1. The Retail Investor AIF shall only replace its AIFM or management company with the prior approval of the Central Bank.

2. The Central Bank shall be notified in advance of any proposal to replace third parties which have contracted (directly or indirectly) with the management company in the case of a unit trust or common contractual fund, investment company or investment limited partnership to carry out services. The Central Bank may object to the proposals and replacements objected to by the Central Bank may not proceed.

3. The procedures to be followed by Retail Investor AIFs in relation to the replacement of an AIFM, management company, investment manager or fund administration company must be approved and documented by the Retail Investor AIF.