Conversion To Open End Fund:

Effective August 24, 2007, Lawrence Payout Ratio Trust was converted to an open end fund and its units were de-listed from the TSX. This conversion did not result in a disposition by unitholders of their units. The ACB Tracking data base contains the return of capital data for this fund, and its various predecessor funds, up until August 24, 2007. ACB Tracking does not track ACBs for open end funds. Subsequent tax information must be obtained directly from the fund manager.