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15.2. Application Procedure

Investors may apply for a conversion in writing by electronic mail or facsimile to the Manager or the Administrator (with original document to follow promptly by post) stating (I) which existing Units in a Class of Units to be converted and (ii) the Class or Classes of Units and Investment Compartment or Investment Compartments to which they are to be converted. The application for conversion must include either (I) the monetary amount the Investor wishes to convert or (ii) the number of Units the Investor wishes to convert. In addition, the application for conversion must include the Investor’s personal details together with its Personal Account Number(s). Failure to provide any of this information may result in delay of the application for conversion.

Any application for conversion received by the Manager or the Administrator prior to the Cut-Off Date on any Dealing Day shall be effected on the basis of the Net Asset Value per Unit determined on that Dealing Day. Any application for conversion received by the Manager or the Administrator after the Cut-Off Date on any Dealing Day, or any day that is not a Dealing Day, will be processed on the next following Dealing Day on the basis of the Net Asset Value per Unit as determined on that Dealing Day.

Any application for conversion shall be considered as irrevocable and must be duly signed by all registered Investors whose name appears in the Register of the relevant Investment Compartment, except for the case where an acceptable power of attorney has been provided to the Manager.