PC NMS October 2012 clean version CSSF 3010 pour VISA FINAL

14. CUSTODIAN BANK
State Street Bank Luxembourg S.A. (hereinafter referred to as "SSBL") has been appointed Custodian Bank of
the Fund's assets. Each of the parties may terminate the agreement by a six months notice.
SSBL is a limited company incorporated under Luxembourg law on January 19, 1990 for an unlimited duration.
Its subscribed capital is set at sixty-five million six hundred fifty euro (65,000,650 EUR) represented by four
hundred thousand and four (400,004) shares without nominal value all of which are fully paid up.
The custody of the Fund's assets has been entrusted to SSBL which shall fulfil the obligations and duties
provided by law.
In accordance with banking practice, SSBL may, under its responsibility, entrust all or part of the assets in
custody to other banking institutions or financial intermediaries.
Moreover, SSBL, in its role of Custodian Bank, must:
(a) ensure that the sale, issue, repurchase and cancellation of Shares executed by the Fund or on its behalf
are carried out in accordance with the law or the Fund's Articles of Incorporation;
(b) ensure that, in transactions involving the Fund's assets, the compensation is executed within the usual
time limits;
(c) ensure that the proceeds of the Fund are applied in accordance with the Articles of Incorporation.
As remuneration for the services rendered to the Fund as custodian, SSBL will receive for each Sub-Fund an
annual fee of 0.05% (VAT non included) of the net assets, with a minimum of EUR 3,000 per Sub-Fund. These
fees are calculated monthly based on the average assets of each Sub–Fund, are accrued at each Valuation day
and paid within the first 10 calendar days of the following month.
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