Summary of Exchange Procedure

For an Investor in the Listed Fund exchanging to the Unlisted Fund:

• The Investor submits a completed Exchange Notice and Anti-Money Laundering Guidance Form and places Depository Interests/Share Certificates representing Ordinary Shares to be converted into Escrow;
• The Listed Fund will redesignate the Investor's Ordinary Shares as Exchange Shares;
• The Investor will receive the Exchange Shares together with an investment in the Unlisted Fund, calculated as follows: 
   

Example Calculation: 

No. of Listed Fund Ordinary Shares * un-rounded NAV per share of Listed Fund = Exchange Value

Exchange Value ÷ un-rounded NAV per share of Unlisted Fund = No. of Ordinary Shares in
Unlisted Fund (rounded down to the nearest share)
 

Exchange Shares are allocated on a 1:1 basis i.e. for each Ordinary Share in the Listed Fund exchanged, One Exchange Share will be received in addition to the Ordinary shares in the Unlisted Fund.
 

For an Investor in the Listed Fund exchanging to the Master Fund:

• The Investor submits a completed Exchange Notice and Anti-Money Laundering Guidance Form and places Depository Interests/Share Certificates representing Ordinary Shares to be converted into Escrow;
• The Listed Fund will redesignate the Investor's Ordinary Shares as Exchange Shares;
• The Investor will receive the Exchange Shares together with an investment in the Master Fund, calculated as follows:

Example Calculation:

No. of Listed Fund Ordinary Shares * un-rounded NAV per share of Listed Fund = Exchange Value

Exchange Value ÷ NAV of Master Fund Interests = No. of Interests in Master Fund
(rounded down to the nearest interest)

Exchange Shares are allocated on a 1:1 basis i.e. for each Ordinary Share in the Listed fund exchanged, One Exchange Share will be received in addition to the Ordinary Shares in the Unlisted Fund.
 

For an Investor in the Unlisted Fund exchanging to the Listed Fund:
(only available to investors who have previously exchanged from the Listed Fund) 
 

• The Investor submits a completed Exchange Notice and Anti-Money Laundering Guidance form and places Depository Interests/Share Certificates representing Ordinary Shares and Exchange Shares to be converted into Escrow;
• The Listed Fund will redesignate the Investor's Exchange Shares as Ordinary Shares;
• The Investor will redeem their investment in the Unlisted Fund and receive Ordinary Shares in the Listed Fund calculated as follows: 

Example Calculation: 

No. of Exchange Shares * un-rounded NAV per share (of Listed Fund) = NAV to be exchanged

NAV to be exchanged ÷ un-rounded NAV per share (of Listed Fund) = No. of Ordinary Shares in
Listed Fund *

* When exchanging from an Unlisted Fund (Feeder or Master) to the Listed Fund, shares are allocated on a 1:1 basis i.e. for each Exchange Share exchanged, one Ordinary Share in the Listed Fund will be received. 
  

 
For an Investor in the Master Fund exchanging to the Listed Fund:
(only available to investors who have previously exchanged from the Listed Fund) 
 

• The Investor submits a completed Exchange Notice and places Depository Interests/Share Certificates representing Exchange Shares to be converted into Escrow;
• The Listed Fund will redesignate the Investor's Exchange Shares as Ordinary Shares;
• The Investor will redeem their investment in the Master Fund and receive the Ordinary Shares in the Listed Fund calculated as follows: 

Example Calculation: 

No. of Exchange Shares * un-rounded NAV per share (of Listed Fund) = NAV of Master Fund Interests

NAV of Master Fund Interests ÷ un-rounded NAV per share (of Listed Fund) = No. of Ordinary Shares in Listed Fund *

* When exchanging from an Unlisted Fund (Feeder or Master) to the Listed Fund, shares are allocated on a 1:1 basis i.e. for each One Exchange Share exchanged, One Ordinary Share in the Listed Fund will be received.  

N.B. The conversion rates set out above are indicative only. The actual conversion rates will depend on the respective net asset values of the Listed Fund, the Unlisted Fund and the Master Fund published prior to the next Exchange Date. Conversion of interests in the Master Fund or shares in the Unlisted Fund into Ordinary Shares is dependent on your delivering sufficient Exchange Shares to the Exchange Administrator in accordance with the Exchange Procedure.