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W214/2013 CIR — ICD-Brookfield Management Limited

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WAIVER AND MODIFICATION NOTICE

To ICD-Brookfield Management Limited
Address Office 611–615, Level 6, Gate Village 7 DIFC, PO Box 333888, Dubai, United Arab Emirates
DFSA Firm Reference No. F001776
Notice No. W214/2013

THE DFSA HEREBY GIVES NOTICE THAT:

1. The Rules specified in Table A herein do not apply to the above mentioned Person with respect to the Domestic Fund ICD-Brookfield Dubai Real Estate Fund I LP.

AND

2. The Rules specified in the left hand column of Table B herein do not apply to the above mentioned Person with respect to the Domestic Fund ICD-Brookfield Dubai Real Estate Fund I LP in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

RULES WAIVED

TABLE A
Rulebook Module Rule
CIR Rule 13.4.4(3)(a)

RULES MODIFIED

The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

TABLE B
Rule Modified Text
CIR 13.4.18
(1) The Fund Manager of a Property Fund must, subject to the approval of the Trustee, appoint a Person who is able to provide professional valuation services in accordance with the Rules in this section.
(2) The Fund Manager must ensure that the Person appointed under (1) values each Real Property prior to its acquisition and disposal.
(3) The Fund Manager must commission the Person referred to in (1) to produce a valuation report of the Property Fund each every two years in accordance with Rule 13.4.22. The net asset value of the Fund following this valuation must be reported in the annual report of the Fund.

CONDITIONS

The waiver in respect of the Rules specified above remains in effect for the duration of the period set out below on condition that the above named Person to whom this notice applies must ensure that, at all times:

(a) at least 80% of the Fund's capital commitments are invested in direct or indirect Real Property investments which the Fund Manager reasonably expects, at the time of acquisition, to hold for more than 3 years unless the Fund's investment committee of independent experts agrees otherwise; and
(b) the following provisions are included in the Fund's Constitution:
(i) the Fund Manager shall undertake an annual valuation of the Fund Property on a “fair market value” basis and such valuation will be notified to investors in the annual report of the Fund; and
(ii) the Fund's auditors will review all asset valuations as part of the audit process in relation to producing the annual audited financial statements for the Fund.

If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above mentioned Person in the form set out in the applicable module of the Rulebook in force at the relevant time.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue of this notice and remains in force until further notice.

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 IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

Name: Ian Johnston
Position: Chief Executive
Date: 24 July 2013