distribution information

FCP*: “Fonds communs de Placement” – French Mutual funds are open-ended collective investment funds based

that are neither trust or company law based

SHARECLASS: Ydis – Yearly distribution Qdis – Quarterly Distribution Mdis – Monthly Distribution

GROSS or NET Dividend: GROSS GROSS GROSS

Distribution Frequency : Annually Annually Annually

Accounting End Date(s) e.g. 31 December, 30 June:

31 December 31 December 31 December

What is the Final or Annual Accounting End Date:

Annual Annual Annual

Record date: 29 April 30th Jan / 29th Apr / 30th July / 30th Oct

Each one day before the last business day of the month

Ex-Dividend (XD) Date(s) e.g. 1 January, 1 July:

30 April 31st Jan / 30th Apr / 31st July / 31st Oct

Each last business day of the month

Pay Date(s) +/or Income Accumulation date(s) e.g. 28 February, 31 August:

4 business days after XD date 4 business days after XD date 4 business days after XD date




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ACCOUNT OPENING

[email protected] / Ph. +352 4767 2001

Yann GINTHER – Business Development Officer [email protected] / Ph. +352 46 70 60 22

DEALING, SETTLEMENT, RECONCILIATION


TRANSFER, RE-REGISTRATION


DISTRIBUTION DIVIDEND


Charlotte SAMSON – Senior Account Manager US Offshore & LATAM [email protected] / Ph. +34 91 436 17 35

PRICING

[email protected] / Ph. +352 26 57 46 24


REBATES

Julien LEOPOLDES – Account Manager Luxembourg [email protected] / Ph. +352 46 70 60 45


FUNDS EVENTS


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mailto:[email protected]














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Rebates information

The calculation of fees is performed by CARMIGNAC on a Quarterly basis and the Rebates Statement is sent to the Distributor from the 15th Business Day following the end of the Quarter.

Our calculation is based on the Client’s positions at each end of month:

Upon receipt of an invoice signed by the Distributor, CARMIGNAC shall pay the Distributor the fees due within ten Business Days. The rebates payment will be made in the same currency than the fund’s currency.

In the event that the rebates amount doesn’t reach EUR 1.000 per quarter, the fees will be paid annually.

In the event that proof of assets (bank certificates* in case of multiple depositary banks) is not provided by the Distributor, CARMIGNAC will exclude the positions from the calculation.

Please note that no rebates will be paid in F shares.

Calculation Formula: DFfm = [(NUfdm x NAVfdm) + (NUfdm-1)] / 2 x (DFRfdm/12) DFfm: Distribution fee amount for the Fund (f) for the month (m) NUfdm: Number of units of the Fund (f) held on the last business day (d) of the month (m) NAVfdm: Net Asset Value of the Fund (f) published on the last business day (d) of the month (m) NUfdm-1: Number of units of the Fund (f) held on the last business day (d) of the month (m-1) NAVfdm-1: Net Asset Value of the Fund (f) published on the last business day (d) of the month (m-1) DFRfdm: Distribution fee rate applicable to the Fund (f) on the last business day (d) of the month (m)

A bank certificate is an official signed document sent by the depositary

bank on a Quarterly basis to prove the assets. This document must

comply with the following elements:

- Be drawn up on paper bearing the Depositarian’s header

- Be signed with official signatures

- Mention the relevant calculation period with the detailed number of shares

for each Fund (Isin or Cusip) at each end of month

OPERATIONAL GUIDE / LATAM - US OFFSHORE / 8

CONTACTS

CARMIGNAC Client Service:

David TAVARES Head of US Offshore & LATAM Ph.: +34 91 436 17 29 Email: [email protected]

Charlotte SAMSON Senior Account Manager US Offshore & LATAM Ph.: +34 91 436 17 35 Email: [email protected]

CARMIGNAC Operational Support:

Angelo DUMENIL Head of Middle Office Distribution Support Ph.: +352 46 70 60 27 Email: [email protected]

Yann GINTHER Business Development Officer – M.O.D.S. Ph.: +352 46 70 60 22 Email: [email protected]

Julien LEOPOLDES Account Manager Luxembourg – M.O.D.S. Ph.: +352 46 70 60 45 Email: [email protected]







Funds Cur r e nc y S ha r e c l a ss I S I N CUS I P

Cut - Of f

CACEI S Lux

CET

M i ni mum of

S ubsc r i pt i on

( S ha r e / Amount )

M i ni mum of

subse que nt

S ubsc r i pt i on

M gt f e e s

c ha r ge d

C armignac Port f o lio C ap it al Plus EURA EUR acc LU0336084032 L1455N146 6:00 PM 1 share 1 share 1,00%

C armignac Port f o lio C ap it al Plus US DA USD acc Hdg LU0807689749 L15064113 6:00 PM 1 share 1 share 1,00%

C armignac Port f o lio C ap it al Plus EURA EUR Ydis LU0992631050 L1455N294 6:00 PM 1 share 1 share 1,00%

C armignac Port f o lio C ap it al Plus US DE USD Qdis Hdg LU0992631134 L1455N302 6:00 PM 1 share 1 share 1,40%

C armignac Port f o lio C ap it al Plus EURF EUR acc LU0992631217 L1455N310 6:00 PM 1 share 1 share 0,55%

C armignac Port f o lio C ap it al Plus US D F USD acc Hdg LU0992631480 L1455N336 6:00 PM 1 share 1 share 0,55%

C armignac Port f o lio C ommodit ies EURA EUR acc LU0164455502 L1455N112 6:00 PM 1 share 1 share 1,50%

C armignac Port f o lio C ommodit ies EURE EUR acc LU0705572823 L1455N286 6:00 PM 1 share 1 share 2,25%

C armignac Port f o lio C ommodit ies US DA USD acc Hdg LU0807690754 L15065110 6:00 PM 1 share 1 share 1,50%

C armignac Port f o lio C ommodit ies US DE USD acc Hdg LU0992629153 L15065128 6:00 PM 1 share 1 share 2,25%

C armignac Port f o lio C ommodit ies EURF EUR acc LU0992629237 L15065136 6:00 PM 1 share 1 share 0,85%

C armignac Port f o lio C ommodit ies US D F USD acc Hdg LU0992629583 L15065169 6:00 PM 1 share 1 share 0,85%

C armignac Emergent s EURA EUR acc FR0010149302 F1386N121 4:30 PM / 5:00 PM 1 share 1 share 1,50%

C armignac Emergent s EURE EUR acc FR0011147446 F1386N139 4:30 PM / 5:00 PM 1 share 1 share 2,25%

C armignac Emergent s EURA EUR Ydis FR0011269349 F14524106 4:30 PM / 5:00 PM 1'000 EUR 1'000 EUR 1,50%

C armignac Emergent s US DA USD acc Hdg FR0011269364 F14524114 4:30 PM / 5:00 PM 1'000 USD 1'000 USD 1,50%

