Collection of Modern Art Inc.

An amended Directive was issued pursuant to section 40 (1) (b) of the Financial Services Commission Act, 2001 to the following Funds: Aliquot Agriculture Fund Inc., Global Property Growth & Income REITS Fund Inc., Aliquot Commodity Fund Inc., Inflation Target Recovery Fund Inc., Aliquot Gold & Precious Metals Equities Fund Inc., Intelligent Portfolio (IQ-Asset Allocation) Inc. , Aliquot Gold Bullion Inc. , Next 11 Emerging Fund Inc., Aliquot Precious Metals Inc. , Porcupine Absolute Return Fund Inc., Balanced Opportunity Inc. , Systematic Growth Fund Inc., Collection of Modern Art Inc. , World Index Growth and Income Fund Inc. , Concerto Alternative Alpha Inc. , Consistent Return (Cash Management) Fund Inc., Emerging Markets Growth And Income Fund Inc., and Porcupine Global Macro Plus Inc. This Directive amended an earlier Directive issued to the Fund on 15th August, 2011. The new Directive amended the earlier Directive as follows: 1. To submit for the Commission’s review the following information on a weekly basis commencing on 30th June 2011, until directed otherwise: a) Details of the Fund’s portfolio of assets, including their current market value and value at cost; b) Details of the Fund’s cash balances; c) An explanation of any changes to the Fund’s portfolio values in excess of US$500,000, whether due to liquidation of assets, additional purchases, or increases or decreases in value, or for any other reason; d) Details of the Fund’s liabilities; e) A schedule setting out all subscriptions to the Fund, including the name of the investor, the number of shares subscribed for, the dollar value subscribed and the date of payment; f) A schedule setting out all redemption requests received and paid by the Fund, detailing the name of the redeeming investor, the dollar value and share amount requested or redeemed, the date of the redemption request and the date of payment; g) A schedule setting out any redemption requests received but not paid by the Fund, whether in part or in full, and the reasons for non-payment; h) Details of all payments and payment requests, including expenses out of the assets of the Fund, together with copies of supporting invoices in respect thereof; i) Copies and details of any investor complaints received in respect of the Fund; j) A summary of any legal proceedings in relation to the Fund; and k) A summary of all regulatory investigations and/or actions undertaken by any other regulator against or in relation to the Fund. 2. To cease and desist from the payment of all fees and expenses, accrued or otherwise, attributable to and payable by the Fund, save for: a) management fees, load fees, entry fees, exit penalties, Bloomberg fees, and in-house legal costs; and b) the payment of fees relating to the provision of fund administration services, brokerage and custody services, audit and legal services, without the prior written approval of the Commission. 3. To discontinue incurring the following administrative and operating costs relating to the day-to-day activities of its investment manager, investment advisor or other functionaries or third party service providers: a) office costs (including office rent and, office supplies); b) corporate accommodation; c) information technology fees and costs; and d) any other administrative fees or expenses. 4. To develop no later than 31st March, 2013, a fee structure (including a compensation scheme for the investment manager) consistent with current industry practice approved by the Commission and upon approval by the Commission, to implement the fee structure within such period as the Commission may direct in writing. 5. To provide the Commission with copies of the directors’ and members’ resolutions approving the compensation scheme or fee structure referred to in paragraph 4 of this Directive. 6. To amend its prospectus: a) to remove all references to the accrual and payment of the administrative and operating costs of its investment manager, investment advisor or other functionaries or third party service providers; b) to include further detailed disclosure and explanations relating to: c) fees and expenses; d) services (and related contracts), performed by related parties of Castlestone Management Incorporated, its directors and employees; e) conflicts of interest arising out of any agreement between any parties involved in any capacity; and f) any other disclosure required under the Public Funds Code, 2010.