Art. 91a

(Art. 63 para. 2 and 3 CISA)

1. In particular, closely connected persons include:
   1. the fund management company, SICAV, custodian bank and their agents, specifically architects and building contractors commissioned by them;
   2. the members of the board of directors and employees of the fund management company or SICAV;
   3. the board of directors and members of the executive board as well as employees of the custodian bank appointed to monitor the real estate funds;
   4. the audit company and the employees entrusted with the auditing of the real estate funds;
   5. the valuation experts;
   6. the real estate companies not belonging 100 per cent to the real estate fund and members of the board of directors and employees of such real estate companies;
   7. the property management businesses entrusted with the management of the real estate and members of the board of directors and employees of such property management businesses;
   8. the significant equity holders pursuant to Article 14 paragraph 3 CISA of the companies mentioned in letters a–g above.
2. Agents pursuant to paragraph 1 letter a are not deemed to be closely connected persons if evidence can be provided that they neither exert nor have exerted direct or direct influence on the fund management company or the SICAV and the fund management company or SICAV are not biased in the matter in any other way.