C armignac Port f o lio Emergent s US DE USD acc Hdg LU0992627025 L1455N393 3:00 PM 1 share 1 share 2,25%

C armignac Port f o lio Emergent s EURF EUR acc LU0992626480 L1455N344 3:00 PM 1 share 1 share 0,85%

C armignac Port f o lio Emergent s US D F USD acc Hdg LU0992626993 L1455N385 3:00 PM 1 share 1 share 0,85%

C armignac Port f o lio Emerg ing D iscovery EURA EUR acc LU0336083810 L1455N153 6:00 PM 1 share 1 share 2,00%

C armignac Port f o lio Emerg ing D iscovery US DA USD acc Hdg LU0807689582 L15067116 6:00 PM 1 share 1 share 2,00%

C armignac Port f o lio Emerg ing D iscovery US DE USD acc Hdg LU0992629666 L15067124 6:00 PM 1 share 1 share 2,50%

C armignac Port f o lio Emerg ing D iscovery EURF EUR acc LU0992629740 L15067132 6:00 PM 1 share 1 share 1,00%

C armignac Port f o lio Emerg ing D iscovery US D F USD acc Hdg LU0992630169 L15067165 6:00 PM 1 share 1 share 1,00%

C armignac Port f o lio Emerg ing Pat r imo ine EURA EUR acc LU0592698954 L1455N278 6:00 PM 1 share 1 share 1,50%

C armignac Port f o lio Emerg ing Pat r imo ine EURE EUR acc LU0592699093 L1455N260 6:00 PM 1 share 1 share 2,25%

C armignac Port f o lio Emerg ing Pat r imo ine EURA EUR Ydis LU0807690911 L15066118 6:00 PM 1 share 1 share 1,50%

C armignac Port f o lio Emerg ing Pat r imo ine US DA USD acc Hdg LU0592699259 L1455N245 6:00 PM 1 share 1 share 1,50%

C armignac Port f o lio Emerg ing Pat r imo ine US DE USD acc Hdg LU0992631563 L1455N401 6:00 PM 1 share 1 share 2,25%

C armignac Port f o lio Emerg ing Pat r imo ine EURF EUR acc LU0992631647 L1455N419 6:00 PM 1 share 1 share 0,85%

C armignac Port f o lio Emerg ing Pat r imo ine US D F USD acc Hdg LU0992632025 L1455N443 6:00 PM 1 share 1 share 0,85%

C armignac Euro - Pat r imo ine EURA EUR acc FR0010149179 F1451W139 4:30 PM / 5:00 PM 1 share 1 share 1,50%

C armignac Euro - Pat r imo ine EURA EUR Ydis FR0011269406 F14525137 4:30 PM / 5:00 PM 1'000 EUR 1'000 EUR 1,50%

C armignac Euro - Pat r imo ine US DA USD acc Hdg FR0011269158 F14525103 4:30 PM / 5:00 PM 1'000 USD 1'000 USD 1,50%

C armignac Port f o lio Euro - Pat r imo ine US DF USD acc Hdg LU0992627538 L1455N526 3:00 PM 1 share 1 share 0,85%

C armignac Port f o lio Euro - Pat r imo ine EUR F EUR acc LU0992627298 L1455N492 3:00 PM 1 share 1 share 0,85%

C armignac Euro - Ent repreneurs EURA EUR acc FR0010149112 F1451W113 4:30 PM / 5:00 PM 1 share 1 share 1,50%

C armignac Port f o lio Euro - Ent repreneurs US DF USD acc Hdg LU0992625755 L1455N484 3:00 PM 1 share 1 share 0,85%

C armignac Port f o lio Euro - Ent repreneurs EUR F EUR acc LU0992625326 L1455N450 3:00 PM 1 share 1 share 0,85%

C armignac Port f o lio Global B ond EURA EUR acc LU0336083497 L1455N161 6:00 PM 1 share 1 share 1,00%

C armignac Port f o lio Global B ond EURA EUR Ydis LU0807690168 L15068122 6:00 PM 1 share 1 share 1,00%

C armignac Port f o lio Global B ond US DA USD acc Hdg LU0807690085 L15068114 6:00 PM 1 share 1 share 1,00%

C armignac Port f o lio Global B ond US DE USD acc Hdg LU0992630243 L1455N534 6:00 PM 1 share 1 share 1,40%

C armignac Port f o lio Global B ond EURF EUR acc LU0992630599 L1455N559 6:00 PM 1 share 1 share 0,60%

C armignac Port f o lio Global B ond US DF USD acc Hdg LU0992630912 L1455N583 6:00 PM 1 share 1 share 0,60%

C armignac Port f o lio Global B ond US D E USD Qdis Hdg LU0992630326 L1455N542 6:00 PM 1 share 1 share 1,40%

APPENDIX A: LIST OF FUNDS


FundsCur r e nc

yS ha r e c l a ss I S I N CUS I P

Cut - Of f

CACEI S Lux

CET

M i ni mum of

S ubsc r i pt i on

( S ha r e / Amount

)

M i ni mum of

subse que nt

S ubsc r i pt i on

M gt f e e s

c ha r ge d

C armignac Port f o lio Grande Europe EURA EUR acc LU0099161993 L1455N104 6:00 PM 1 share 1 share 1,50%

C armignac Port f o lio Grande Europe EURE EUR acc LU0294249692 L1455N138 6:00 PM 1 share 1 share 2,25%

C armignac Port f o lio Grande Europe EURA EUR Ydis LU0807689152 L15069120 6:00 PM 1 share 1 share 1,50%

C armignac Port f o lio Grande Europe US DA USD acc Hdg LU0807689079 L15069112 6:00 PM 1 share 1 share 1,50%

C armignac Port f o lio Grande Europe US DE USD acc Hdg LU0992628775 L15069146 6:00 PM 1 share 1 share 2,25%

C armignac Port f o lio Grande Europe EURF EUR acc LU0992628858 L15069153 6:00 PM 1 share 1 share 0,85%

C armignac Port f o lio Grande Europe US D F USD acc Hdg LU0992629070 L15069179 6:00 PM 1 share 1 share 0,85%

C armignac Invest issement EURA EUR acc FR0010148981 F13871128 4:30 PM / 5:00 PM 1 share 0,1 share 1,50%

C armignac Invest issement EURE EUR acc FR0010312660 F13871136 4:30 PM / 5:00 PM 1 share 1 share 2,25%

C armignac Invest issement EURA EUR Ydis FR0011269182 F1R51H178 4:30 PM / 5:00 PM 1'000 EUR 1'000 EUR 1,50%

C armignac Invest issement US DA USD acc Hdg FR0011269554 F1R51H228 4:30 PM / 5:00 PM 1'000 USD 1'000 USD 1,50%

C armignac Port f o lio Invest issement US DE USD acc Hdg LU0992626308 L1455N641 3:00 PM 1 share 1 share 2,25%

