Ordinance
on Collective Investment Schemes
(Collective Investment Schemes Ordinance, CISO)

(Art. 63 para. 2 and 3 CISA)

¹ In par­tic­u­lar, closely con­nec­ted per­sons in­clude:

a.

the fund man­age­ment com­pany, SICAV, cus­todi­an bank and their agents, spe­cific­ally ar­chi­tects and build­ing con­tract­ors com­mis­sioned by them;

b.

the mem­bers of the board of dir­ect­ors and em­ploy­ees of the fund man­age­ment com­pany or SICAV;

c.

the board of dir­ect­ors and mem­bers of the ex­ec­ut­ive board as well as em­ploy­ees of the cus­todi­an bank ap­poin­ted to mon­it­or the real es­tate funds;

d.

the audit com­pany and the em­ploy­ees en­trus­ted with the audit­ing of the real es­tate funds;

e.

the valu­ation ex­perts;

f.

the real es­tate com­pan­ies not be­long­ing 100 per cent to the real es­tate fund and mem­bers of the board of dir­ect­ors and em­ploy­ees of such real es­tate com­pan­ies;

g.

the prop­erty man­age­ment busi­nesses en­trus­ted with the man­age­ment of the real es­tate and mem­bers of the board of dir­ect­ors and em­ploy­ees of such prop­erty man­age­ment busi­nesses;

h.

the sig­ni­fic­ant equity hold­ers pur­su­ant to Art­icle 14 para­graph 3 CISA of the com­pan­ies men­tioned in let­ters a–g above.

² Agents pur­su­ant to para­graph 1 let­ter a are not deemed to be closely con­nec­ted per­sons if evid­ence can be provided that they neither ex­ert nor have ex­er­ted dir­ect or dir­ect in­flu­ence on the fund man­age­ment com­pany or the SICAV and the fund man­age­ment com­pany or SICAV are not biased in the mat­ter in any oth­er way.