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LUXEMBOURG STOCK EXCHANGE

Luxembourg Stock Exchange The Luxembourg Stock Exchange (French: Bourse de

Luxembourg) is a stock exchange based in Luxembourg City, in southern Luxembourg.

The Chairman of the Board is Frank Wagener

Chief Executive Officer is Robert Scharfe.

The Exchange has pre-opening sessions from 07:15am to 09:00am and normal trading sessions from 09:00am to 05:35pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.

HISTORY A law establishing a stock exchange in Luxembourg was

passed on 30 December 1927. The company was incorporated as the Société Anonyme de la Bourse de Luxembourg on 5 April 1928, with an initial issue of 7,000 shares, each valued at 1000 francs.

In November 2000, it entered into an agreement with Euronext.

Recently on 19 feb, 2016, it has listed its 100 th Green bond.

WORKING OF LSE

BONDS

It specializes primarily in the listing of international bonds, in which it is ranked first in Europe, as of 2013.

The Luxembourg Stock Exchange was the first exchange to list a Eurobond, with the issue of Italian Autostrade bonds in 1963, and, to this day, Luxembourg has maintained a dominant position in European bond issues, with approximately 40% of all cross-border securities in Europe being listed in Luxembourg.

Whilst Luxembourg is also a market for debt from the EBRD, European Commission, European Investment Bank, and World Bank.

EQUITIES

Luxembourg Stock Exchange's main equity index is called the LuxX Index, which is a weighted index of the nine most valuable listed stocks by free floated market capitalisation.

The index was fixed at 1,000 on 4 January 1999: the first day of trading after Luxembourg adopted the euro. The ten companies currently included in the listing are: Arcelor Mittal, RTL Group, Brederode, Luxempart, reinet Investments,etc.

INTEGRATED SOLUTION FOR FUNDS

• Listing1 • Trading2 • Reporting3

WHY LIST FUNDS? One of the main reasons why funds must be listed is to

broaden the scope of its potential investors.

Indeed, institutional investors (e.g. pension funds, insurance companies) have to include a percentage of listed securities in their securities portfolio.

At a time when regulators and investors are requesting more transparency, listing on a stock exchange is also considered as a response to this demand by enhancing access to the financial information, liquidity and valuation of the securities

WHY IN LUXEMBOURG?

1) Help increase a fund’s potential investor baseInstitutional investors are restricted in their type and allocation of resources

unless such instruments are listed on a recognized stock exchange

2) Improve disclosure and transparency 3) Increase visibility and enhance profile4) Liquidity and pricing dissemination5) Tax considerations6) Flexibility on structures that can be listed

BENEFITS OF FUND TRADING IN LUXEMBOURG

Continuous trading in real time without delays Transparency No minimum investment All types of orders permitted A regulated and monitored market place Principle of independence: Optimized processes Guaranteed execution

THANK YOU