Common use of Issue of Units Clause in Contracts

Issue of Units. Units shall be issued on every issue date at the net asset value per unit of the AIF or unit class as at the valuation date, plus any applicable issue commission and plus any taxes and duties. The units exist only in book-entry form. Units shall not be issued or redeemed in fractions. No physical unit certificates shall be issued. Subscription applications must reach the Depositary not later than the acceptance deadline. If a sub- scription application is received after the acceptance deadline, it shall be held over for the next issue date. With the agreement of the investor concerned the AIFM may accept subscription applications even after said deadline, providing this does not disadvantage other investors. For applications placed with authorised distributors in Liechtenstein and abroad, earlier deadlines may be set for submission of applications in order to ensure punctual forwarding to the Depositary in Liech- tenstein. Such earlier deadlines may be obtained from the relevant authorised distributor. Information on the issue date, the acceptance deadline and the maximum amount of any applicable issue commission is given in Annex B, "AIF summary". Payment must be made within a specified period (value date). The value date is indicated in Annex B, "AIF summary". The AIFM shall ensure that settlement for newly issued units is made on the basis of a net asset value per unit unknown to the investor at the time the subscription application was made (forward pricing). All taxes and duties payable on the issue of units shall likewise be charged to the investors. If units are acquired through banks that are not entrusted with distributing the units, the possibility cannot be ruled out that such banks will levy additional transaction charges. If payment is made in a currency other than the accounting currency, the equivalent value resulting from the conversion of the payment currency into the accounting currency, minus fees, shall be applied to the purchase of units. The minimum investment that an investor must hold in a particular unit class is stated in Annex B, "AIF summary". Contributions in kind shall not be permitted. The AIFM and the Depositary shall be entitled at any time to reject a subscription application or to temporarily restrict, suspend or permanently halt the issue of units if they deem such a move to be in the best interests of the investors, in the public interest or necessary for the 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. In this event the Depositary shall reimburse, without interest, any payments received in respect of sub- scription applications that have not yet been executed1, where necessary through the offices of the paying agents. The issue of Fund units may be suspended in the eventualities envisaged in Art. 32 of this Trust Agree- ment. 1 These might, for instance, include payments made without delivery (advance payments to the AIF).

Issue of Units. Units shall be issued on every issue date the acceptance deadline for unit transactions in accordance with Appendix A "Overview of the Fund" at the net asset value per unit of the AIF or corresponding unit class as at of the valuation dateUCITS, plus any applicable the possible due issue commission premium and plus any possible taxes and duties. The units exist only in book-entry form. Units shall are not be issued or redeemed in fractions. No physical unit certificates shall be issuedcertificated as securities. Subscription applications must reach be submitted to the Depositary not later than Custodian at the latest by the acceptance deadline. If a sub- scription subscription application is received after the acceptance deadline, then it shall be held over reserved for the next following issue date. With In the agreement case of the investor concerned the AIFM may accept subscription applications even after said deadline, providing this does not disadvantage other investors. For applications placed with authorised distributors distribution agents in Liechtenstein and abroad, earlier deadlines for the subscriptions may be set for submission of applications in order to ensure the punctual forwarding of these applications to the Depositary Custodian in Liech- tensteinLiechtenstein. Such earlier These deadlines may be obtained from the relevant authorised distributorindividual distribution agents. Information on about the issue date, the acceptance deadline and as well as the level of the possible due maximum amount issue premium is set out in Appendix A "Overview of any applicable issue commission is given in Annex B, "AIF summary". Payment must be made within a specified period (value date). The value date is indicated in Annex B, "AIF summarythe Fund". The AIFM payment must be received within two bank working days following the valuation date on which the issue price of the units was stipulated. The Management Company shall ensure that settlement for newly issued the issue of units is made settled on the basis of a net asset value per unit that is unknown to the investor at the time of the subscription application was made (forward pricing). All taxes and duties payable on incurred in conjunction with the issue of units shall likewise also be charged to the investorsinvestor. If units are acquired ac- quired through banks that are have not been entrusted with distributing the distribution of the units, it shall not be possible to exclude the possibility cannot be ruled out that such banks will levy may impose additional transaction charges. If the payment is made in a currency other than the accounting reference currency, the equivalent value resulting sum derived from the conversion of the payment currency into the accounting reference currency, minus feesless any possible charges, shall be applied used to the purchase of acquire units. The minimum investment that must be held by an investor must hold in a particular specific unit class is stated set out in Annex B, Appendix A "AIF summaryOverview of the Fund". Contributions in kind are permitted and shall be assessed and evaluated by the Management Company on the basis of objective criteria. The procedures and the principles applicable to the provision of contributions in kind are described in greater detail in the Prospectus. The intrinsic value of the contribution in kind must be assessed by the Auditor and the cost of this assessment may not be permittedcharged to the assets of the UCITS. The AIFM and Custodian and/or the Depositary shall be entitled at any time to Management Company may reject a subscription application at any time or to may temporarily restrict, suspend or permanently halt definitively discontinue the issue of units if they deem such a move to be this is deemed necessary in the best interests interest of the investors, in the public interest or necessary for interest, to protect the protection of the AIFM, the AIF Management Company 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 UCITS 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. In this event case the Depositary Custodian shall reimburse, without interest, any reimburse incoming payments received in respect of sub- scription on subscription applications that have not yet been executed1executed, where necessary through without interest. If nec- xxxxxx, this shall be performed with the offices support of the paying payment agents. The issue of Fund fund units may be suspended in the eventualities envisaged in if Art. 32 of this Trust Agree- ment. 1 These might, for instance, include payments made without delivery (advance payments to the AIF)12 is applicable.

