INDEPENDENT

FUND MANAGEMENT COMPANY AND AIFM

AIFM Services August 2016

Luxembourg Investment Solutions S.A. Airport Center Luxembourg 5, Heienhaff L-1736 Senningerberg www.lis-aifm.lu

Who we are

Integrated solution provider

We help investment managers and fund sponsors realize their investment ideas through turnkeysolutions in all aspects of management, governance and servicing of the investment fund structureand supporting vehicles. Together with our sister company Compliance Partners S.A. - a regulatedinvestment firm - we provide our clients with a full suite of infrastructure and corporate servicespermitting them to focus on the management of the investments.

Independent

Luxembourg Investment Solutions S.A. is a truly independent Management Company. This

independence allows flexibility, quick decision-making and the possibility to work together with a

broad network of bespoke business partners.

Leading AIFM in Luxembourg

Luxembourg Investment Solutions S.A. (“LIS”) is a leading third-party AIFM in Luxembourg. We arethe Management Company of choice for a number of renowned international private equity and realestate fund sponsors and managers desiring access to the EU Investors via the marketing passport.The company was formed in 2011 following the acquisition of Multi Asset Strategy S.A., which wasfounded in 2009. Luxembourg Investment Solutions S.A. is regulated by the Luxembourg financialsupervisory authority, the Commission de Surveillance du Secteur Financier (CSSF).

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Dr. Thomas GoergenManaging Partner

Thomas is responsible for InvestmentManagement. Previously, he was the ManagingDirector of cominvest Asset Management S.A.,a UCITS ManCo of Allianz Global InvestorsGroup. Thomas was responsible for ProductManagement and the setup of fund solutionsfor institutional clients. Thomas was also theManaging Director and Member of the Boardof Münchener Kapitalanlage AG, a BaFin-regulated Mutual Fund Company.

Dr. Pierre WeimerskirchManaging Partner

Pierre is responsible for Business Developmentand Distribution. Previously, Pierre was aPartner at Ernst & Young in Luxembourg wherehe led the firm’s advisory services for RealEstate and Private Equity Funds. Prior to this,Pierre held managerial positions at ArthurAndersen and Arthur D. Little. Pierre started hiscareer as a Fund and Portfolio Manager forInstitutional Clients with UBS Bank.

Ralph BrödelManaging Director

Ralph is responsible for Risk Management andValuation. He joined LIS from First ClimateAsset Management S.A. where he was aManaging Director. Prior, Ralph spent severalyears in Senior Risk Management andmanagerial positions at leading propertyspecialist bank Aareal Bank, Dublin Branch,and Hypo Pfandbriefbank International S.A.

Daniel KranzManaging Partner

Daniel is responsible for Operations.Previously, Daniel set up the Luxembourginvestment platform of SIGNA Holding, arenowned European real estate developmentcompany. Before SIGNA, Daniel was the Headof Fund Accounting at Bank of New YorkMellon and Head of Fund Accounting at ADIGInvestment Luxembourg S.A.

The Management Team is supported by 55 experienced professionals.

Seasoned Management Team with significant Alternative Investment Heritage

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Why LIS?

Focus on Alternative Funds

As we service both UCITS and AIFs we recognize that Alternative Funds have veryspecific requirements compared to conventional funds and we cater to thesespecifics. We provide investment managers and fund promoters with solutionsand frameworks to implement their investment ideas, which comply with currentand future regulations

Client Industry Expertise

We make a clear connection between our services and industry knowledge. Our50 seasoned professionals bring along a broad and in-depth knowledge of theindustries in which our clients operate and support our clients along the entirevalue chain: Investment Management, Risk Management, Valuation, Complianceand Distribution.

Client-centric and no Conflicts of Interest

Our business philosophy goes beyond “one size fits all”. Hence, we pay particularattention to understanding our clients’ business and responding to their needsand objectives. We service as central point of contact of our clients‘ fundactivities in Luxembourg and coordinate the day-to-day activities of the fund withits other service providers.

As an independent and “pure” third-party Management Company we do not needto juggle between our own and our clients’ investment strategies and vehicles.

