Common use of Conversion of Units Clause in Contracts

Conversion of Units. Where different unit classes are offered, units may be converted from one unit class to another. Con- version requests involve the simultaneous submission of a redemption application as per Art. 29 and a subscription application as per Art. 28. The conversion fee levied, if any, is indicated in Annex B, "AIF summary". Conversion of units into a different unit class shall be possible only if the investor fulfils the conditions for the direct acquisition of units in the unit class concerned. If unit conversions are not permitted for certain unit classes, this is stipulated in the relevant fund-specific section of Annex B, "AIF summary". The number of units into which the investor may convert existing units shall be calculated according to the following formula: A = the number of units of the unit class into which units are to be converted; B = the number of units of the unit class from which units are to be converted; C = the net asset value or redemption price of the units presented for conversion; D = the exchange rate between the unit classes involved. Where both unit classes are valued in the same accounting currency, this coefficient is 1. E = the net asset value of the units of the unit class into which the conversion is to be made, plus taxes, fees and other charges. In some countries a change of unit class may in certain cases involve the payment of duties, taxes or stamp duties. The AIFM and the Depositary shall be entitled at any time to reject a conversion request if they deem such a move to be in the best interests of the investors, in the public interest or necessary for the pro- tection of the AIFM, the AIF or the investors and in particular if (i) there is cause to suspect that, in acquiring the units, the investors concerned are engaging in market timing, late trading or other market techniques that may be to the collective detriment of the investors, (ii) the investors do not meet the conditions for acquiring the units, or (iii) the units have been distributed in a country in which the AIF is not approved or authorised. The AIFM shall ensure that unit conversions are settled on the basis of a net asset value per unit un- known to the investor at the time the redemption application was submitted (forward pricing). Conversions of AIF units may be suspended in the eventualities envisaged in Art. 32 of this Trust Agree- ment.

Conversion of Units. Where If different unit share classes are offered, units of one share class may be converted from one unit class to anotherexchanged for units of another share class. Con- version requests involve the simultaneous submission of a redemption application as per Art. 29 and a subscription application as per Art. 28. The No conversion fee leviedis charged for conversions within a sub-fund. If it is not possible to switch units for share classes, if any, is this shall be indicated for the relevant share class in Annex B, "AIF summary"A “Overview of Sub-Funds”. Conversion A conversion of units into a different unit another share class shall be is only possible only if the investor fulfils the conditions for the direct acquisition of units in of the unit class concernedrelevant share class. If unit conversions are it is not permitted possible to switch units for certain unit share classes, this is stipulated in shall be indicated for the relevant fundshare class in Annex A “Overview of Sub-specific section of Annex B, "AIF summary"Funds”. The number of units into which the investor may wishes to convert existing units shall be his/her holding is calculated according to using the following formula: (𝑩 × 𝑪) (𝑫 × 𝑬) A = the number of units of the unit class share class, if any, into which units are the conversion is to be converted; made B = the number of units of the unit class share class, if any, from which units are the conversion is to be converted; made C = the net asset value or redemption price of the units presented submitted for conversion; D = the exchange rate between the unit classes involved. Where both unit classes are valued in the same accounting currency, this coefficient is 1. E = the net asset value of the units of the unit class into which the conversion is to be made, plus taxes, fees and other charges. In some countries a change of unit class may in certain cases involve the payment of cases, duties, taxes or and stamp dutiesduties may be incurred in particular countries when switching share classes. The AIFM and the Depositary shall be entitled Management Company may decline a conversion application for a share class at any time to reject a conversion request if they deem such a move this appears to be in the best interests of the sub-fund, the Management Company or the investors, in the public interest or necessary for the pro- tection of the AIFM, the AIF or the investors and in particular if (i) if: 1. there is cause to suspect that, in acquiring the units, the investors concerned are engaging in a suspicion that market timing, late trading or other market techniques that may are being used by the investor in question in connection with the acquisition of the units, which could be detrimental to the collective detriment of investors as a whole; 2. the investors, (ii) the investors do investor does not meet fulfil the conditions for acquiring the acquisition of the units, or (iii) /share class; or 3. the units have been are distributed in a country in which the AIF sub-fund or the respective share class is not approved authorised for distribution or authorisedhave been acquired by a person who is not eligible to do so. The AIFM Management Company shall ensure that unit conversions are the conversion of units is settled on the basis of a net asset value per unit un- known unknown to the investor at the time the redemption application was is submitted (forward pricing). Conversions The conversion of AIF fund units may be suspended under the circumstances described in the eventualities envisaged in Art. 32 of this Trust Agree- mentArt.12.

