* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download The place for listing Alternative Investment Funds
Market (economics) wikipedia , lookup
Trading room wikipedia , lookup
Leveraged buyout wikipedia , lookup
Short (finance) wikipedia , lookup
Algorithmic trading wikipedia , lookup
Private equity in the 1980s wikipedia , lookup
Mark-to-market accounting wikipedia , lookup
Special-purpose acquisition company wikipedia , lookup
Environmental, social and corporate governance wikipedia , lookup
Early history of private equity wikipedia , lookup
History of investment banking in the United States wikipedia , lookup
Fund governance wikipedia , lookup
Private equity wikipedia , lookup
Investment banking wikipedia , lookup
Securities fraud wikipedia , lookup
Money market fund wikipedia , lookup
Private equity in the 2000s wikipedia , lookup
Interbank lending market wikipedia , lookup
Socially responsible investing wikipedia , lookup
Mutual fund wikipedia , lookup
Stock trader wikipedia , lookup
Private equity secondary market wikipedia , lookup
www.pwc.com/lu/capital-markets The place for listing Alternative Investment Funds Luxembourg The Listing Centre Of Excellence 2011 2010 Key Figures SIF Law 13 February 2007 Number of specialised investment funds (SIFs) launched since February 2007 1000 933 new SIFs 800 since the introduction of the new Law 600 400 200 0 F MAM J J A S ON D J F MAM J J A S ON D J F MAM J J A S ON D J F M 2007 2008 2009 2010 Source: CSSF/ALFI 5,000 people employed to support the alternative fund industry in Luxembourg 483 entities Private Equity Real Estate Hedge Funds1 EUR €25 bn of assets EUR €19,895 bn of assets EUR €146,847 bn of assets 300 funds 171 funds 597 funds Source: ALFI 1 All hedge funds and funds of hedge funds administrated in Luxembourg; the figure includes funds domiciled and non-domiciled in Luxembourg. Around from 11 different countries list 7,445 lines of Undertakings for Collective Investments (“UCI’s”) Table of Contents 1. Alternative Investment Funds 2 2. Why listing Alternative Investment Funds and why Luxembourg? 4 3. Admission to trading: a choice between two markets: 6 3.1. “Bourse de Luxembourg”: EU regulated market 6 3.2. “Euro MTF market”: Exchange regulated market 6 4. Phases to list on the Luxembourg Stock Exchange 8 4.1. Strategy/Planning 8 4.2. Documentation 8 4.3. Admission 9 4.4. Continuing obligations 9 5. Overview of the Regulatory environment 10 6. Trust and Transparency 12 7. PwC Luxembourg Capital Markets Group 13 Alternative Investment Funds Asset Management companies are grappling with the blurring of the distinction between traditional long-only investment and alternative strategies. In Luxembourg, this is evidenced both by the strong growth in pure alternative investment funds and also the rapid emergence of alternative strategies embedded within the UCITS funds – the so-called “Alternative UCITS”. The general shift towards non-traditional asset classes has forced the majority of the traditional fund administrators to broaden their service proposals and offers, including listing funds to allow diversified category of investors to participate in the structures (e.g. UCITS funds, pension funds). 2 PwC Luxembourg Most of the Luxembourg providers are able to perform high quality accounting of alternative funds with the specific aspects of consolidation and IFRS reporting. In addition, distribution aspects like shareholder monitoring (e.g. hot issues, capital calls and side pockets) and performance fee management (e.g. computation, shareholder equalisation and crystallisation) are part of the standard services offered. Thus, the one-stop-shopping of traditional and alternative fund servicing can be achieved, at least on a domicile level, by relying on dedicated resources and technically mature infrastructures. The innovation of Luxembourg’s regulatory investment fund framework has fostered it into a dominant position as the onshore regulated domiciliation centre for alternative investment funds (e.g. Hedge Funds, Fund of Hedge Fund, Real Estate Funds and Private Equity Funds). Some of these funds are distributed on a cross-border basis. What’s more, Luxembourg has a well established administration expertise in funds ranging from Hedge Funds to Private Equity. Hedge Funds Luxembourg is an established European centre for Hedge Funds. Luxembourg Hedge Funds benefit from the know-how of service providers and the flexibility of the Luxembourg regulator. As at 31 December 2010, EUR 71,417 billion of Hedge Funds assets were under administration in Luxembourg and EUR 75,429 billions for Fund of Hedge Funds. The sector was totalling EUR 146,847 billions for 597 funds and showed a growth of 18,51% over the year. Hedge Funds and Fund of Hedge Funds account for two thirds of alternative investments in Luxembourg. Luxembourg’s long-standing focus on Hedge Funds and Fund of Hedge Funds products has enjoyed rapid growth in recent years as a result of regulatory and market developments. Structured as Specialised Investment Fund, “Part II” funds of the 2002 Law or as an Alternative UCITS, the fund range from simple long-short equity funds to more complex macro, arbitrage and commodity vehicle. The first attempt from the Luxembourg regulator to regulate hedge fund occured in 1991 and allowed, among other things, the launch of products applying alternative investment strategies: extensive