Decree No. 2012-891 of July 24, 2012

N° 60 Official Journal of the Republic of Tunisia — July 31, 2012 Page 1757 Article 4 - The Minister of Finance is responsible for the execution of this decree, which will be published in the Official Journal of the Republic of Tunisia. Tunis, July 24, 2012. The Prime Minister Hamadi Jebali

Decree No. 2012-891 of July 24, 2012, implementing the provisions of Article 22 ter and Article 22 quater of the Code of Collective Investment Funds promulgated by Law No. 2001-83 of July 24, 2001, as amended and supplemented by subsequent texts and notably the decree-law No. 2011-99 of October 21, 2011, modifying the legislation on venture capital investment companies and risk investment common funds and easing the conditions for their interventions.

The Prime Minister, On the proposal of the Minister of Finance, Having regard to Constitutive Law No. 2011-6 of December 16, 2011, on the provisional organization of public powers, Having regard to Law No. 88-92 of August 2, 1988, on investment companies, as amended and supplemented by subsequent texts and notably decree-law No. 2011-99 of October 21, 2011, modifying the legislation on venture capital investment companies and risk investment common funds and easing the conditions for their interventions, Having regard to the Code of Income Tax on Individuals and Corporate Income Tax, promulgated by Law No. 89-114 of December 30, 1989, as amended and supplemented by subsequent texts and notably decree-law No. 2011-100 of October 21, 2011, adapting tax advantages related to reinvestment in venture capital with the intervention scope of venture capital investment companies and risk investment common funds, Having regard to the Commercial Companies Code promulgated by Law No. 2000-93 of November 3, 2000, as amended and supplemented by subsequent texts, Having regard to the Code of Collective Investment Funds promulgated by Law No. 2001-83 of July 24, 2001, as amended and supplemented by subsequent texts and notably decree-law No. 2011-99 of October 21, 2011, modifying the legislation on venture capital investment companies and risk investment common funds and easing the conditions for their interventions, Having regard to Law No. 2005-58 of July 18, 2005, on seed funds, as amended and supplemented by subsequent texts and notably decree-law No. 2011-99 of October 21, 2011, modifying the legislation on venture capital investment companies and risk investment common funds and easing the conditions for their interventions, Having regard to Decree No. 75-316 of May 30, 1975, defining the powers of the Ministry of Finance, Having regard to Decree No. 2006-381 of February 3, 2006, implementing the provisions of Article 22 bis of the Code of Collective Investment Funds, as amended and supplemented by subsequent texts, Having regard to Decree No. 2011-4796 of December 29, 2011, appointing members of the government, Having regard to the opinion of the Administrative Court, Having regard to the deliberation of the Council of Ministers and after notification to the President of the Republic.

Decrees: Article 1 - The risk investment common fund provided for in Article 22 bis of the aforementioned Code of Collective Investment Funds may not employ more than 15% of the subscribed amounts during each subscription period, in interventions provided for in Article 22 quater of said Code, with respect to a single issuer, unless they are securities issued by the State or local authorities or guaranteed by the State, provided that the calculation base for this rate is the fund's assets at the end of the share release period. Article 2 - The risk investment common fund provided for in Article 22 bis of the aforementioned Code may intervene in favor of the companies referred to in said article and in which it holds at least 5% of the capital, in the form of current account advances to partners, subscriptions or acquisitions of convertible bonds, participatory securities and, in general, all other categories assimilated to equity in accordance with the prevailing legislation and regulations, provided that the total of these interventions does not exceed 30% of the fund's assets.

Page 1758 Official Journal of the Republic of Tunisia — July 31, 2012 No. 60 Article 3 - To benefit from the tax advantage provided by the aforementioned Code of Income Tax on Individuals and Corporate Income Tax, the intervention of the risk investment common fund through the subscription of convertible bonds is taken into account up to a limit of 20% of the employment rate set by Articles 39 septies and 48 nonies of said Code and Article 22 bis of the aforementioned Code of Collective Investment Funds, provided that the convertible bonds are newly issued and their remuneration is linked to project results. Article 4 - The risk investment common fund provided for in Article 22 ter of the aforementioned Code of Collective Investment Funds is required, within a period not exceeding the end of the two years following the year in which the shares were released, to employ all its assets in subscribing to shares of risk investment common funds provided for in Article 22 bis of said Code or shares of seed funds provided for by Law No. 2005-58 of July 18, 2005, as aforementioned. Article 5 - The risk investment common fund provided for in Article 22 ter of the aforementioned Code may not employ more than 20% of the subscribed amounts during each subscription period in shares of a single risk investment common fund provided for in Article 22 bis of said Code or a single seed fund provided for by Law No. 2005-58 of July 18, 2005, as aforementioned, provided that the calculation base for this rate is the fund's assets at the end of the share release period. Article 6 - The provisions of Decree No. 2006-381 of February 3, 2006, implementing the provisions of Article 22 bis of the Code of Collective Investment Funds, as amended and supplemented by subsequent texts, are repealed. Article 7 - The Minister of Finance is responsible for the execution of this decree, which will be published in the Official Journal of the Republic of Tunisia. Tunis, July 24, 2012. The Prime Minister Hamadi Jebali

Decree No. 2012-892 of July 24, 2012, amending Decree No. 2006-1996 of July 17, 2006, on the administrative and financial organization and operating procedures of the Tunisian Solidarity Agency.

The Prime Minister, On the proposal of the Minister of Finance, Having regard to Constitutive Law No. 2011-6 of December 16, 2011, on the provisional organization of public powers, Having regard to Law No. 88-145 of December 31, 1988, establishing the finance law for the year 1989 and notably Article 86, Having regard to Law No. 89-9 of February 1, 1989, on participations, companies and public establishments, as amended and supplemented by Law No. 94-102 of August 1, 1994, Law No. 96-74 of July 29, 1996, Law No. 99-38 of May 3, 1999, Law No. 2001-33 of March 29, 2001 and Law No. 2006-36 of June 12, 2006, Having regard to Law No. 96-112 of December 30, 1996, on the accounting system for companies, Having regard to Law No. 2001-123 of December 28, 2001, establishing the finance law for the year 2002 and notably Article 12, Having regard to Decree No. 75-316 of May 30, 1975, defining the powers of the Ministry of Finance, Having regard to Decree No. 2002-2197 of October 7, 2002, on the procedures for exercising oversight over public companies, approving their management acts, representing public participants in their management and deliberation bodies, and fixing obligations imposed on them, Having regard to Decree No. 2004-2265 of September 27, 2004, amending the list of non-administrative public establishments considered as public companies, as supplemented by Decree No. 2007-2560 of October 23, 2007, Having regard to Decree No. 2005-910 of March 24, 2005, designating the oversight authority over public companies and non-administrative public establishments, as amended and supplemented by Decree No. 2007-2123 of August 21, 2007, Decree No. 2007-2561 of October 23, 2007 and Decree No. 2008-3737 of December 11, 2008.