Conversion of Units. Where different unit classes are offered, units may be converted from one unit class to another. Con- version Conversion requests involve the simultaneous submission of a redemption application as per Art. 29 and a subscription application as per Art. 28. The conversion fee levied, if any, is indicated in Annex B, "AIF summary". Conversion of units into a different unit class shall be possible only if the investor fulfils the conditions for the direct acquisition of units in the unit class concerned. If unit conversions are not permitted for certain unit classes, this is stipulated in the relevant fund-fund- specific section of Annex B, "AIF summary". The number of units into which the investor may convert existing units shall be calculated according to the following formula: A = the number of units of the unit class into which units are to be converted; B = the number of units of the unit class from which units are to be converted; C = the net asset value or redemption price of the units presented for conversion; D = the exchange rate between the unit classes involved. Where both unit classes are valued in the same accounting currency, this coefficient is 1. E = the net asset value of the units of the unit class into which the conversion is to be made, plus taxes, fees and other charges. In some countries a change of unit class may in certain cases involve the payment of duties, taxes or stamp duties. The AIFM and the Depositary shall be entitled at any time to reject a conversion request if they deem such a move to be in the best interests of the investors, in the public interest or necessary for the pro- tection protection of the AIFM, the AIF or the investors and in particular if (i) there is cause to suspect that, in acquiring the units, the investors concerned are engaging in market timing, late trading or other market techniques that may be to the collective detriment of the investors, (ii) the investors do not meet the conditions for acquiring the units, or (iii) the units have been distributed in a country in which the AIF is not approved or authorised. The AIFM shall ensure that unit conversions are settled on the basis of a net asset value per unit un- known unknown to the investor at the time the redemption application was submitted (forward pricing). Conversions of AIF units may be suspended in the eventualities envisaged in Art. 32 of this Trust Agree- mentAgreement.

Conversion of Units. Where Investors may at any time switch from one sub-fund to another sub-fund, subject to the conditions set out in the Trust Agreement and in Appendix A "Overview of the sub-fund". Insofar as different unit classes are offered, a conversion of units in one unit class into units of another unit class may be converted performed, as well as within one and the same sub-fund from one sub-fund into another sub-fund. If a conversion is per- formed within one and the same sub-fund, no conversion fee shall be imposed. If a conversion of units is not possible for specific sub-funds or unit classes, this shall be mentioned for the respective sub-funds or unit class in Appendix A "Over- view of the sub-fund". In certain cases, when converting from one sub-fund or unit class to another. Con- version requests involve the simultaneous submission of a redemption application as per Art. 29 and a subscription application as per Art. 28. The conversion fee levied, if any, is indicated in Annex B, "AIF summary". Conversion of units into a different unit class shall be possible only if the investor fulfils the conditions for the direct acquisition of units in the unit class concerned. If unit conversions are not permitted for certain unit classes, this is stipulated in the relevant fund-specific section of Annex B, "AIF summary". The number of units into which the investor may convert existing units shall be calculated according to the following formula: A = the number of units of the unit class into which units are to be converted; B = the number of units of the unit class from which units are to be converted; C = the net asset value or redemption price of the units presented for conversion; D = the exchange rate between the unit classes involved. Where both unit classes are valued in the same accounting currency, this coefficient is 1. E = the net asset value of the units of the unit class into which the conversion is to be made, plus taxes, fees and other charges. In some countries a change of unit class may in certain cases involve the payment of duties, taxes or and stamp dutiesduties may be in- curred in certain countries. The AIFM and the Depositary shall be entitled Management Company may at any time to reject a conversion request application for a sub-fund or for a unit class if they deem such a move this is deemed to be in the best interests interest of the investorssub-fund, of the Management Company or in the interest of the Investors, in the public interest or necessary for the pro- tection of the AIFM, the AIF or the investors and in particular if (i) if: 1. there is cause to suspect that, in a suspicion that by acquiring the units, units the investors concerned are respective Investor is engaging in "market timing", "late trading trading" or other market techniques that may could be detrimental to the collective detriment of Investors as a whole; 2. the investors, (ii) the investors do Investor does not meet the conditions for acquiring the acquisition of the units, or (iii) ; or 3. the units have been are distributed in a country state in which the AIF respective sub-fund or the respective unit class is not approved licensed for distribution or authorisedhave been acquired by a person for whom the acquisition of the units is not permitted. The AIFM Management Company shall ensure that unit conversions are the conversion of Units is settled on the basis of a net asset value per unit un- known Unit that is unknown to the investor Investor at the time of the redemption application was submitted (forward pricing). Conversions of AIF units may be suspended in the eventualities envisaged in Art. 32 of this Trust Agree- ment.

