1. Where the Qualifying Investor AIF is closed-ended it must have a finite closed-ended period, the duration of which must be provided for in the prospectus as a material part of the investment policy.

Accordingly, the constitutional document must provide that on a future date, specified in either the constitutional document or the prospectus, the Qualifying Investor AIF will undertake one of the following actions:

(a) wind-up and apply to the Central Bank for a revocation of the authorisation of the Qualifying Investor AIF;

(b) redeem all outstanding units and apply to the Central Bank for a revocation of the Qualifying Investor AIF authorisation;

(c) convert into an open-ended Qualifying Investor AIF, the relevant details of which must be disclosed in the prospectus; or

(d) obtain unitholder approval to extend the closed-ended period for a further finite period.

2. Where the Qualifying Investor AIF is closed ended it may, with the prior approval of the Central Bank, provide for the issue of units other than at net asset value.