Issue of Units. Units shall be issued on every each valuation day (issue date day) at the net asset value per unit of the AIF or respective unit class as at of the valuation dateUCITS plus the issue premium, plus any applicable issue commission if any, and plus any taxes and dutiescharges, if any. The units exist only in book-entry form. Units shall are not be issued or redeemed in fractions. No physical unit certificates shall be issuedsecuritized. Subscription applications requests must reach be received by the Depositary not later than depositary on the acceptance deadlinedeadline by the latest. If a sub- scription application subscription request is received after the acceptance deadline, it shall will be held over for processed on the next following issue dateday. With the agreement of the investor concerned the AIFM may accept subscription applications even after said deadline, providing this does not disadvantage other investors. For applications placed with authorised Purchase or redemption requests submit- xxx to distributors in Liechtenstein and abroad, or abroad may be subject to earlier deadlines may in or- der to assure that they can be set for submission of applications in order to ensure punctual forwarding forwarded to the Depositary depositary in Liech- tensteinLiechtenstein in a timely manner. Such earlier deadlines may be obtained from On request, the relevant authorised distributorrespective distributors will provide pertinent information. Information Infor- mation on the issue dateday, the acceptance deadline deadline, and the maximum amount of any applicable issue commission premium, if any, is given provided in Annex B, A "AIF summary". Payment must be made within The UCITS at a specified period (value date). The value date is indicated in Annex B, "AIF summaryglance". The AIFM payment must be received within 3 banking days after the respective issue day. The management company shall ensure assure that settlement for newly issued the issue of units is made shall be booked on the basis of a net asset value per unit unknown that is not known to the investor at the time of the subscription application was made re- quest (forward pricing). All taxes and duties payable on fees incurred in conjunction with the issue of units shall likewise be charged to the investorsinvestor as well. If units are acquired through purchased via banks that are not entrusted with distributing the distribu- tion of the units, the possibility it cannot be ruled out excluded that such banks will levy charge additional transaction chargestransac- tion costs. If the payment is made in a currency other than the accounting reference currency, the equivalent value amount resulting from the conversion of the payment currency into the accounting currencycur- rency, minus feesless charges, shall be applied to used for the purchase of units. The trust agreement: Art. 7 Issue of units The minimum investment that to be held by an investor must hold in a particular specific unit class is stated indicated in Annex B, A "AIF summaryThe UCITS at a glance". The minimum investment may be waived at the dis- cretion of the management company. Contributions in kind shall are not be permitted. The AIFM and Management Company may also decide to suspend the Depositary shall be entitled issue of units in whole or in part if new investments could affect the achievement of the investment objective. The depositary and/or the management company and/or the distributor may at any time to reject a subscription application request or to temporarily restrict, limit or suspend or permanently halt discontinue the issue of units if they deem such a move this appears to be in the best interests of the investors, necessary in the public interest or necessary to protect the manage- ment company or the UCITS or the investors. In this case, the depositary will instantly re- fund, less interest, incoming payments for subscription requests that have yet to be ful- filled, and for this purpose may enlist the help of the paying agents. Trading can be suspended in cases pursuant to Art. 12. Units shall be repurchased on each valuation day (repurchase day) at the net asset value per unit of the respective unit class of the UCITS, and the net asset value shall be calculated as at the valuation day, less repurchase charges, taxes and fees, if any. Repurchase requests must be received by the depositary on the acceptance deadline at the latest. If a repurchase request is received after the acceptance deadline, it will be scheduled for the next following repurchase day. Purchase or redemption requests submitted to distributors in Liechtenstein or abroad may be subject to earlier deadlines in order to assure that they can be forwarded to the depositary in Liechtenstein in a timely manner. On request, the respective distributors will provide pertinent information. Information on the redemption day, the valuation interval, the acceptance deadline, and the maximum redemption premium, if any, is provided in Annex A "The UCITS at a glance". Since the UCITS must maintain an adequate amount of liquidity, the payment of re- deemed units will take place within five bank business days after the respective re- demption day. However, the management company is entitled to extend this period if the 5-day period should prove to be too short due to local holidays in Vietnam or Liech- tenstein. This does not apply in case the transfer of the redemption sum proves impossi- ble due to legal constraints such as currency export and cross-border payment re- strictions or due to other circumstances beyond the control of the depositary. If, on request by the investor, the payment is to be made in a currency other than the currency in which the respective units are denominated, the amount payable shall be calculated on the basis of the proceeds from the conversion of the accounting curren- cy into the payment currency, less fees and charges, if any. When the repurchase price is paid, the respective unit shall become void. The trust agreement: Art. 8 Repurchase of units If the execution of a repurchase request causes the respective investor's holdings to fall below the minimum holdings of the respective unit class as indicated in Annex A "The UCITS at a glance", the management company may, without notifying the investor, treat the repurchase request as a request for redeeming all units of the respective unit class held by the investor or as a request to exchange the remaining units into another unit class of the UCITS with the same reference currency, provided the investor fulfills its terms of participation. The management company and/or the depositary may redeem units without the in- vestor's consent against payment of the repurchase price to the extent that this ap- pears to be in the interest of or for the protection of the AIFMinvestors, the AIF management com- pany or the investors and in particular if (i) UCITS, particularly when 1. there is cause reason to suspect that, in acquiring that with the purchase of units, the investors concerned are engaging in a given investor is pursu- ing market timing, late trading or other market techniques that may could be detri- mental to all other investors, 2. the collective detriment of the investors, (ii) the investors do investor does not meet fulfill the conditions for acquiring the purchasing units, or (iii) the or 3. units have been are being distributed in a country in which the AIF UCITS is not approved for dis- tribution or authorisedhave been purchased by a person who is not allowed to purchase units. In this event The management company shall assure that the Depositary repurchase of units shall reimburse, without interest, any payments received in respect be booked on the basis of sub- scription applications a net asset value per unit that have is not yet been executed1, where necessary through known to the offices investor at the time of the paying agentsrequest (forward pricing). The issue repurchase of Fund fund units may be suspended in the eventualities envisaged in cases pursuant to Art. 32 of this Trust Agree- ment12. 1 These might, for instance, include payments made without delivery (advance payments to the AIF)Redemptions in kind are not permitted.

