1. Subject to approval by the Central Bank otherwise, the Qualifying Investor AIF shall have a minimum subscription of €100,000 or its equivalent in other currencies.

2. The Qualifying Investor AIF shall not accept subscriptions from persons that group amounts of less than €100,000 for individual investors.

3. The Qualifying Investor AIF shall only accept subscriptions from an investor who:

(a) is a professional client within the meaning of Annex II of MiFID; or

(b) receives an appraisal from an EU credit institution, a MiFID firm or a UCITS management company that the investor has the appropriate expertise, experience and knowledge to adequately understand the investment in the Qualifying Investor AIF; or

(c) certifies that they are an informed investor by providing the following:

• Confirmation (in writing) that the investor has such knowledge of and experience in financial and business matters as would enable the investor to properly evaluate the merits and risks of the prospective investment; or