AIF ClubEY Alternative InvestmentFunds Club

2017 - 2018 Program

Welcome AIF Clubto

the

Dear Club member,

The partners at EY Luxembourg are proud to present the 2017 - 2018 program for the seventh season of AIF Club events.

The new program builds on 15 successful events held in the 2016 – 2017 season providing insights on developments in the alternative investment industry and providing a high-quality platform to meet, network and exchange views with other professionals active in the sector.

The supply of capital being allocated to alternative investment products continues to be strong as investors diversify their portfolio and chase yield in a low interest and growth environment. On the other hand, although underlying economic fundamentals continue to be stable, we have an eye on how potentially disruptive market events, such as Brexit, and the end of quantitative easing develop.

We continue to monitor how European regulators will open up the Alternative Investment Fund Managers’ (AIFMs’) regulatory status to non-European (non-EU) managers, particularly in the context of Brexit. A particular focus here is on the role of the European Securities and Markets Authority (ESMA), and their view of supervision over delegated functions.

As in the prior year, the optimization and consolidation of European operating platforms continues post the Alternative Investment Fund Managers Directive (AIFMD). There is a growing emphasis on the positive impact of innovative technologies such as artificial intelligence and robotics. We will see continued developments in the service provider environment, many of which are private equity backed, the creation of new management companies, lift-outs and market consolidation.

Maximizing new opportunities in alternative fund distribution is top-of-mind for many managers as they seek to leverage their AIFM platforms. There are, however, still significant questions as to how the Organization for Economic Co-operation and Development’s (OECD) base erosion and profit shifting (BEPS) initiative will impact the investment management industry as a whole.

We have designed this year’s program to address many of these issues and have adapted the format of our events to align with members’ needs. As usual, it will be a highly interactive program with speakers from leading players in the industry in open panel discussions. Alongside our traditional industry summits, open workshops and social events, we will continue and expand the scope of our roundtable focus groups examining key issues in the industry, and producing insightful papers available to all members. We will also continue our structured training curriculum around valuation and reporting and a series of videos on a variety of subjects.

Unlike our open workshops, industry summits and social events that are open to all AIF Club members, we believe that our roundtables, which are focused on specialized topics and by their nature are highly interactive discussion-based events, should be limited to expert participants only. The outcome of these discussions will, however, be shared with all AIF Club members.

We continue to use real-time voting at many of our events to feel the pulse of our members and to give you insight into how your peers are thinking.

We invite you to join the AIF Club LinkedIn page, if you have not yet done so, to obtain live online interaction with the EY Luxembourg alternatives team.

We would like to thank all of you who regularly attended our AIF Club events and look forward to seeing you next season.

Michael HornsbyAIF Club Chairman

… has been created to Provide insight into developments in the alternative sectors of the financial industry, including private equity, real estate, hedge, debt, infrastructure and other alternative fund segments

Provide knowledge and training for industry practitioners to better serve and understand the industry

Provide alternative industry practitioners with a platform to meet, exchange views and network

The AIF Club

… will offer youIndustry summitsThe AIF Club organizes highly interactive alternative asset-related events attended by not only international EY specialists, but also key leaders from other organizations, who often contribute to lively debates while giving reflection or insights on leading topics. The aim of these sector-specific summits is to provide members with a broad platform of factors shaping the respective industries.

Keynote speechesExternal speakers will be invited to provide insight on current hot topics in our keynote speeches. Speakers may be EY subject matter experts from our alternatives network or external speakers from leading players in the industry.

Open workshopsOpen workshops cover topics which have a broad range of interest and are open to all members. The content of this program reflects general ongoing developments and hot topics impacting alternative investment fund products in general and in middle and back office environments.

TrainingFor the third consecutive year we will hold in October our three-day valuation training designed for financial professionals who seek to develop more in-depth knowledge of alternative asset valuation including private equity, real estate and infrastructure. Over the years, we have strived to continuously improve and integrate new issues of interest into the training program. This valuation training has become a good indicator for valuation market practices, as we note the positive evolution of market valuation practices thanks to the interaction between participants. The focus of our training program will be to support participants to further develop technical oversight skills to appropriately assess the work of specialists, whether internal or external to an organization.

In addition, as every year, we will continue to hold training to help fund accountants and controllers to get to grips with the latest developments in financial and investor reporting across alternative asset classes.