Issue of Units. Units shall be issued on every issue date the acceptance deadline for unit transactions in accordance with Appendix A "Overview of the sub-fund" at the net asset value per unit of the AIF or corresponding unit class as at of the valuation datecorresponding sub-fund, plus any applicable the possible due issue commission premium and plus any possible taxes and duties. The units exist only in book-entry form. Units shall are not be issued or redeemed in fractions. No physical unit certificates shall be issuedcertificated as securities. Subscription applications must reach be submitted to the Depositary not later than Custodian at the latest by the acceptance deadline. If a sub- scription application subscription order is received after the acceptance deadline, it shall be held over reserved for the next issue following valuation date. With In the agreement case of the investor concerned the AIFM may accept subscription applications even after said deadline, providing this does not disadvantage other investors. For applications orders placed with authorised distributors distribution agents in Liechtenstein and abroad, earlier deadlines for the subscription of orders may be set for submission of applications in order to ensure the punctual forwarding of these orders to the Depositary Custodian in Liech- tensteinLiechtenstein. Such earlier These deadlines may be obtained from the relevant authorised distributorindividual Distribution Agents. Information on about the issue date, the acceptance deadline and as well as the level of the possible due maximum amount issue pre- mium is set out in Appendix A "Overview of any applicable issue commission is given in Annex B, "AIF summary". Payment must be made within a specified period (value date). The value date is indicated in Annex B, "AIF summarythe sub-fund". The AIFM payment must be received within two bank working days following the valuation date on which the issue price of the units was stipulated. The Management Company shall ensure that settlement for newly issued the issue of units is made settled on the basis of a net asset value per unit that is unknown to the investor Investor at the time of the subscription application was made (forward pricing). All taxes and duties payable on incurred in conjunction with the issue of units shall likewise also be charged to the investorsInvestor. If units are acquired ac- quired through banks that are have not been entrusted with distributing the distribution of the units, it shall not be possible to exclude the possibility cannot be ruled out that such banks will levy may impose additional transaction charges. If the payment is made in a currency other than the accounting reference currency, the equivalent value resulting sum derived from the conversion of the payment currency into the accounting reference currency, minus feesless any possible charges, shall be applied used to the purchase of acquire units. The minimum investment that must be held by an investor must hold Investor in a particular specific unit class is stated set out in Annex BAppendix. A, "AIF summaryOverview of the sub-fund". The minimum investment may be waived at the complete discretion of the Management Company. At the request of an Investor, units may with the approval of the Management Company also be subscribed in return for the assignment of investments at the respective daily rate (contribution of tangible assets or payment in specie). The Management Company is not obliged to accept an application of this nature. Contributions in kind shall be assessed and evaluated by the Management Company on the basis of objective criteria. The assigned investments must be in accordance with the investment policy of the corresponding sub-fund, and a cur- rent investment interest in the stocks must exist in the view of the Management Company. The value of the contributions in kind must be assessed by the Auditors. All costs incurred in this conjunction (including the cost of the auditor, other expenses as well as possible taxes and duties) shall be borne by the respective Investor and may not be permittedcharged to the respective sub-fund. The AIFM and Custodian and/or the Depositary shall be entitled at any time to Management Company may reject a subscription application at any time or to may temporarily restrict, suspend restrict or permanently halt definitively discontinue the issue of units if they deem such a move to be this is deemed necessary in the best interests interest of the investorsInvestors, in the public interest or necessary for pub- lic interest, to protect the protection of the AIFM, the AIF Management Company or the investors and in particular if (i) there is cause to suspect that, in acquiring respective sub-fund or 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 authorisedInvestors. In this event case the Depositary Custodian shall reimburse, without interest, any reimburse incoming payments received in respect of sub- scription on subscription applications that have not yet been executed1executed, where necessary through without interest. If nec- xxxxxx, this shall be performed with the offices support of the paying agentsPayment Agents. The issue of Fund units may be suspended in the eventualities envisaged in if Art. 32 of this Trust Agree- ment. 1 These might, for instance, include payments made without delivery (advance payments to the AIF)12 is applicable.

Issue of Units. Units shall of a sub-fund may be issued on every issue date acquired in accordance with Appendix A "Overview of the sub-fund" at the net asset value per unit of the AIF or corresponding unit class as at of the valuation datecorresponding sub-fund, plus any applicable the possible due issue commission premium and plus any possible taxes and duties. The units exist only in book-entry form. Units shall are not be issued or redeemed in fractions. No physical unit certificates shall be issuedcertificated as securities. Subscription applications must reach be submitted to the Depositary not later than Custodian at the latest by the acceptance deadline. If a sub- scription subscription application is received after the acceptance deadline, then it shall be held over reserved for the next issue following valuation date. With In the agreement case of the investor concerned the AIFM may accept subscription applications even after said deadline, providing this does not disadvantage other investors. For applications orders placed with authorised distributors distribution agents in Liechtenstein and abroad, earlier deadlines for the subscription of orders may be set for submission of applications in order to ensure the punctual forwarding of these orders to the Depositary Custodian in Liech- tensteinLiechtenstein. Such earlier These deadlines may be obtained from the relevant authorised distributorindividual distribution agents. Information on about the issue date, the valuation interval, the acceptance deadline and as well as the level of the possible due maximum amount issue premium is set out in Appendix A "Overview of any applicable issue commission is given in Annex B, "AIF summarythe sub-fund". Payment must be made received within a specified period (value two bank working days following the valuation date). The value date is indicated in Annex B, "AIF summary". The AIFM Management Company shall ensure that settlement for newly issued the issue of units is made settled on the basis of a net asset value per unit which is unknown to the investor at the time of the subscription application was made (forward pricing). All taxes and duties payable on incurred in conjunction with the issue of units shall likewise also be charged to the investorsinvestor. If units are acquired ac- quired through banks that are which have not been entrusted with distributing the distribution of the units, then it shall not be possible to exclude the possibility cannot be ruled out that such banks will levy may impose additional transaction charges. If the payment is made in a currency other than the accounting reference currency, then the equivalent value resulting sum derived from the conversion con- version of the payment currency into the accounting reference currency, minus feesless the charges, shall be applied used to the purchase of acquire units. The minimum investment that must be held by an investor must hold in a particular specific unit class is stated set out in Annex BAppendix. A "Overview of the sub-fund". The Management Company may furthermore also decide to suspend the issue of units on a complete or temporary basis if new investments might hinder the attainment of the investment objective. At the request of an investor, "AIF summary"units may with the approval of the Management Company also be subscribed in return for the assignment of investments at the respective daily rate (contribution of tangible assets or payment in specie). The Management Company is not obliged to accept an application of this nature. Contributions in kind shall be assessed and evaluated by the Management Company on the basis of objective criteria. The assigned investments must be in accordance with the investment policy of the corresponding sub-fund, and a cur- rent investment interest in the stocks must exist in the view of the Management Company. The value of the contributions in kind must be assessed by the auditors. All costs incurred in this conjunction (including the cost of the auditor, other expenses as well as possible taxes and duties) shall be borne by the respective investor and may not be permitted. The AIFM and the Depositary shall be entitled at any time to reject a subscription application or to temporarily restrict, suspend or permanently halt the issue of units if they deem such a move to be in the best interests of the investors, in the public interest or necessary for the 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 charged 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. In this event the Depositary shall reimburse, without interest, any payments received in respect of sub- scription applications that have not yet been executed1, where necessary through the offices of the paying agentsrespective sub-fund. The issue of Fund units may shall in particular be temporarily suspended if the net asset value per unit ceases to be calculated. If units cease to be issued, then the investors shall be informed without delay in the eventualities envisaged organ of publication as well as in Art. 32 the media specified in the Prospectus and in the Trust Agreement or by means of this Trust Agree- ment. 1 These mightpermanent data carriers (letter, for instancefax, include payments made without delivery (advance payments to e-mail or comparable) about the AIF)reason and the timing of the cessation.

