Verbotene Beteiligungen und verbotenes Verhalten der Reserve

1. The Reserve shall not:
(a) exercise, directly or indirectly, any voting right attached to any share it holds;
(b) seek or accept representation in the administrative, management or supervisory bodies of any undertaking;
(c) give instructions, formally or informally, to any undertaking in which it holds an interest;
(d) acquire an interest in any undertaking otherwise than pursuant to Article 5, by reinvestment of its income or by prudent diversification of crystallised holdings;
(e) borrow, save for temporary liquidity purposes not exceeding 2 % of the value of its assets and save for the payment of subscription amounts under Article 5(5), which borrowing shall be repaid from the first realised income of the Reserve;
(f) grant loans or guarantees;
(g) enter into derivative contracts, save for hedging currency risk on assets it holds.

2. The Reserve shall manage its holdings with the sole objective of long-term preservation and growth of value for the benefit of holders.