FUNDS A3.2.2

(1) The Fund Manager of a Public Fund must give prior written notice to Unitholders in respect of any proposed change to the operation of a Fund where the change constitutes a significant change.
(2) A "significant change" in (a) is a change or event which is not a fundamental change under Rule A3.2.2 but:
(a) affects a Unitholder's ability to exercise his rights in relation to his investment;
(b) would reasonably be expected to cause the Unitholder to reconsider his participation in the Fund;
(c) results in any increased payments out of the Fund Property to the Fund Manager, the Trustee or any other director or an associate of either; or
(d) materially increases other types of payment out of Fund Property.
(3) Changes may be significant depending in each case on their degree of materiality and effect on the Fund and its Unitholders. Consequently the Fund Manager will need to determine whether in each case a particular change is significant in nature or not and if the Fund is an Investment Trust obtain the Trustee's agreement of the outcome of the determination.
(4) The notice period required for a pre-event notification to the Unitholder should be of a reasonable length, which is expected to be at least 30 days.