CMA LAW: Resolution No. (123) of 2026 Regarding the Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait Granted to Kuwait Investment Company to Market the Shares of European Credit, a sub-fund of Goldman Sachs Alternatives (SICAV)

Having Perused:
- Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and amendments thereto; and
- The Memorandum and Articles of Association of Kuwait Investment Company, and
the agreement between the representative of the collective investment scheme which is Goldman Sachs Asset Management Fund Services Limited and the marketing manager Kuwait Investment Company; and
- The application of Kuwait Investment Company to conduct a private marketing for the sharers of European Credit, a sub-fund of Goldman Sachs Alternatives (SICAV); and 
- Based on Resolution No. (04) of 2025 regarding the amendment of the approval authorizations for the Supervision Sector's procedures, issued on 12/01/2025.

The Following Was Resolved
Article (1)
Kuwait Investment Company is hereby licensed to market 1,500,000 shares (one million and five hundred thousand shares only) of the shares of the European Credit, a sub-fund of Goldman Sachs Alternatives (SICAV) as a private marketing in the State of Kuwait. It is incorporated in Luxembourg. The offering price varies based on the Net Asset Value (NAV), in addition to a subscription fee of 2% of the subscription/participation value for the shares of Category R1D or R1A.

Article (2)
The marketed shares shall be offered only for professional clients in the State of Kuwait according to Module One (Glossary) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments.

The party receiving the subscription applications is as follows:
- Kuwait Investment Company

Article (3)
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.

Article (4)
The marketing license term is one year renewable annually from the issuance date of CMA’s license, and after paying the prescribed fees.

Article (5)
The prescribed fees shall be paid within one month from the date of issuance of this Resolution. In case of default, this Resolution shall be considered null and void.

Article (6)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance, and it shall be published in the Official Gazette.

Anwar Jasem Al Mudhaf

Acting Head of Supervision Sector
Issued on: 03/09/2026.

Copy of the Official Document

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