Article 54(b): Disclosure Requirements of Closed-Ended Investment Traded Fund

b. significantly affect the fund's ability to meet its commitments in respect to the debt instruments.

2) In determining whether a development falls within the scope of Paragraph (a) of this Article, the fund manager must assess whether a prudent investor would be likely to consider information about the development in making his/her investment decision.

b. Disclosure of specific events The fund manager must disclose without any delay to the Authority and the unitholders any of the following developments (whether a material development as per Paragraph (a) of this Article or not):

1. any transaction to buy, sell, mortgage or lease an asset at a price equal to or greater than (10%) of the fund's net assets value according to the latest reviewed interim financial statements or audited annual financial statements, whichever is later;

2. any losses equal to or greater than (10%) of the fund's net assets according to the latest reviewed interim financial statements or audited annual financial statements, whichever is later;

3. any dispute, including any litigation, arbitration or mediation where the value involved is equal to or greater than (5%) of the fund's net assets according to the latest reviewed interim financial statements or audited annual financial statements, whichever is later;

4. the increase or decrease in the fund's net assets equal to or greater than (10%) according to the latest reviewed interim financial statements or audited annual financial statements, whichever is later;

5. the increase or decrease of the fund's gross profit equal to or greater than (10%) according to the latest audited annual financial statements;

6. any transaction between the fund and a related party or any arrangement through which the fund and a related party invest in any project or asset or provide financing thereof if such transaction or arrangement is equal to or greater than (1%) of the fund's gross revenues according to the latest audited annual financial statements;

7. any interruption in the principal activities of the fund equal to or greater than (5%) of the fund's gross revenues according to the latest audited annual financial statements;

8. the issuance of any judgement, decision, order or declaration by a court or judicial body, whether at first instance or on appeal, which may adversely affect the Fund's utilisation of any portion of its assets which is equal to or exceeds (5%) of the fund's net assets according to the latest reviewed interim financial statements or audited annual financial statements, whichever is later; or

9. any proposed change to the fund's total assets value.