This notice is the Securities Act (Calibre Asset Services Limited) Exemption Notice 2004.

This notice comes into force on the day after the date of its notification in the Gazette.

This notice expires on the close of 31 December 2008.

(1) In this notice, unless the context otherwise requires,—

(2) Any term or expression that is defined in the Act or the Regulations and used, but not defined, in this notice has the same meaning as in the Act or the Regulations.

Calibre and every person acting on its behalf are exempted in respect of the specified participatory securities from—

• (a) section 37(3) of the Act; and

• (b) section 54 of the Act; and

• (ba) clause 1(4) of Schedule 3 of the Regulations; and

• (c) clause 7(5) of Schedule 3 of the Regulations; and

• (d) clause 4(1)(a) of Schedule 7 of the Regulations.

(1) The exemption in clause 5(a) is subject to the conditions that—

• (a) Calibre must not allot the specified participatory securities unless the allottee has, before the allotment, authorised the allotment in writing; and

• (b) if any scheme for ongoing subscriptions of specified participatory securities is offered, the investment statement for the specified participatory securities contains a clear statement explaining how a unit holder can change an ongoing subscription for the securities.

(2) For the purpose of subclause (1), an allotment is authorised by an allottee if the allottee—

• (a) authorises the particular allotment; or

• (b) authorises an allotment to be made from time to time, and the particular allotment is made under that authority.

The exemption in clause 5(b) is subject to the condition that Calibre must send, or cause to be sent, to a unit holder at any time on request, and to each unit holder at least once every 6 months, a written statement that properly evidences the nature and ownership of the specified participatory securities issued by Calibre to the unit holder.

The exemption in clause 5(ba) is subject to the condition that the registered prospectus relating to the specified participatory securities contains a description of the manner by which the price to be paid for the specified participatory securities is fixed.