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The Luxembourg Country Showcase Pr sentation Duba dans le cadre du 4 me sommet de l Islamic Financial Services B

Programme. Welcome address

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The Luxembourg Country Showcase Pr sentation Duba dans le cadre du 4 me sommet de l Islamic Financial Services B

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    1. ????? ????? ???????? The Luxembourg Country Showcase Présentation à Dubaï dans le cadre du 4ème sommet de l’Islamic Financial Services Board, 14 mai 2007

    2. Programme Welcome address & introduction Michel Maquil Abdelaziz Rouabah Luxembourg Stock Exchange Michel Maquil Investment funds made in Luxembourg Fernand Grulms Private banking services for HNWI Alain Mestat Investment funds for institutional investors Dr. Pierre Weimeskirch Luxembourg as a hub for international investments Louis Thomas Questions & answers

    3. Welcome address & introduction Michel MAQUIL President PROFIL – The Luxembourg Financial Industry Federation Abdelaziz ROUABAH Central Bank of Luxembourg

    4. Luxembourg is beside Brussels and Strasbourg a centre of the European institutions. It shelters among others: the Court of Justice of the European Communities the European Court of Auditors the European Investment Bank the European Parliament General secretariat Luxembourg is beside Brussels and Strasbourg a centre of the European institutions. It shelters among others: the Court of Justice of the European Communities the European Court of Auditors the European Investment Bank the European Parliament General secretariat

    5. Strikes are very rare and the national cohesion is strong. Regular consultations between Government and social partners foster social consensus. Luxembourg was voted safest city in the world in 2004 by a Mercer Human Resource Consulting Survey. Many international groups found it very convenient to relocate head office functions in Luxembourg as a result of its openness to foreign cultures and an excellent balance between a very good quality of life and a high purchasing power. Luxembourg has a strong purchasing power, thanks to its low taxes and social security contributions as well as a reasonable price level. The integration of an international community into a cosmopolitan environment is harmonious. Schools: European School, Lycée Vauban, St.George’s School, International School….University of Luxembourg has been founded. Government officials are very accessible providing a favourable framework for doing business. European Directives are generally very rapidly transposed into national laws taking into account business views and consequently providing new opportunities; According to the Index of Economic Freedom 2005 realized by the Heritage Foundation and the Wall Street Journal, Luxembourg figures at the third position after Hong Kong and Singapore. (score: 1.63) The 2005 Index of Economic Freedom measured 161 countries against a list of 50 independent variables divided into 10 broad factors of economic freedom. The higher the score on a factor, the greater the level of government interference in the economy and the less economic freedom a country enjoys. Modern Infrastructures: Public research centers, ICT, health-biotechnologies, Innovation transfer agency Logistical Centre: Luxembourg airport with 1.000.000 T annual freight handling capacity Cargolux, Europe‘s largest all cargo airline, „Cargo Airline of the Year 2005“ by Air Transport World magazine; China Airline Logistic service providers Extended road, rail and waterway connections Research centres: CRP Henri Tudor Automotive: Delphi, Goodyear, IEE Materials: Dupont, Ceratizit Industrial: Arcelor, Paul Wurth, GE Fanuc ICT: TDK, FTA, Technologies, Broadcasting Centre Europe Business parks and innovation centres Mediaport Business and innovation centre „ecostart“ Government owned, fully equipped national industrial parks Agora: New development area in the South Strikes are very rare and the national cohesion is strong. Regular consultations between Government and social partners foster social consensus. Luxembourg was voted safest city in the world in 2004 by a Mercer Human Resource Consulting Survey. Many international groups found it very convenient to relocate head office functions in Luxembourg as a result of its openness to foreign cultures and an excellent balance between a very good quality of life and a high purchasing power. Luxembourg has a strong purchasing power, thanks to its low taxes and social security contributions as well as a reasonable price level. The integration of an international community into a cosmopolitan environment is harmonious. Schools: European School, Lycée Vauban, St.George’s School, International School….University of Luxembourg has been founded. Government officials are very accessible providing a favourable framework for doing business. European Directives are generally very rapidly transposed into national laws taking into account business views and consequently providing new opportunities; According to the Index of Economic Freedom 2005 realized by the Heritage Foundation and the Wall Street Journal, Luxembourg figures at the third position after Hong Kong and Singapore. (score: 1.63) The 2005 Index of Economic Freedom measured 161 countries against a list of 50 independent variables divided into 10 broad factors of economic freedom. The higher the score on a factor, the greater the level of government interference in the economy and the less economic freedom a country enjoys. Modern Infrastructures: Public research centers, ICT, health-biotechnologies, Innovation transfer agency Logistical Centre: Luxembourg airport with 1.000.000 T annual freight handling capacity Cargolux, Europe‘s largest all cargo airline, „Cargo Airline of the Year 2005“ by Air Transport World magazine; China Airline Logistic service providers Extended road, rail and waterway connections Research centres: CRP Henri Tudor Automotive: Delphi, Goodyear, IEE Materials: Dupont, Ceratizit Industrial: Arcelor, Paul Wurth, GE Fanuc ICT: TDK, FTA, Technologies, Broadcasting Centre Europe Business parks and innovation centres Mediaport Business and innovation centre „ecostart“ Government owned, fully equipped national industrial parks Agora: New development area in the South

    6. The financial centre’s key figures 156 banks 202 other professional intermediaries asset managers, brokers, transfer agents… 2,260 investment funds 57 life insurance companies 36 P&C insurance companies 273 reinsurance companies 20,000 headquarters of companies

    7. Other service providers today Professional service providers have a great know-how on structuring international financial transactions Business & tax lawyers, notaries Auditors, consultants, accounting firms IT providers (software & hardware)

