Common use of Sales Restrictions Clause in Contracts

Sales Restrictions. The sub-fund’s units are not approved for distribution in every country. When units are issued, converted and redeemed abroad, the provisions in force there shall apply. In general, units of a sub-fund may not be offered in jurisdictions or to persons in or vis-à-vis which this is not permitted. The relevant sub-fund is aimed at the investors listed in Annex B “Specific Information for Individual Distribution Countries”. The units of the UCITS have not been and will not be registered under the United States Securities Act of 1933, as amended (the Securities Act 1933), under the United States Investment Company Act of 1940, as amended, or under any other US federal law or the securities laws of any state or local authority of the United States of America or its territories, possessions or other areas under its jurisdiction, including the Commonwealth of Puerto Rico (collectively referred to as the "United States", "USA" or "US"). The units of the UCITS have not been approved by the US Securities and Exchange Commission (SEC) or any other regulatory authority in the United States, nor has such approval been denied; furthermore, neither the SEC nor any other regulatory authority in the United States has ruled on the accuracy or adequacy of this Prospectus, the constituent documents or the KIID. Accordingly, the units of the UCITS may not be offered, sold or otherwise transferred in the United States or to or for the account or benefit of US persons (as defined in the Securities Act 1933), except in connection with a transaction that does not violate US law. Subsequent transfers of units of the UCITS in the United States or to US persons are not permitted, except in connection with a transaction that does not violate US law. The units are offered and sold on the basis of an exemption from the registration requirements under Regulation S of the Securities Act 1933. This Prospectus and the constituent documents may not be circulated in the United States, except in connection with a transaction that does not violate US law. The distribution of this Prospectus and constituent documents and the offering of the units may also be subject to restrictions in other jurisdictions. US persons are in particular: • US citizens, including dual citizens; • persons with residence or registered office in the USA; • persons born in the USA or one of its territories or territories; • naturalised citizens and persons who are resident in the USA (Green Card holders) and/or whose main residence is in the USA; companies, trusts, assets, etc. domiciled in the USA; • companies that qualify as transparent for US tax purposes and have investors referred to in this section, as well as companies whose income is attributed to an investor referred to in this section as part of a consolidated view for US tax purposes; • investment companies or partnerships established under the Act of Congress; • financial institutions that do not comply with the provisions of the Foreign Account Tax Compliance Act (in particular, sections 1471 - 1474 of the US Internal Revenue Code and a susceptible agreement with the United States of America on cooperation to facilitate the implementation of FATCA, where applicable) and do not register with the US Internal Revenue Service as a FATCA participant to the extent required; or • persons who qualify as US persons under Regulation S of the US Securities Act 1933 and/or the US Commodity Exchange Act, as amended.

Sales Restrictions. The sub-fund’s UCITS units are not approved licensed for distribution in every all countries of the world. The issue, the conversion and the redemption of units abroad are subject to the provisions that are in force in the respec- tive foreign country. When Fund units are issued, converted and redeemed abroad, the provisions may in force there shall apply. In general, units of a sub-fund may particular not be offered in jurisdictions offered, sold or to persons in or vis-à-vis which this is not permitted. The relevant sub-fund is aimed at delivered within the investors listed in Annex B “Specific Information for Individual Distribution Countries”USA. The units of the UCITS have not been and will are not be registered under in accordance with the United States Securities Act of 1933, as amended the year 1933 in its valid version ("the Securities Act 1933), under the United States Investment Company Act of 1940, as amended, 1933") or under any other US federal law or in accordance with the securities laws of any a federal state or local authority a territorial corporation of the United States of America or of its territories, possessions or other areas under districts subject to its jurisdictionlegal sovereignty, including the Commonwealth of Puerto Rico (collectively referred to as "the "United States", "USA" or "US"). The units of the UCITS have not been approved by the US Securities and Exchange Commission (SEC) or any other regulatory