C armignac Port f o lio Invest issement EURF EUR acc LU0992625839 L1455N591 3:00 PM 1 share 1 share 0,85%

C armignac Port f o lio Invest issement US D F USD acc Hdg LU0992626217 L1455N633 3:00 PM 1 share 1 share 0,85%

C armignac Port f o lio Invest issement Lat it ude EURA EUR acc LU1046327000 L1455N781 3:00 PM 1 share 1 share 1,50%

C armignac Port f o lio Invest issement Lat it ude EURE EUR acc LU1046327182 L1455N799 3:00 PM 1 share 1 share 2,25%

C armignac Port f o lio Invest issement Lat it ude US DE USD acc Hdg LU1046327265 L1455N807 3:00 PM 1 share 1 share 2,25%

C armignac Port f o lio Invest issement Lat it ude EUR F EUR acc LU1046327349 L1455N815 3:00 PM 1 share 1 share 0,85%

C armignac Pat r imo ine EURA EUR acc FR0010135103 F1451V107 4:30 PM / 5:00 PM 1 share 0,1 share 1,50%

C armignac Pat r imo ine EURE EUR acc FR0010306142 F1451V115 4:30 PM / 5:00 PM 1 share 1 share 2,00%

C armignac Pat r imo ine EURA EUR Ydis FR0011269588 F1R51H244 4:30 PM / 5:00 PM 1'000 EUR 1'000 EUR 1,50%

C armignac Pat r imo ine US DA USD acc Hdg FR0011269067 F1R51H111 4:30 PM / 5:00 PM 1'000 USD 1'000 USD 1,50%

C armignac Port f o lio Pat r imo ine US DE USD acc Hdg LU0992628429 L1455N724 3:00 PM 1 share 1 share 2,00%

C armignac Port f o lio Pat r imo ine EURF EUR acc LU0992627611 L1455N658 3:00 PM 1 share 1 share 0,85%

C armignac Port f o lio Pat r imo ine US DF USD acc Hdg LU0992628346 L1455N716 3:00 PM 1 share 1 share 0,85%

C armignac Port f o lio Pat r imo ine US DE USD Qdis Hdg LU0992628692 L1455N732 3:00 PM 1 share 1 share 2,00%

C armignac Port f o lio Pat r imo ine EURA EUR Mdis LU1163533422 L1504W139 3:00 PM 1 share 1 share 1,50%

C armignac Port f o lio Pat r imo ine EURE EUR Mdis LU1163533349 L1504W121 3:00 PM 1 share 1 share 2,00%

C armignac Port f o lio Pat r imo ine EUR F EUR Mdis LU1163533778 L1504W154 3:00 PM 1 share 1 share 0,85%

C armignac Pro f i l R éact if 10 0 EURA EUR acc FR0010149211 F1386E121 3:30 PM 1 share 1 share 1,00%

C armignac Pro f i l R éact if 50 EURA EUR acc FR0010149203 F1387D122 3:30 PM 1 share 1 share 1,00%

C armignac Pro f i l R éact if 75 EUR A EUR acc FR0010148999 F1451Y101 3:30 PM 1 share 1 share 1,00%

C armignac Sécurit é EURA EUR acc FR0010149120 F1387S129 4:30 PM / 5:00 PM 1 share 0,1 share 1,00%

C armignac Sécurit é EURA EUR Ydis FR0011269083 F1R51H137 4:30 PM / 5:00 PM 1'000 EUR 1'000 EUR 1,00%

C armignac Sécurit é US DA USD acc Hdg FR0011269109 F1R51H145 4:30 PM / 5:00 PM 1'000 USD 1'000 USD 1,00%

C armignac Port f o lio Sécurit é EURF EUR acc LU0992624949 L1455N740 3:00 PM 1 share 1 share 0,55%

C armignac Port f o lio Sécurit é US D F USD acc Hdg LU0992625243 L1455N773 3:00 PM 1 share 1 share 0,55%


APPENDIX B: TRADING CALENDAR 2015

CALENDAR 2015 BANK HOLIDAYS AT CARMIGNAC

BANK HOLIDAYS DATES

New Year’s day 1st January 2015

Good Friday 03th April 2015

Easter Monday 06th April 2015

Labour Day 1st May 2015

Victory Day 1945 8th May 2015

Ascension Day 14th May 2015

Whit Monday 25th May 2015

French National Day 14th July 2015

Assumption Day 15th August 2015

All Saints’ Day 1st November 2015

Armistice 1918 11th November 2015

Christmas 25th December 2015

Boxing Day 26th December 2015


SUBSCRIPTION FORM

Fund Name :

This form is at the exclusive use of investors subscribing to the above investment fund (the “Fund”)

through CACEIS Bank Luxembourg acting as the duly appointed registrar and transfer agent of the

Fund (herein after referred to as “CACEIS BL”).

This subscription form must be submitted or sent by mail without modifications to CACEIS BL , Fund

Distribution Department at ,5, allée Scheffer L-2520 Luxembourg,.

I Investment Information

This subscription is subject to the provisions set out in the Fund’s prospectus as well as Luxembourg applicable laws and regulations. Orders received after the cut-off time specified in the prospectus will be processed on the following NAV calculation date.

Incomplete and illegible orders or orders with missing information will be accepted only after such

missing or illegible information is submitted to the CACEIS BL. No monies will be transferred to the

Fund unless the order is accepted.

II Subscription Information

a) Investment details (Fund form) :

Fund Name :

Funds________________________________________________________________________

Fund Class Name ISIN Code Number of

shares/Units

Or Subscription

amount

Payment

currency

______________,____ ______________,____


______________,____ ______________,____

______________,____ ______________,____

______________,____ ______________,____

Please use dots to separate thousands and commas to separate decimals.

If an investor wishes to make a subscription in a currency other than the sub-fund currency, such

Investor shall bear all related currency conversion costs

b) Subscription payment :

Details of accounts to which subscription payments are to be transferred (the transfer description

should include the name and reference of the transferring entity, the name of the fund and, if

applicable, the name of sub-fund and category):

Subscription in EUR Subscription in USD Subscription in JPY Subscription in CHF Subscription in GBP

TARGET II JP Morgan Chase Bank of Tokyo

Mitsubishi UBS AG

HSBC Bank Plc

Intl.

Swift : BSUILULL Swift : CHASUS33 Swift :

BOTKJPJT

Swift :

UBSWCHZH80A

Swift :

MIDLGB22

Acc. N°

796706786

IFO : BSUILULL

Acc. N°

653-0418285

IFO : BSUILULL

Acc. N°

0230000006073705

0000Z

IFO : BSUILULL

Acc. N°

35210915

IFO : BSUILULL

Please contact us for any other currencies.

Details of the bank that will effectuate the transfer:

.

