Article 49(d): Closed-Ended Investment Traded Fund

d. The fund's total assets value may increase by accepting cash contributions or in-kind contributions, or both, through the following mechanism:

1. the fund manager must obtain the Authority's approval to offer additional units of the fund by accepting cash or in-kind contributions, or both.

2. after obtaining the Authority's approval referred to in Subparagraph (1) of Paragraph

(d) of this Article, the fund manager must obtain the approval of the unitholders – by an ordinary fund resolution – to offer additional units of the fund by accepting cash contributions or in-kind contributions, or both.

3. if the fund total assets value is to increase by accepting cash contributions, or cash and in-kind contributions, the new units offering period shall be a minimum of (5) days within a period not later than (6) months from the date of the Authority's approval.

4. In the event that the value of the units to be offered has been collected, the offered units must be first allocated to the unitholders registered on the day of the unitholders' meeting, then allocate the remaining units (if any) to the remaining subscribers, within a period not exceeding (15) days after the end of the offering period, which is set out in the Fund’s Terms and Conditions. The ownership of the in-kind contributions that is to be acquired must be transferred for the interest of the fund, and the new units shall be listed on the Exchange within a period not exceeding

(60) days from the end of the offering period. It is not permissible to dispose of the units allocated to subscribers by in-kind contributions through the process of increasing the fund's total assets value in accordance with Paragraph (d) of this Article within the first year of their trading commencement.

5. where the fund's total assets value increase is made through accepting in-kind contributions, the additional units shall be allocated to the subscribers by in-kind contributions immediately after obtaining the unitholders’ approval referred to in Subparagraph (2) of Paragraph (d) of this Article, provided that the ownership of the in-kind contribution to be acquired is transferred for the interest of the fund, and the new units are listed on the Exchange within a period not exceeding (60) days after the end of the offering period. It is not permissible to dispose the units allocated to subscribers by in-kind contributions through the process of increasing the fund's total assets value in accordance with Paragraph (d) of this Article within the first year of their trading commencement.

6. With regards to Subparagraph (3) of Paragraph (d) of this Article, and where the minimum amount required to be raised and which is set out in the Fund’s Terms and Conditions was not fulfilled, the fund manager must cancel the offer and return the subscribers' money with no deduction within a period not exceeding (5) days of the end of the offering period.