authority in the United States, nor has such approval been denied; furthermore, neither the SEC nor any other regulatory authority in the United States has ruled on the accuracy or adequacy of this Prospectus, the constituent documents or the KIID. Accordingly, the units of the UCITS may not be offered, sold sold, or otherwise transferred in the United States or of America to or for on the account or benefit behalf of US persons (as defined in within the Securities meaning of the Act of 1933), except in connection with a transaction that does not violate US law. Subsequent transfers of units of the UCITS in the United States or to US persons are not permitted, except in connection with a transaction that does not violate US law. The units are offered and sold on the basis of an exemption from the registration requirements under regulations of the Act of 1933 pursuant to Regulation S of this Act. The Management Company has not been and will not be registered either in accordance with the United States Invest- ment Company Act of the year 1940 in its valid version or in accordance with any other US federal laws. This conse- quently means that the units may not be sold, offered or otherwise transferred in the United States of America to or on the behalf of US persons (within the meaning of the Act of 1933). The units have neither been approved by the US Securities Act 1933and Exchange Commission ("SEC") or any other supervisory authority in the United States, nor has any such approval been rejected; in addition, neither the SEC nor any other super- visory authority in the United States has ruled on the accuracy or the reasonableness of this Prospectus or on the bene- fits of the units. This Prospectus and the constituent documents may not be circulated in the United States, except in connection with a transaction that does not violate US law. The distribution of this Prospectus and constituent documents and the offering of the units may also be subject to restrictions in under other jurisdictionslegal systems. US Units of the fund may furthermore not be offered, sold or delivered to citizens of the USA or persons are in particular: • US citizens, including dual citizens; • persons with residence or registered office in the USA; • persons born domiciled in the USA and/or other natural persons or one legal entities whose income and/or revenues, irrespective of its territories or territories; • naturalised citizens and persons who are resident in the USA (Green Card holders) and/or whose main residence origin, is in the USA; companiessubject to US income tax, trusts, assets, etc. domiciled in the USA; • companies that qualify as transparent for US tax purposes and have investors referred to in this section, as well as companies whose income is attributed to an investor referred to in this section as part of a consolidated view for US tax purposes; • investment companies or partnerships established under the Act of Congress; • financial institutions that do are not comply with subject to the provisions of concerning the Foreign Account Tax Compliance Compli- ance Act ("FATCA", in particular, sections particular Sections 1471 - 1474 of the US Internal Revenue Code and as well as a susceptible agreement possible treaty with the United States of America on concerning cooperation to facilitate for the facilitated implementation of FATCA, where applicable) insofar as applicable in each case), and do are not register insofar as necessary registered with the US Internal Revenue Service as a FATCA participant to the extent required; or • institution, as well as persons who qualify as US persons under pursuant to Regulation S of the US Securities Act of 1933 and/or the US Commodity Exchange ActAct in the respective valid version are deemed to be US persons. This means that the fund may in particular not be acquired by the following investors (this list is not definitive): · US citizens, incl. holders of dual nationality; · Persons who are resident or domiciled in the USA; · Persons who are based in the USA (green card holders) and/or who live mainly in the USA; · Companies, trusts, assets etc. domiciled in the USA; · Companies who qualify as transparent for US tax purposes, and who have investors named in this section, as amendedwell as companies whose revenues from a consolidated perspective are attributable to investors named in this section for US tax purposes; · Financial institutions that are not subject to the provisions pursuant to the Foreign Account Tax Compliance Act ("FATCA", in particular Sections 1471 - 1474 of the US Internal Revenue Code as well as any possible treaty with the United States of America concerning cooperation for the facilitated implementation of FATCA, insofar as applicable in each case), and are not insofar as necessary registered with the US Internal Revenue Service as a FATCA participant institution; or · US persons defined in the respective valid version of Regulation S of the United States Securities Act 1933.

