PRESENTACIÓN EN LOS ESTADOS FINANCIEROS

Profits on disposing of securities, profits on futures transactions and earnings from option premiums

Gains on the sale of equities, profit participation rights that are similar to equity and investment units, gains from futures trading and income from option premiums that are earned at the level of the Fund, have no effect at the level of the investor unless they are distributed. This also applies to the sale of shares in other investment funds. The gains from the sale of the following capital claims also have no effect if they are not distributed:

a) capital claims that have a yield at issue,

b) 'normal' bonds and unsecuritised fixed-coupon receivables and down-rating bonds, floaters and reverse floaters,

c) risk certificates which reflect the price of a share or published index for a multiplicity of shares on a 1:1 basis,

d) equity linked bonds, exchangeable bonds and convertible bonds,

e) profit-sharing bonds and debt profit sharing rights traded flat (without showing interest accrued), f) bonds cum warrants.

In general, gains from the sale of the securities/capital requirements, from futures trading and income from option premiums that are distributed, are taxable and are subject to a withholding tax of 25% (plus the solidarity surcharge and any applicable church tax) if the units are held in safekeeping in a domestic account. Distributed gains on the sale of securities and from futures trading are tax-exempt if the securities were acquired at the fund level or the futures transaction was entered into before 1 January 2009.

Proceeds from disposing of capital claims which are not included in the list above are to be treated as interest for tax purposes (see below).

Interest, dividends and other income

As a rule, investors are subject to tax on interest, dividends and other income. This applies regardless of whether this income is reinvested or distributed.

As a rule, investment income is subject to a 25% withholding tax (plus solidarity surcharge and any applicable church tax).

No withholding tax needs be collected if the investor is a taxable resident of Germany and an exemp- tion application has been submitted, provided the taxable income amount does not exceed EUR 801 for someone filing individually, or EUR 1,602 for spouses filing jointly.

This also applies on presentation of a certificate for persons that are not expected to be jointly sub- ject to income tax (so-called non-assessment certificate, hereinafter referred to as the "NA certifi- cate").

If a domestic investor holds units of a distributing investment fund under tax law in a domestic cus- tody account with the Company or another credit institution (custody account situation), the financial institution maintaining the custody account, as payment agent, will not withhold tax if, before the date set for distribution, it receives an exemption application made out in the sufficient amount con- forming to the official sample document or a non-assessment certificate issued by the tax office for a period of three years. In this case, the full distribution is credited to the investor with no deduction. For the tax deduction of an investment fund that does not distribute dividends on its income, the investment fund will provide the entities maintaining the custody account with the capital gains tax in addition to the maximum payable additional taxes (solidarity charge and church tax). The entities maintaining the custody accounts deduct the tax as in the event of dividends taking the personal conditions of the investors into account, such that church tax can be deducted in particular if neces- sary. If the investment fund has provided amounts to the entities maintaining the custody accounts that do not have to be deducted, a reimbursement is to be made.

If the units are in a custody account with a domestic credit institution or domestic company, the withheld tax is credited to the investor's account if the investor provides the entity maintaining the custody account with an exemption application made out in the sufficient amount or a non- assessment certificate before the end of the investment Fund's financial year in which the amount provided by the entity maintaining the custody account is credited to the account.

If the exemption application or non-assessment certificate is not submitted or is not submitted in time, the investor receives on request from the entity maintaining the custody account a tax certifi- cate for the tax withheld and paid out and for the solidarity surcharge. The investor then has the opportunity to credit the withheld tax against the personal tax liability in his income tax assessment. If units of a distributing investment fund are not held in a custody account and coupons are present- ed to a domestic credit institution (personal custody), the 25% withholding tax plus the solidarity surcharge will be deducted.

Negative taxable income

If offsetting of positive and negative income of the same type results in net negative income at the level of the Fund, this negative income is carried forward at the level of the Fund. These may be net- ted at fund level with future similar positive taxable earnings in subsequent years. The negative taxa- ble income may not be attributed to the investor directly. These negative amounts therefore do not affect the investor's income tax until the assessment period (tax year) in which the Fund's financial year ends or in which distribution is made for the financial year of the Fund for which the negative taxable income was offset at the level of the Fund. These negative amounts may not be taken into account with respect to the investor's income taxes any earlier than this.

Return of capital distributions

Return of capital distributions is not subject to taxation. However, the return of capital that the inves- tor has received during the holding must be added to the tax liability from the sale of the Fund's shares; in other words, they increase the taxable profit.

Gains on sales at the investor level

If a private investor sells investment fund units that were acquired after 31 December 2008, gains on the sale are subject to the 25% withholding tax. If the units are held for safekeeping in a domestic custody account, the entity maintaining the custody account deducts the withholding tax. Deduction of the 25% withholding tax (plus solidarity surcharge and any applicable church tax) can be avoided by providing an exemption application made out in a sufficient amount or a non-assessment certifi- cate. If such shares are sold by a private investor at a loss, the loss can be set off against other posi- tive income from capital assets. If the shares are kept in a domestic custody account and positive income was generated from capital assets from the same entity maintaining the custody account in the same calendar year, the entity maintaining the account will set off against the loss.

Gains on the sale of units acquired before 1 January 2009 are tax-exempt for private investors. When calculating the gain on the sale, the interim profit at the time of purchase must be deducted from the costs of the purchase and the interim profit at the time of sale must be deducted from the sales price in order to avoid double taxation of interim profits (see below). The sales price must also be reduced by reinvested income that the investor has already paid taxes on in order to avoid double taxation of this income.

The gains from the sale of fund units purchased after 31 December 2008 are tax-free to the extent that they are due to the gains that are tax-free under the DTA incurred during the time held in the Fund but not yet recorded at the investor level (so-called property gains pro rata to ownership time). The Company publishes the real estate profits valued daily as a percentage of the unit value of the Fund.