14. Appendix 23 April 2008

20. Investment Funds In Luxembourg – at a glance LEGAL and REGULATORY Commercial Company Law of 1915 (SOPARFI) Subject to part II of 2002 Law 2002 and new 2007 Law Law of June 15, 2004 Dutch VBI Type of vehicle / regime SOPARFI FCP SICAV SIF SICAR Legal form SA, Sàrl, SCSA, SCA Fund & Management company SICAV: SA SICAF: SA,Sàrl, SCSA,SCA See FCP, See SICAF SICAV: see SICAF SA, Sàrl, SCSA,SCA SCS NV, fund for joint account, comparable EU entity, comparable Netherlands Antilles entity, comparable non-EU entity if treaty contains non-discrimination clause Investors Private Public Public Institutional, Qualified Institutional, Qualified At least two shareholders / participants Min. Capital SA: € 31,000 Sàrl: € 12,400 At least € 1,250,000 6 months delay At least € 1,250,000 6 months delay At least € 1,250,000 12 months delay At least € 1,000,000 12 months delay € 45,000 for a NV, no requirement for FJA Regulation CSSF No Standard Standard Light Light YES, unless an exemption applies. Use of Sub Funds No Yes Yes Yes No Yes Investment diversification N/A Yes Yes Just the risk spreading principle to be applied. N/A but risk capital Yes Indebtedness restrictions 15/85 (holding activity) Limited, max 50% of net assets Limited, max 50% of net assets No No No

21. Investment Vehicles In Luxembourg – at a glance TAX SOPARFI FCP SICAV SIF SICAR Dutch VBI Tax transparency NO YES NO YES / NO YES / NO YES / NO depending on legal form Corporate taxes YES NO NO NO NO / YES but can be 0 effectively NO, exempt from Dutch CIT Capital Duty 1% (Draft Budget Law - 0.5% 2009, Abolished in 2010) € 1,250 € 1,250 € 1,250 € 1,250 NO NWT 0.5% of the unitary value Exemption and reduction possible NO NO NO NO NO WHT Dividends 15% NO NO NO NO NO Interest (beware of EUSD) NO NO NO NO NO NO Liquidation NO NO NO NO NO NO Annual subscription tax NO 0.05% NAV Reduction to 0.01% and exemption possible 0.05% NAV Reduction to 0.01% and exemption possible 0.01% NAV Exemption possible NO NO DTT access Yes N/A Limited N/A / Limited NO / YES NO (if treaty access is required it can use a Dutch coop as a subsidiary of the VBI) EU Commission Questions State Aid? NO

23. Recognition of Irish CCFs - Tax Transparency Major Markets Country Transparent Non Transparent Australia Yes? Austria Yes Belgium Yes Canada Yes France Yes? Germany Yes Italy No? Japan No? Norway Yes Spain No Switzerland Yes The Netherlands Yes U.K. Yes U.S. Yes

24. Thank you For Your Attendance 23 April 2008