Merger Details:

Effective December 31, 2005, Lawrence Conservative Payout Trust, Lawrence Payout Ratio Trust and Lawrence Payout Ratio Trust II completed a three way merger. Lawrence Payout Ratio II became the continuing trust, however, the continuing trust was renamed Lawrence Payout Ratio Trust. Holders of the originally named Lawrence Payout Ratio Trust received in exchange, 1.193269952 units of the continuing trust for each unit previously held, while holders of Lawrence Conservative Payout Trust received 1.014990409 units of the continuing trust for each unit held. Holders of Lawrence Payout Ratio Trust II received one unit of the new Lawrence Payout Ratio Trust for each unit of Lawrence Payout Ratio Trust II previously held.