Targeted roundtablesThis event format has proved very successful and we have decided to expand the program this year to seven roundtables. Roundtables provide the opportunity for a small group of specialists to discuss specific topics of common interest and therefore invitations to these events are restricted. The organizer of the respective roundtable will identify the target audience, bringing together leading experts to discuss and work on solutions for various specific challenges that market participants are currently facing. To ensure effective discussions, we will limit the number of participants in these events to 20 – 25 specialists. Should you be interested in joining one of our upcoming roundtables, please send an email to Mireille.Pourpognot@lu.ey.com explaining briefly your role within the company you are working for.

The outcome of the roundtable discussions are summarized in a paper and subsequently shared with all AIF Club members. Please refer to the section on our AIF Club website called Thought Leadership to get a copy of these publications.

Videos We continue to produce videos within the framework of our AIF Club to enable our clients and business partners located outside Luxembourg to benefit in a broader way from our Club program. The videos will demonstrate market updates and provide you with our global sector/service line leaders’ view on specific topics. We invite you to visit our AIF Club website / Video archive for further reference.

Personal meetings with our subject matter expertsThe EY Luxembourg AIF Club offers you the opportunity to arrange meetings with our subject matter experts following the training, workshops and breakfast briefings or at another occasion.

EY Luxembourg AIF Club

Join our EY Luxembourg AIF Club group on LinkedIn to be informed about latest information and interact with experts, the EY alternatives team and other members.

Membership and program co-ordination

If you need to discuss any organizational or membership matters or if you would like to meet with our subject matter experts, please contact:

Mireille Pourpognot+352 42 124 8549Mireille.Pourpognot@lu.ey.com

EY Luxembourg AIF Club

Networking and social eventsThrough the AIF Club, EY Luxembourg makes it possible for professionals in the industry to meet and share insights in a more relaxed environment. Many of EY Luxembourg’s events are followed by drinks or coffee giving you the opportunity to network with fellow attendees. The AIF Club also organizes more specific social events to enhance networking in a more informal environment.

LinkedIn networkWe ask all AIF Club members to join us on LinkedIn where they can find the latest information, watch our videos and interact with the EY Luxembourg alternatives team and other members.

Our thought leadershipEY Luxembourg is committed to sharing our knowledge and points of view with our clients, using our broad experience in this sector. We invest time and effort in research and thought leadership which forms part of the value we bring to the service we provide you.

Our commitment to the alternative investment industry is displayed in a number of research papers, studies, surveys and information papers that we regularly work on and share with our clients and business partners.

Please find below a list of recent thought leadership pieces that we consider relevant to the members:

• Combined session for depositaries administrators, January 2018

• Risk Management – Establishing business as usual, January 2018

• Technology and the REIT sector, January 2018• Valuation on the Radar – Real Estate, December 2017• Global REIT Markets, October 2017• Valuation Oversight for AIFMs, October 2017 • Investment funds, September 2017• Depositaries under the AIFMD - latest industry developments,

June 2017• Combined session for depositaries, administrators and AIFMs -

Working towards a common goal, June 2017• Luxembourg: the gateway for Islamic Finance and the Middle

East, May 2017• Global Market Outlook 2017, January 2017• Global Perspectives: 2016 REIT report, 2016• European private debt: where do we go?, October 2016• Risk and liquidity management for Private Equity and Real

Estate Funds, April 2016

Luxembourg: the gateway for Islamic finance andthe Middle EastMay 2017

Depositaries under the AIFMDLatest industry developments

2017 Global Market OutlookTrends in real estate private equity

European private debt: where do we go? October 2016

AIF Club Risk and liquidity management for Private Equity and Real Estate Funds

Combined session for depositaries, administrators and AIFMsWorking towards a common goal

Valuation on the radarChallenges, opportunities and constraints in the light of rising regulations such as the AIFMD

Real Estate

Please visit our section on our AIF Club website called Thought Leadership section to get a copy of these publications.

ey.com/lu/AIF-ClubValuation Oversight for AIFMs October 2017

Combined session for depositaries, administrators and AIFMsPursuing additional integration and client centricity in the on-boarding and oversight framework

Risk managementEstablishing “business as usual”

A three-day program on valuation techniques across different asset classes given by leading financial experts

Audience: Financial professionals who seek to develop more in-depth knowledge of alternative asset valuation including private equity, real estate and infrastructure

Trai

ning

As a leading firm in the valuation of alternative assets, we are pleased to present for the third consecutive year our three-day valuation training designed for financial professionals who seek to develop more in-depth knowledge of alternative asset valuation including private equity, real estate and infrastructure. Over the years, we have strived to continuously improve and integrate new issues of interest into the training program. This valuation training has become a good indicator for valuation market practices, as we note the positive evolution of market valuation practices thanks to the interaction between participants.

