Disclosure Requirements - Luxembourg

16.06.2011

Disclosure Category: 3

Background and legal basis

A disclosure obligation derives from the Law dated 11 January 2008 implementing EU transparency directive 2004/109/EC as well as related grand ducal regulations as may be updated from time to time. Supervision of this regulation is the responsibility of the Commission de Surveillance du Secteur Financier (CSSF, see http://www.cssf.lu/).

The disclosure obligation falls on the shareholder.

Obligation to report threshold crossings

Any holder of shares in a company incorporated in Luxembourg and listed in Luxembourg or in any other EU member state, or holder of related voting rights, must, within four (4) trading days, notify the issuer of the securities and the CSSF of any acquisition, transfer or similar operation concerning such shares or rights that causes its holding to reach, exceed or fall below the 5%, 10%, 15%, 20%, 25%, 33⅓%, 50% and 66⅔% thresholds.

Note: Bonds that can be converted into voting shares and rights to acquire voting shares are not taken into account as long as the right to acquire the underlying shares is not exercised.

Investment funds listed on the Luxembourg Stock Exchange are exempt from disclosure requirements.