Sales Restrictions. The sub-fund’s UCITS units are not approved licensed for distribution in every countryall countries of the world. When units are issued, converted and redeemed abroad, the provisions in force there shall apply. In general, units of a subSub-fund units may in particular not be offered in jurisdictions offered, sold or to persons in or vis-à-vis which this is not permitted. The relevant sub-fund is aimed at delivered within the investors listed in Annex B “Specific Information for Individual Distribution Countries”USA. The units of the UCITS have not been and will are not be registered under in accordance with the United States Securities Act of 1933, as amended the year 1933 in its valid version ("the Securities Act 1933), under the United States Investment Company Act of 1940, as amended, 1933") or under any other US federal law or in accordance with the securities laws of any a federal state or local authority a territorial corporation of the United States of America or of its territories, possessions or other areas under districts subject to its jurisdictionlegal sovereignty, including the Commonwealth of Puerto Rico (collectively referred to as "the "United States", "USA" or "US"). The units of the UCITS have not been approved by the US Securities and Exchange Commission (SEC) or any other regulatory authority in the United States, nor has such approval been denied; furthermore, neither the SEC nor any other regulatory authority in the United States has ruled on the accuracy or adequacy of this Prospectus, the constituent documents or the KIID. Accordingly, the units of the UCITS may not be offered, sold sold, or otherwise transferred in the United States or of America to or for on the account or benefit behalf of US persons per- sons (as defined in within the Securities meaning of the Act of 1933), except in connection with a transaction that does not violate US law. Subsequent transfers of units of the UCITS in the United States or to US persons are not permitted, except in connection with a transaction that does not violate US law. The units are offered and sold on the basis of an exemption from the registration requirements under regulations of the Act of 1933 pursuant to Regulation S of this Act. The Management Company has not been and will not be registered either in accordance with the United States Invest- ment Company Act of the year 1940 in its valid version or in accordance with any other US federal laws. This conse- quently means that the units may not be sold, offered or otherwise transferred in the United States of America to or on the behalf of US persons (within the meaning of the Act of 1933). The units have neither been approved by the US Securities Act 1933and Exchange Commission ("SEC") or any other supervisory authority in the United States, nor has any such approval been rejected; in addition, neither the SEC nor any other super- visory authority in the United States has ruled on the accuracy or the reasonableness of this Prospectus or on the bene- fits of the units. This Prospectus and the constituent documents may not be circulated in the United States, except in connection with a transaction that does not violate US law. The distribution of this Prospectus and constituent documents and the offering of the units may also be subject to restrictions in under other jurisdictionslegal systems. US Units of the sub-fund may furthermore not be offered, sold or delivered to citizens of the USA or persons are in particular: • US citizens, including dual citizens; • persons with residence or registered office in the USA; • persons born domiciled in the USA and/or other natural persons or one legal entities whose income and/or revenues, irrespective of its territories or territories; • naturalised citizens and persons who are resident in the USA (Green Card holders) and/or whose main residence origin, is in the USA; companiessubject to US income tax, trusts, assets, etc. domiciled in the USA; • companies that qualify as transparent for US tax purposes and have investors referred to in this section, as well as companies whose income is attributed to an investor referred to in this section as part of a consolidated view for US tax purposes; • investment companies or partnerships established under the Act of Congress; • financial institutions that do are not comply with subject to the provisions of concerning the Foreign Account Tax Compliance Compli- ance Act ("FATCA", in particular, sections particular Sections 1471 - 1474 of the US Internal Revenue Code and as well as a susceptible agreement possible treaty with the United States of America on concerning cooperation to facilitate for the facilitated implementation of FATCA, where applicable) insofar as applicable in each case), and do are not register insofar as necessary registered with the US Internal Revenue Service as a FATCA participant to the extent required; or • institution, as well as persons who qualify as US persons under pursuant to Regulation S of the US Securities Act of 1933 and/or the US Commodity Exchange ActAct in the respective valid version are deemed to be US persons. This means that the sub-fund may in particu- lar not be acquired by the following Investors (this list is not definitive): · US citizens, incl. holders of dual nationality; · Persons who are resident or domiciled in the USA; · Persons who are based in the USA (green card holders) and/or who live mainly in the USA; · Companies, trusts, assets etc. domiciled in the USA; · Companies who qualify as transparent for US tax purposes, and who have Investors named in this section, as amendedwell as companies whose revenues from a consolidated perspective are attributable to Investors named in this section for US tax purposes; · Financial institutions that are not subject to the provisions pursuant to the Foreign Account Tax Compliance Act ("FATCA", in particular Sections 1471 - 1474 of the US Internal Revenue Code as well as any possible treaty with the United States of America concerning cooperation for the facilitated implementation of FATCA, insofar as applicable in each case), and are not insofar as necessary registered with the US Internal Revenue Service as a FATCA participant institution; or · US persons defined in the respective valid version of Regulation S of the United States Securities Xxx 0000. In general terms, UCITS units may not be offered in jurisdictions and to persons in which or to whom this is not permit- xxx.

