1. Where the Retail Investor AIF is an open-ended Retail Investor AIF it shall:

(a) provide redemption facilities on at least a monthly basis; and

(b) redeem when requested at least 10% of net assets; and

(c) not impose a redemption fee in excess of 3% of net asset value per unit.

2. Retail Investor AIFs which:

(a) offer redemption and/or settlement facilities on a less than monthly basis; and/or

(b) provide for a period of greater than 30 days between the dealing deadline and the payment of redemption proceeds, will not be subject to any regulatory parameters in terms of dealing frequency, minimum redemption quotas or timeframe for settlement provided they classify themselves as open-ended Retail Investor AIFs with limited liquidity.