Provisions in the articles of association governing the appropriation of result

Article 24 of the Terms and Conditions of Management and Custody stipulates that Net Proceeds are distributed among the Investors in proportion to their participation in the AL&C Fund’s capital.

In accordance with the Netherlands Civil Code, article 12.4 of the Terms and Conditions of Management and Custody stipulates that the liability of the Investors does not exceed their commitment to the AL&C Fund’s capital.