1. The Retail Investor AIF shall only enter into a transaction with a management company, general partner, depositary, AIFM, investment manager or by delegates or group companies of these where it is negotiated at arm's length. Transactions must be in the best interests of the unitholders.

2. Transactions permitted are subject to:

(a) certified valuation by a person approved by the depositary, or the Retail Investor AIF in the case of transactions involving the depositary, as independent and competent; or

(b) execution on best terms on organised investment exchanges under their rules; or

(c) where (a) and (b) are not practical, execution on terms which the depositary, or the Retail Investor AIF in the case of transactions involving the depositary, is satisfied conform to the principles outlined in paragraph 1 of this section.