Regulation 3

that is administered by a trustee who is resident in Singapore, a permanent establishment in Singapore or a Singapore citizen; and

of which not more than 20% of its value is beneficially held, directly or indirectly, by one or more of the following:

an individual who is a citizen of Singapore or is resident in Singapore; (ii)a person (other than an individual) who is resident in Singapore or a permanent establishment in Singapore; or

a company not resident in Singapore where —

in the case where the company is incorporated before 15th February 2007, more than 20% of the total number of its issued shares (excluding the total number of its issued shares owned directly by designated persons) are beneficially owned, directly or indirectly, by persons who are citizens of Singapore or resident in Singapore; or

in the case where the company is incorporated on or after 15th February 2007, more than 20% of the total value of its issued securities (excluding the total value of its issued securities owned directly by designated persons) are beneficially owned, directly or indirectly, by persons who are citizens of Singapore or resident in Singapore.

the fund is constituted at any time between 18th February 2005 and 17th February 2010 (both dates inclusive);

the date of its constitution is stated in the relevant trust instrument;

it was constituted by a fund manager who was an approved start-up fund manager at the time of constitution;

it has been managed by that fund manager since its constitution; and

it is not constituted with the avoidance or reduction of tax chargeable under the Act as its main purpose or one of its main purposes.