Article 53(b): Closed-Ended Investment Traded Fund Buy-Back and Sale of its Units

b. The closed-ended investment traded fund may buy-back its units unless the fund’s terms and conditions stipulate otherwise, in accordance with the following controls:

1. The buy-back of the fund's units is for the purpose of keeping them as treasury units or in order to cancel them.

2. The percentage of treasury units for the fund shall not exceed (10%), at any time, of the units issued by the fund.

3. Issuance of a special fund resolution by the unitholders approving the buy-back process, specifying the maximum number of units subject to the buy-back and its purposes, the sources of financing the buy-back process, and authorising the fund manager to complete the buy-back within a period not exceeding twelve months from the date of the issuance of the referenced special fund resolution. Moreover, unitholders may, at any time, issue a special fund resolution to change the purposes of the buy-back.

4. Unless the purpose of buying-back the units of the fund is to cancel them, the units buy-backs must be made not exceeding (10%) of the quantity approved at the meeting of the unitholders for buy-back within one trading day, unless the approved quantity, or the remainder of the approved quantity that is not bought-back yet, is less than (10%) of the trading volume of the fund's units the day before the buy-back.

5. The buy-back price shall not exceed (5%) of the market closing price on the day preceding the day on which the buy-back is executed.

6. The buy-back does not result in a decrease in the ownership of public unitholders to less than the liquidity requirements stipulated in the Listing Rules (where applicable) for the units issued by the Fund.

7. The buy-back shall be made through the Exchange and not through a special transaction.

8. The treasury units bought-back by the fund shall have any no voting rights at the unitholders meeting and shall not have any right in fund distributions.