Issue of Units. Units shall of the UCITS may be issued on every issue date acquired in accordance with Appendix A "Overview of the Fund" at the net asset value per unit of the AIF or corresponding unit class as at of the valuation dateUCITS, plus any applicable the possible due issue commission premium and plus any possible taxes and duties. The units exist only in book-entry form. Units shall are not be issued or redeemed in fractions. No physical unit certificates shall be issuedcertificated as securities. Subscription applications must reach be submitted to the Depositary not later than Custodian at the latest by the acceptance deadline. If a sub- scription subscription application is received after the acceptance deadline, it shall be held over reserved for the next issue following valuation date. With In the agreement case of the investor concerned the AIFM may accept subscription applications even after said deadline, providing this does not disadvantage other investors. For applications placed with authorised distributors distribution agents in Liechtenstein and abroad, earlier deadlines for the subscriptions may be set for submission of applications in order to ensure the punctual forwarding of these applications to the Depositary Custodian in Liech- tensteinLiechtenstein. Such earlier These deadlines may be obtained from the relevant authorised distributorindividual distribution agents. Information on about the issue date, the valuation interval, the acceptance deadline and as well as the level of the possible due maximum amount issue premium is set out in Appendix A "Overview of any applicable issue commission is given in Annex B, "AIF summarythe Fund". Payment must be made received within a specified period (value two bank working days following the valuation date). The value date is indicated in Annex B, "AIF summary". The AIFM Management Company shall ensure that settlement for newly issued the issue of units is made settled on the basis of a net asset value per unit that is unknown to the investor at the time of the subscription application was made (forward pricing). All taxes and duties payable on incurred in conjunction with the issue of units shall likewise also be charged to the investorsinvestor. If units are acquired ac- quired through banks that are have not been entrusted with distributing the distribution of the units, it shall not be possible to exclude the possibility cannot be ruled out that such banks will levy may impose additional transaction charges. If the payment is made in a currency other than the accounting reference currency, the equivalent value resulting sum derived from the conversion of the payment currency into the accounting reference currency, minus feesless any possible charges, shall be applied used to the purchase of acquire units. The minimum investment that must be held by an investor must hold in a particular specific unit class is stated set out in Annex BAppendix A "Overview of the Fund". The Management Company may furthermore also decide to suspend the issue of units on a complete or temporary basis if new investments might hinder the attainment of the investment objective. At the request of an investor, "AIF summary"units may with the approval of the Management Company also be subscribed in return for the assignment of investments at the respective daily rate (contribution of tangible assets or payment in specie). The Management Company is not obliged to accept an application of this nature. Contributions in kind shall be assessed and evaluated by the Management Company on the basis of objective criteria. The assigned investments must be in accordance with the investment policy of the UCITS, and a current investment in- terest in the stocks must exist in the view of the Management Company. The value of the contributions in kind must be assessed by the Auditors. All costs incurred in this conjunction (including the cost of the auditor, other expenses as well as possible taxes and duties) shall be borne by the respective investor and may not be permitted. The AIFM and the Depositary shall be entitled at any time to reject a subscription application or to temporarily restrict, suspend or permanently halt the issue of units if they deem such a move to be in the best interests of the investors, in the public interest or necessary for the 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 charged 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. In this event the Depositary shall reimburse, without interest, any payments received in respect of sub- scription applications that have not yet been executed1, where necessary through the offices of the paying agentsrespective assets. The issue of Fund units may shall in particular be temporarily suspended if the net asset value per unit ceases to be calculated. If units cease to be issued, the investors shall be informed without delay in the eventualities envisaged organ of publication as well as in Art. 32 the media specified in the Prospectus and in the Trust Agreement or by means of this Trust Agree- ment. 1 These mightpermanent data carriers (letter, for instancefax, include payments made without delivery (advance payments to e-mail or comparable) about the AIF)reason and the timing of the cessation.

