1. The Retail Investor AIF shall only acquire a real estate interest where that interest has been valued in advance. Such a valuation must be contained in a report and it must confirm that if the real estate interest was acquired for the Retail Investor AIF it could be disposed of at that valuation within a reasonable period. The real estate interest must be acquired within six months from the date of the report and at a price which is within 5% of the valuation price.

2. The Retail Investor AIF may only trade or deal in real estate related assets on a market which is provided for in the constitutional document. However, up to 20% of the Retail Investor AIF's net assets may consist of real estate related assets which are not traded in or dealt on such a market provided that these assets are acquired under the same conditions as for real estate interests above.