It is important to note that the proposal for Coutts to purchase all of your Z class shares held as at 30 June 2016 will result in the purchase of any Z class shares which are converted to A and B class shares from 30 June to 30 September 2016.
It is also important to note that, irrespective of whether or not you accept the offer by Coutts to purchase your Z class shares, the partial conversion of your Z class shares into A or B class shares (as referred to on page 1 of this letter) will occur in July 2016.