Name of Bank

Account n° IBAN Code

BIC Code

Settlement via Clearstream / Euroclear

Account

Account owner

c) Redemption and dividend payment :


Details of the bank account to which redemption and dividend payments are to be transferred:

Name of Bank

Account n° IBAN Code

BIC Code

Settlement via Clearstream / Euroclear

Account

Address

Account

name

Account owner

Currency

III Information concerning the prevention of money-laundering and terrorism financing.

As required by the prospectus of the Fund and the applicable laws of Luxembourg, particularly as

concerns the prevention of money laundering during subscription, the subscription form must be

accompanied by documents that will allow CACEIS BL as the Fund’s registrar and transfer agent to

identify the subscriber and, if applicable, all third-party beneficial owner of the investment.

The following identification documents are required upon the investor’s initial subscription in the Fund.

Subsequent subscriptions of shares/units within the Fund shall not require the subscriber to provide

CACEIS BL with the identification documents again, to the extent that the investor’s situation remains

unchanged from initial or previous subscriptions.

Notwithstanding the foregoing, the subscriber may be requested to provide additional or updated

identification documents from time to time pursuant to on-going investors due diligence requirements

under relevant laws and regulations conducted by the Fund and/or CACEIS BL.

In case of delay or failure by an investor to provide the documents required, the application for

subscription may not be accepted and in case of redemption request, the payment of the redemption

proceeds and/or dividends may not be processed. Neither the Fund nor CACEIS BL shall have any

liability for delays or failure to process deals as a result of the investor providing no or only incomplete

documentation.

On this basis, the subscriber is requested to provide CACEIS BL with the following documentation:

a) Individual subscribers:


- a certified copy of a valid identification document including a specimen signature of the holder (identity card, passport, driving license with photo, or any other appropriate document) for the subscriber and, if applicable, for all third-party beneficiaries.

b) Corporate entities subscribers:

- a certified copy of (1) the company’s Articles of Incorporation, (2) the extract from the register of

companies or any equivalent document in the jurisdiction of the domicile of the entity, (3) official list of the authorized signatures and the powers of the signatories, (4) bank references, (5) the latest audited financial statements, (6) certified copies of the identification documents of the company proxies who signed the application form. For unlisted companies or those which are not a bank or a regulated financial institution from a country subject to anti-money laundering or anti-terrorism financing measures equivalent to those in force in Luxembourg, shareholders who hold 25% or more of the company capital or benefit of 25% or more of the property of the legal arrangement (primary economic beneficiaries) must be identified in accordance with the specifications provided in the previous paragraph.

IV Information concerning Subscribers

For multiple choice sections, please tick the appropriate box

a) Individuals :

First subscriber

Subscriber acting on its own

behalf

Subscriber acting on behalf of third

parties

Last name, First

name(s)

Profession *

Economic

sector

If your activity falls within one of the following sectors, please tick the appropriate

box :

Casino, games Religious financial institution

Charity Diamond merchant, lapidary

Real estate agency Art dealership

Date of birth Place of birth


Source of

invested capital

Savings Property income Inheritance Game winnings

Other details :

__________________________________________________________________

____

Political

mandate or

public office

No Yes details :

______________________________________________________________

Tax identification

number

Identificatio

n

ID card

Passport

N°

Country of delivery

* If retired, please specify your previous profession / activity; if director, please specify the name of

the entity.

Second subscriber (if applicable) Joint account : AND □ AND/OR □


behalf


parties

Last name, First

name(s)

Profession *

Economic

sector


box :





Source of

invested capital


Other details :

__________________________________________________________________

____


Political

mandate or

public office

No Yes details :

______________________________________________________________

Tax identification

number

Identificatio

n

ID card

Passport

N°

Country of delivery

* If retired, please specify your previous profession / activity; if director, please specify the name of

the entity.

Third subscriber (if applicable) Joint account : AND □ AND/OR □


behalf


parties

Last name, First

name(s)

Profession *

Economic

sector


box :





Source of

invested capital


Other details :

__________________________________________________________________

____

Political

mandate or

public office

No Yes details :

______________________________________________________________


Tax identification

number

Identificatio

n

ID card

Passport

N°

Country of delivery

* If retired, please specify your previous profession / activity; if director, please specify the name of the

entity.

b) Corporate entities :

Subscription on behalf of any corporate entity (or an alternative entity such as a trust) must be signed

by an individual duly authorized to act in that capacity. If the subscription form is signed on the basis

of authorization, this authorization or a duly certified copy thereof must be enclosed with the

subscription form (trust deed, management authorization).


behalf


parties

Company name

Company objects

Economic sector

If your activity falls within one of the following sectors, please tick the

appropriate box :




Date of incorporation Legal form

Articles of incorporation (if

applicable)

Place of listing (if

applicable)


Signatory 1 (Last name,

first name)

Capacity of signatory

Identificatio

n

ID card

Passport

N°

Country of delivery

If applicable

Signatory 2 (Last name,

first name)

Capacity of signatory

Identificatio

n

ID card

Passport

N°

Country of delivery

Companies listed on official stock exchanges and professionals from the financial sector acting on

behalf of third parties and having their residence in a Luxembourg equivalent country in terms of anti-

money laundering and fight against the financing of terrorism legislation can skip the following section

and go to c).

Unlisted corporate entities and alternative entities acting on behalf of third parties must disclose the

identities of their final beneficial owners and the following identification information concerning such

beneficiary/beneficiaries:

Final beneficial owner Representation (each beneficiary must complete this form)

Last name, First

name(s)

Profession

Economic

sector


box :






Source of

invested capital


Other details :

__________________________________________________________________

____

Political

mandate or

public office

No Yes details :

______________________________________________________________

Tax identification

number

Identificatio

n

ID card

Passport

N°

Country of delivery

Last name, First

name(s)

Profession

Economic

sector


box :





Source of

invested capital


Other details :

__________________________________________________________________

____

Political

mandate or

public office

No Yes details :

______________________________________________________________

Tax identification

number

Identificatio

n

ID card

Passport

N°


Country of delivery

Last name, First

name(s)

Profession

Economic

sector


box :





Source of

invested capital


Other details :

__________________________________________________________________

____

Political

mandate or

public office

No Yes details :

______________________________________________________________

Tax identification

number

Identificatio

n

ID card

Passport

N°

Country of delivery

c) Primary address:

P.O. Boxes are not permitted.