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Client Segments Objectives and Needs

Asset Managers / Banks

Launch of a regulated investmentfund (UCITS / AIF) for marketingto EU investors and abroad

Institutionals / InsurersManagement of their self-ownedinvestments through a dedicatedinvestment platform

Family Offices / Foundations

Pooling of their members‘ assetsinto an efficient investmentvehicle

Self-managedInvestment Companies (UCITS/AIF)

Provision of substance and infra-structure with regards to certainfunctions

Four Main Client Segments

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29%

49%

8%

14%

Client Segments (based on AuM)

Banks Asset Manager

Family Office Institutionals/Insurer

Private Equity

Real Estate

Infrastructure / Renewables

Debt

Liquid / UCITS

Focus on Real Asset Strategies

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36%

38%

14%

9%

3%

Asset Classes (based on AuM)

Private Equity

Real Estate

Infrastructure/ Renewables

Debt

Liquid/ UCITS

LIS Service Model – Coordination of all Client Aspects

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LISProduct Manager

Central point of contact for the client

LIS on-line document management and sharing tool

Portfolio Management

Risk Management

Valuation

Distribution

Compliance

Custodian/Depositary

Central Administrator

Auditor

A dedicated LIS product manager is assigned with every new engagement to take overallresponsibility for the product and client relationship and acts as central point of contact.

Private Equity & Infrastructure

Real Estate

Debt

Liquid

Management Company Services

Portfolio Management Services

Risk Management and Reporting

Valuation Services

Regulatory Reporting

Compliance Monitoring

Infrastructure & Substance Solutions

Company Domiciliation

Company Administration

Company Directors

Office Space and Offices Support

Fund Marketing & Distribution Services

Fund Registration Support

Support with different Distribution Models and Channels

Secure online Portal for sharing of Fund Marketing Documents

Placement Services

added-value services

Provision of integrated Solutions to Investment Managers and Fund Sponsors

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We service fund vehicles and their underlying structures and provide beside core managementcompany services additional value-added services to our clients:

AIFMD Reporting CSSF ReportingBCL

ReportingSolvency II Reporting

CRR/CRD Reporting VAG Reporting

Type of Reporting

Reporting to the Luxem-bourgish regulator CSSFas required under Art. 24of the AIFMD.

Reporting to theLuxembourgishregulator CSSF asrequired in differ-rent product laws(SIF, SICAR).

Reporting tothe Luxem-bourgishCentral Bankas required inregulatorycirculars.

Reporting to insurersinvesting in fundinvestments. The re-porting is used by theinsurers to fulfill theirrequirements as des-cribed under pillar 1(SCR calculation) and3 (reporting to theregulator) of the Sol-vency II Directive.

Reporting to credit insti-tutions investing in fundinvestments. The repor-ting is used by the creditinstitutions to fulfill thecalculation of their capi-tal requirements as des-cribed under CRD IV.

Reporting to Germaninsurers and pensioninvesting in fund invest-ments. The reporting isused by the insurers andpension funds to fulfilltheir reporting dutiesunder the German In-surance Supervision Act(VAG).

Reporting Information

LIS shall provide infor-mation on the maininstruments, and on theprincipal exposures andmost important concen-trations of each of theAIFs it manages. Inaddition the reportingshows key figures aboutilliquid assets, AIF's riskprofiles and results onperformed stress tests.

LIS shall provideinformation on thedevelopment ofthe investments inthe investmentfunds and on fundbalance positions.

LIS shall pro-vide informa-tion on thedevelopmentof the invest-ments in itsfunds and onfund balancepositions.

LIS shall provide infor-mation on the under-lying investments of itsfunds in a look-troughapproach (i.e. trans-parency reporting).

LIS shall provide infor-mation on the underlyinginvestments in the indus-try-wide standardizedfor-mat.

LIS shall provide infor-mation on the underlyinginvestments in the indus-try-wide standardized for-mat.

Frequency Quarterly Typically quarterly Quarterly Quarterly Quarterly Quarterly

Full suite of Regulatory Reporting for Alternative Investment Funds

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We offer reporting solutions to meet the investment industry’s increasing reporting requirements:

Private EquityFund of Funds

Private EquityDirect Investments

Real Estate Debt Funds

LIS PE Benchmark Model

LIS Credit Model

LIS Single Asset Model

LIS Fund Risk ReportingLIS Alternative

Assets Analytics

Bespoke Risk Management Models for Alternatives

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With the help of investment practitioners and university faculty of finance, LIS has developedbespoke risk management models which capture the key aspects of risk and return of alternativeinvestments and thus allow a better understanding of risk and value drivers.

