Dutch law

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

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

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