Changes to the life of the ELTIF

1. Where there is a proposed change to the duration of a closed-ended ELTIF with no opportunity for unitholders to redeem or otherwise exit the ELTIF, the ELTIF shall ensure that votes in favour of the change must represent at least 75% of votes cast.

2. Where there is a proposed change to the duration of the ELTIF which is open-ended with limited liquidity with an opportunity for unitholders to redeem or otherwise exit the ELTIF, the ELTIF shall ensure that votes in favour of the change must represent at least 50% of votes cast.

Changes to the investment objective or material [In accordance with paragraph 5 of section 3.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 ELTIF".] changes to the investment policy of an ELTIF

3. Where there is a proposed change of investment objectives and/or material change of investment policies with no opportunity for unitholders to redeem or otherwise exit the closed ended ELTIF, the ELTIF shall ensure that votes in favour of the change must represent at least 75% of votes cast.

4. Where there is a proposed change of investment objective and/or material change of investment policies with an opportunity for unitholders to redeem or otherwise exit the openended with limited liquidity ELTIF, the ELTIF shall ensure that votes in favour of the change must represent at least 50% of votes cast.

Non-material changes to the investment policy of an ELTIF