YOUR ASPIRATIONSOUR INSPIRATION

2015

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CONTENT

Vitis Life: top-of-the-range life insurance, 'made in Luxembourg' ..........................................................................................................p.6

When everyday life inspires our life insurance experts ............................................................................................................................. p.8

A unique dynamic at the crossroads of Europe ............................................................................................................................................p.10

Luxembourg life insurance: an ideal setting for optimal management..................................................................................................p.12

Our ‘à la carte’ life insurance solutions ............................................................................................................................................................p.18

Financial Structuring .............................................................................................................................................................................................. p.20

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“Meeting regularly with our clients and our partners to gain an

understanding of their needs and objectives is, in our view, essential”

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At Vitis Life, when we help clients prepare to transfer their family wealth with its optimisation, sustainability and management, we address all aspects of their family, their working life and their wealth.

Understanding the needs and objectives of our clients by meeting with them regularly is a must in our view. We believe it is indeed essential, in order to offer them the solution best suited to their legal, financial and tax needs, while also taking into account the complex regulatory framework governing life insurance products.

We think of our approach therefore as an à la carte solution to life insurance. Within this context, there are countless possibilities: we have to demonstrate our expertise and flexibility and surround ourselves with the best specialists. These are the strengths which for 20 years have enabled Vitis Life to draw on everyday experience for the inspiration required to respond to the highest aspirations of our clients and our partners. Life insurance ... inspired.

NICOLAS LIMBOURG, CEO

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TOP-OF-THE-RANGE LIFE INSURANCE 'made in Luxembourg'

VITIS LIFE

www.vitislife.com6

Founded in l995, Vitis Life is a Luxembourg life insurance company, operating from Luxembourg under the EU Freedom to

Provide Services*, for clients in Belgium, France, Italy, the Netherlands and Spain. Not forgetting Luxembourg and - since early 2014 - the United Kingdom, where Vitis Life offers a new policy speficially for UK resident taxpayers with ‘non-domiciled’ tax status (usually referred to as “UK Non-dom").

With more than EUR 2 billion in assets under management and a solvency ratio of some 300%, Vitis Life is not only a key player in the Luxembourg market: it is THE specialist in Europe for top-of-the-range, 'à la carte' life insurance solutions.

To better support wealth ambitions of its clients, wherever they may be and wherever they may go, Vitis Life’s teams of multidisciplinary specialists define the comprehensive solutions (tax, financial and legal) best suited to their needs. An innovative approach which demands skill and reliability, and for which the Company relies on a network of highly reputed partners who share its values: private bankers, wealth managers, asset managers, lawyers, notaries, etc.

Vitis Life’s team of specialists works hard to provide each client with visibility, peace of mind, productivity and efficiency in the overall management of his/her wealth.

FPS is the European resident’s right to take out policies offered by an insurance company established in a different Member State from the one in which they reside. FPS also enables an insurance company established in a Member State of the European Union to actively market its products to residents of the European

Economic Area. Offering FPS in the insurance sector is subject to the company being granted a single official authorisation, issued by the competent authorities of the Member State where it has its registered office.

*Freedom to Provide Services [‘FPS’]

1995

2004

2006

2008

2010

320

13,6

<34

+70

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Distribution of gross premiums in 2014

Distribution of mathematic provisions at 31.12.2014

Key dates

2015

Vitis Life is created and launches its FPS business in Belgium

First contracts in Italy

Vitis Life offers specific contracts for the French market

Launch in the Dutch market

Precision Capital becomes the owner of KBL epb Group2012

2013

2014

Launch in the Spanish market

Vitis Life offers an insurance solution for UK Non-dom

Vitis celebrates its first 20 years in business

yearsof experience20

life insurancespecialists50

% solvencyratio

million EURof net profit

billion EURof Assets Under Management2,1

% Cost Income ratio

marketsin which Vitis Life is active7

renownedinstitutional partners

KBL epb becomes the 100% shareholder of Vitis Life

Key figures as at 31.12.2014

37%

18%

4 %

18%

1%

22%

Italy

France

Spain

Belgium

Luxembourg

Other

79,9%

Guaranteed rates

External funds

Internal collective funds

Internal dedicated funds

7,4%

9,3%

3,4%

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WHEN EVERYDAY LIFE INSPIRES OUR

LIFE INSURANCE EXPERTS

// Luxembourg excellence combined with the transparency of an approach which is 100% respectful of the client’s legal environment As pioneer for transparency and good practice, Vitis Life has always been keen to work in compliance with local regulations. And while the products offered by Vitis Life comply with the legislation in force in the client’s country of residence, they are based on the complete range of advantages provided by the supervisory regime for the life insurance sector in Luxembourg.

