Version date: 14 March 2018 - onwards
  Version 9 of 9    

Section 8: Distributions out of and charging fees and expenses to capital

1. A Retail Investor AIF which proposes to make distributions out of capital shall include the risk warning specified in paragraph 1(b) of section 3.xviii of Part I in any subscription form or marketing material.

2. A Retail Investor AIF which proposes to charge fees and expenses, including management fees, to capital shall include the following in bold text in the subscription application form: "Unitholders/Shareholders should note that all or part of fees and expenses, including (if applicable) management fees may be charged to the capital of the Retail Investor AIF. This will have the effect of lowering the capital value of your investment."

3. The Retail Investor AIF shall ensure that any income statement issued to unitholders or shareholders where fees and expenses have been charged to capital shall include a statement to explain the effect of this accounting policy, including wording to the effect that the investor's capital amount has been reduced.