Collection of Modern Art Inc.

A directive was issued pursuant to section 40 (1) (b) of the Financial Services Commission Act, 2001 to Collection of Modern Art Inc. requiring that the Fund suspend forthwith: (i) the subscription of shares by new and existing investors; (ii) the redemption of shares by investors; and, (iii) the payment of the proceeds of the redemption of shares (including the payment of redemption proceeds of outstanding redemption requests), until further notice by the Commission. The directive also required that the Fund obtain a valuation of the artwork held by the Fund by an independent professional art appraiser who is acceptable to the Commission, and who is not associated with the Fund, an auction house or an art gallery, and to submit the independent valuation so obtained to the Commission within thirty (30) days of the date of the directive.