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Monthly Return in %

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Value at Risk Expected Shortfall

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Average and Limits

Modified Value at Risk

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2004m1 2006m1 2008m1 2010m1 2012m1 2014m1 2016m1time

VaR upper band

VaR lower band

Return one month ahead

Backtest (Modified Distribution)

Value at Risk

Overview

“Leading edge” System Support – yodoco®

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Our tailor-made compliance-tool yodoco® providesan instant overview of the compliance status ofyour structure. yodoco® combines DocumentManagement and Workflow Management appli-cations. The main characteristics are the following:

• Alerts which reduce the risk of unexecuted ordelayed compliance requirements

• Templates of AIFMD-compliant documents,reports and processes

• Possibility to work in a collaborative way ondocuments

• Online Portal for sharing of fund documents

• Firm-wide “cloud” solution, which is accessibleworldwide by mobile or fixed devices

Delegated AIFM Model

Investors

SIF-SICAV(Ltd. Partnership, e.g.

S.C.S. Lux.)

Client

Compartment N

Compartment1

Compartment 2

Depository

Fund Administrator

GP of the Fund (e.g. S.à r.l. Lux.)

(Luxembourg)

• Fund initiator• Investment

advisor/manager

100 % ownership

A-

Sh

are

s

Investments

Carry vehicle

Advisory/Manager Agreement

C-Shares

AIF

M A

gre

em

en

t

AIFM – Advisor Setup

• Delegation of Portfolio Management and RiskManagement functions to LIS

• Client acts as initiator and advisor for his fund

AIFM – Manager Setup

• LIS takes over official role as AIF Manager• Portfolio Management Function is delegated to

external, regulated Investment Manager

B-Shares

Po

rtfo

lio

Ma

na

ge

me

nt

Risk Management

Compliance /Delegation Monitoring

Valuation

Distribution

Se

rvic

e A

gre

em

en

t

Our Solutions – 1. Rent an AIFM

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Our Solutions – 2. Rent a Compartment – Porta-LIS SICAV SIF

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Porta-LIS is an established multi-manager SICAV-SIF platform providing dedicated subfunds toinvestment managers within which they can launch their own strategy.

Porta-LIS SICAV SIF

Manager BManager A

Portfolio

Management

Risk

Management

Compliance /

Delegation

Monitoring

Compartment A Compartment B

Private Equity Debt / Loan

Valuation

Distribution

Our Solutions – 3. Enabler Solution

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Through our enabler solution, we support clients with the speedy launch of their own AIFM:

• Client applies for own AIFM license

• Client takes over core function of “Portfolio Management”

• Client delegates and outsources Risk Management and on-going compliance work to LIS and ClientAIFM can be “hosted” on LIS platform (i.e. domiciliation, substance, infrastructure)

Our Solutions – 4. Provision of a Luxembourg based Securitization Platform

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Insurers / Pension Funds

• Re-qualification of assets into a preferable asset-

type under the German Investment Ordinance

(AnlV)

• Possibility to prepare an external rating for the

notes / Solvency Capital Requirement (SCR) and

CRD optimization

• Avoidance of balance sheet consolidation

Offshore Asset Manager / Placement Agents

• Achieve a EU Marketing Passport under the

Prospectus Directive

• Act as a Feeder / Parallel Structure for non-

regulated offshore-funds (Cayman, Delaware)

• Securitization of offshore funds provides access to

new clients such as discretionary Portfolio

Managers

Seculux S.A. is an independent Luxembourg-basedcompany which provides a full range of securitizationservices in all aspects of compliance, substance andcorporate services for investors and initiators.

Your Benefits working with us

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Reduced costs and efforts concerning adherence with AIFMDcompliance

No heavy investments into infrastructure and human resources

Rapid access to European investors via LIS marketing passport

Proven successful setup already in use by our clients(5 years of operational experience as Management Companyand as AIFM with > 70 AIF structures)

Highly skilled Luxembourg-based team with years of experience andcommitment to quality

Working with us offers a series of advantages:

Contacts

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Dr. Pierre WeimerskirchEmail: p.weimerskirch@lis-aifm.lu

Phone: +352 26 34 56-90

Mobile: +352 661 186 201

Dr. Thomas Goergen Email: t.goergen@lis-aifm.lu

Phone: +352 26 34 56-60

Mobile: +352 661 186 200

Luxembourg Investment Solutions S.A. offers comprehensive outsourcing

solutions across the alternative investment management, family office and

trust industries.

Our client relationship model recognizes the need for a relationship manager

and act as a single point of contact for a client. With robust processes and

advanced technology, you are assured of the exceptional consistency in

servicing and reporting delivery.