Common use of EXEMPT FUND Clause in Contracts

EXEMPT FUND. Being an exempt fund, investment in Al Xxx XXXX Equity Fund is open to only Accredited Investors as defined in the section headed ‘‘Definitions’’ of the PPM. No person who does not qualify as an Accredited Investor may subscribe for units in Al Xxx XXXX Equity Fund. Consequently, investors would be required to provide adequate evidence to the Placement Agent and the Investment Manager that they qualify as an Accredited Investor. Investors domiciled in a jurisdiction, other than Bahrain, would be required to provide adequate evidence to the Placement Agent and the Investment Manager that they qualify as a sophisticated investor under the requirements of local laws and regulations, if such requirements are higher than those imposed by the Bahraini law. Evidence may be provided by way of furnishing a copy of a bank or broker’s statement.