The focus of our training program will be to support participants to further develop technical oversight skills to appropriately assess the work of specialists, whether internal or external to an organization.

Methodology:Our training program will strike the right balance between theoretical foundations, their application in real-life, and practical cases along with additional insights being experienced in the broader market.

Who could benefit from this training program?• Alternative Fund Managers (in light of the AIFMD requirements)• Directors• Conducting officers• Depositaries • Other

Fee quote and maximum participants:In order to ensure that this course is of the highest quality, we have decided to levy a fee of €1,600 per participant in order to cover the cost of the course materials. Early bird rate will be €1,450.

Note that the course attendees will be limited to a maximum of 30 people to ensure effective and interactive sessions.

An email containing the detailed agenda will follow at the end of July 2017.

10, 11 and 12 October 2017

Financial controllers, financial directors and accountants of alternative fund products

Financial controllers, financial directors and accountants of alternative fund products

Financial and investor reporting for AIFs – financial year-end 2017 warm-up

Financial and investor reporting for AIFs – financial year-end 2017 debrief and examination of longer-term trends

Trai

ning

This event will provide you with an update on financial reporting standards and investor reporting. After a presentation of conceptual changes in the reporting environment, we will focus on their practical implementation, with examples, best practices and useful tips to prepare financial and investor reports for financial year 2017.

This event gives members the opportunity to learn from experiences over the 2017 year-end close process. While issues are fresh in our minds, we will debrief and share emerging best practices and take a look at longer-term underlying trends in financial and investor reporting.

9 November 2017

31 May 2018

Indu

stry

sum

mits

Audience: AIF Club members with a private equity focus

The Private Equity and Venture Capital Summit 2018

This summit is EY Luxembourg’s flagship event for the private equity and venture capital industry in Luxembourg. In March 2017 it attracted 200 people. For this sixth edition, we will run a series of interviews, panel discussions and a presentation on hot topics shaping the future of the industry globally and in Luxembourg. In this summit, the focus is not on regulatory or operational issues but on the business itself and the political, economic and other connected topics that will catch the attention of General Partners, Limited Partners, funds and service providers.

17 April 2018

Audience: AIF Club members with a real estate focus

Real estate niche workshop - looking to the future

The agenda will include a keynote speaker covering the results of EY’s global trends survey, that looks at key factors shaping the industry.

In addition, we will run a series of panels targeting different aspects of the sector, including a discussion on market trends in Luxembourg and a focus on operating platform design.

Join us for our seventh annual real estate forum and meet with industry experts who will share their views on how the business is developing in Luxembourg and within international markets. It will be a highly interactive event, with audience participation encouraged.

26 October 2017

Audience: Alternative fund managers of all types

Cross-border alternative fund distribution – expanding your distribution footprint

Many managers continue to build their distribution capabilities using the AIFMD passport regime.

Similarly to last year, in this session we will discuss the status of European Union notifications, how they are evolving and their practical implications. We will also cover transparency requirements around distribution channels, the mechanics of how cross-border distribution works technically, and which key processes need to be established to maximize opportunities to tap into new sources of capital.

14 December 2017

Audience: AIF Club members with a general interest in this topic

Digital and robotics in the alternative investment world

Robots have clearly arrived in the alternative investment world. Not only can they support stabilizing and handling the myriad of spreadsheets set up over the past by all players, they will also pave the way into a more stable and enhanced IT environment built for the future. The digitalization of data is well underway and administrators, depositaries and AIFMs alike are looking into setting up data marts both for efficiency as well as reporting purposes. This open workshop will provide you with a series of case studies as well as interactive panels in order to demonstrate where your journey in interaction could lead your organization in the years to come.

30 January 2018

Ope

n w

orks

hops

Ope

n w

orks

hops

Audience: AIF Club members with a general interest in this topic

Middle East and Islamic Finance

Join us for our sixth annual Middle East and Islamic Finance forum. This event focuses on the most recent developments in the Gulf region. We will discuss the overall economic outlook and how this is impacting investors’ behavior. We will also consider the role of Luxembourg as a platform to manage investment opportunities from the region. We will also look at recent trends in Islamic Finance in Luxembourg and in Europe.