Address –

Street

ZIP code City

Country

Phone n° Fax


e-mail

Do not send mail. Please leave it for collection

with :

d) Mailing address (if different from the primary address) :

Name

Address –

Street

ZIP code City

Country

Phone n° Fax

e-mail

Do not send mail. Please leave it for collection

with :

VI. FOREIGN ACCOUNT TAX COMPLIANCE ACT (“FATCA”)1

On March 18, 2010, the United States of America enacted provisions commonly known as the Foreign Account Tax Compliant Act (FATCA). According to the FATCA Rules, FFIs, unless they can rely under ad-hoc lighter or exempted regimes, need to report to the IRS certain holdings by/ and payments made to a/ certain U.S. investors b/ certain U.S. controlled foreign entity investor, c/ non U.S. financial institution investors that do not comply with their obligations under FATCA and d/investors that are not able to document clearly their FATCA status. Moreover, any account that it is not properly documented may l have to suffer a 30% WHT. On March 24th 2014, Luxembourg and U.S. governments entered into a Model I IGA which aims to coordinate and facilitate the reporting obligations under FATCA with other U.S. reporting obligations of Luxembourg financial institutions. According to the IGA, Luxembourg FFIs will generally have to report to the Luxembourg tax authorities instead of directly to the IRS. Information will be communicated onward by the Luxembourg authorities to the IRS under the general information exchange provisions of the U.S. Luxembourg income tax treaty. In order to comply with its obligations, the Fund needs to gather from subscriber(s) a series of additional information and documents relating to subscriber(s) and potential beneficial owners. CACEIS BL, subject to the provisions of the transfer and registrar agency agreement, the Fund’s constitutive documents and prospectus/offering memorandum and any applicable laws may the right to: (i) Withhold the payment of any dividend or redemption proceeds to a Unitholder/Shareholder of the

Fund until the Fund holds sufficient information; (ii) Reject at its discretion any subscription for Units/Shares;

(iii) Compulsorily redeem at any time the Units held by Unitholder/Shareholders who are excluded from purchasing or holding Units/Shares; and

(iv) Decline to register the transfer of Units to any person who is excluded from purchasing or holding Units.

1 “FATCA” means the Foreign Account Tax Compliance Act such as enacted and adopted by the United States of America on March 18, 2010,

requiring US individuals to report their financial accounts held outside of the United States and foreign financial institutions to report to the

Internal Revenue Service about their US clients


(v) Take any additional measures authorized by the Fund’s constitutive documents and prospectus/offering memorandum.

(1) In this connection, the undersigned subscriber hereby declares, by ticking the correspondent

box that, in accordance with the principles of FATCA, the regulations relating to Information Reporting by Foreign Financial Institutions and Other Foreign Entities released by the IRS on 28

th January 2013

(the “FATCA Regulations”), all subsequently published FATCA announcements and as the case may be, the provisions of the intergovernmental agreement (IGA) entered between the country of residence of the subscriber and the United States of America to improve International Tax Compliance and with respect to FATCA, as well as relevant national Laws:

□ I AM / WE ARE US RESIDENT (For further details please refer to definition below2. For joint accounts, each

subscriber shall provide the relevant confirmation)

a) If I am / We are individuals :

We undertake to provide CACEIS BL a W9 Form duly filled and electronically signed in accordance

with the principles of the US Tax laws.

b) If I am / WE are Corporate entities:

□ If the Corporate entity is a company having its headquarter’ registered office in the U.S;

OR

□ If the Corporate entity is a company incorporated in the U.S. (U.S. corporation)

We undertake to provide CACEIS BL a W9 Form duly filled and electronically signed in accordance

with the principles of the US Tax laws.

□ I AM / WE ARE NOT US RESIDENT (For joint accounts, each subscriber shall provide the relevant confirmation)

a) If I am / We are individuals : (Please tick as much cases as relevant to your own situation)

2 Within the meaning of the U.S Internal Revenue Code and subject to any amendments to the legal definition which may be from time to time

adopted, shall qualify as “US Person” the following:

“US Person (Corporate entity): (i) any company incorporated in the US (US corporation); (ii) any US partnership (domestic partnership); (iii)

any trust if a US court is able to control the trust administration and one or several US persons are entitled to control any substantial decisions of

the trust; (iv) any states of the United States; (v) any company that has a bank account located in the US; (vi) any company having its

headquarter’s registered office in the US; (vii) any company having its headquarter registered office located outside the US but having one or

more US beneficial owner(s).

“US Person (Individual):

(i) US citizen ( including double or multiple nationality and US place of birth);

(ii) US residents or owner of a permanent residence title ("Green Card");

(iii) Individual having resided in the USA for a "substantial" period of time in the course of the year "N" and/or the two years before. Example of "substantial" period of time : (a) Residence in the US for more than 183 days in the course of the year N; (b) Stay of more than 31 days in the course of the year N in the US, if the total of a) this period, plus b) the number of days of residence in N-1 divided by 3, plus c) the number of days of residence in N-2 divided by six, exceeds 183 days;

(iv) If the issuer country of the ID or passport is a US territory; (v) If the primary address and/or the mailing address (as set forth in part IV d) above are within US territory; (vi) If at least one of the subscribers is a US Citizen (joint account, as set forth in part IV a) above.

In case of doubt with respect to their situation re FATCA Regulations, subscribers should consult with their legal or tax advisor.


(1)

□ If I / We have no US Bank account(s);

□ If my/our primary address and/or mailing address are not within the U.S. territory;

□ If I / We do not have a U.S. phone or fax number;

□ If I / We do not have a power of attorney or signatory authority granted to an individual having a primary address and/or mailing address within the U.S. territory

And (2)

□ I / We have not a US place of birth

If I / We ticked ALL the above boxes under (1) and (2), please note that you are not required to provide CACEIS BL with any further documentation for FATCA identification purposes;

If I / We did not tick any box in section (1) above, I / We undertake to provide CACEIS BL with a W8 BEN form duly filled and electronically signed in accordance with the principles of the US Tax laws;.

If I / We did certain but not all boxes in section (1) above, I / We undertake to provide CACEIS BL with a W8 BEN form duly filled and electronically signed in accordance with the principles of the US Tax laws;

If I / We did not tick the box in section (2) above, I / We undertake to provide CACEIS BL with a W8 BEN form duly filled and electronically signed in accordance with the principles of the US Tax laws as well as a US nationality renunciation certificate. Should you not be in the capacity to provide a US nationality renunciation certificate, then you need to provide a W9 Form.

For the completion of the foregoing US Tax forms, Individuals are herein requested to provide

CACEIS BL with an email address which shall allow CACEIS BL to provide you with an internet link :

Email: _______________________________________________________________

b) If I am / We are Corporate entities:

□ If the Corporate entity is a company NOT having its headquarter’ registered office in the U.S;

OR

□ If the Corporate entity is NOT a company incorporated in the U.S. (U.S. corporation)

We undertake to provide CACEIS BL a W8 BEN E Form duly filled and electronically signed in

accordance with the principles of the US Tax laws (Please note that you are requested to complete

the BO Section of the W8 BEN E Form, when applicable, by indicating the exact US tax payer

identification number (TIN).


(2) The undersigned subscriber further declares that:

2.1. Subscriber (corporate entities)

2.1.1. It has the following FATCA Status by ticking the appropriate box, adding its signature. Also, it

undertakes to take the necessary actions to prepare on the “Identity” system of Thomson Reuters and send immediately to the Bank the appropriate related US tax Form.

