Common use of Calculation of net Clause in Contracts

Calculation of net. asset value per share 1) Securities that are officially listed on a stock exchange shall be valued at the last available price. If a security is officially listed on several stock exchanges, then the last available price on the stock exchange which is the main market for this security shall prevail. 2) Securities which are not officially listed on any stock exchange but are traded on a market open to the public shall be valued at the last available price. 3) Securities or money market instruments with a residual term of less than 397 days may be depreciated or amortized [attributed, imputed] according to the linear method, using the difference between the original price (purchase price) and the repayment price (price at final maturity). Valuation at the current market price may cease if the repayment price is known and fixed. Any changes to creditworthiness are also taken into account; 4) Investments whose price is not in line with the market and those assets that are not covered by Items 1, 2 and 3 above are calculated at the price that would probably have been achieved in a diligent purchase at the time of valuation and that is defined in good faith by the executive board of the management company or under their guidance and supervision by representatives). 5) OTC derivatives shall be valued on a daily basis at a valuation to be set and verified by the management company, as stipulated in good faith by the management company and according to the generally accepted valuation models verifiable by auditors on the basis of the likely achievable sales value. 6) UCITS and/or other undertakings for collective investments shall be valued at the last established and available redemption price. If redemption of the shares is suspended or if no redemption prices are specified, then these shares shall be valuated just like all other assets at the respective fair market value, as stipulated in good faith by the management company and according to the generally accepted valuation models verifiable by auditors. 7) If no tradable price is available for the respective assets, then these assets – just like the other legally permitted assets – shall be valuated at the respective fair market value as stipulated in good faith by the management company and according to the generally accepted valuation models verifiable by auditors on the basis of the likely achievable sales value. 8) The liquid assets shall be valued at their nominal value plus accrued interest. 9) The market value of securities and other investments which are denominated in a different currency from the Fund currency are converted into the corresponding Fund currency using the latest exchange rate. The management company is entitled to apply other adequate principles for the valuation of the assets at times should, as a result of extraordinary circumstances; the above-mentioned criteria seem impossible or impractical for valuation purposes. In the case of large numbers of redemption requests, the management company may value the units of the particular segment on the basis of prices at which the necessary sales of securities were made. In this case, the same calculation method will be applied for subscription and redemption requests that are submitted simultaneously.

Calculation of net. asset value per share 1) Securities that are officially listed on a stock exchange shall be valued at the last available price. If a security is officially listed on several stock exchanges, then the last available price on the stock exchange which is the main market for this security shall prevail. 2) Securities which are not officially listed on any stock exchange but are traded on a market open to the public shall be valued at the last available price. 3) Securities or money market instruments with a residual term of less than 397 days may could be depreciated or amortized [attributed, imputed] valuated according to the linear method, using amortization method under the difference between requirements described in the original price (purchase price) and the repayment price (price at final maturity). Valuation at the current market price may cease if the repayment price is known and fixed. Any changes to creditworthiness are also taken into account;Trust Agreement. 4) Investments whose price is not in line with the market and those assets that are not covered by Items 1, 2 and 3 above are calculated at the price that would probably have been achieved in a diligent purchase at the time of valuation and that is defined in good faith by the executive board of the management company or under their guidance and supervision by representatives). 5) OTC derivatives shall be valued on a daily basis at a valuation to be set and verified by the management company, as stipulated in good faith by the management company and according to the generally accepted valuation models verifiable by auditors on the basis of the likely achievable sales value. 6) UCITS and/or other undertakings for collective investments shall be valued at the last established and available redemption price. If redemption of the shares is suspended or if no redemption prices are specified, then these shares shall be valuated just like all other assets at the respective fair market value, as stipulated in good faith by the management company and according to the generally accepted valuation models verifiable by auditors. 7) If no tradable price is available for the respective assets, then these assets – just like the other legally permitted assets – shall be valuated at the respective fair market value as stipulated in good faith by the management company and according to the generally accepted valuation models verifiable by auditors on the basis of the likely achievable sales value. 8) The liquid assets shall be valued at their nominal value plus accrued interest. 9) The market value of securities and other investments which are denominated in a different currency from the Fund currency are converted into the corresponding Fund currency using the latest exchange rate. The management company is entitled to apply other adequate principles for the valuation of the assets at times should, as a result of extraordinary circumstances; the above-mentioned criteria seem impossible or impractical for valuation purposes. In the case of large numbers of redemption requests, the management company may value the units of the particular segment on the basis of prices at which the necessary sales of securities were made. In this case, the same calculation method will be applied for subscription and redemption requests that are submitted simultaneously.

Calculation of net. asset value per share 1) Securities that are officially listed on a stock exchange shall be valued at the last available price. If a security is officially listed on several stock exchanges, then the last available price on the stock exchange which is the main market for this security shall prevail. 2) Securities which are not officially listed on any stock exchange but are traded on a market open to the public shall be valued at the last available price. 3) Securities or money market instruments with a residual term of less than 397 days may be depreciated or amortized [attributed, imputed] according to the linear method, using the difference between be- tween the original price (purchase price) and the repayment price (price at final maturity). Valuation at the current market price may cease if the repayment price is known and fixed. Any changes to creditworthiness are also taken into account; 4) Investments whose price is not in line with the market and those assets that are not covered by Items 1, 2 and 3 above are calculated calcu- lated at the price that would probably have been achieved in a diligent purchase at the time of valuation and that is defined in good faith by the executive board of the management company or under their guidance and supervision by representatives). 5) OTC derivatives shall be valued on a daily basis at a valuation to be set and verified by the management company, as stipulated in good faith by the management company and according to the generally accepted valuation models verifiable by auditors on the basis of the likely achievable sales value. 6) UCITS and/or other undertakings for collective investments shall be valued at the last established and available redemption price. If redemption of the shares is suspended or if no redemption prices are specified, then these shares shall be valuated just like all other assets at the respective fair market value, as stipulated in good faith by the management company and according to the generally accepted valuation models verifiable by auditors. 7) If no tradable price is available for the respective assets, then these assets – just like the other legally permitted assets – shall be valuated at the respective fair market value as stipulated in good faith by the management company and according to the generally accepted valuation models verifiable by auditors on the basis of the likely achievable sales value. 8) The liquid assets shall be valued at their nominal value plus accrued ac- crued interest. 9) The market value of securities and other investments which are denominated in a different currency from the Fund currency are converted into the corresponding Fund currency using the latest exchange rate. The management company is entitled to apply other adequate principles princi- ples for the valuation of the assets at times should, as a result of extraordinary ex- traordinary circumstances; the above-mentioned criteria seem impossible impos- sible or impractical for valuation purposes. In the case of large numbers num- bers of redemption requests, the management company may value the units of the particular segment on the basis of prices at which the necessary sales of securities were made. In this case, the same calculation cal- culation method will be applied for subscription and redemption requests re- quests that are submitted simultaneously. Following a resolution, the management company is entitled to calcu- late a so-called special NAV outside the usual valuation interval for the UCITS, a.o. in order to enable the timely issuance and redemption of units in special cases. Information about this is provided in the rel- evant Appendix A "Funds at a glance".