Title: Resolution No. (73) of 2024 Regarding Granting a Private Marketing License of a Collective Investment Scheme Incorporated outside the State of Kuwait to The Securities House Company to Market the Units of Picadilly Industrial Real Estate Fund

Having Perused:
- Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and their amendments; and
- The Memorandum and Articles of Association of The Securities House Company, and the agreement between the representative of the collective investment scheme which is Silverstone Capital Ltd and the marketing manager The Securities House Company; and
- The application of The Securities House Company to conduct a private marketing for the units of Picadilly Industrial Real Estate Fund; and
- Based on Resolution No. (24) of 2023 regarding amending the approval authorizations of the Supervision Sector’s procedures issued on 12/02/2023.

The Following Was Resolved
Article (1)
The Securities House Company is hereby licensed to market 7,500 units (seven thousand five hundred units only) of Picadilly Industrial Real Estate Fund as a private subscription in the State of Kuwait. It is incorporated in the Caymen Islands. Each unit consists of the following:

1. One ordinary share whose holder has a voting right in Picadilly Real Estate Ltd Company.
2. Three ordinary shares whose holder has a voting right in Picadilly Finance Ltd Company.

The offering price shall be USD 4,000 (four thousand US Dollars only) per unit in addition to the subscription fee of 1% of the offering price at the time of subscription.

The marketed units shall be offered only for professional clients in the State of Kuwait according to Module One (Glossary) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments.

The parties receiving the subscription applications are the following:
- The Securities House Company.

Article (2)
The objectives of the Collective Investment Scheme are as mentioned in the prospectus.

Article (3)
The marketing license term is one year renewable annually from the issuance date of the CMA’s license, and after paying the prescribed fees.

Article (4)
The prescribed fees shall be paid within one month from the date of issuance of this Resolution. In case of default, this Resolution shall be considered null and void.

Article (5)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance, and it shall be published in the Official Gazette.

Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 06/06/2024.

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