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BDE-4.5.4

The CBB does not consider it a breach in the event that the fund manager foresees, due to adverse market conditions, that it is in the best interest of CIU participants to shift from investments into cash and cash equivalents. In such case, the following notifications must be made:

(a) The board is required to immediately notify the CBB and the registrar stating the reason and the expected time by which the stipulated limits will be met;
(b) The board is required to immediately notify the CBB and the registrar once the CIU resumes investing in accordance with the investment limits stipulated in the prospectus; and
(c) The registrar is required to notify the CIU participants of the information above.
April 2012