The Open-Ended Investment Companies Regulations 2001 No. 1228

SCHEDULE 4 U.K. SHARE TRANSFERS

Transfer of bearer shares U.K.

10.  Where the holder of bearer shares proposes to transfer to another person a number of shares which is less than the number specified in the instrument relating to those shares, he may only do so if he surrenders the instrument to the company and obtains a new instrument specifying the number of shares to be transferred. U.K.