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W 041/07 PIB — Volaw Trust & Corporate Services Limited

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WAIVER NOTICE

To Volaw Trust & Corporate Services Limited
Address Office 611, 6th Floor, Emaar Business Park, Building 4, Sheikh Zayed Rd, Dubai, UAE. P O Box 215068, Dubai—UAE
DFSA Firm Reference No. F000047
Notice No. W041/2007

THE DFSA HEREBY GIVES NOTICE THAT:

The Rules specified in the table herein do not apply to the above mentioned Person.

This notice is issued by the DFSA under Article 25 of the Regulatory Law 2004.

Effective date: This notice comes into effect on 23 May 2007 and remains in effect for so long as the Gulf Investment Trust remains an unlisted Private Fund.

RULES WAIVED

The Rules waived are set out in the table below and Table 2 in PIB chapter 1 is to be construed accordingly.

DFSA Rulebook Module Version Rule
PIB/VER8/02-07 PIB Chapter 1, PIB Section 1.2 & PIB Section 1.4 (Financial Resources & The Trading Book)
PIB/VER8/02-07 PIB Chapter 2, all Sections (Capital)
PIB/VER8/02-07 PIB Chapter 4, PIB Section 4.3 to PIB Section 4.10 (Credit Risk)
PIB/VER8/02-07 PIB Chapter 5, PIB Section 5.3 to PIB Section 5.9 (Market Risk)
PIB/VER8/02-07 PIB Chapter 7, PIB Section 7.3 and PIB Section 7.4 (Group Risk)

CONDITIONS

The waivers in respect of the Rules specified above remain in effect on condition that:

(a) Volaw submits to the DFSA, on a quarterly basis, a copy of its latest Capital Adequacy summary report to Jersey Financial Services Commission, within ten business days of the due date for submission to the Jersey Financial Services Authority;
(b) Volaw maintains capital of not less than $4 million at all times;
(c) Volaw is and remains authorised by the Jersey Financial Services Commission to act as a trustee for the Gulf Investment Trust;
(d) Volaw appoints an Eligible Custodian, which is an Authorised Firm approved by the DFSA, to act as a sub-custodian and does not without the DFSA’s consent revoke that appointment.;
(e) Volaw discloses to all Unitholders in the Gulf Investment Trust the effect of this modification notice;
(f) Volaw does not act as trustee for any Domestic Fund other than Gulf Investment Trust; and
(g) the minimum subscription for participation in the Gulf Investment Trust is not reduced below $20,000,000.

INTERPRETATION

The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

This notice was issued by:

Name : David W. Knott
Position : Chief Executive
Date : 23 May 2007