Update to Irish Stock Exchange Listing Rules

The Irish Stock Exchange ("ISE") has introduced a new Listing Rule 7.54 regarding a fund's ability to hold cash with a credit institution[1] and a new Listing Rule 2.69 with respect to legal and management control to a fund's investment in other investment funds. The additional new rules are effective from 12 June 2012.

New Listing Rule 7.54

Listing Rule 2.52 states that no more than 20% of the value of the gross assets of a fund may be:

(a) "Lent to or invested in the securities of any one issuer (including the issuer's subsidiaries or affiliates)"; or

(b) "Exposed to the creditworthiness or solvency of any one counterparty (including that counterparty's subsidiaries and affiliates)".