Paragraph 7 Initial contributions: division into Shares.

On the commencement date of each Investment Fund the initial contributions received or to be received by the Central Board for the purposes of that Investment Fund shall be valued and the Central Board shall determine the number of Shares F1of each class into which the Fund shall be divided. Such Shares F2shall be denominated as Income Shares or as Accumulation Shares and the number of such Shares shall be recorded in the names of the respective Holders of Contributing Funds in proportion to the values as at the said date of their contributions.