use of derivatives, short selling, leverage through borrowings, real estate investments, venture capital Funds and Funds of Hedge Funds. Then to simplify the rules applicable to Luxembourg-domiciled Hedge Funds and to clarify the main investment restrictions applicable to short selling, leverage and derivatives, the Regulator issued at the end of 2002, CSSF Circular 02/80 on investment Funds using alternative investment strategies. This Circular is applicable to regulated Hedge Funds called “Part II” funds and it is open to all investors. Retail investors can invest in such Non-UCITS products. This has helped to significantly reduce the time needed to approve new products. Also hedge fund strategies became visible in UCITS funds when the UCITS III Directive of 2001 introduced wider investment flexibilities which were further refined in the Eligible Assets Directive of 2007. Fund managers have now launched approximately 1,000 UCITS with hedge fund-like strategies, among which 50% are domiciled in Luxembourg. Assets managed in Alternative UCITS already equals 10% of the size of the global hedge fund industry. Private Equity and Venture Capital Funds Benefiting from a flexible tax and legal environment, Luxembourg has been recognised for many years as a preeminent jurisdiction for structuring Private Equity Funds and private equity deals. Real Estate Investment Funds The number of Luxembourg Real Estate Funds and Funds of Real Estate Funds has continuously grown over the last five years corresponding to EUR 19, 895 million of assets under administration. Historically, Luxembourg’s private equity practice related to “Soparfis” (Sociétés de participation financière) as acquisition vehicles in private equity investments, allowing for efficient tax structuring with minimal legal and administrative requirements. However, the adoption in 2004 of the law on SICARs (Sociétés d’investissement à capital-risque) really spurred the development of Luxembourg into a major centre for Private Equity Funds. Almost all new Real Estate Funds have been launched as Specialised Investment Funds reflecting the popularity of this onshore legal framework for Real Estate Fund initiators. The launch of the Specialised Investment Funds was a further step along the way to putting Luxembourg firmly on the map as “the” European jurisdiction for Private Equity Funds and structuring. What’s more, a new vehicle has become available since the law on Specialised Investment Fund (SIF) entered into force on 13 February 2007 and it replaces the 1991 regulation. This law further reduces the time to market as no pre-approval from the Regulator is needed before launching the Fund. Because it is dedicated to well-informed investors, fund managers exploit the increased investment power introduced by the law. The success of the SIF Law (more than 933 SIFs approved between February 2007 and beginning of April 2010) is a testimony to the vision of the Luxembourg legislature and to its capacity of translating industry and clients’ demands into reality. The Luxembourg Stock Exchange 3 Why listing Alternative Investment Funds and why Luxembourg ? Why listing? Listing alternative investment funds on a stock exchange market provides numerous benefits for both issuers and investors. Access to additional funds for future growth Listed funds and their issuers will leverage from greater visibility and transparency. Investors will benefit from access to centralised data base where they will be able to find relevant information on the fund (i.e. prospectus, financial statements and other information related to the issuer). In case of liquidity needs, the products can benefit from the right regulated trade and post trade infrastructures to minimise the risks throughout the securities transactions value chain. During the life of the listed funds on-going communication inform the investors about corporate events (merger, dividends, shareholders meeting, etc.) but also securities pricing and valuation is regularly defined and communicated by the market. Listing funds can also provide some tax advantages for the investors and make often the products more easily eligible within the portfolio of asset managers. 4 PwC Luxembourg Benefit from Tax advantages Increase liquidity Listing Enhance issuer’s visibility and transparency of financial information Provide additional investors’ trust with regards to valuation Provide eligibility for institutional investors (e.g. UCITS funds, insurance companies and pension funds) Why Luxembourg? • Stable and secure public finance and tax environment; • Benefits from confirmed triple AAA long term credit rating and high level of reputation; • Long history and an important experience in the domiciliation and the administration of investment funds; • European leader of registration of investment funds distributed on a pan-European basis; • Due to the straightforward, inexpensive and short time listing formalities; • The change of status by moving from an offshore centre to a regulated onshore centre, the Luxembourg, enhances the distribution to a broader range of investors (i.e. institutional, high net-worth individuals and retail investors); • The existence of a permanent base centre permits eligibility for investments in the context of various jurisdictions. Domestic Foreign Total New listings Quotation lines Legal entities 1,213 7,293 446 7 152 37 1,220 7,445 