Article 43(e): Investment Limitations

e. The following investment shall be exempted from the provisions of Paragraph (d) of this Article:

1) Investment in debt instruments issued by the Government of the Kingdom in the currency of the fund, and if its currency is other than the currency of the fund, investment in such may not comprise more than (35%) of the net asset value of the public fund.

2) Investment in debt instruments issued by sovereign issuer other the government of the Kingdom, which may comprise not more than ) 35%( of the net asset value of the public fund;

3) Investment of more than )10%( of the public fund net asset value in one class of listed debt instruments issued by a single issuer, which may comprise not more than )20%( of the net asset value of the fund

4) Investment of more than (10%) of the public fund’s net asset value in shares issued by any single issuer listed on the Exchange or any other regulated exchange. Provided that the issue’s percentage of market value does not exceed the total market value of all listed shares on the relevant exchange. This is for a public fund that aims to invest in shares listed on the Exchange or any other regulated exchange, provided that investment in such does not exceed (20%) of the fund’s net assets value.

5) Investment of more than )10%( of the public fund’s net asset value in shares listed in the Exchange or any other regulated exchange by any single issuer affiliated with a field or sector in which the fund’s general objective is to invest in it. Provided that the market value of the issue percentage shall not exceed the total market value of that particular field or sector, for the public fund whose Terms and Conditions state that its investment objective is specified in a field or sector of listed shares, provided that the investment in it shall not exceed (20%) of the fund's net asset value.