Alert: Cayman E-Filing Has Been Revised for Funds with December 31, 2014 Year Ends Which Must be Filed By June 30, 2015

All funds regulated under the Cayman Islands' Mutual Funds Law must submit, to the Cayman Islands Monetary Authority (“CIMA”) within six months of the fund's financial year-end (June 30 for calendar year-ends), the fund's audited financial statements and the Fund Annual Return (“FAR”). The FAR is the official form on which fund operators provide general, operating and financial information on the fund. The submission of an annual return is a requirement of the Mutual Funds Regulations, 2006. There is a fee to file the FAR which is due at the timethe FARis submitted. Both of these documents must be submitted electronically to CIMA, which currently has two systems running to file with: the old system, E-Reporting, and the new system, Regulatory Enhanced Electronic Forms Submission (REEFS).

The Authority's REEFS Portal https://reefs.cimaconnect.com will be used to file FAR forms for funds with a financial year end December 31, 2014 or later. There is a new FAR form available in Excel format, which has been revised to allow submission through the REEFS Portal.

For funds with a financial year end prior to December 31, 2014, the filing process remains unchanged and the old FAR form and E-Reporting Portal will continue to be used.