// Multidisciplinary teams and an international network of experts at your service The structuring of a life insurance contract takes multiple factors into account. Vitis Life’s 'à la carte' approach is therefore based on the work of specialised multidisciplinary teams which include the most qualified and best trained experts in the markets where the Company operates: asset managers, private

bankers, family officers, estate planners, tax advisors, etc. Seeking shared solutions and sharing knowledge creates a real corporate culture dedicated to serving its clients, which is recreated every day - a crucial advantage in the current globalisation of the financial sector.

// A team of lawyers in contact with everyday life With no less than five lawyers specialized in the markets where Vitis Life offers its products (Luxembourg, Belgium, France, Italy, the Netherlands, Spain and the UK Non-dom), the Company has chosen to put their expertise at the service of its partners and its clients. In addition to their technical input, monitoring regulations and product compliance with local laws, these experts assist their colleagues every day and help them meet the expectations of Vitis Life’s partners and clients.

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1

4

8

5

3

2

1 - Pierre Beelen, Chief Operating Officer & Chief Financial Officer | 2 - Natalia Valverde, Legal Officer Spain | 3 - Bastien Perrine, Country Manager France | 4 - Marc Nicolas, International Sales Manager | 5 - Luis de la Infiesta, Country Manager Spain 6 - Riet Leemans, Research & Development Officer | 7 - Christèle Tevere, Head of Corporate Communication & Marketing 8 - Chris Mulders, Country Manager Belgium

7

6

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A UNIQUE DYNAMIC AT THE CROSSROADS OF EUROPE

// Luxembourg, financial excellence in the heart of EuropeRanked among the top five European financial markets, the Grand Duchy of Luxembourg is internationally recognised as a key centre for wealth management and investment funds. A veritable hub for investments, both within and outside Europe, Luxembourg has spared no effort in recent decades to become one of the most highly reputed international financial centres - and one of the rare European countries with a AAA rating (Moody's, Standard & Poor's and Fitch).

Year after year, this inherently multicultural country at the heart of Western Europe voiced a different approach, carried forward by a constructive dialogue between the various players in the financial sector and the public authorities. Above all, and in addition to the stability of its political, economic and tax environment, Luxembourg has succeeded in creating a real financial dynamic by establishing new supervisory regulations for life insurance.

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Compliance // Solutions respectful of local legislationIntroduced by several European life insurance directives, the Free Provision of Services (FPS) regime enables any insurance company established in an EU Member State to sell its products freely within of the European Economic Area (EEA). Any European resident may therefore choose insurance solutions from Vitis Life, all of which combine the advantages of the Luxembourg supervisory law, with respect for the civil and tax environment of their country. Many advances in fiscal transparency were implemented several years ago, at European and international levels including in Luxembourg. Thus several bilateral agreements and European directives have already been transposed in Luxembourg, or are being transposed, and they now provide

for information to be communicated for tax purposes, either on request or automatically. Such a development is perfectly in line with the approach of Vitis Life, which has always ensured that it develops insurance solutions for High Net Worth clients in strict compliance with the legislation of their country of residence. Thus, depending on the regulations specific to the country of residence of its clients, Vitis Life may be required to appoint a tax representative (examples: Italy, Spain) or to collect certain taxes as paying agent (examples: France, Italy, Spain).

Thanks to the flexibility of its solutions, the diversity of its skills base and the strict control exercised by its regulatory authorities, Luxembourg offers an ideal setting for wealthy clients seeking sophisticated wealth management solutions. This favourable environment inspired

Vitis Life to provide each client with the most appropriate response to their needs.

Specialized // Freedom to Provide Services and Luxembourg style expertiseWhile FPS offers European life insurance companies the ability to extend their business boundaries, Luxembourg’s supervisory regulations in matters of life insurance and the presence of many financial professionals

has enabled it, in the space of two decades, to develop expertise which is unique in Europe in terms of cross-border life insurance solutions.

LUXEMBOURG LIFE INSURANCE : an ideal setting for optimal management

The know-how of a multidisciplinary team having more than 20 years experience in the FPS sector respecting the policyholder local legislation.