Conversion of Units. Where Investors may at any time switch from one sub-fund to another sub-fund, subject to the conditions set out in the Trust Agreement and in Appendix A "Overview of the sub-fund". Insofar as different unit classes are offered, then a conversion of units in one unit class into units of another unit class may be converted performed, as well as within one and the same sub-fund from one sub-fund into another sub-fund. If a conver- sion is performed within one and the same sub-fund, then no conversion fee shall be imposed. If a conversion of units is not possible for specific sub-funds or unit classes, then this shall be mentioned for the respective sub-funds or unit class in Appendix A "Overview of the sub-fund". In certain cases, when converting from one sub-fund or unit class to another. Con- version requests involve the simultaneous submission of a redemption application as per Art. 29 and a subscription application as per Art. 28. The conversion fee levied, if any, is indicated in Annex B, "AIF summary". Conversion of units into a different unit class shall be possible only if the investor fulfils the conditions for the direct acquisition of units in the unit class concerned. If unit conversions are not permitted for certain unit classes, this is stipulated in the relevant fund-specific section of Annex B, "AIF summary". The number of units into which the investor may convert existing units shall be calculated according to the following formula: A = the number of units of the unit class into which units are to be converted; B = the number of units of the unit class from which units are to be converted; C = the net asset value or redemption price of the units presented for conversion; D = the exchange rate between the unit classes involved. Where both unit classes are valued in the same accounting currency, this coefficient is 1. E = the net asset value of the units of the unit class into which the conversion is to be made, plus taxes, fees and other charges. In some countries a change of unit class may in certain cases involve the payment of duties, taxes or and stamp dutiesduties may be incurred in certain countries. The AIFM and the Depositary shall be entitled Management Company may at any time to reject a conversion request application for a sub-fund or for a unit class if they deem such a move this is deemed to be in the best interests interest of the sub-fund, of the Management Company or in the interest of the investors, in the public interest or necessary for the pro- tection of the AIFM, the AIF or the investors and in particular if (i) particu- lar if: 1. there is cause to suspect that, in a suspicion that by acquiring the units, units the investors concerned are respective investor is engaging in "market timing", "late trading trading" or other market techniques that may which could be detrimental to the collective detriment of investors as a whole; 2. the investors, (ii) the investors do investor does not meet the conditions for acquiring the acquisition of the units, or (iii) ; or 3. the units have been are distributed in a country state in which the AIF respective sub-fund or the respective unit class is not approved licensed for distribution or authorisedhave been acquired by a person for whom the acquisition of the units is not permitted. The AIFM Management Company shall ensure that unit conversions are the conversion of units is settled on the basis of a net asset value per unit un- known which is unknown to the investor at the time of the redemption application was submitted (forward pricing). Conversions of AIF units may be suspended in the eventualities envisaged in Art. 32 of this Trust Agree- ment.

Conversion of Units. Where different unit classes are offered, units may be converted from one unit class to another. Con- version Conversion requests involve the simultaneous submission of a redemption application as per Art. 29 and a subscription application as per Art. 28. The conversion fee levied, if any, is indicated in Annex B, "AIF summary". Conversion of units into a different unit class shall be possible only if the investor fulfils the conditions for the direct acquisition of units in the unit class concerned. If unit conversions are not permitted for certain unit classes, this is stipulated in the relevant fund-specific section of Annex B, "AIF summary". The number of units into which the investor may convert existing units shall be calculated according to the following formula: A = the number of units of the unit class into which units are to be converted; B = the number of units of the unit class from which units are to be converted; C = the net asset value or redemption price of the units presented for conversion; D = the exchange rate between the unit classes involved. Where both unit classes are valued in the same accounting currency, this coefficient is 1. E = the net asset value of the units of the unit class into which the conversion is to be made, plus taxes, fees and other charges. In some countries a change of unit class may in certain cases involve the payment of duties, taxes or stamp duties. The AIFM and the Depositary shall be entitled at any time to reject a conversion request if they deem such a move to be in the best interests of the investors, in the public interest or necessary for the pro- tection protection of the AIFM, the AIF or the investors and in particular if (i) there is cause to suspect that, in acquiring the units, the investors concerned are engaging in market timing, late trading or other market techniques that may be to the collective detriment of the investors, (ii) the investors do not meet the conditions for acquiring the units, or (iii) the units have been distributed in a country in which the AIF is not approved or authorised. The AIFM shall ensure that unit conversions are settled on the basis of a net asset value per unit un- known unknown to the investor at the time the redemption application was submitted (forward pricing). Conversions of AIF units may be suspended in the eventualities envisaged in Art. 32 of this Trust Agree- mentAgreement.