Changes to Duration

1. No realistic liquidity provisions: Where there is a proposed change to the duration of a closedended Retail Investor AIF with no opportunity for unitholders to redeem or otherwise exit the Retail Investor AIF, the Retail Investor AIF shall ensure that votes in favour of the change must represent at least 75% of votes cast.

2. Realistic liquidity provisions: Where there is a proposed change to the duration of the Retail Investor AIF with an opportunity for unitholders to redeem or otherwise exit the Retail Investor AIF, the Retail Investor AIF shall ensure that votes in favour of the change must represent at least 50% of votes cast.

Changes to the investment objective or material changes [In accordance with paragraph 7 of section 3.i of Part I, "material" shall be taken to mean, although not exclusively: "changes which significantly alter the asset type, credit quality, borrowing or leverage limits or risk profile of the Retail Investor AIF"] to the investment policy of a Retail Investor AIF