After years of both public and private sector efforts to put Luxembourg on the map, relationships between the Middle East and the Grand Duchy have entered into a “business as usual” era. Luxembourg continues to position itself through its legal, tax and regulatory toolbox.

At this event we will have leading market participants and commentators with a specialist interest in this area.

17 May 2018

Sem

i-ope

n w

orks

hops

Audience: AIF Club membersTax update

The OECD has largely finalized its work on Action Item 6 with the release and signature of the Multilateral Instrument (MLI).

Many Double Tax Treaties will be amended by this MLI, introducing a Principal Purpose Test as a criterion to enjoy treaty benefits.

Alignment of both regulatory and tax substance is ever more critical in the design of new fund products and for existing holding locations.

We are pleased to welcome you to this event where we will discuss these challenges and how to adapt them.

21 June 2018

Roun

dtab

les

Audience: Depositaries, Administrators and AIFs

Invitation only

Combined session for depositaries, administrators and AIFMs – working towards a common goal

After the great success and positive feedback of last year’s first combined roundtable session between depositaries, administrators as well as AIFMs, we will facilitate a joint session again this year in order to discuss elements of possible friction as well as solutions and leading market practices of collaboration between the three players with a common goal to service clients as Luxembourg Inc. Points of discussion are: communication between market participants; due diligence processes and IT solutions for information sharing; and a mutual education about day-to-day tasks and requirements.

22 September 2017

Audience: Risk managers and conducting officers of AIFs

Invitation only

Risk management – establishing “business as usual”

Since the inception of the AIFMD, Luxembourg has more and more established itself as a European hub for risk and liquidity management for AIFs. While certain industry standards, such as the risk matrix, have largely been established by local management companies, several areas remain unclear. The CSSF puts major focus on a solid risk management function and has begun on-site inspections with several AIFMs. During this roundtable we will discuss the latest regulatory developments and regulators’ views, leading practices for “business as usual”, IT support and solutions, as well as issues faced by market participants.

28 September 2017

Roun

dtab

les

Audience: Leading debt funds players and stakeholders

Invitation only

Private debt – how can Luxembourg build its competitive advantage?

The private debt market has transformed over the last years thanks to the significant growth fueled by the hunt for yield from large insurers. Also, the lack of capital deployed by banking institutions and the push from the European Union is fueling more direct lending. The upcoming departure of the United Kingdom from the European Union, BEPS and AIFM regulation, combined with the clear trend to spin off the private debt arms of private equity houses has resulted in many players looking to establish a stable AIF platform to operate their business. During this roundtable we will discuss current regulations impacting loan origination and the ability of the Luxembourg legal environment to address the specificities of debt funds. We will also share views on the most effective operating model to serve this asset class.

19 October 2017

Audience: Administrators (private equity and real estate)

Invitation only

Optimizing operating and management company platforms for private equity and real estate managers

Private equity houses and real estate managers are currently storming into Luxembourg in search of regulatory substance but also for reasons of operational and tax efficiencies and building their European platform. Building efficient platforms is a critical element in order to remain compliant with regulation while integrating the regulated entity into the wider group structure. During this roundtable we will discuss how Managers are set up currently and how they plan to evolve over the coming years. Topics are around service offering and investment products, global operating models, investor relations, and the use of IT.

14 November 2017

Audience: AIF managersCompliance and managing tax risks

This roundtable will focus on direct and indirect tax filing requirements relevant for AIFs and their portfolio SPVs, such as: their filing calendar, new e-filing process and data required, new penalty framework for late filings or incomplete returns, attention to new transfer pricing requirements, transparency and exchange of information, as well as liability considerations for companies and directors.

In a constantly changing environment, AIF managers need to have proper processes and controls in place to manage their tax risks. International transparency and, both current and upcoming anti-abuse rules from the EU and the OECD to address the BEPS action plans, require organizations to monitor and adapt their investment structures.

Our panel experts will guide you through these developments, illustrating key points of attention to ensure efficient management of compliance requirements and tax risks.