□ 1. Specified US Person

□ 2. US Person that is not a US Specified

□ 3. Luxembourg FFI or FFI in a partner jurisdiction

□ 4. Participating FFI (other than case 3)

□ 5. Deemed compliant FFI (other than case 3)

□ 6. Exempt beneficial owner (other than case 3)

□ 7. Active NFEE

□ 8.Passive NFEE

o non of which controlling persons are US citizens or resident; o which controlling persons are US citizens or resident

□ 9.Non-participating FFI (including a Luxembourg Financial Institution or other Partner Jurisdiction Financial Institution treated by the IRS as a non-participating Financial Institution)

2.1.2. The undersigned deposit holder confirms, by ticking the corresponding box that :

□ YES, it has registered on the IRS Portal its appropriate FATCA Status

□ please confirm GIIN Code: XXXXXX.XXXXX.XX.XXX □ NO, it has not registered on the IRS Portal due to its FATCA Status

□ It will register later and undertakes to send immediately to CACEIS BL its Fatca status and GIIN number

2.2. For Passive NFEE with a U.S. controller person:

Please provide U.S. Taxpayer identification number (SSN or ITIN) for the ultimate relevant beneficial

owner and a W9 Form duly filled and electronically signed in accordance with the principles of the

US Tax laws.

Under penalties of perjury, the subscriber herein declares that the information of Section IV of

this application form is, to the best of its knowledge and belief, true, correct and incomplete.

Subscriber undertakes to inform the Fund without delay of any change in his/her/its situation

that would make above declaration no longer valid.

V KEY INVESTOR INFORMATION (“KIID”)


The key investor information document (“KIID”) of the Fund relating to each share class, is made available to the investors according to the relevant provisions of the Luxembourg law of 17

th December 2010 relating to

Undertaking for Collective Investments, implementing Directive 2009/65/EC and its implementation acts (the “UCITS IV legislation”) on the following website: https:// ________________________________. Such website will be constantly updated as requested by the UCITS IV legislation and access will be continuously granted. In case there is any change in the availability of the KIID, the Fund or its duly authorized representative would contact you and provide you with alternative solutions. Please indicate the email address that shall be used for this purpose:

Email

address

Final investors investing in the Fund for their own account should refer to Point 1 below. Financial intermediaries investing in the Fund for the account of investors, or advising investors to invest in the Fund, should refer to Point 2 below.

1. Final investors

The subscriber, investing in the Fund in their own account, hereby expressly accepts to be provided at all times with an up-to-date version of the KIID as published on the above website. However, the subscriber acknowledges being entitled to receive on request to the Fund and free of charge a hard copy of the KIID. The subscriber further confirms that he/she has taken knowledge of the up-to-date version of the KIID as published on the above mentioned website in good time before making the present subscription/switch in the Fund. Furthermore, the subscriber hereby undertakes that for the purposes of subsequent subscriptions and switches in any class of any sub-fund of the Fund, the subscriber will refer to the up-to-date version of the applicable KIID as published on the above mentioned website prior to any subscription of switch of shares in the Fund. The subscriber hereby acknowledges and agrees that any subscription/switch order made by the subscriber shall be considered as a written confirmation from the subscriber that the investor has taken knowledge of the up-to-date relevant KIID as published on the above mentioned website on the date such subscription/order was made.

2. Financial intermediaries

The financial intermediaries , investing in the Fund for the account of investors, or advising investors to invest in the Fund (the “Subscribers”), hereby confirm that they have provided to such investors or potential investors (the “Investors”) the up-to-date version of the KIID as published on the above mentioned website, before making the present subscription/switch in the Fund, that the Subscriber has, in general, fully complied with the provisions of the UCITS IV legislation governing the distribution of the KIID in respect of such subscription/switch and has kept evidence of compliance with such provisions.

In particular the Subscriber shall (inter alia):

- keep track of the KIID version provided to the Investor each time; - where the KIID is provided to Investors using a durable medium other than paper :

a. make sure that the provision of the KIID using such a durable medium is appropriate to the context according to the definition of the UCITS IV legislation;

b. make sure that the person to whom the KIID is to be provided, has been offered the choice between information on paper or in that other durable medium, and has specifically chosen that other medium;

- where the KIID is provided by means of a website and that information is not addressed personally to the Investor:


a. make sure that the provision of that information in that medium is appropriate to the context according to the definition of the UCITS IV legislation;

b. make sure that the Investor specifically consents to the provision of that information in that form; c. make sure that the Investor has been notified electronically of the address of the website, and

the place on the website where the information may be accessed; d. keep record of that specific consent and to forward a copy thereof to the Management

Company, upon request.

Furthermore, the Subscriber hereby undertakes that for the purposes of subsequent subscriptions

and switches in any class of any sub-fund of the Fund, the subscriber will provide the KIID to the

Investors prior to the first investment, the subscriber will, in general, fully and continuously comply

with the provisions of the UCITS IV legislation governing the distribution of the KIID, as may be

amended in the future, and will keep evidence of compliance with such provisions.

Eventually, the Subscriber hereby acknowledges and agrees that it is the Subscriber’s

responsibility to ensure that the sub-distributors or financial intermediaries possibly appointed by

the Subscriber fully comply with the above obligations and undertakes to take all measures in

order to fulfill this duty.

VI Additional information

The undersigned acknowledges having received and familiarized himself/herself with the most recent

valid Prospectus of the Fund and confirms that he/she is authorized to invest monies in compliance

with the prospectus. The Investor represents that the invested funds were not derived from illegal

activities as described under the laws of Luxembourg or the recommendations issued by the Financial

Action Task Force on Money Laundering (FATF).

The undersigned confirms that he/she holds no Political mandate or public office other than specified

in this subscription form, or that he/she does not act on behalf of third parties holding Political

mandates.

The undersigned certifies that the information provided in this subscription form is complete and

accurate and undertakes to update it if necessary.

For corporate entities and in the case of joint accounts, the original and authenticated list of

Signatories, giving their names, powers and original signatures, must be presented.

For orders sent by fax, the undersigned releases Caceis Bank Luxembourg from any liability for any

potential financial losses or fees incurred by one of the parties and resulting from the processing of

orders made in such form. No order will be accepted via e-mail.

Caceis Bank Luxembourg assumes no liability for failure to process an order as a result of incomplete

or inaccurate information presented by the subscriber in this form.


The investor is hereby informed that the rights to the Fund apply upon subscription.

The investor hereby acknowledges that the subscription is made subject to the provisions of the

Fund’s prospectus and the Fund’s Articles of Incorporation, particularly those involving the Cut-Off

time for receiving orders. Investors hereby acknowledge that “late trading” and “market timing”

practices are prohibited.

