Experienced Investor in terms of Chapter 2 of the Rulebook

Means an investor who declares to the Issuer that:

(a) he has already participated in other offerings of VFAs;

(b) he has invested in VFAs in excess of EUR 10,000 or its equivalent; and

(c) he possesses the necessary experience, knowledge and expertise to make his own investment decisions and properly assess the risks involved.

An investor falling within the definition of an ‘Experienced Investor’ in terms of Chapter 3 of the Rulebook shall also be treated as an ‘Experienced Investor’ for the purposes of Chapter 2 of the Rulebook and points (a) to (c) above shall not apply to such investor.