28 November 2017

Audience: DepositariesDepositaries under the AIFMD – latest industry developments

This roundtable has become an annual institution where depositaries year-on-year have a platform to discuss leading practices in the Luxembourg market place as well as common issues in day-to-day activities. Last year’s sessions went into the details of look-through in different circumstances, safekeeping of cash within an underlying structure as well as cash-flow monitoring. This year will focus on safekeeping of real assets on a global level with different jurisdictional specificities, the level of due diligence performed on an AIFM by depositaries and the call for efficiency within depositary processes after four years in operation.

8 February 2018Roun

dtab

les

Audience: AIFM Valuation professionals, portfolio managers, senior board members, conducting officers

Valuation oversight for AIFMs – a practical view

Initiated in 2017, we organize the present roundtable so as to participate in the continued evolution of valuation oversight market practices, which is a rapidly evolving and challenging area for AIFMs, depositary banks, independent administrators and other stakeholders interested by valuation oversight.

Since 2013, AIFMs have been challenged to establish valuation policies and processes that are compatible with applicable regulatory frameworks. At this event, we invite valuation oversight professionals and experts to examine the AIFM’s valuation function with regard to organizational aspects, the applicable valuation frameworks, and to identify whether common market practices are emerging.

19 June 2018

Roun

dtab

les

Web

cast

Audience: AIF Club members with a general interest in this topic

Securitization - analyzing Luxembourg’s competitive advantage

Join us for our Securitization webcast where we aim to provide you with market insights, recent opportunities and regulatory updates and where you will have the opportunity to network with peers.

22 February 2018

Audience: All AIF Club membersSummer Party

As every year this event is held at the end of the current AIF Club program and takes a short look back at the past AIF Club year and launches the new AIF Club season by sharing the new program with all members.

28 June 2018

Audience: All AIF Club membersNew Year’s Cocktail

Our New Year’s Cocktail evening is already a tradition.

This evening gives our members the opportunity to celebrate the New Year with colleagues in our beautiful building in the Kirchberg plateau. We look forward to welcoming you to this very popular event. Please join us and enjoy the evening.

18 January 2018

Social events

Overview of the upcoming events - chronological order

22 September

2017

28 September

2017

19 October

2017

10 - 12 October

2017

26 October

2017

9 November

2017

Private debt – how can Luxembourg build its

competitive advantage?

Combined session for depositaries, administrators

and AIFMs – working towards a common goal

Real estate industry niche workshop –

looking to the future

A three-day program on valuation techniques across

different asset classes given by leading financial experts

Risk management – establishing “business as usual”

Financial and investor reporting for AIFs –

financial year-end 2017 warm-up

Training

Industry summit

Roundtable

Open workshop

Webcast

Social event

14 December

2017

18 January

2018

30 January

2018

8 February

2018

14 November

2017

28 November

2017

New Year’s CocktailDepositaries under the AIFMD –

latest industry developments

Optimizing operating and management company platforms for private equity and real estate

managers

Digital and robotics in the alternative investment world

Cross-border alternative fund distribution -

expanding your distribution footprint

Compliance and managing tax risks

22 February

2018

Securitization - analyzing Luxembourg’s competitive advantage

Financial and investor reporting for AIFs –

financial year-end 2017 debrief and examination of

longer-term trends

31 May

2018

28 June 2018

Summer Party

17April 2018

17 May

2018

The Private Equity and Venture Capital Summit 2018

Middle East and Islamic Finance

Valuation oversight for AIFMs – a practical view

19 June 2018

21 June 2018

Tax update

Our alternatives fund team in Luxembourg comprises over 250 professionals specialized in alternative asset classes. We are part of a highly connected network of professionals in over 150 countries. We include below a list of service lines and sector leaders.

If you are interested in discussing any specific topic, please get in touch with Mireille Pourpognot or join our LinkedIn community and we will arrange a meeting or call between you and the relevant subject matter expert.