Issue of Units. Units shall be issued on every issue date at the net asset value per unit of the AIF or unit class as at the valuation date, plus any applicable issue commission and plus any taxes and duties. The units exist only in book-entry form. Units shall not be issued or redeemed in fractions. No physical unit certificates shall be issued. Subscription applications must reach the Depositary not later than the acceptance deadline. If a sub- scription subscription application is received after the acceptance deadline, it shall be held over for the next issue date. With the agreement of the investor concerned the AIFM may accept subscription applications even after said deadline, providing this does not disadvantage other investors. For applications placed with authorised distributors in Liechtenstein and abroad, earlier deadlines may be set for submission of applications in order to ensure punctual forwarding to the Depositary in Liech- tensteinLiechtenstein. Such earlier deadlines may be obtained from the relevant authorised distributor. Information on the issue date, the acceptance deadline and the maximum amount of any applicable issue commission is given in Annex B, "AIF summary". Payment must be made within a specified period (value date). The value date is indicated in Annex B, "AIF summary". The AIFM shall ensure that settlement for newly issued units is made on the basis of a net asset value per unit unknown to the investor at the time the subscription application was made (forward pricing). All taxes and duties payable on the issue of units shall likewise be charged to the investors. If units are acquired through banks that are not entrusted with distributing the units, the possibility cannot be ruled out that such banks will levy additional transaction charges. If payment is made in a currency other than the accounting currency, the equivalent value resulting from the conversion of the payment currency into the accounting currency, minus fees, shall be applied to the purchase of units. The minimum investment that an investor must hold in a particular unit class is stated in Annex B, "AIF summary". Contributions in kind shall not be permitted. The AIFM and the Depositary shall be entitled at any time to reject a subscription application or to temporarily restrict, suspend or permanently halt the issue of units if they deem such a move to be in the best interests of the investors, in the public interest or necessary for the 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. In this event the Depositary shall reimburse, without interest, any payments received in respect of sub- scription subscription applications that have not yet been executed1, where necessary through the offices of the paying agents. The issue of Fund units may be suspended in the eventualities envisaged in Art. 32 of this Trust Agree- mentAgreement. 1 These might, for instance, include payments made without delivery (advance payments to the AIF).

Issue of Units. Units of a shall be issued on every issue date the acceptance deadline for unit transactions in accordance with Appendix A "Overview of the sub-fund" at the net asset value per unit of the AIF or corresponding unit class as at of the valuation datecorresponding sub-fund, plus any applicable the pos- sible due issue commission premium and plus any possible taxes and duties. The units exist only in book-entry formare not certificated as securities. Units shall not be issued or redeemed in fractions. No physical unit certificates shall be issued. Subscription Redemption applications must reach be submitted to the Depositary not later than Custodian at the latest by the acceptance deadline. If a sub- scription subscription application is received after the acceptance deadline, then it shall be held over reserved for the next following issue date. With In the agreement case of the investor concerned the AIFM may accept subscription applications even after said deadline, providing this does not disadvantage other investors. For applications orders placed with authorised distributors distribution agents in Liechtenstein and abroad, earlier deadlines for the subscription of orders may be set for submission of applications in order to ensure the punctual forwarding of these orders to the Depositary Custodian in Liech- tensteinLiechtenstein. Such earlier These deadlines may be obtained ob- tained from the relevant authorised distributorindividual distribution agents. Information on about the issue date, the acceptance deadline and as well as the level of the possible due maximum amount issue premium is set out in Appendix A "Overview of any applicable issue commission is given in Annex B, "AIF summary". Payment must be made within a specified period (value date). The value date is indicated in Annex B, "AIF summarythe sub-fund". The AIFM payment must be received within two bank working days following the valuation date on which the issue price of the units was stipulated. The Management Company shall ensure that settlement for newly issued the issue of units is made settled on the basis of a net asset value per unit which is unknown to the investor at the time of the subscription application was made (forward pricing). All taxes and duties payable on incurred in conjunction with the issue of units shall likewise also be charged to the investorsinvestor. If units are acquired ac- quired through banks that are which have not been entrusted with distributing the distribution of the units, then it shall not be possible to exclude the possibility cannot be ruled out that such banks will levy may impose additional transaction charges. If the payment is made in a currency other than the accounting reference currency, then the equivalent value resulting sum derived from the conversion con- version of the payment currency into the accounting reference currency, minus feesless any possible charges, shall be applied used to the purchase of acquire units. The minimum investment that must be held by an investor must hold in a particular specific unit class is stated set out in Annex B, Appendix. A "AIF summaryOverview of the sub-fund". Contributions in kind are permitted and shall be assessed and evaluated by the Management Company on the basis of objective criteria. At the request of an investor, units may with the approval of the Management Company also be subscribed in return for the assignment of investments at the respective daily rate (contribution of tangible assets or payment in specie). The Management Company is not obliged to accept an application of this nature. Contributions in kind shall be assessed and evaluated by the Management Company on the basis of objective criteria. The assigned investments must be in accordance with the investment policy of the corresponding sub-fund, and a cur- rent investment interest in the stocks must exist in the view of the Management Company. The value of the contributions in kind must be assessed by the auditors. All costs incurred in this conjunction (including the cost of the auditor, other expenses as well as possible taxes and duties) shall be borne by the respective investor and may not be permittedcharged to the respective sub-fund. The AIFM and Custodian and/or the Depositary shall be entitled at any time to Management Company may reject a subscription application at any time or to may temporarily restrict, suspend restrict or permanently halt definitively discontinue the issue of units if they deem such a move to be this is deemed necessary in the best interests interest of the investors, in the public interest or necessary for interest, to protect the protection of the AIFM, the AIF Management Company 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 respective sub-fund 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. In this event case the Depositary Custo- dian shall reimburse, without interest, any reimburse incoming payments received in respect of sub- scription on subscription applications that which have not yet been executed1executed, where necessary through without interest. If necessary, this shall be performed with the offices support of the paying agentsPayment Agents. The issue of Fund fund units may be suspended in the eventualities envisaged in if Art. 32 of this Trust Agree- ment. 1 These might, for instance, include payments made without delivery (advance payments to the AIF)12 is applicable.

