LADWP BOARD APPROVAL LETTER - Ron Kaye LA

Base Currency is 1. In any other case, it is the currency conversion factor determinedby the Directors on or about the Valuation Point for the relevant Dealing Day asrepresenting the effective rate of exchange applicable to the transfer of assets relatingto the Original and New Classes of Shares after adjusting such rate as may benecessary to reflect the effective costs of making such transfer;SP = the issue price per Share of the New Class as at the Valuation Point for the relevantDealing Day; andF = the exchange charge, if any payable to the Company, or as it may direct, on theexchange of Shares.Where there is an exchange of Shares, Shares of the New Class will be allotted and issued in respect of and inproportion to the Shares of the Original Class in the proportion S to R.Shares may not be exchanged for Shares of a different class during any period when the calculation of the NetAsset Value of the relevant Fund is suspended in the manner described under “Suspension of Calculation ofNet Asset Value” below. Applicants for exchange of Shares will be notified of such postponement and, unlesswithdrawn, their applications will be considered as at the next Dealing Day following the ending of suchsuspension.When requesting the exchange of Shares as an initial investment in a Fund, Shareholders should ensure thatthe value of the Shares exchanged is equal to or exceeds the Minimum Initial Subscription for the relevant NewClass (if any) specified in the relevant Supplement. In the case of an exchange of a partial holding only, thevalue of the remaining holding must also be at least equal to the Minimum Holding for the Original Class, unlessotherwise approved by the Directors.M-7772799-18 19

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