The EY AIF experts

Alain KinschEMEIA Private Equity Funds Leader+352 42 124 8355Alain.Kinsch@lu.ey.com

Michael FergusonPartner, EMEIA Regulated Funds Practice Leader+352 42 124 8714Michael.Ferguson@lu.ey.com

Michael HornsbyEMEIA Real Estate Funds Leader, AIF Club Chairman+352 42 124 8310Michael.Hornsby@lu.ey.com

Olivier CoekelbergsPartner, Private Equity Leader+352 42 124 8424Olivier.Coekelbergs@lu.ey.com

René EnschPartner, Real Estate+352 42 124 8373Rene.Ensch@lu.ey.com

Audit and Assurance

Bruno Di BartoloméoPartner, Real Estate+352 42 124 8493Bruno.DiBartolomeo@lu.ey.com

Pavel NesvedovDirecteur Associé, Real Estate+352 42 124 8789Pavel.Nesvedov@lu.ey.com

Julie HonoréDirecteur Associé, Real Estate+352 42 124 8111Julie.Honore@lu.ey.com

Robert WhitePartner, Real Estate+352 42 124 8882Robert.White@lu.ey.com

Laurent CapolaghiPartner, Private Equity+352 42 124 8855Laurent.Capolaghi@lu.ey.com

Michel FeiderPartner, Private Equity+352 42 124 8797Michel.Feider@lu.ey.com

Olivier JordantPartner, Private Equity+352 42 124 8161Olivier.Jordant@lu.ey.com

Jean-Michel PacaudPartner, Middle East and Islamic Finance Leader+352 42 124 8570JeanMichel.Pacaud@lu.ey.com

Kerry-Jane NicholPartner, Asset Management+352 42 124 8975Kerry-Jane.Nichol@lu.ey.com

Zeeshan AhmedDirector, Private Equity+352 42 124 8091Zeeshan.Ahmed@lu.ey.com

Jesus OrozcoDirecteur Associé, Real Estate +352 42 124 8473Jesus.Orozco@lu.ey.com

Financial Accounting and Advisory Services

Outsourcing and Managed ServicesBob FischerPartner, ACR - Accounting, Compliance and Reporting+352 42 124 7526Bob.Fischer@lu.ey.com

Thierry BertrandPartner, Leader of Financial Accounting, Advisory and Reporting Services+352 42 124 8845Thierry.Bertrand@lu.ey.com

John BeaversDirecteur Associé - Executive Director, ACR – Accounting, Compliance and Reporting+352 42 124 8846John.Beavers@lu.ey.com

Renaud BreyerDirecteur Associé, Financial Reporting Advisory Services+352 42 124 8255Renaud.Breyer@lu.ey.com

Tax Advisory and Regulatory ServicesKatrin LakebrinkPartner, Transaction Tax+352 42 124 7298Katrin.Lakebrink@lu.ey.com

Olivier LambertDirecteur Associé, Indirect Tax+352 124 7361Olivier.Lambert@lu.ey.com

Gergely SzatmariDirector, Financial Services Tax, Asset Management+352 42 124 7517Gergely.Szatmari@lu.ey.com

Hans Van HaelstDirecteur Associé, Tax+352 42 124 7074Hans.Van-Haelst@lu.ey.com

Mathieu VolckrickDirecteur Associé, Regulatory Services Leader+352 42 124 7014Mathieu.Volckrick@lu.ey.com

Nicolas GilletPartner, Transaction Financial Engineering, Transfer Pricing+352 42 124 7524Nicolas.Gillet@lu.ey.com

Dietmar KlosPartner, Head of Financial Services Tax+352 42 124 7282Dietmar.Klos@lu.ey.com

Transaction Advisory ServicesChristophe VandendorpeDirecteur Associé, Transaction Advisory Services Leader+352 42 124 8049Christophe.Vandendorpe@lu.ey.com

Edoardo Battista AncoraDirector, Transaction Advisory Services Private Equity+352 42 124 8200Edoardo-Battista.Ancora@lu.ey.com

Advisory – Risk, Regulation and Performance ImprovementKai BraunPartner, Alternatives Advisory Leader+352 42 124 8800Kai.Braun@lu.ey.com

Rafael AguileraDirecteur Associé, Advisory Services+352 42 124 8365Rafael.Aguilera@lu.ey.com

Notes

EY | Assurance | Tax | Transactions | Advisory

About EYEY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

© 2018 Ernst & Young S.A. All Rights Reserved.

ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice.

www.ey.com/luxembourg

Join our LinkedIn groups to get the latest information from our experts and share with them your insight on the latest topics.

Follow us on Twitter to get our latest EY Luxembourg news

Visit our Youtube channel to see our latest videos

Visit our Luxembourg website to get all the information about EY Luxembourg and download our latest publications

EY Luxembourg AIF Club

@EY_Luxembourg

ey.com/lu

Connect with us

youtube.com/eyluxembourgchannel