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118. (a) (i) The Directors in each year may if they think fit declare such dividends on the Participating Shares of a Fund, class or Series, as appear to the Directors to be justified (i) by the profits being the net revenue consisting of all revenue accrued, including interest and dividends and realised and unrealised profits on the disposal/valuation of Investments and other funds as may be lawfully distributed and including the accretions of discount less the amortisation of any premium on the Investments of the relevant Fund or attributable to the relevant class or Series where the investments of that Fund are valued on an amortised cost basis, less all actual and accrued expenses including realised and unrealised losses (including fees and expenses) of the relevant Fund or attributable to the relevant class or Series; and/or (ii) in accordance with the requirements of the Competent Authority out of the capital of a Fund or attributable to the relevant class(es) or Series of Participating Shares.

(ii) Any dividends declared by the Directors in accordance with paragraph (a)(i) above shall be paid or re-invested on or before the Annual Income Allocation Date.

(iii) On the occasion of the payment of a dividend to the holder of a Participating Share in respect of which an Equalisation Payment has been paid or deemed to be paid and to whom a capital sum is payable in accordance with Article 48(b) the amount of the dividend payable

to such holder shall be reduced by the amount of the capital sum payable to such holder as aforesaid and if such capital sum is equal to or greater than the dividend which would otherwise be payable no dividend shall be payable on such Participating Share.

(b) The Directors may from time to time if they think fit declare and pay on or before the relevant Interim Income Allocation Date such interim dividends on Participating Shares of any class or Series as appear to the Directors to be justified by the profits of the relevant Fund.

(c) Where there are Accumulation Shares and Income Shares in issue the Directors shall prior to declaring any dividend determine the amount of income available for distribution and the amounts so determined shall be allocated between Income Shares and Accumulation Shares according to the respective proportions of the Fund represented by the value of the Income Shares and Accumulation Shares in issue or deemed to be in issue at the end of the relevant period. There should be added to the amount allocated to Participating Shares any amount carried forward from the preceding Accounting Period or part thereof.

PROVIDED THAT notwithstanding the foregoing provisions the amount of income to be allocated in respect of a class of Participating Shares or Series where more than one class of Participating Shares or Series are in issue may be adjusted to reflect differing fees charges or expenses applicable.

(d) The Directors may, with the sanction of the members of the relevant Fund in general meeting, satisfy any dividend due to holders of the Participating Shares in that Fund in whole or in part by distributing to them in specie any of the assets of the Company attributable to the relevant Fund and, in particular, any investments to which the Fund is entitled.

(e) The Directors may appoint an agent or agents for the purpose of exercising their power to calculate, declare and pay dividends hereunder.

119. No dividend shall be payable to the holders of the Subscriber Shares.

120. If any Participating Share is issued on terms providing that it shall rank for dividend as from or after a particular date, or to a particular extent, such Participating Share shall rank for dividend accordingly.

121. The Directors may deduct from any dividend or other monies payable to any Member on or in respect of a Participating Share all sums of money (if any) presently payable by him to the Company in relation to the shares of the Company.

122. All unclaimed dividends on Participating Shares may be invested or otherwise made use of by the Directors for the benefit of the Company until claimed. No dividend shall bear interest against the Company. The payment by the Directors of such unclaimed dividends on or in respect of a Participating Share into a separate account shall not constitute the Company a trustee in respect thereof and subject to Section 623 of the Companies Act any dividend unclaimed after a period of six years from the date of declaration of such dividend shall be forfeited and shall revert to the Company.

123. Any dividend or other monies payable on or in respect of a Participating Share shall be expressed and payment shall be made in the currency in which the relevant class of

Participating Shares or Series is designated or in such other currency as the Directors may determine either generally or in relation to a particular class of Participating Shares or Series or in any specific case.

124. Any dividend or other monies payable on or in respect of a Participating Share may be paid by telegraphic transfer to an account nominated by the Member or person entitled thereto or, if required, may be paid by cheque or warrant sent through the post to the registered address of the Member or person entitled thereto, and in the case of joint holders to that one whose name stands first on the Register in respect of their joint holding. Every such payment by telegraphic transfer or other interbank transfer method shall be a good discharge to the Company and, in the case of cheques or warrants, every such cheque or warrant shall be made payable to the order of the person to whom it is sent, and payment of the cheque or warrant shall be a good discharge to the Company. Every such transfer, or, where applicable, cheque or warrant shall be made or, as the case may be, sent at the risk of the person entitled to the payment remitted or, as the case may be, money represented thereby.

125. If several persons are registered as joint holders of any Participating Share, any one of them may give effectual receipts for any dividend or other monies payable on or in respect of the Participating Share.