Issue of Units. Units shall be issued on every issue date at the net asset value per unit of the AIF or unit class as at the valuation date, plus any applicable issue commission and plus any taxes and duties. The units exist only in book-entry form. Units shall not be issued or redeemed in fractions. No physical unit certificates shall be issued. Subscription applications must reach the Depositary not later than the acceptance deadline. If a sub- scription subscription application is received after the acceptance deadline, it shall be held over for the next issue date. With the agreement of the investor concerned the AIFM may accept subscription applications even after said deadline, providing this does not disadvantage other investors. For applications placed with authorised distributors in Liechtenstein and abroad, earlier deadlines may be set for submission of applications in order to ensure punctual forwarding to the Depositary in Liech- tensteinLiechtenstein. Such earlier deadlines may be obtained from the relevant authorised distributor. Information on the issue date, the acceptance deadline and the maximum amount of any applicable issue commission is given in Annex B, "AIF summary". Payment must be made within a specified period (value date). The value date is indicated in Annex B, "AIF summary". The AIFM shall ensure that settlement for newly issued units is made on the basis of a net asset value per unit unknown to the investor at the time the subscription application was made (forward pricing). All taxes and duties payable on the issue of units shall likewise be charged to the investors. If units are acquired through banks that are not entrusted with distributing the units, the possibility cannot be ruled out that such banks will levy additional transaction charges. If payment is made in a currency other than the accounting currency, the equivalent value resulting from the conversion of the payment currency into the accounting currency, minus fees, shall be applied to the purchase of units. The minimum investment that an investor must hold in a particular unit class is stated in Annex B, "AIF summary". Contributions in kind shall not be permitted. The AIFM and the Depositary shall be entitled at any time to reject a subscription application or to temporarily restrict, suspend or permanently halt the issue of units if they deem such a move to be in the best interests of the investors, in the public interest or necessary for the 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. In this event the Depositary shall reimburse, without interest, any payments received in respect of sub- scription subscription applications that have not yet been executed1, where necessary through the offices of the paying agents. The issue of Fund units may be suspended in the eventualities envisaged in Art. 32 of this Trust Agree- ment. 1 These might, for instance, include payments made without delivery (advance payments to the AIF)Agreement.

Issue of Units. Units shall be issued on every each valuation day (issue date day) at the net asset value per unit of the AIF or respective unit class as at of the valuation dateUCITS plus the issue premium, plus any applicable issue commission if any, and plus any taxes and dutiescharges, if any. The units exist only are not securitized. The prospectus: Participation in book-entry form. Units shall not the UCITS Subscription requests must be issued or redeemed in fractions. No physical unit certificates shall be issued. Subscription applications must reach received by the Depositary not later than depositary on the acceptance deadlinedead- line by the latest. If a sub- scription application subscription request is received after the acceptance deadline, it shall will be held over for processed on the next following issue dateday. With the agreement of the investor concerned the AIFM may accept subscription applications even after said deadline, providing this does not disadvantage other investors. For applications placed with authorised Purchase or redemption requests submitted to distributors in Liechtenstein and abroad, or abroad may be subject to earlier deadlines may be set for submission of applications in order to ensure punctual forwarding assure that they can be forwarded to the Depositary depositary in Liech- tensteinLiechtenstein in a timely manner. Such earlier deadlines may be obtained from On request, the relevant authorised distributorrespective distributors will provide pertinent infor- mation. Information on the issue dateday, the valuation interval, the acceptance deadline deadline, and the maximum amount of any applicable issue commission premium, if any, is given provided in Annex B, A "AIF summary". Payment must be made within The UCITS at a specified period (value date). The value date is indicated in Annex B, "AIF summaryglance". The AIFM payment must be received within 3 banking days after the respective issue day. The management company shall ensure assure that settlement for newly issued the issue of units is made shall be booked on the basis of a net asset value per unit unknown that is not known to the investor at the time of the subscription application was made request (forward pricing). All taxes and duties payable on fees incurred in conjunction with the issue of units shall likewise be charged to the investorsinvestor as well. If units are acquired through purchased via banks that are not entrusted with distributing the dis- tribution of the units, the possibility it cannot be ruled out excluded that such banks will levy charge additional transaction chargescosts. If the payment is made in a currency other than the accounting currency, the equivalent value resulting from the conversion of the payment currency into the accounting currency, minus feesless charges, shall be applied to used for the purchase of units. The minimum investment that to be held by an investor must hold in a particular specific unit class is stated indicated in Annex B, A "AIF summaryThe UCITS at a glance". The minimum investment may be waived at the discretion of the management company. Contributions in kind shall are not be permitted. The AIFM and the Depositary shall be entitled at any time management company may, in addition, take a decision to reject a subscription application permanently or to temporarily restrict, tem- porarily suspend or permanently halt the issue of units if they deem such new investments may impair the achievement of the investment objective. The depositary and/or the management company and/or the distributor may at any time reject a move subscription request or temporarily limit or suspend or discontinue the is- sue of units if this appears to be in the best interests of the investors, necessary in the public interest or necessary for to protect the protection of the AIFM, the AIF man- agement company 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 UCITS 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. In this event case, the Depositary shall reimbursedepositary will in- stantly refund, without less interest, any incoming payments received in respect of sub- scription applications for subscription requests that have not yet been executed1to be fulfilled, where necessary through and for this purpose may enlist the offices help of the paying agentsagents if neces- sary. The issue of Fund units may shall be temporarily suspended in particular is the eventualities envisaged calculation of the net asset value per unit is suspended. If the issue of units is suspended, investors shall be immediately informed of the reasons and duration of the suspension via the official gazette as well as the media mentioned in Art. 32 of this Trust Agree- ment. 1 These mightthe prospectus or via durable media (let- ter, for instancefax, include payments made without delivery (advance payments to the AIFe-mail or similar).