The Vitis Life's +:

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Flexibility // A wide choice of wealth management specialists and eligible assets

Thanks to the many partnerships it has established with wealth managers and custodians bankers throughout Europe, Vitis Life creates Internal Dedicated Funds on a daily basis, to offer its wealthy clients discretionary management solutions tailored to their most specific needs. These Internal Dedicated Funds - with a minimum investment of EUR 125,000 - offer wealth managers great freedom in the choice of eligible assets. For clients investing a premium of EUR 1 million or more, they are also - with their clients’ consent - authorised to invest in sophisticated assets (hedge funds, participatory certificates, etc.). Vitis Life has chosen to work with many other wealth managers and custodian banks established across Europe in order to meet the wishes of its clients and its partners.

In compliance with European life insurance directives, the assets underlying the insurance policies offered by Vitis Life are subject to Luxembourg legislation (supervisory regulation). For many years these regulations have offered a flexibility that is unique in Europe in terms of investment solutions, offering external funds, internal collective funds (ICF) and internal dedicated funds (IDF).

Luxembourg’s supervisory regulations enable Vitis Life, by using these funds, to offer each client, in partnership with specialist asset managers, the solution that best fits their expectations and their risk profile:

• external funds: multi-support offerings which enable investment in numerous funds, including third party funds;

• internal collective funds: sharing a management strategy between different clients interested in the same financial approach;

• internal dedicated funds: individual and personalised portfolio management based on the needs and profile of the investor;

• specialised insurance funds: individual management by the policyholder himself.

Open architecture: wide range of eligible assets available with partners already registered by Vitis Life.

The Vitis Life's +:

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Luxembourg life insurance: an ideal setting for optimal management

"What will happen to my assets, if the insurance company from which I purchased my policy gets into financial difficulties?" Since the financial crisis in 2008, many clients planning to take out a life insurance policy regularly raise this question.

Fortunately, European directives provide that when an insurance company goes into liquidation, the clients, beneficiaries and any injured party, with a claim against the insurance company, are protected.

Luxembourg stands out in this respect, thanks to the extent of the protection mechanism which it has chosen to apply.

Indeed, Luxembourg has installed by law two ‘preferential rights of priority’ which enable Luxembourg life insurance companies to offer each of their clients a highly secure environment, namely:

• ‘Absolute Preferential Rights of Priority’: this stipulates that the assets in which life insurance policies are invested (called ‘representative assets’) constitute a group of segregated assets reserved, by preferential right of priority, for guaranteeing the payment of all the insurance claims(A)(B);

• ‘Specific Preferential Rights of Priority’: this stipulates that if the segregated assets are insufficient, clients have - for the balance of their claim - a specific preferential right of priority over the share capital of the insurance company, taking precedence over other priority rights (excepting: the salaries and allowances of the insurance company’s employees, court costs, the Luxembourg Treasury, social security, etc.).

(A) Insurance claim: any amount due by an insurance company to policyholders, to beneficiaries or to any injured party with a direct claim against the insurance company and which results from an insurance policy. Premiums owed by an insurance company resulting from an unconfirmed or cancelled insurance policy are also considered to be insurance claims.(B) This preferential right takes precedence over all others, except - in limited cases - costs relating exclusively to the liquidation of the insurance company.

Security // Protected assets for clients, with ‘preferential rights of priority’

Solvency margin of 320% as at 31/12/2014.

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This protective mechanism, which is specific to Luxembourg insurance companies, is based on observance of the following principles:

Equivalence and matching between ‘liabilities’ (technical provisions) and ‘assets’ (representative assets)

Luxembourg insurance law requires that, in consideration of the commitments undertaken by insurance companies vis-à-vis their clients, these companies should constitute adequate technical provisions. These provisions (liabilities) must themselves be represented at all times by equivalent and matching representative assets (in the same currency as that of the commitment).

It is these respresentative assets that constitute what is called ‘segregated assets’.

Representative assets must meet eligibility requirementsIn general, representative assets should take into account the type of business carried out by the insurance company to ensure the security, yield and liquidity of its investments. It must therefore make sure that its investments are diversified and adequately spread.

Deposits of assets with approved banks only and the signature of a deposit agreement involving the CAA

Luxembourg life insurance companies must deposit representative assets with a bank approved by the supervisory authorities of a Member State of the EEA (or, subject to respecting certain conditions, outside the EEE) and accepted by the Commissariat aux Assurances (CAA - the supervisory authority of the insurance sector).

The CAA’s approval of a bank is evidenced by the presence of the signatures of CAA representatives on the deposit agreement (commonly called a ‘Tripartite Agreement’) signed between the insurance company and the bank. The main purposes of this deposit agreement are:

• to inform the bank that the assets (stocks, bonds, cash, etc.) deposited with it in accounts belonging to the insurance company constitute representative assets reserved, by preferential rights of priority, solely for the payment of insurance claims;

• to inform the bank that - given the preferential rights reserved for the payment of insurance claims - these assets may not be given as security by, or pledged to, the bank itself or to a third party (for example, one of the bank’s correspondent banks);

• to permit the bank to undertake to block the accounts of the insurance company on first demand from the CAA;

• finally, to permit the bank to confirm that, in the event of its bankruptcy, the deposited assets - other than cash deposits - will not be included in the bankruptcy’s assets if it goes into default.

