McCann FitzGerald

Solicitors

Riverside One

Sir John Rogerson's Qyay

Dublin 2 McCANN FITZGERALD

Tel: +353-1-82.9 oooo

Fax: +353-1-829 0010

Email: inquiries@mccannfitzgerald. ie

Dx31Dublin

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O U.R R .E.f

EMTN\ 15409155.3

Barry Bowden Rubicon hlfrastrudtrre Advisors 51-54 Pearse Street Dublin2

YOUR R Ef

Private, Confidential and Privileged Legal Advice

Rubicon Infrastructure Advisors (the I./Company") - US Securities and Exchange MA Application- Data Protection Query

Dear Barry

DATE

30 October 2014

ByEnWI

We refet· to recent conversations fron1 which we understand that the US Securities and Exchange Conmussion (the "Commissionn) has t·equested confirn1ation of the Con1pany' s ability, as a n1atter of Irish law, to provide the Conunission with access to its books and records and fi1at fi1e Con1pany can, as a mattet· of hish law, submit to inspection and examination by the Conmussion.

As a matter of general hish law and, in particular, fi1e law relating to the Con1pany' s aufi1o1isation as an investn1et1t firn1 ptrrsuant to the Em·opean Con1mtnlities {Marketing in Financial h1Shwnents) RegulatiotlS 2007 (as an1et1ded) of Ireland, there is no prolubition on the Con1pany subnutting its books and t·ecords to the Conlmission and fi1e Con1pany can submit to nlSpection and exanili1ation by fi1e Conmussion. Howeve~·, fron1 a data protection perspective, fi1ere ru·e a tumlher of issues to cotlSider, as set out h1 the followh1g section.

1. Data Protection Issues

1.1 Under the Irish Data Protection Acts 1988 and 2003 {fi1e "DPA"), any etltity wifiili1 fi1e scope of the DPA {such as fi1e Company) fi1at holds 'pet·sonal data' relath1g to individuals may not provide it to filird parties unless it is entitled to rely on one of a number of 'legitinush1g conditiotlS' for the processh1g of personal data tl1at are set out h1 tl1e DP A, or wuess the relevant disclosure is covered by an exemption m1der SectionS of tl1e DPA.

John Cronin, Ti othy {loucbier·Hayes, jane Marshall, Ronan Molony, f.(lnan McDowell . Julian Conlon. IY.tmian .ollins, Catherine Deane, Paul Heffernan, Terence McCrann, Roderick Bourke, Ambrose Loughlin, Niall Powderly, l(e<.i n Kelly, Hilary Marren, E~monn O'Hanrahan, Roy Parker, l'atricia Lawless, &my Devereux, Helen Kilroy, Judith Lawless, James Murphy, David Lydon, David flyers, Sean Barton, Coiro Fanning, Paul Lavery, Julie O!Jin, Alan Fuller, Claire Lenny, Maureen Dolan, Michelle Doyle, Hugh Beattie, fergu..~ GiUen, Valerie Lawlor, Mark White, Eamon de Valera. joe Fay, Ben Gaffikin, Donal 0 Raghallaigh, Karyn Harty, Philip Andrews, Barrclt Chapman, Mary Brassil, Audrey Bj'tnc, Shane Fahy, Georgina O'Riordan, Adrian Farrell, Michael Murphy, Aidan Lawlor, Darragh Murphy, Brian Quigley, Conor O'Dwyer, Stephen FitzSimons, D;~vid Hurley, Philip Murphy, Fiona O'Bcirnc, Ganelh O'Bri n , Joshu<~ Hogan, Ri chard Leonard, Jenny Mcllcrick, Rory O'M.allcy, Lisa Smyth, Toln Dane. Catberiltc Derrig, Megan Anne Hooper, Sbane Sweeney. Consulunu: Rosaleen Byrne, Annette Hogan. Eleanor MacDonagh (FcA), Peter Osborne, Mkhael Ryan (rcA), Tony Spratt (AcA). BRUSSELS 40 Square de Meeus, 1000 Brussels, Tel: +32-2-740 0370, Fax: +32-2-740 0371.

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McCANN f iTZGERALD

1.2 We have t·eceived from U1e Contpany its template Non-Disclosure Agreement and Standard Non-Disclostll'e Agreen1ent (the "Agreentents") each of which include provisions specifically pemutting the disclosure by U1e Con1pany of what would otherwise be confidential inf01mation to, among others, its regulators (wluch would include U1e Conmtission).

1.3 However, Ute Contpany likely holds 'personal data' relating to its m'\1'11 officers and entployees as well as 'personal data' relating to individuals connected wiUt the Contpany's corp01·ate clients (printarily obtained for 'know your custonter' purposes). The ability of Ute Company to provide the Contmission wiU1 access to any such personal data is linuted by the DPA unless it can rely on a 'legitimising condition' to do so, or unless an exen1ption tutder Section 8 of Ute DP A applies.

1.4 One 'legitintising condition' for Ute disclosure of personal data is where Ute relevant individual has consented to the disclosw·e.

1.5 Having t·egard to U1e exemptions, one U1at is likely to be of relevance in Utese circuntStances is where U1e disclosure of pet·sonal data is "required by or tutdet· any ettactntent or by a ntle of law or order of a court". AlUtough the DP A does not specifically conten1plate non-Irish law or orders, in orda· to conte wiUun Ute scope of UUs exemption the Comntission could arrange for any relevant legal obligation or order to be 'perfected' in heland ptll'suant to the 'ntutual assistance' regime Utat is provided for tu1der the Crintinal Justice (Mutual Assistance) Act 2008 (as amended). Tltis Act provides for a procedure whereby foreign law obligatiotlS and orders can be given Ute sante effect in Ireland as Irish law obligatiotlS and 01·ders.

2. Conclusion

Accordingly, we can confirm U1at the Contpany has broad authority under Irish law to provide Ute Comntission wiUt access to its books and records and to submit to inspection and exantination by the Coumussion. Howeva·, suclt auU1ority is lintited in relation to 'personal data' relating to individuals. Presuntably the Company can. obtain relevant disclosure c0115ents front the Company's O"Wll officet·s and entployees, alU1ough, Uus may not be practical in relati011 to individuals associated wiUt Ute Contpany' s clients.

Nevertlteless, on Ute basis Utat any such 'personal data' is likely to be quite limited in scope and t·elevance to Ute Contmission and furUter, given Ute exentption outlined in section 1 above, ideally Uus will cottStitute sufficient conlfort to Ute Conmussion.

Should you l1ave any ftU'ther queries, please do not hesitate to contact us.

Yours sincet·ely

(Sent by emnil nJtd, nccordiugly, bem·s no signature)

McCann FitzGerald

Cc: Secwities and Exchange Commission

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