Issue of Units. Units shall be issued on every each valuation day (issue date day) at the net asset value per unit of the AIF or respective unit class as at of the valuation dateUCITS plus the issue premium, plus any applicable issue commission if any, and plus any taxes and dutiescharges, if any. The units exist only in book-entry form. Units shall are not be issued or redeemed in fractions. No physical unit certificates shall be issuedsecuritized. Subscription applications requests must reach be received by the Depositary not later than depositary on the acceptance deadlinedead- line by the latest. If a sub- scription application subscription request is received after the acceptance deadline, it shall will be held over for processed on the next following issue dateday. With the agreement of the investor concerned the AIFM may accept subscription applications even after said deadline, providing this does not disadvantage other investors. For applications placed with authorised Purchase or redemption requests submitted to distributors in Liechtenstein and abroad, or abroad may be subject to earlier deadlines may be set for submission of applications in order to ensure punctual forwarding assure that they can be forwarded to the Depositary depositary in Liech- tensteinLiechtenstein in a timely manner. Such earlier deadlines may be obtained from On request, the relevant authorised distributorrespective distributors will provide pertinent infor- mation. Information on the issue dateday, the valuation interval, the acceptance deadline deadline, and the maximum amount of any applicable issue commission premium, if any, is given provided in Annex B, A "AIF summary". Payment must be made within The UCITS at a specified period (value date). The value date is indicated in Annex B, "AIF summaryglance". The AIFM payment must be received within 3 banking days after the respective issue day. The management company shall ensure assure that settlement for newly issued the issue of units is made shall be booked on the basis of a net asset value per unit unknown that is not known to the investor at the time of the subscription application was made request (forward pricing). All taxes and duties payable on fees incurred in conjunction with the issue of units shall likewise be charged to the investorsinvestor as well. If units are acquired through purchased via banks that are not entrusted with distributing the dis- tribution of the units, the possibility it cannot be ruled out excluded that such banks will levy charge additional transaction chargescosts. If the payment is made in a currency other than the accounting reference currency, the equivalent equiva- lent value resulting from the conversion of the payment currency into the accounting reference currency, minus feesless expenditures if any, shall be applied to credited for the purchase of units. The minimum investment that to be held by an investor must hold in a particular specific unit class is stated indicated in Annex B, A "AIF summaryThe UCITS at a glance". The minimum investment may be waived at the discretion of the Management Company. Contributions in kind shall are not be permitted. The AIFM and the Depositary shall be entitled at any time management company may, in addition, take a decision to reject a subscription application permanently or to temporarily restrict, tem- porarily suspend or permanently halt the issue of units if they deem such new investments may impair the achievement of the investment objective. The depositary and/or the management company and/or the distributor may at any time reject a move subscription request or temporarily limit or suspend or discontinue the is- sue of units if this appears to be in the best interests of the investors, necessary in the public interest or necessary to protect the man- agement company or the UCITS or the investors. In this case, the depositary will in- stantly refund, less interest, incoming payments for subscription requests that have yet to be fulfilled, and for this purpose may enlist the protection help of the AIFM, paying agents if neces- sary. The prospectus: Participation in the AIF or the investors and UCITS The issue of units shall be temporarily suspended 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 calculation of the investorsnet asset value per unit is suspended. If the issue of units is suspended, (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. In this event the Depositary shall reimburse, without interest, any payments received in respect of sub- scription applications that have not yet been executed1, where necessary through the offices be immediately informed of the paying agents. The issue reasons and duration of Fund units may be suspended the suspension via the official gazette as well as the media mentioned in the eventualities envisaged in Art. 32 of this Trust Agree- ment. 1 These mightprospectus or via durable media (let- ter, for instancefax, include payments made without delivery (advance payments to the AIFe-mail or similar).

Issue of Units. Units shall of a sub-fund may be issued on every issue date acquired in accordance with Appendix A "Overview of the sub-fund" at the net asset value per unit of the AIF or corresponding unit class as at of the valuation datecorresponding sub-fund, plus any applicable the possible due issue commission premium and plus any possible taxes and duties. The units exist only in book-entry form. Units shall are not be issued or redeemed in fractions. No physical unit certificates shall be issuedcertificated as securities. Subscription applications must reach be submitted to the Depositary not later than Custodian at the latest by the acceptance deadline. If a sub- scription application subscription order is received after the acceptance deadline, it shall be held over reserved for the next issue following valuation date. With In the agreement case of the investor concerned the AIFM may accept subscription applications even after said deadline, providing this does not disadvantage other investors. For applications orders placed with authorised distributors distribution agents in Liechtenstein and abroad, earlier deadlines for the subscription of orders may be set for submission of applications in order to ensure the punctual forwarding of these orders to the Depositary Custodian in Liech- tensteinLiechtenstein. Such earlier These deadlines may be obtained from the relevant authorised distributorindividual distribution agents. Information on about the issue date, the valuation interval, the acceptance deadline and as well as the level of the possible due maximum amount issue premium is set out in Appendix A "Overview of any applicable issue commission is given in Annex B, "AIF summary". Payment must be made within a specified period (value date). The value date is indicated in Annex B, "AIF summarythe sub-fund". The AIFM payment must be received within two bank working days following the valuation date on which the issue price of the units was stipulated. The Management Company shall ensure that settlement for newly issued the issue of units is made settled on the basis of a net asset value per unit that is unknown to the investor Investor at the time of the subscription application was made (forward pricing). All taxes and duties payable on incurred in conjunction with the issue of units shall likewise also be charged to the investorsInvestor. If units are acquired ac- quired through banks that are have not been entrusted with distributing the distribution of the units, it shall not be possible to exclude the possibility cannot be ruled out that such banks will levy may impose additional transaction charges. If the payment is made in a currency other than the accounting reference currency, the equivalent value resulting sum derived from the conversion of the payment currency into the accounting reference currency, minus feesless any possible charges, shall be applied used to the purchase of acquire units. The minimum investment that must be held by an investor must hold Investor in a particular specific unit class is stated set out in Annex BAppendix. A, "AIF summaryOverview of the sub-fund". The minimum investment may be waived at the complete discretion of the Management Company. The Management Company may furthermore also decide to suspend the issue of units on a complete or temporary basis if new investments might hinder the attainment of the investment objective. At the request of an Investor, units may with the approval of the Management Company also be subscribed in return for the assignment of investments at the respective daily rate (contribution of tangible assets or payment in specie). The Management Company is not obliged to accept an application of this nature. Contributions in kind shall be assessed and evaluated by the Management Company on the basis of objective criteria. The assigned investments must be in accordance with the investment policy of the corresponding sub-fund, and a cur- rent investment interest in the stocks must exist in the view of the Management Company. The value of the contributions in kind must be assessed by the Auditors. All costs incurred in this conjunction (including the cost of the auditor, other expenses as well as possible taxes and duties) shall be borne by the respective Investor and may not be permitted. The AIFM and the Depositary shall be entitled at any time to reject a subscription application or to temporarily restrict, suspend or permanently halt the issue of units if they deem such a move to be in the best interests of the investors, in the public interest or necessary for the 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 charged 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. In this event the Depositary shall reimburse, without interest, any payments received in respect of sub- scription applications that have not yet been executed1, where necessary through the offices of the paying agentsrespective sub-fund. The issue of Fund units may shall in particular be temporarily suspended if the net asset value per unit ceases to be calculated. If units cease to be issued, the Investors shall be informed without delay in the eventualities envisaged organ of publication as well as in Art. 32 the media specified in the Prospectus and in the Trust Agreement or by means of this Trust Agree- ment. 1 These mightpermanent data carriers (letter, for instancefax, include payments made without delivery (advance payments to e-mail or comparable) about the AIF)reason and the timing of the cessation.