Keeping a permanent inventory and making quarterly reports to the CAA

Luxembourg insurance companies must keep a permanent inventory of representative assets and must report quarterly to the CAA to enable the latter to ensure that the technical provisions are entirely covered by representative assets at least equivalent to them.

Separation of the insurance company’s equity capital from segregated assets

The law requires complete segregation of Vitis Life’s assets (equity capital) from the representative assets reserved for payment of the insurance claims of its clients. Observance of this principle is evidenced by an accounting distinction between the equity capital of Vitis Life and the representative assets, which it reserves for its clients.

In addition to these protection mechanisms, which are specific to the supervisory law of Luxembourg, every insurance company must establish a solvency margin. In practice these are assets that are additional to the representative assets which the insurance company must constitute and which represent the minimum amount of equity capital which it must have at its disposal in order to carry on with its business. This additional capital forms a safety cushion which enables the insurance company to deal with unforeseen events.

The amount of additional capital which insurance companies are currently required to hold is defined according to a European directive, commonly called ‘Solvency I’.

Under this directive, Vitis Life has a solvency margin of about 300% of the legal minimum.

A major change in this regulation has, however, begun and all European life insurance companies will soon be governed by new rules under the European ‘Solvency II Directive’, which will come into force on 1 January 2016.

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Luxembourg life insurance: an ideal setting for optimal management

A life insurance policy has many advantages for clients who need to change their place of residence or whose family members live in different countries:

Fiscal neutrality of Luxembourg and portability// Advantages valued by mobile customers

Life insurance policies are recognised by European countries

Since an insurance policy is a contract recognised by the different European countries, policyholders are guaranteed that they can maintain its validity, regardless of a change of residence. In this regard, this may be a more attractive option for many European residents when compared with other estate planning vehicles (e.g. trusts, holdings, soparfis, etc.).

The tax neutrality of Luxembourg, another advantage of Luxembourg life insurance companies

Since Vitis Life is a Luxembourg life insurance company, it benefits from application of the double tax treaties that Luxembourg has signed with more than 70 countries around the world.

Indeed, because Vitis Life is, legally and fiscally, the only owner and beneficiary of the assets underlying these life insurance policies, and of the income generated by these assets, its clients benefit indirectly from Luxembourg tax neutrality, namely:

• the absence of taxation payable by Vitis Life in respect of the assets underlying these life insurance policies or the income from them;

• the opportunity to benefit from reduced rates of foreign withholding tax provided for by all the tax treaties.

Vitis Life can also, in some cases, apply for an exemption from withholding tax under the ‘significant holdings’ regime, as provided for by the European ‘Parent-Subsidiary Directive’:

• the opportunity to benefit from an exemption from foreign withholding tax on the basis of the significant holdings regime.

Luxembourg’s fiscal neutrality is especially important for mobile clients seeking a long-lasting solution.

Thus, if policyholders change their country of residence, the Luxembourg life insurance policy will only be subject to taxation in their new country of residence. Indeed, there is no tax in Luxembourg which is due, or which must be withheld by the insurance company, in respect of premiums paid by non-residents on profits made in the event of redemption or on the payment of insurance benefits when the policy matures or on the death of the insured.

Life insurance policies are therefore mobile instruments for the transfer of family wealth which are particularly suitable for the new lifestyle of wealthy clients.

A legal team specialised that accompanies clients in case of residence change in the course of contract.

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In addition to providing security for wealth, the Luxembourg legal system enables each insurance policyholder to benefit from the best protection of personal data. All Luxembourg players in the insurance sector are in fact required to respect client confidentiality, under penalty of criminal sanction. Thus the law requires that “confidential information entrusted to life insurance companies and their employees as part of their professional activity must be kept secret”. Although certain information entrusted to Vitis Life during the life of a policy may now be forwarded to the tax authorities of the place of residence of the recipient of the payment, this information may not, under any circumstances, be disclosed to third parties.

