Collection of Modern Art Inc.

An amended Directive was issued pursuant to section 40 (1) (b) of the Financial Services Commission Act, 2001 to Collection of Modern Art Inc. amending an earlier Directive issued to the Fund on 21st February, 2012. The new Directive amended the earlier Directive as set out below: 1. By deleting paragraphs 1(ii) and (iii) of the Directive, subject to the following conditions; (a) That the Fund prepare a notice to its members detailing the following: (i) The appointment of Bonhams to independently value the artwork held by the Fund. (ii) The reason for the Director’s decision to recalculate the Net Asset Value of the Fund, as outlined in the Director’s resolution dated 16 June 2012. (iii) The proposal for recalculation of the Net Asset Value, including the methodology used to value the artwork held by the Fund. (iv) The previously calculated and revised Net Asset Values including the Net Asset Value per share. (v) An explanation of the effect of the recalculation of the Net Asset Value on all outstanding redemptions to be paid by the Fund. (b) That the Fund prepares a letter to the respective platforms and any other intermediary, requesting disclosure of the notice to their clients who are invested in the Fund. (c) That the Fund submits both the notice to members of the Fund and the correspondence to be sent to the platforms to the Commission for review prior to dissemination. (d) That upon receiving the Commission’s comments, the Fund disseminates the notice to the members of the Fund and the letter to the respective platforms. (e) That the Fund allow its members ten (10) days to reply with comments or concerns in relation to the notice issued. (f) That the Fund provides the Commission with an analysis of the comments and concerns received from members of the Fund. 2. By deleting paragraph 2 of the Directive. All other provisions of the earlier Directive to remain in effect.