Article 39(k): Subscription and Offering

k) The total value of the fund's assets may be increased according to the following mechanism:

1. The fund manager must obtain the Authority's approval before obtaining the unitholders’ approval to offer additional units to the fund by accepting in-kind contributions or by accepting cash contributions, or both in accordance with Article

(27) of these Regulations.

2. The Fund Manager must commence offering the additional fund’s units, within a period not exceeding (6) months from the date of the Authority’s approval. If the applicant did not commence the offer of the fund’s units during such period, the Authority’s approval shall be deemed to be cancelled

3. In case that the total value of the fund’s assets increased by accepting cash contributions or cash and in-kind contributions, the offering period of real estate fund shall be not exceeding, as a maximum, (60) days from the date of the Authority’s approval.

4. In the event that the value of the units to be offered is collected, the offered units must be allocated to the registered fund’s unitholders on the day of the unitholders meeting and then allocate the remaining units - if any - to the rest of the unitholders and return the surplus to all the unitholders in cash - if any - within a period that not exceeding

(15) days from the end of the offering period set forth in the fund’s terms and conditions. Provided that the ownership of the property to be acquired or its benefit is transferred to the interest of the fund within a period not exceeding (60) days from the end of the offering period.

5. In the event that the total value of the fund’s assets is increased by accepting in-kind contributions, the additional units shall be allocated to the unitholders in the form of in-kind immediately, after obtaining the approval of the unitholders referred to in subparagraph (1) of paragraph (k) of this Article. Provided that the ownership of the property to be acquired or its benefit shall be transferred to the fund’s interest within a period not exceeding (60) days from the date of approval of the unitholders.

6. With regards to the provisions of subparagraph (2) of Paragraph (k) of this Article, and in the event that the minimum required to be collected and stipulated in the fund’s terms and conditions is not collected, the Fund Manager must cancel the offering and return back the amounts to the fund’s unitholders without any deduction within a period not exceeding (5) days from the date of ending the offering period.

7. The fund manager must submit to the Authority a supplementary annex to the fund’s terms and conditions, for every increase in the net assets value of the fund by accepting in-kind contributions, cash contributions or both, in accordance with the requirements of Annex (14) of these Regulations.

8. The fund manager must publish the supplementary annex to the fund’s terms and conditions referred to in sub-paragraph (7) of paragraph (k) of this Article, on its website and the Exchange’s website or any other website available to the public according to the controls set out by the Authority (where applicable)