Article 15(c): Delegation by the Fund Manager

c. A sub-fund manager operating outside the Kingdom may be delegated to manage the Fund’s foreign investments, or one or more third parties may be delegated to carry out Fund operations outside the Kingdom in relation to the Fund’s foreign investments, provided that such delegate is duly established, licensed, and subject to the supervision of a regulatory authority that applies regulatory standards and requirements at least equivalent to those of the Authority. The delegate must be appointed pursuant to a written agreement. The Authority shall, at its sole discretion, assess whether the regulatory standards and requirements applicable to the sub-fund manager outside the Kingdom or to the third party delegated to carry out Fund operations outside the Kingdom are at least equivalent to those of the Authority.