16. Other information

Appropriation of result according to the Fund’s Terms and Conditions
In Article 22 of the Fund’s Terms and Conditions regulations the following has been presented concerning the appropriation of result: Subject to the retention of reserves as reasonably deemed necessary by the Manager, all Distributable Income allocated for distribution shall be distributed to the Participants pro rata their respective Participation Rights. Distributable Income means the realised result less the result on property sales, provided that if the amount calculated pursuant to the above formula is less than zero, it shall be deemed to be zero.

Independent auditor’s report
Reference is made to the auditor’s report as included hereinafter.