Issue of Units. Units shall be issued on every each valuation day (issue date day) at the net asset value per unit of the AIF or respective unit class as at of the valuation dateUCITS plus the issue premium, plus any applicable issue commission if any, and plus any taxes and dutiescharges, if any. The units exist only in book-entry form. Units shall are not be issued or redeemed in fractions. No physical unit certificates shall be issuedsecuritized. Subscription applications requests must reach be received by the Depositary not later than depositary on the acceptance deadlinedeadline by the latest. If a sub- scription application subscription request is received after the acceptance deadline, it shall will be held over for processed on the next following issue dateday. With the agreement of the investor concerned the AIFM may accept subscription applications even after said deadline, providing this does not disadvantage other investors. For applications placed with authorised Purchase or redemption requests submit- xxx to distributors in Liechtenstein and abroad, or abroad may be subject to earlier deadlines may in or- der to assure that they can be set for submission of applications in order to ensure punctual forwarding forwarded to the Depositary depositary in Liech- tensteinLiechtenstein in a timely manner. Such earlier deadlines may be obtained from On request, the relevant authorised distributorrespective distributors will provide pertinent information. Information Infor- mation on the issue dateday, the acceptance deadline deadline, and the maximum amount of any applicable issue commission premium, if any, is given provided in Annex B, A "AIF summary". Payment must be made within The UCITS at a specified period (value date). The value date is indicated in Annex B, "AIF summaryglance". The AIFM payment must be received within 3 banking days after the respective issue day. The management company shall ensure assure that settlement for newly issued the issue of units is made shall be booked on the basis of a net asset value per unit unknown that is not known to the investor at the time of the subscription application was made re- quest (forward pricing). All taxes and duties payable on fees incurred in conjunction with the issue of units shall likewise be charged to the investorsinvestor as well. If units are acquired through purchased via banks that are not entrusted with distributing the distribu- tion of the units, the possibility it cannot be ruled out excluded that such banks will levy charge additional transaction chargestransac- tion costs. If the payment is made in a currency other than the accounting reference currency, the equivalent value resulting from the conversion of the payment currency into the accounting reference currency, minus feesless expenditures if any, shall be applied to credited for the purchase of units. The trust agreement: Art. 7 Issue of units The minimum investment that to be held by an investor must hold in a particular specific unit class is stated indicated in Annex B, A "AIF summaryThe UCITS at a glance". The minimum investment may be waived at the dis- cretion of the Management Company. Contributions in kind shall are not be permitted. The AIFM and depositary and/or the Depositary shall be entitled management company and/or the distributor may at any time to reject a subscription application request or to temporarily restrict, limit or suspend or permanently halt discontinue the issue of units if they deem such a move this appears to be in the best interests of the investors, necessary in the public interest or necessary to protect the manage- ment company or the UCITS or the investors. In this case, the depositary will instantly re- fund, less interest, incoming payments for subscription requests that have yet to be ful- filled, and for this purpose may enlist the help of the paying agents. Trading can be suspended in cases pursuant to Art. 12. Units shall be repurchased on each valuation day (repurchase day) at the net asset value per unit of the respective unit class of the UCITS, and the net asset value shall be calculated as at the valuation day, less repurchase charges, taxes and fees, if any. Repurchase requests must be received by the depositary on the acceptance deadline at the latest. If a repurchase request is received after the acceptance deadline, it will be scheduled for the next following repurchase day. Purchase or redemption requests submitted to distributors in Liechtenstein or abroad may be subject to earlier deadlines in order to assure that they can be forwarded to the depositary in Liechtenstein in a timely manner. On request, the respective distributors will provide pertinent information. Information on the redemption day, the valuation interval, the acceptance deadline, and the maximum redemption premium, if any, is provided in Annex A "The UCITS at a glance". Since the UCITS must maintain an adequate amount of liquidity, the payment of re- deemed units will take place within three bank business days after the respective re- demption day. This does not apply in case the transfer of the redemption sum proves impossible due to legal constraints such as currency export and cross-border payment restrictions or due to other circumstances beyond the control of the depositary. If, on request by the investor, the payment is to be made in a currency other than the currency in which the respective units are denominated, the amount payable shall be calculated on the basis of the proceeds from the conversion of the reference currency into the payment currency, less fees and charges, if any. When the repurchase price is paid, the respective unit shall become void. If the execution of a repurchase request causes the respective investor's holdings to fall below the minimum holdings of the respective unit class as indicated in Annex A "The UCITS at a glance", the management company may, without notifying the investor, treat the repurchase request as a request for redeeming all units of the respective unit class held by the investor or as a request to exchange the remaining units into another unit class of the UCITS with the same reference currency, provided the investor fulfills its terms of participation. The trust agreement: Art. 8 Repurchase of units The management company and/or the depositary may redeem units without the in- vestor's consent against payment of the repurchase price to the extent that this ap- pears to be in the interest of or for the protection of the AIFMinvestors, the AIF management com- pany or the investors and in particular if (i) UCITS, particularly when 1. there is cause reason to suspect that, in acquiring that with the purchase of units, the investors concerned are engaging in a given investor is pursu- ing market timing, late trading or other market techniques that may could be detri- mental to all other investors, 2. the collective detriment of the investors, (ii) the investors do investor does not meet fulfill the conditions for acquiring the purchasing units, or (iii) the 3. units have been are being distributed in a country in which the AIF UCITS is not approved for dis- tribution or authorisedhave been purchased by a person who is not allowed to purchase units. In this event The management company shall assure that the Depositary repurchase of units shall reimburse, without interest, any payments received in respect be booked on the basis of sub- scription applications a net asset value per unit that have is not yet been executed1, where necessary through known to the offices investor at the time of the paying agentsrequest (forward pricing). The issue repurchase of Fund fund units may be suspended in the eventualities envisaged in cases pursuant to Art. 32 of this Trust Agree- ment12. 1 These might, for instance, include payments made without delivery (advance payments to the AIF)Redemptions in kind are not permitted.