Companies listed on official stock exchanges and professionals from the financial sector and

acting on behalf of third parties having their residence in one of the FATF countries, need to

sign the Letter of Representation with CACEIS enclosed in appendix I.

For joint accounts all the account holders must sign the form. In such cases, written

instructions must also be provided.

If the Signatory is not the subscriber, please specify the capacity in which he/she is acting.

Subscribers who are individual residents in a Member State of the European Union (other

than Luxembourg) or in any Associated or Dependant Territories (for the time being British

Virgin Islands, Montserrat, Turks and Caicos Islands, Channel Islands, Isle of Man, Aruba and

the Netherlands Antilles), shall refer to Appendix II and complete it as appropriate.

Please add a handwritten note « Read and approved »

Signature 1 --------------------------------------------- Signature 2 --------------------

-------------------------

Date : _____________________ Date :______________________


Documents enclosed with the subscription form

Number of documents enclosed : ------------------------------------------------

Type of documents enclosed :

Bank account details :

Annual report :

Passport :

ID card :

(please note that identity cards must be valid and include a photo and a signature.)

Articles of incorporation :

List of authorized signatures :

Extract from the Register of Companies :

Final beneficial owner representation

Other, please specify :

__________________________________________________

For any information concerning your investment, please contact Caceis Bank Luxembourg, OPC

Registration Department, at the aforementioned address, by fax: (352) 47 67 70 59, phone (352) 47

67 23 33, or by e-mail at [email protected]

Please add a handwritten note « Read and approved »

Signature 1 --------------------------------------------- Signature 2 --------------------

-------------------------

Date : _____________________ Date :______________________



Appendix I: Letter of representation

Appendix II: Information requested in the context of the application of the European Directive on

Savings Income

Appendix I : Letter of Representation

Representation Letter

[to be printed on letterhead]

Dear Sirs,

[Name of company] is a

O Bank / Financial Institution

O Professional of the Financial Sector3 of the type …………………….

O Insurance Company

O Management Company

O Investment fund

O Pension fund

O Commercial company …………………………….

O Other ……………………………………………….

Incorporated, formed under the laws of ……………………………………………

3 In Luxembourg, PFS under the surveillance and regulation of the CSSF (Regulator) are categorised as follows : Investment firms : Investment advisers,

Brokers in financial instruments, Commission agents, Private Portfolio managers, Professionals acting for their own account, Market makers, Underwriters of

financial instruments, Distributors of units/shares in UCIs, Financial Intermediations firms, Investment firms operating an MTF in Luxembourg / PFS other

than investment firms : Registrar agents, Professional custodians of financial instruments, Operators of a regulated market authorized in Luxembourg,

Operators of payment of securities settlement systems, Persons carrying out foreign exchange cash operations, Debt recovery, Professionals carrying out

(securities) lending operations, Professionals providing fund transfer services, Mutual savings fund administrators, Managers of non-coordinated UCIs / PFS

performing a connected or complementary activity of the financial sector : Corporate Domiciliation agents, Investor communication agents, Financial

sector adminstrative agents, Primary IT systems operators of the financial sector, Secondary IT systems and communication networks operators of the

financial sector, Professionals providing company formation and management services.


Submitted, without limitation, to the following anti-money laundering and legislation

…………………………………………………………….(please insert name and reference of applicable

legislation)

O We act for our own account

O We act both for our own account and for the account of our customers

O We act solely for the account of our customers

As ……………………………………………..(Custodian, trustee, nominee, transfer agent, registrar, other

…)

We are not regulated by any authority / regulated by …………………………………………….

whose website / address is as follows ……………………………………………………………

……………………………………………………………………………………………………..

Our company

O is not quoted on any stock exchange and the following persons/entities hold more than 25% of its

Capital ……………………………………………………………………………………..

…………………………………………………………………………………………………

…………………………………………………………………………………………………

…………………………………………………………………………………………………

O is quoted on the ……………………………………………………Stock Exchange.


Dear Sirs,

We shall, from time to time, purchase, redeem and hold, Units / Shares of Luxembourg mutual funds (the Funds) for which you act as Depository Bank and/or Registrar Agent .

We hereby represent to you that :

1. We are aware of the terms of the Prospectus of the relevant Funds, we shall observe them and shall

not allow the purchase or holding of units or shares of the Funds by persons not authorized to purchase or hold them under the provisions of the Prospectus. More especially, we will not allow US persons4 to become investors in the fund.

2. We are located in a country that has issued legislation or regulations for the prevention of money

laundering and the fight against terrorism in line with :

O the recommendations of the Financial Action Task Force (FATF member country) ;

O the E .U. Council Directive 2005/60/CE of 26 October 2005;

O ……………………………………………………………… (Please insert name of any other applicable

ruling document).

In this respect, we have in place Know Your Customer policies; we perform transaction controls and

obtain:

a. Information about the formation of the company and copies of constitutional documents, a recent

trade register extract, the identity and authorised mandate of the directors, the bank account details and the identity and beneficial ownership of the Shareholders, if a corporate entity, or

b. the Shareholder's true name, address and date of birth if a natural person. c. Where an investor is registered as nominee, trustee or in any other fiduciary capacity for another

person, we have obtained appropriate documentary evidence to support the identification of the other person(s), which can be produced on request.

3. We confirm that we have checked and will monitor that none of the Investors introduced by us and

their underlying beneficiaries (if any) do not appear on the watch lists published by the European Community and/or the US Office for Foreign Assets Control.

4. We confirm that if one of the investors introduced by us is a person holding a legislative,

administrative or judicial office or a public function or a senior political figure or one of their family member or close associate we have used all reasonable efforts to verify that the source of funds are not the proceeds of corruption or other illegal activity;

5. We will retain documentary evidence of the identity of the introduced investor(s) for a period of at

least five years from the cessation of our relationship with them. Upon your request we will provide you with all the investor’s information and the copies of the documents you deem appropriate in your

4 For the definition of U.S. Person, please refer to section IV of this Application Form.


role of registrar agent, such as proof of the identity of the final beneficiaries of the shares/units of the fund, to the extent permitted by the laws to which we are submitted;

6. We will inform you immediately if we become aware of any introduced investor engaging in activities

which lead us to believe that such investor is involved in money laundering or terrorist activities to the extent permitted by our legislation ;

7. We shall not advertise for investors, solicit investors, nor offer or sell any of the Funds, unless we

may do so in compliance with the laws and regulations applicable in our country;

8. We confirm that we have stringent rules and policies in place that safeguard the funds’ investors

against late trading and market timing5 practices ;

9. We confirm that we have taken knowledge of, understood and agreed upon the provisions of section

V above relating to the KIID and that we have complied, and will continuously comply, with the undertakings and obligations applicable to us in this respect, which we are aware of and fully understand. We hereby acknowledge, agree and undertake that we will provide the Fund, the Management Company of the Fund or any of their duly authorized delegates, with all evidence of compliance with the above mentioned provisions, swiftly upon request.

