AFI management

1. AFI management AFI PIPES Custodian Sophisticated Investors AFI pre-IPO Transfer Seed Investors M&A Administration Cleantechnology Public Listed Feeder Domiciliation & secretariat Shipping Fund Management Real Estate Mining & Resources Investment Management Energy Luxembourg AFI marketing Worldwide Funds

2. Legal responsibility for assets in custody; settlement of financial securities and transactions; collection of cash from transfers, sales, corporate actions, dividends and interest due to the fund; informing the fund and investment manager of all subscription/allocation rights linked to the fund’s assets; issuing powers to exercise voting rights after receiving the investment manager instructions; payment of all invoices, taxes and commissions; reception and payment of cash related to subscriptions and redemptions. Custodian Transfer Processing subscriptions and redemptions; Maintenance of shareholders’ register. Administration Net Asset Value (NAV) calculation; reporting; preparation of annual accounts, reports and periodical financial statements; liaison with c.s.s.f, auditor and Luxembourg tax authorities, and filing of Luxembourg tax returns. Registered address; reception and handling of communications; accounting and bookkeeping; organisation of Annual General Meetings of shareholders of the SICAV-SIF and preparation of minutes; supplying of investors of the funds with all statements, circulars, reports, notices and other documents required by law or by articles of the incorporation of the SICAV-SIF. Domiciliation & secretariat Fund Management Supervision; coordination with the investment advisor, administrator, custodian bank, registrar, paying and transfer agents; legal responsibility and risk control; liaison with authorities; legal update to investment advisers; compliance functions. Investment Management Investment; order placement and execution; investment performance reports and contact with investment advisers. Marketing Public Relations; Global representation; Identification of potential distribution; assistance on the eligibility of investors, investor marketing.

3. AFI PIPES AFI Investment group is in joint venture with an international private equity group with $3.4b in AUM to provide Contingent Equity Facilities (CEF) to publicly listed companies worldwide. Where companies do not meet the liquidity requirements for a CEF, the AFI group may enter into a role similar to underwriting to support public companies in the early stages. The group will also invest and nurture private companies that intend to IPO within 18-24 months. AFI pre-IPO and underwriting M&A The M&A fund will focus on fragmented industry segments to identify potential roll-up opportunities, this fund will also, ideally cooperate with other fund managers across industry verticals. An emerging Cleantech Capital firm operating in North America and Europe. The group provides project management, investment and active management in renewable energy, late stage ventures. Cleantechnology Shipping A London based shipping and commodities company operates and leases fleets and invests in ship building and leasing. Real Estate Unallocated at this time, however, AFI believe that Real Estate investment is a traditional asset class providing for some diversification potential for investors. Mining & Resources The resources sector represents strong opportunities for investors, and there is opportunity to connect investors in Europe to opportunities in Australia, North America and Africa. Energy Working with other sectors, this fund will provide power purchase agreements, off-take agreements for renewable energy, deal in traditional energy sectors and trade energy on spot markets.

4. About the Funds • There is no limitation to the number and type of funds established, the first eight funds offer a reasonable opportunity for investors to diversify and mitigate risks, whilst seeking overall higher performance; • Each asset manager will be suitably licensed (as required under their jurisdiction) and will be an expert in their segment and is expected to seed the fund to €5m in the first 12 months. The majority of the investment funds are expected to come from sophisticated investors in Luxembourg and across Europe. However, the use of a feeder entity (which may be listed anywhere in the world) may also be used to channel funds into the AFI Group; • Ideally each fund will start with €5m to €10m and build up to a target of €100m to €200m; • In addition to investment activity, asset managers will have the opportunity to earn additional revenue through recruitment of other members, introduction of investors to the platform, deal referrals to other asset managers, as well as the provision of products developed under the AFI umbrella which at this stage may include debt financing, convertible notes, equity facilities , underwriting and insurance; • Asset managers may from time to time, ‘float’ an investment opportunity across the group to solicit con-investment opportunities. This makes sense where the opportunity may meet the investment mandate of more than 2-3 funds ( for example a pre-IPO, M&A play in Cleantech, energy or mining sector);

5. BVA set-up • The SICAR-SIF structure will be provided to the BVA group to provide a legal and transparent framework for stakeholders and investors to participate in any proposed licensing agreement; • Pharma companies will pay in aggregated€200m to€250m into BVA-Tec asset class as a lump sum, then a regular payment to make up to €2b and then weekly/monthly as a royalty payment, % of sale to be advised, as the Pharma companies are buying rights, they will not be entitled to a dividend (or could be a special class with no dividend); • BVA business entity provides a licensing agreement to each Pharma company through the SIF cell (and does not dilute to the Pharma companies); • If requested by Pharma companies, a separate PIPE fund will be able to provide Equity Facilities on an individual basis; • Other funds may at their discretion invest into the BVA asset class, as well as into the VA Family Office Fund.

6. Pharma 1 BVA Asset Class I (IP) Custodian BVA Asset Class II (Investment) Transfer Pharma 2 PIPE Fund Licensing Payments Administration VA Family Office Pharma 3 Domiciliation & secretariat Other Funds Pharma 4 Fund Management Licensing Agreements Pharma 5 Investment Management AFI management & marketing BVA-Tec/ Investment Advisors Luxembourg Investors