Dutch law

The AIFMD requires investment funds to prepare an annual report including a fund manager’s report according to Dutch law. Certain requirements included in the law should be disclosed in the fund manager’s report. The AL&C Fund complies with these requirements. Requirements that are not applicable due to the nature and structure of the AL&C Fund are:

• Disclosure on research and development (art 391.2 BW2) is not applicable due to nature of the Fund;

• Disclosure on personnel developments (art 391.2 BW2) is not applicable as the Fund has no employees;

• Disclosure on funding (art 391.2 BW2) is not applicable as the Fund does not bear external funding.