Common use of Risk management procedures Clause in Contracts

Risk management procedures. The management company shall use a base model (grassroots model) to calculate the risks arising from the investment instruments, in particular in connection with derivative financial instruments, and employ generally accepted methods of calculation. It must ensure that the risk from derivative financial instruments shall not exceed the overall value of the portfolio at any time and in particular, that no positions representing unlimited risk for the assets shall be adopted. When measuring the overall risk, both its default risk as well as the leverage achieved with derivative financial instruments must be taken into account. Combinations of derivative financial instruments and securities must also meet these regulations at all times. The management company can use in particular the following derivatives financial instruments, techniques and instruments for the UCITS:

Risk management procedures. The management company shall use Management Company uses a base basic model (grassroots model) to calculate the risks arising from out of the investment instruments, in particular partic- ular in connection with relation to derivative financial instruments, and employ thereby applying generally accepted methods of calculationcalculation methods. It must ensure en- sure that the risk arising from derivative financial instruments shall not exceed at no time exceeds the overall total value of the portfolio at any time and and, in particular, that no positions representing are taken that represent an unlimited risk for the assets shall be adoptedassets. When measuring calculating the overall risk, both its the credit default risk as well as and the leverage effect achieved with derivative financial instruments must also be taken into accountconsid- ered. Combinations of derivative financial instruments and securities must also meet fulfil these regulations criteria at all times. The management company can use Management Company may in particular use the following derivatives derivative financial instruments, techniques methods and instruments for the UCITSrespective sub-funds:

Risk management procedures. The management company shall use a base model (grassroots model) to calculate the risks arising from the investment instruments, in particular in connection with derivative financial instruments, and employ generally accepted methods of calculation. It must ensure that the risk from derivative financial instruments shall not exceed the overall value of the portfolio at any time and in particular, that no positions po- sitions representing unlimited risk for the assets shall be adopted. When measuring the overall risk, both its default risk as well as the leverage achieved with derivative financial instruments must be taken into account. Combinations of derivative financial instruments and securities se- curities must also meet these regulations at all times. The management company can use in particular the following derivatives deriv- atives financial instruments, techniques and instruments for the UCITS:

Risk management procedures. The management company shall use Management Company uses a base basic model (grassroots model) to calculate the risks arising from out of the investment instruments, in particular partic- ular in connection with relation to derivative financial instruments, and employ thereby applying generally accepted methods of calculationcalculation methods. It must ensure en- sure that the risk arising from derivative financial instruments shall not exceed at no time exceeds the overall total value of the portfolio at any time and and, in particular, that no positions representing are taken that represent an unlimited risk for the assets shall be adoptedassets. When measuring calculating the overall risk, both its the credit default risk as well as and the leverage effect achieved with derivative financial instruments must also be taken into accountconsid- ered. Combinations of derivative financial instruments and securities must also meet fulfil these regulations criteria at all times. The management company can use Management Company may in particular use the following derivatives derivative financial instruments, techniques methods and instruments for the UCITS:

Risk management procedures. The management company shall use a base model (grassroots model) to calculate the risks arising from the investment instrumentsinstru- ments, in particular in connection with derivative financial instrumentsinstru- ments, and employ generally accepted methods of calculation. It must ensure that the risk from derivative financial instruments shall not exceed the overall value of the portfolio at any time and in particularpar- ticular, that no positions representing unlimited risk for the assets shall be adopted. When measuring the overall risk, both its default risk as well as the leverage achieved with derivative financial instruments in- struments must be taken into account. Combinations of derivative financial instruments and securities must also meet these regulations regula- tions at all times. The management company can use in particular the following derivatives deriv- atives financial instruments, techniques and instruments for the UCITS:

Risk management procedures. The management company shall use a base model (grassroots model) to calculate the risks arising from the investment instruments, in particular in connection with derivative financial instruments, and employ generally accepted methods of calculation. It must ensure that the risk from derivative deriva- tive financial instruments shall not exceed the overall value of the portfolio at any time and in particular, that no positions representing unlimited risk for the assets shall be adopted. When measuring the overall risk, both its default risk as well as the leverage achieved with derivative financial instruments in- struments must be taken into account. Combinations of derivative financial instruments and securities must also meet these regulations at all times. The management company can use in particular the following derivatives financial instruments, techniques and instruments for the UCITS: