AUTHORITY AS REQUIRED BY LOCAL LAW. NO LICENSED PERSON HAS BEEN AUTHORIZED BY THE CENTRAL BANK OF KUWAIT, THE KUWAIT CAPITAL MARKETS AUTHORITY OR THE KUWAIT MINISTRY OF COMMERCE & INDUSTRY TO MARKET OR SELL THE INTERESTS TO CLIENTS WITHIN THE STATE OF KUWAIT AS REQUIRED BY LOCAL LAW. THEREFORE, THE MEMORANDUM MAY NOT BE SENT INTO KUWAIT, AND NO