The above representations shall be deemed reiterated at the time of any order placed with you and shall

continue throughout the period you will hold investment funds shares/units for us or our customers.

For and on behalf of [Name of Company]

-------------------------------------------- ----------------------------------

Name : Date

Title :

-------------------------------------------- ----------------------------------

Name : Date

Title :

5 Market Timing: Arbitrage technique by which an investor systematically buys and sells or converts units or shares of the

same UCI within a short lapse of time to take advantage of the time difference and/or the imperfections or deficiencies of the

UCI NAV calculation.


Appendix II : Information requested in the context of the application of the European Directive

on Savings Income

This form only concerns individuals and residual entities6 whose fiscal residence is

situated in a Member State of the European Union other than Luxembourg or in

certain Associated or Dependant Territories7

If you are an individual or residual entity whose fiscal residence is situated in a Member State of

the European Union or in an Associated or Dependant Territory, income derived from your

investment in the fund(s) may fall within the scope of the European Directive on Savings Income of

June, 3rd, 2003 (hereinafter "The EU Savings Directive"). The EU Savings Directive is applied by

Member States as from 1st July 2005 and has been implemented in Luxembourg by the law of June 21st,

2005 (the “Law”).

Under the EU Savings Directive, each Member State is required to provide to the tax authorities of

another Member State details of payments of interest or other similar income paid by a paying agent

within the meaning of the EU Savings Directive which is situated in a Member State to (i) an individual or

(ii) certain types of entities called "residual entities", which are resident(s) in that other Member State (or

certain dependant and associated territories).

For a transitional period, however, Austria, Belgium and Luxembourg are permitted to apply an optional

information reporting system whereby if a beneficial owner does not comply with one of two procedures

for information reporting, the Member State will levy a withholding tax on payments to such beneficial

owner.

The withholding tax system applied for a transitional period during which the rate of withholding will be of

15% from July 1, 2005 to June 30, 2008, 20% from July 1, 2008 to June 30, 2011 and 35% as from July

1, 2011. The transitional period commenced on July 1, 2005 and terminates at the end of the first fiscal

year following agreement by certain non-EU countries to the exchange of information relating to such

payments. See "European Union Directive on the Taxation of Savings Income in the Form of Interest

Payments (Council Directive 2003/48/EC)".

Also with effect from July 1, 2005, a number of non-EU countries (Switzerland, Andorra, Liechtenstein,

Monaco and San Marino), and certain dependent or associated territories of certain Member States,

agreed to adopt similar measures (either provision of information or transitional withholding) in relation to

payments made by a paying agent within its jurisdiction to, or collected by such a paying agent for, an

6 Any entity established in a Member State, the British Virgin Islands, Montserrat, Guernsey, Jersey, Isle of Man, Aruba, or Netherlands Antilles to which

interest is paid or for which interest is secured for the benefit of the beneficial owner and which:

(a) is not a legal person,

(b) is not subject to tax on its profits under the general arrangements for business taxation and

(c) is not / or has not opted to be treated as an UCITS under the Directive 85/611/CEE"

(d) do not benefit from another status conferred by their country of residence. 7 Associated and dependant Territories having entered into a reciprocity agreement with the EU : the British Virgin Islands, Montserrat, Guernsey, Jersey, Isle

of Man, Aruba, Netherlands Antilles


individual or a residual entity in a Member State. In addition, Luxembourg has entered into reciprocal

provision of information or transitional withholding arrangements with certain of those dependent or

associated territories (Jersey, Guernsey, Isle of Man, Montserrat, British Virgin Islands, Netherlands

Antilles and Aruba) in relation to payments made by a paying agent in Luxembourg to, or collected by

such a paying agent for, an individual or a residual entity resident in one of those territories.

According to the Directive, payments that the Fund’s paying agent could be required to make to you

since 1st July 2005 in respect of your current or future holdings in the Fund(s) (including dividends or the

price paid upon the redemption of your units in the Fund) may fall within the scope of the Directive,

subject to certain conditions to be met at the level of the Fund regarding its nature and

investment policy. For the sake of simplicity, all such payments subject to the Directive are referred to

in this notice as “Interests”.

To determine whether your investments in the fund will effectively fall within the scope of the Directive, you shall refer to the Fund prospectus and other public documentation of the Fund.

Should the Fund meet the required criteria and if you are EU resident or resident in any of the

Associated or Dependant Territories, we, in application of the Directive, might be bound to apply a

withholding tax on the income that we pay to you.

This withholding tax should be creditable in your country of residence against your effective local fiscal

charge as such income.

Investors that are concerned may however avoid this withholding tax by opting for either of the

following alternative regimes:

1. exchange of information: you may authorize us to inform the Luxembourg authorities about

the Interests that will be paid to you it being understood that the Luxembourg authorities will then send that information to your tax authorities;

2. certificate of disclosure8: you may send us a certificate of disclosure drawn up in your name by your tax authorities

3. Option for the UCITS status9 With regard to these options, we hereby draw your attention to a number of implications you may be willing to consider:

- If you were to choose to disclose and agree to exchange information on your investments, the regime will apply to all Interests that we pay to you in respect of any investments made by you or to be made in the future in any investment fund falling within the scope of the Directive.

- If you were to choose the certificate of disclosure regime, you would be assuming the responsibility to declare your investments to your tax authorities. Accordingly, one certificate per holding would have to be obtained and delivered to us. Each certificate need a limited applicability period and must be renewed by you every 3 years.

8 Only for private investors.

9 Only for residual entities


You can opt for either of these alternative treatments by ticking the appropriate box below. If you do not opt for either of these possibilities, the exchange of information or the certificate(s), the applicable withholding tax would be levied on the Interest that we pay to you. In this context, we hereby strongly advise you to further consult your tax adviser on the implication that your choice may have on your particular situation.

The Fund reserves the right to reject any application for Shares if the information provided by any

prospective investor does not meet the standards required by the Laws of 2005 as a result of the

Savings Tax Directive." Individuals:

Certificate Exchange of

information

□ □

I hereby formally authorize CACEIS BL to

inform the Luxembourg authorities about the

Interest it pays to me.

Signature 1 Signature 2

Residual entities:

UCITS Status Exchange of information

□ □

I hereby formally authorize CACEIS BL to

inform the Luxembourg authorities about the

Interest it pays to me.

Signature 1 Signature 2 Signature 1 Signature 2

Residual entities having opted to be treated as UCITS in the sense of the Directive shall enclose to the present form an ad-hoc certificate enacted by their local authorities.


For further information as to the occurrence of the application of the Directive to your

instrument, you can contact our helpdesk by fax: (352) 47 67 70 59, phone (352) 47 67 23 33, or by

e-mail at [email protected]

Please note however that neither this letter nor the information that will be given by our

helpdesk is or will be meant to be exhaustive or to constitute legal or tax advice.
