Calculation of net asset value per share The “NAV” (Net Asset Value) per share of the respective share class is calculated by the management company at the end of the accounting year as well as on the respective valuation date based on the last-known prices with due regard to the valuation interval. Due to the accumulation of bank holidays between 22nd December and 7th January each year there can be a distortion of the valuation prices of the target investments of the fund. This could be based on missing liquidity (low trade volumes) and different business hours of the international stock exchanges. This leads to difficulties in assessing if sufficient price quality exists and therefore transactions within the share register of the fund can be carried out fairly. Another difficulty lays in the comprehensible communication of the deadline for share register transactions as the relevant NAV (net asset value) could occur several days later with the result that the issue or redemption of shares/units will be delayed. For funds with daily or weekly valuation intervals the administration company has the option to amend the rules in regard to issue and redemption of shares as well as the calculation of the NAV differing from the usual valuation days between the 22nd December and 7th January each year. The administration company can resolve the postponement or cancellation of the single valuation days. Furthermore the administration company can resolve that orders can be accepted for the NAV as of 31st December. The administration company will inform the investors about the amended modalities of orders and valuations of the NAV in the official publication platform of the fund or by direct information not later than 30th November each year. The NAV of a share in a share class of the UCITS is expressed in the accounting currency of the UCITS or, if different, in the reference currency of the corresponding share class and is equal to the proportion of assets of the UCITS of the respective share class, minus any possible liabilities of the UCITS attributable to the share class concerned, divided by the number of shares in the respective share class in circulation. When issuing or redeeming shares, it shall be rounded to two decimal places as follows: • to 0.01 CHF • to 0.01 EUR • to 0.01 USD The net fund assets are valued according to the following principles:
Calculation of net. Asset Value of a Series. Net Asset Value of a Series will be estimated as required. Upon request, on any Business Day, the Managing Owner shall make available to any Limited Owner the estimated Net Asset Value of a Series per Interest. Each Limited Owner shall be notified of any decline in the estimated Net Asset Value of a Series per Interest to less than 50% of the Net Asset Value of a Series per Interest as of the last day of the preceding month within seven (7) Business Days of such occurrence. Included in such notification shall be a description of the Limited Owners' voting rights as set forth in Section 8.2 hereof.
Calculation of net. Working Capital at October 26, 1996 EXHIBITS --------
Calculation of net. REVENUES
Calculation of net asset value per share The “NAV” (Net Asset Value) per share of the respective share class is calculated by the management company at the end of the accounting year as well as on the respective valuation date based on the last-known prices with due regard to the valuation interval. If the valuation date and 31 December fall in the same calendar week, only the NAV is calculated as of 31 December. Due to the accumulation of bank holidays between 22 December and 07 January each year there can be a distortion of the valuation prices of the target investments of the fund. This could be based on missing li- quidity (low trade volumes) and different business hours of the interna- tional stock exchanges. This leads to difficulties in assessing if sufficient price quality exists and therefore transactions within the share register of the fund can be carried out fairly. Another difficulty lays in the comprehen- sible communication of the deadline for share register transactions as the relevant NAV (net asset value) could occur several days later with the re- xxxx that the issue or redemption of shares/units will be delayed. For funds with daily or weekly valuation intervals the administration com- pany has the option to amend the rules in regard to issue and redemption of shares as well as the calculation of the NAV differing from the usual valuation days between the 22 December and 07 January each year. The administration company can resolve the postponement or cancellation of the single valuation days. Furthermore the administration company can resolve that orders can be accepted for the NAV as of 31 December. The administration company will inform the investors about the amended modalities of orders and valuations of the NAV in the official publication platform of the fund or by direct information not later than 30 November each year. The NAV of a share in a share class of the UCITS is expressed in the accounting currency of the UCITS or, if different, in the reference currency of the corresponding share class and is equal to the proportion of assets of the UCITS of the respective share class, minus any possible liabilities of the UCITS attributable to the share class concerned, divided by the number of shares in the respective share class in circulation. When issuing or redeeming shares, it shall be rounded to two decimal places as follows: − to 0.01 CHF − to 0.01 EUR − to 0.01 USD