483 Source: The Luxembourg Stock Exchange as at 31 December 2010 The Luxembourg Stock Exchange 5 Admission to trading: a choice between two markets operated by the Luxembourg Stock Exchange The Luxembourg Stock Exchange offers broad listing opportunities via its two markets, with the highest standards, meeting the eligibility criteria imposed to investors by securities regulators and central banks. There are no restrictions on the type of securities to be listed on both markets, upon the condition of compliance with the Rules and Regulations of the relevant exchange. Issuers need to comply with different requirements according to the chosen market, both before and after admission. “Bourse de Luxembourg” market: The EU regulated market Operating since May 1929, it is an EU-Regulated Market as defined in the European Directive 2004/39/EC and published on the list of the regulated markets in the Official Journal of the European Union. It offers a European passport for the admission to trading of securities in more than one EU member state to issuers looking to enlarge their scope of international investors. The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (“CSSF”), is in charge of approving prospectuses for admission to trading on the “Bourse de Luxembourg” market. Issuers on the “Bourse de Luxembourg” market are subject to the requirements of the Prospectus, Transparency Obligation and Market Abuse Directives, including the preparation of consolidated financial information in accordance with International Financial Reporting Standards (“IFRS”) or, in the case of non-EU issuers, with accounting standards deemed equivalent. “Euro MTF market”: The exchange regulated market The Euro MTF is a Multilateral Trading Facility in compliance with the Market in Financial instruments Directive (the “MiFID”, which was launched in July 2005 to satisfy the needs of those issuers not interested in a European passport or in need of more flexibility in relation to the preparation of financial information. It is not an EU-Regulated Market and therefore is outside the scope of EU Prospectus and Transparency Obligation Directives, allowing financial reporting under accounting standards other than IFRS or equivalent standards, in certain cases with a description of the main differences with IFRS or US Generally Accepted Accounting Standards. The Luxembourg Stock Exchange is in charge of approving prospectuses for admission to the Euro MTF market, in accordance with its Rules and Regulations. The Rules and Regulations provide the Luxembourg Stock Exchange with some flexibility so that, in limited and appropriate circumstances, some requirements can be adapted to accommodate an issuer’s particular situation. Since its launch, the Euro MTF has expanded rapidly, reaching 6,295 securities admitted to trading as at 29 April 2011. 6 PwC Luxembourg Did you know that? • Luxembourg’s Euro MTF was the first European exchange regulated market in 2009 with an offering value of EUR 1,575 Mio(1). • The money raised on Luxembourg’s Euro MTF market contributed to 57 % of the total raised on Europe’s exchange regulated markets. • Luxembourg attracted 73 % of all international IPO by value and 54 % by volume with its Euro MTF market hosting all 21 of its international IPO. • 483 issuers from more than eleven different countries list 7,445 lines of Undertakings for Collective Investments (UCIs). (1) Source : PwC IPO Watch 2009 The Luxembourg Stock Exchange 7 Phases to list on the Luxembourg Stock Exchange Strategy/Planning Preparing Documentation Strategy/Planning/Documentation Planning and good preparation are keys to a successful admission. In order to fulfill the admission requirements for trading alternative investment funds have to comply with the following criteria: • Conformity of the fund and its shares / units with the laws and regulations which they are subject to; • Appropriateness of the financial track record (only for closed ended funds); • Free negotiability of the shares / units; • Sufficient distribution of the shares / units to the public; • Minimum size of the market capitalisation; • Acceptance of the shares/ units with a clearing house. 8 PwC Luxembourg Admission : • BdL • Euro MTF Continuous Reporting Obligations Due to the amendments of the Luxembourg Law dated 19 December 2002 (the commercial “Accounting Law”), transposing Directive 2006/46/EC, listed issuers including listed funds on the EU regulated market must publish in their annual financial report a corporate governance statement including the following information: • reference to the corporate governance code to which the company is subject to or with which the company has voluntarily decided to comply, including details of where the text of the relevant code is publicly available; • all relevant information concerning corporate governance practices applied in respect of the company which are additional to any statutory requirements and details of where this information has been made available by the company for inspection by the public; • details of, and reasons for, any departures from the requirements of the applicable code; • a description of the main features of the internal control and risk management systems of the company in relation to the financial reporting process; • a description of the operation of the shareholder meeting, the key powers of the shareholder meeting, shareholders’ rights and the exercise of such rights; and • details of the composition and operation of the board of directors and the committees of the board of directors with administrative, management and supervisory functions. The Association of Luxembourg Fund Industry has published a Corporate Governance Code which serves as the reference for the governance of Luxembourg domiciled investment funds. Admission The first question issuers need to consider when preparing a successful submission file, is the status of the fund, closed-end or open-end, which will determine the type information to be submitted. Closed-end fund are considered to be funds that do not permit the redemption of its shares/units at the holders request. While open-end funds allow at the holder’s request the repurchase or redemption, directly or indirectly, of its shares/units out of the assets of the fund. • In the case of admission to trading of closed-end funds on the “Bourse de Luxembourg” market, the prospectus and related documents will be submitted for approval to the CSSF. • In the case of admission to trading of open-end funds on the “Bourse de Luxembourg” market as well as open and closed-end funds on the Euro MTF market, the prospectus and related documents will be submitted for approval to the Luxembourg Stock Exchange. Another question is whether the Issuer is seeking the admission of equity securities (shares /units) or other types of securities like debt securities. Non-Luxembourg domiciled funds may be admitted to trading on a market operated by the Luxembourg Stock Exchange based on a prospectus approved in compliance with harmonised EU law. The listing on the Luxembourg Stock Exchange of non Luxembourg based investment funds is not subject to additional requirements. Continuing obligations On the regulated market “Bourse de Luxembourg” Closed-ended funds are required to provide periodic and ongoing information defined as “Regulated Information”. This Regulated Information must be published; made available to an officially appointed mechanism (OAM) which is the Luxembourg Stock Exchange; and filed with the CSSF. Periodic Regulated Information Issuers must draw annual reports and half-yearly reports and issuers of shares have to provide an interim financial reporting. Ongoing Regulated Information Most reporting requirements concern information relating to major holdings and apply to both holders and issuers of shares. Issuers must also take into consideration the reporting obligations foreseen in the Market Abuse Directive concerning particularly the price sensitive information. Open-ended funds should comply with the ongoing obligations required by their national legislation. On the “EuroMTF market” Periodic Information The financial reporting can be prepared under IFRS or other accounting standards. The reports will be made available: Ongoing Information Without prejudice to the other continuing obligations imposed by the issuer’s national regulations, the issuer shall communicate to the Luxembourg Stock Exchange as early as possible any information relating to events affecting the securities admitted to trading, including but not limited, to: • Amendments affecting the rights of the securities. Any new issue or subscription of securities; • Any change of transfer or paying agent. Announcements of any dividend distribution; • Any other event or information which, on the date of its publication by the issuer or on its behalf, is likely to influence the price of the securities; • Other useful information for investor protection. The issuer shall communicate all other information that it deems useful for the protection of investors or for the due and proper operation of the market. Detailed description of the ongoing obligations for entities listed on the Euro MTF market is disclosed in chapter 10 of part 1 of the rules of the Luxembourg Stock Exchange. • as soon as latest audited financial statements and latest management report prepared in accordance with the issuer’s national legislation are ready; and • within the four months of the end of the first semester, a semi-annual report on the issuer’s activities and results, except where a semi-annual report is not required by the issuer’s national legislation. The Luxembourg Stock Exchange 9 Overview of the Regulatory environment Investment Funds PART II FUND SIF Legal Framework • Subject to Part II of the Law 17 December 2010 relating to Undertaking for Collective Investments (2010 Law) • Subject to the Law of 13 February 2007 on Specialised Investment Funds (SIF Law) Possible Investment Funds envisaged under the legal framework • • • • • • • • Eligible investments and investment restrictions • Eligible investments unrestricted • Risk diversification requirements • Prior approval of the investment objective and strategy by the CSSF • Eligible investments unrestricted • Risk diversification requirements Eligible Investors • All types of investors • Well-Informed Investors Status of the entity • Open-end • Closed-end • Open-end • Closed-end Type of Securities admitted to trading • Equity securities (Shares/Units) • Debt securities • Equity securities (Shares/Units) • Debt securities Admission to listing and/or trading of open-end entities (equity securities) • Prospectus subject to the 2010 Law • Meet the requirements imposed by rules and regulation of the relevant market • Prospectus subject to