Confidentiality// A guarantor for the protection of our clients’ privacy

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OUR "À LA CARTE" LIFE INSURANCE SOLUTIONS

ASSET STRUCTURING, TAILORED TO:

• the environment of our clients’ family wealth

• their sensitivity in terms of risk management

SECURITY FOR POLICYHOLDERS’ FAMILY WEALTH:

• asset protection for clients with ‘preferential rights

of priority’

FINANCIAL STRUCTURING AND CHOICE OF UNITS:

• external funds• internal collective funds• internal dedicated funds

• specialised insurance funds

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// Operating of a life insurance contract

1. Commissariat aux Assurances (CAA): public body under Luxembourg law tasked with monitoring the insurance and insurance broker sector in accordance with the stipulations of Luxembourg legislation and regulation.

2. Control authority of the financial sector: supervising authority of banks and asset managers in their country of establishment. (e.a in Luxembourg: CSSF : Commission de Surveillance du Secteur Financier).

3. Intermediaries they are our partners approved as insurance intermediaries (such as private banks, wealth managers) who offer Vitis Life ‘à la carte’ solutions and implement them taking your financial situation and wealth into account.

4 Custodian bank: the bank with which the Insurer deposits shares of the units of account which make up the Policy’s reserve. For the dedicated or internal collective funds, this is also the bank with which the Insurer deposits the assets or financial instruments which comprise each dedicated or internal investment fund representing a unit of account. For each dedicated or internal collective fund the bank allocates the Insurer a specific bank account or sub-account in which the Insurer has to deposit the assets or financial instruments relating to this fund.

5. Asset Manager: the client wealth is managed by specialists to obtain the highest possible return.

6. Policyholder : the person who takes out the life insurance policy with Vitis Life S.A.

7. Insured person : the person on whose life rests the risk of the occurrence of the insured event and whose death leads to the payment of the insurance benefits.

8. Beneficiary the person for whose benefit the policy is taken out and who receives the insurance benefits at the end of the policy.

Commissariat aux Assurances (CAA)

Custodian bank4

Asset Manager5

Control authority of the financial sector

1

Contract

Policyholder

Insured person

Beneficiary

6

7

8

3Intermediaries

2

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Beyond the asset management in direct lines, the IDF can be compounded of:• Structured products (6 to 8 months) ; medium or long term• 100% investment into a unique direct line (1)

The IDF is composed of the following specificities:

• liberty in the management strategy• flexibility in the assets choice• liberty in the asset manager choice• liberty of the custody bank choice

FINANCIAL STRUCTURING

Internal Dedicated Fund (IDF) // Solution of individual and personalized management

Policyholder

Contract

Asset manager 2Asset manager 1

Custodianbank 2

Custodianbank 1

Vitis Life S.A.Internal

dedicated fund 2

Internal dedicated fund 1

(1)This possibility is exclusively reserved to internal dedicated funds belonging to category C which are accessible to policyholders investing a minimum of 250,000 euros in all of their contracts with the insurance company and declaring to possess a financial wealth of minimum 1,250,000 euros.

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Internal Collectif Fund (ICF)// Tailored solution of collective management

The internal collective fund is different from:

• the rapidity and the facility of the setting up (prior notice to the CAA with the specificities of the fund and of the management) / no agreement

• the distribution possibility to a multiplicity of clients interested in the same management strategy of their contract

• limited costs

The Specialised Insurance Fund// Direct management solution

A specialised insurance fund is an internal fund other than a dedicated fund, investing in direct lines or not, without guaranteed return, and serving as underlying asset for a single contract.Each asset of the specialized insurance fund is directly chosen by the policyholder at the time of payment of the initial or additional premium, or when a switch takes place.

Vitis Life S.A.

Contract 1 Contract 3Contract 2

FICCustodian

BankAsset

Manager

Contract 4

Policyholder 1 Policyholder 2 Policyholder 3 Policyholder 4

Custodian bank 1

Specialised Insurance

Fund 1

Specialised Insurance

Fund 2

Custodian bank 2

Vitis Life S.A.

Policyholder

Contract

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NOTES

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fr

Vitis Life S.A.2, boulevard Emmanuel ServaisL-2535 Luxembourgtel (+352) 262 046 1fax (+352) 262 046 399

info@vitislife.comwww.vitislife.com

Postal Address : Vitis Life S.A.B.P. 803 L-2018 Luxembourg

This document is purely informative and is by no means exhaustive of the topic. It does not constitute an offer to contract, or a piece of advise from Vitis Life S.A. For any subscription of a life insurance contract Vitis Life S.A. recommend you to contact one of our sales representatives. All texts, logo’s and pictures present in this brochure are the property of Vitis Life S.A. taking into account the right of authors. Any total or partial publication, reproduction or adaptation must be requested to Vitis Life S.A.