Sales Restrictions. The sub-fund’s UCITS units are not approved licensed for distribution in every all countries of the world. The issue, the conversion and the redemption of units abroad are subject to the provisions that are in force in the respec- tive foreign country. When Fund units are issued, converted and redeemed abroad, the provisions may in force there shall apply. In general, units of a sub-fund may particular not be offered in jurisdictions offered, sold or to persons in or vis-à-vis which this is not permitted. The relevant sub-fund is aimed at delivered within the investors listed in Annex B “Specific Information for Individual Distribution Countries”USA. The units of the UCITS have not been and will are not be registered under in accordance with the United States Securities Act of 1933, as amended the year 1933 in its valid version ("the Securities Act 1933), under the United States Investment Company Act of 1940, as amended, 1933") or under any other US federal law or in accordance with the securities laws of any a federal state or local authority a territorial corporation of the United States of America or of its territories, possessions or other areas under districts subject to its jurisdictionlegal sovereignty, including the Commonwealth of Puerto Rico (collectively referred to as "the "United States", "USA" or "US"). The units of the UCITS have not been approved by the US Securities and Exchange Commission (SEC) or any other regulatory authority in the United States, nor has such approval been denied; furthermore, neither the SEC nor any other regulatory authority in the United States has ruled on the accuracy or adequacy of this Prospectus, the constituent documents or the KIID. Accordingly, the units of the UCITS may not be offered, sold sold, or otherwise transferred in the United States or of America to or for on the account or benefit behalf of US persons (as defined in within the Securities meaning of the Act of 1933), except in connection with a transaction that does not violate US law. Subsequent transfers of units of the UCITS in the United States or to US persons are not permitted, except in connection with a transaction that does not violate US law. The units are offered and sold on the basis of an exemption from the registration requirements under regulations of the Act of 1933 pursuant to Regulation S of this Act. The Management Company has not been and will not be registered either in accordance with the United States Invest- ment Company Act of the year 1940 in its valid version or in accordance with any other US federal laws. This conse- quently means that the units may not be sold, offered or otherwise transferred in the United States of America to or on the behalf of US persons (within the meaning of the Act of 1933). The units have neither been approved by the US Securities Act 1933and Exchange Commission ("SEC") or any other supervisory authority in the United States, nor has any such approval been rejected; in addition, neither the SEC nor any other super- visory authority in the United States has ruled on the accuracy or the reasonableness of this Prospectus or on the bene- fits of the units. This Prospectus and the constituent documents may not be circulated in the United States, except in connection with a transaction that does not violate US law. The distribution of this Prospectus and constituent documents and the offering of the units may also be subject to restrictions in under other jurisdictionslegal systems. US Units of the fund may furthermore not be offered, sold or delivered to citizens of the USA or persons are in particular: • US citizens, including dual citizens; • persons with residence or registered office in the USA; • persons born domiciled in the USA and/or other natural persons or one legal entities whose income and/or revenues, irrespective of its territories or territories; • naturalised citizens and persons who are resident in the USA (Green Card holders) and/or whose main residence origin, is in the USA; companiessubject to US income tax, trusts, assets, etc. domiciled in the USA; • companies that qualify as transparent for US tax purposes and have investors referred to in this section, as well as companies whose income is attributed to an investor referred to in this section as part of a consolidated view for US tax purposes; • investment companies or partnerships established under the Act of Congress; • financial institutions that do are not comply with subject to the provisions of concerning the Foreign Account Tax Compliance Compli- ance Act ("FATCA", in particular, sections particular Sections 1471 - 1474 of the US Internal Revenue Code and as well as a susceptible agreement possible treaty with the United States of America on concerning cooperation to facilitate for the facilitated implementation of FATCA, where applicable) insofar as applicable in each case), and do are not register insofar as necessary registered with the US Internal Revenue Service as a FATCA participant to the extent required; or • institution, as well as persons who qualify as US persons under pursuant to Regulation S of the US Securities Act of 1933 and/or the US Commodity Exchange ActAct in the respective valid version are deemed to be US persons. This means that the fund may in particular not be acquired by the following investors (this list is not definitive): · US citizens, incl. holders of dual nationality; · Persons who are resident or domiciled in the USA; · Persons who are based in the USA (green card holders) and/or who live mainly in the USA; · Companies, trusts, assets etc. domiciled in the USA; · Companies who qualify as transparent for US tax purposes, and who have investors named in this section, as amendedwell as companies whose revenues from a consolidated perspective are attributable to investors named in this section for US tax purposes; · Financial institutions that are not subject to the provisions pursuant to the Foreign Account Tax Compliance Act ("FATCA", in particular Sections 1471 - 1474 of the US Internal Revenue Code as well as any possible treaty with the United States of America concerning cooperation for the facilitated implementation of FATCA, insofar as applicable in each case), and are not insofar as necessary registered with the US Internal Revenue Service as a FATCA participant institution; or US persons defined in the respective valid version of Regulation S of the United States Securities Act 1933.