the SIF Law • Meet the requirements imposed by rules and regulation of the relevant market Admission to listing and/or trading of close-ended entities (equity securities) • Prospectus in line with the requirements of the Prospectus Law • Meet the requirements imposed by the rules and regulation of the relevant market • Prospectus in line with the requirements of the Prospectus Law • Meet the requirements imposed by the rules and regulation of the relevant market 10 PwC Luxembourg Hedge Funds Fund of Hedge Funds Real Estate Funds Private Equity Funds Hedge Fund Fund of Hedge Funds Real Estate Funds Private Equity Funds Investment Vehicles SICAR SOPARFI • Subject to the Law of 15 June 2004 on Investment Company in Risk Capital, as amended (SICAR Law) • Subject to the Law of 10 August 1915 on Commercial Companies, as amended (Company Law) • Private Equity Funds • Venture Capital Funds • • • • • Investments must represent “risk capital” as defined in Circular CSSF 06/241. Not subject to risk spreading requirements • Eligible investments unrestricted • Regular holding companies are not subject to risk spreading requirements • Well-Informed Investors • All types of investors • N/A • N/A • Equity securities (Shares/Units) • Debt securities • Equity securities (Shares/Units) • Debt securities • Prospectus in line with the requirements of 10 July 2005 on Prospectus on transferable securities (Prospectus Law) • Meet the requirements imposed by the rules and regulation of the relevant market • Prospectus subject to the Law of 10 July 2005 on Prospectus on transferable securities (Prospectus Law) • Meet the requirements imposed by the rules and regulation of the relevant market • Prospectus in line with the requirements of 10 July 2005 on Prospectus on transferable securities (Prospectus Law) • Meet the requirements imposed by the rules and regulation of the relevant market • Prospectus subject to the Law of 10 July 2005 on Prospectus on transferable securities (Prospectus Law) • Meet the requirements imposed by the rules and regulation of the relevant market Hedge Funds Funds of Hedge Funds Private Equity Funds Real Estate Funds The Luxembourg Stock Exchange 11 Trust and transparency The forthcoming wave of regulations will generate greater demands on European alternative fund managers’ operations and transparency. With the European Alternative Investment Fund Managers Directive (AIFMD), the US Wall Street Reform and Consumer Protection Act (Dodd-Frank) and the US Foreign Account Tax Compliance Act (FATCA), when combined, will make Europe’s alternative investment fund managers among one of the most heavily regulated in the world. Alternative fund managers must recognise the opportunity they have to increase assets – provided they regain investors’ trust. Transparency has an essential part to play in doing so. Portfolio transparency and controls transparency not only inform investors but also improve the ability of fund boards to discharge their duties by giving them greater insight into the activities of alternative fund managers and other service providers. With the full implications of these regulations only becoming clear in the last few months, many alternative fund managers will have to add considerable infrastructure in terms of qualified people and systems. As a result of AIFMD, many managers will need to significantly improve transparency through internal and external reporting, covering gearing, liquidity, risk management and trading activity. The Luxembourg Financial Market Place, its infrastructure and the Luxembourg Stock Exchange aim to support the issuers and promoters in meeting these new objectives and challenges. 12 PwC Luxembourg In response to CESR’s call for evidence on implementing measures on the AIFMD, many markets players have called the European Securities and Market Authority’s attention to the fact that already many alternative investment funds are listed and subject to disclosure requirements under the Prospectus Directive, as well as, existing reporting requirements of the relevant listing authorities. In this light, many listed alternative fund managers expect to report obligations under the AIFM to be lighter when compared to non-listed managers. Market and Post Market infrastructure All securities on both markets of the Luxembourg Stock Exchange are traded on the Universal Trading Platform (UTP) of NYSE Euronext. This is possible thanks to a partnership agreement signed on 22 March 2007 between Euronext N.V. and the Luxembourg Stock Exchange. The UTP platform is the single trading platform used by the cash and derivatives markets of NYSE Euronext. It is based on a global network which enables members to access the services and applications of NYSE Euronext and relies on unified communication protocols, both for public flows (market data) and private flows (order entry). Post-trade activities for both markets of the Luxembourg Stock Exchange are assured by LCH.Clearnet S.A. which acts as a central counterparty (CCP) for certain securities and so ensures that trades are cleared rapidly and cost effectively. An innovative structure allows participants to use both Euroclear Bank and Clearstream Banking Luxembourg to settle trades. CCP services allow investors to trade on the Luxembourg Stock Exchange using industry best practices, and therefore strengthen post-trade efficiency. Enhance Data dissemination and