    8. International competitiveness indicators

    9. Luxembourg’s economy Above all a service economy (81% of GDP income) Good quality of life High standard of living

    10. The Luxembourg Financial Centre: main areas of competence Private banking & wealth management Corporate finance Investment funds Pension funds Securitisation vehicles Venture capital & private equity vehicles Covered bond issuing banks

    11. PROFIL members The Luxembourg Bankers Association (ABBL) – www.abbl.lu The Luxembourg Investment Fund Association (ALFI) – www.alfi.lu The Luxembourg Insurance Companies Association (ACA) – www.aca.lu The Luxembourg Intl Management Services Ass. (LIMSA) – www.limsa.lu The Luxembourg Association of Professional Asset Managers (ALPP) The associations of auditors, chartered accountants and financial advisers – www.iaci.lu The Luxembourg Bar Service companies, including the Luxembourg Stock Exchange – www.bourse.lu

    12. Luxembourg Stock Exchange: Listing Centre for International Securities By Michel MAQUIL President & CEO Luxembourg Stock Exchange

    13. The Luxembourg Stock Exchange: gateway to the financial world Founded in 1928 as a for-profit organization Still an independent exchange Longest-serving chairman (since 1974) of all European exchanges Market for Luxembourg shares A network of domestic and international banks Close links to networks of main intermediaries (law offices) Partnership with Euronext Founding member of World Federation of Exchanges (WFE) Federation of European Securities Exchanges (FESE)

    14. Strong listing activity 4,200 issuers (100 countries, and 13 supranationals) are represented on the Luxembourg Stock Exchange

    15. Current markets operated by the Luxembourg Stock Exchange

    16. Key common features of the two markets in order to guarantee investor protection Required compliance with the official stock exchange listing requirements mentioned in EU Directive 2001/34/EC The two markets are open to the public to qualify as an eligible execution venue for investment for funds (EU UCITS Directive) No discrimination in the access to the markets (type of investors or size of the order) in accordance with the EU MiFID Directive All 42,000 securities listed on both markets are exchange traded Market surveillance in order to avoid market manipulation Pre and post transparency information for all listed securities Use of the NSC trading platform of Euronext A cross membership and a partnership with the European subsidiary of NYSE-Euronext

    17. Sukuk issues listed on the Luxembourg Stock Exchange Qreik Sukuk, Qatar, nom. US$ 270,000,000 2006-2016 Tabreed Financing Corporation, nom. US$ 100,000,000 2004-2009 Stichting Sachsen-Anhalt, nom. € 100,000,000 2004-2009 Dubai Global Sukuk FZCO, nom US$ 1,000,000,000 2004-2009 Pakistan International Sukuk Co (Private), nom. US$ 600,000,000 2005-2010 BMA International Sukuk Company, nom. US$ 250,000,000 2004-2009 Qatar Global Sukuk, nom. US$ 700,000,000 2003-2010 Sarawak Corporate Sukuk, nom. US$ 350,000,000 2004-2009 Gold Sukuk DMCC, nom. US$ 200,000,000 2005-2010 IDB Trust Services, nom. US$ 500,000,000 2005-2010 Wings FZCO, nom. US$ 500,000,000 2005-2010 Solidarity Trust Services, nom. US$ 500,000,000 2005-2010 Malaysia Global Sukuk, nom US$ 600,000,000 2002-2007

    18. Luxembourg Stock Exchange - Euronext partnership (cash markets only)

    19. Luxembourg Stock Exchange - Euronext partnership (corporate bonds)

    20. CCLux- centralised data communication for investment funds CCLux, a wholly-owned subsidiary of the Stock Exchange created in 1995 Luxembourg is Europe’s largest investment fund centre CCLux collects and disseminates data related to Luxembourg investment funds 20,300 NAVs / day All descriptive information 100% of fund documents (prospectuses and financial reports)

    21. Data dissemination Dissemination of corporate and financial data through: the Exchange & CCLux Internet portals special dissemination “snap-shot” products (real-time or delayed) specific statistics and reports Dissemination of documents through: the Exchange & CCLux Internet portals special dissemination “snap-shot” products

    22. ???? ??? ??? ???????? Thank you for your attention Michel MAQUIL President PROFIL – The Luxembourg Financial Industry Federation President & CEO Luxembourg Stock Exchange

    23. ADDITIONAL INFORMATION

    24. Private banking & wealth management Long experience Largest private banking centre in the euro-zone Innovative products Competitive legal environment

    25. Corporate finance & investment funds Family office services Financial engineering and estate planning services Asset management services Inheritance optimization Investment fund portfolio management Unit-linked life insurance products

    26. Pension funds Law of June 1999 Amended in July 2005 to comply with European directive Idea: attract cross-border pension plans Example: expatriate plans Several legal structures are available to optimise plan design

    27. Securitisation vehicles Law of March 2004 Idea: transfer a pool of assets into a separate vehicle and fund them by issuing debt Luxembourg law is very flexible on type of assets that are eligible: tangible or intangible Vehicle: either corporate or transparent structure Possibility to appoint trustees

    28. Venture capital & private equity vehicles Law of June 2004 on SICARs Idea: provide a continental European funding vehicle to organise or bundle venture capital & private equity investments (including real estate) Vehicle: either corporate or transparent structure Tax exemption on securities income

    29. Covered bond issuing banks Special bank status Idea: issuing long-term bonds to fund: Mortgage loans Loans to public entities Asset Backed Securities (including SUKUK issues) Bondholder receives special privilege to the bank claims in case of default Exception to bankruptcy legislation Very high rating (mostly AAA) Allows a refunding at very low rates Luxembourg Stock Exchange – listing centre for international bonds

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