Information Transparency Luxembourg Stock Exchange centralises all regulated information issued by companies and making it accessible, thus ensuring effective dissemination of such information to the public. With this service, issuers or their representatives can file documents containing regulated information and are provided with a range of follow-up functionalities. Regulated information and documents are then made available for free public consultation and downloadable via the Luxembourg Stock Exchange website at www.bourse.lu Issuers may also use our Financial News Service (FNS) for the publication of notices and press releases, for announcements and, in particular, price-sensitive information that must be published rapidly. Such news notices are then disseminated through the Luxembourg Stock Exchange website with a simultaneous distribution to EU financial media. The PwC Luxembourg Capital Markets Group How PwC can Help Our Capital Markets Group can assist you in accessing capital markets with innovative tailored solutions. A multi-disciplinary approach enables companies to benefit from a team of tax, regulatory, advisory and audit experts, through a broad range of services, including: Advice on the structuring of investment vehicles and products Guidance on the selection of the adequate investment listing vehicle (e.g. Hedge Funds, Fund of Hedge Funds Private Equity, Real Estate or structured products) in the light of local capital markets regulation and exchange admission opportunities Guidance on market opportunities Advice on the selection of the market type (i.e. European regulated or exchange regulated markets), in line with the listing strategy and target investors Advice on the most tax efficient listing structure • Assessment of the company’s tax compliance status with listing rules • Design of a feasible tax plan to control and minimise tax exposure according to the most competitive financial vehicle or structure Advice on stock exchange admission to trading • Development of a strategy to handle the listing process and/ or approval by regulatory authorities • Provision of an overall insight into the capital markets related European Directives (Prospectus, Transparency, Market Abuse, MiFID, etc.) • Advice and review of prospectuses’ financial contents, compliance with related regulations and approval process • Support in the submission of listing files and communication with the competent authorities Due diligence Financial and business due diligence reviews Project management Advice on the project management and coordination of transactions PwC Luxembourg’s professionals have a vast experience in dealing with Luxembourg regulations and market practices, which enables them to anticipate and iron out difficulties in public offers, admission to the Official List and admission to trading, both locally and internationally. They are part of PwC’s global network of capital markets specialists, providing them with the opportunity to refer to and leverage the experience and best practices developed in other leading financial centres. The Luxembourg Stock Exchange 13 Contacts Further information on the listing process and market data is available on the Luxembourg Stock Exchange website: www.bourse.lu Luxembourg Stock Exchange 11, av. de la Porte-Neuve, B.P. 165, L-2011 Luxembourg For further information, please contact: Hubert Grignon Dumoulin Issuers and market regulation Issuers, Head of department [email protected] +352 477936-503 Alessandro Picco Equity and Investment funds Issuers, equities & UCIs [email protected] +352 477936-261 Ronny Alf Equity and Investment funds Issuers, equities & UCIs [email protected] +352 477936-229 14 PwC Luxembourg Contact details of Luxembourg’s Financial Sector Regulator: Commission de Surveillance du Secteur Financier 110, route d’Arlon, L-2991 Luxembourg +352 26 251-1 [email protected] www.cssf.lu Should you require further information on services provided by PwC Luxembourg Capital Markets Group, please contact: Laurent Collet Luxembourg Capital Market Leader [email protected] +352 49 48 48-2549 Régis Malcourant Hedge Funds Leader [email protected] +352 49 48 48-2540 Didier Prime Luxembourg Asset Management Leader [email protected] +352 49 48 48-6130 François Génaux Financial Services Consulting Leader [email protected] +352 49 48 48-2509 Vincent Lebrun Private Equity Leader [email protected] +352 49 48 48-2225 Amaury Evrard Real Estate & Infrastructure Leader [email protected] +352 49 48 48-5751 PwC Luxembourg (www.pwc.com/lu) has about 2000 professionals from 53 different countries. PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients. More than 161,000 people in 154 countries in firms across the PwC network share their thinking, experience and solutions to develop fresh perspectives and practical advice. “PwC” is the brand under which member firms of PricewaterhouseCoopers International Limited (PwCIL) operate and provide services. Together, these firms form the PwC network. Each firm in the network is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. www.pwc.com/lu/capital-markets www.bourse.lu Published by the Société de la Bourse de Luxembourg S.A. (www.bourse.lu) and PwC Luxembourg (www.pwc.com/lu). © 2011 PricewaterhouseCoopers S.à.r.l.. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers S.à.r.l. Luxembourg which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.