Common use of Valuation of a Sub-Fund and Determination of the Unit Price Clause in Contracts

Valuation of a Sub-Fund and Determination of the Unit Price. 6.1 Determination of the Net Asset Value of a Sub-Fund (a) MPF will calculate the Net Asset Value of a Sub-Fund as at a Dealing Day or, if deemed appropriate by MPF in its sole discretion, as at a day that is not a Dealing Day, in accordance with the following principles: (i) Each investment (securities, derivatives, receivables and other property, including foreign currencies) shall be valued on the basis of mid-market prices prevailing at the close of business on the relevant Dealing Day. Such prices will be obtained from a generally recognised pricing service, or, in the absence of such pricing service, from an independent broker-dealer (based on its reasonable estimation). Units or shares in collective investment schemes (within the meaning of the Rules) which are not traded on an exchange will be valued on the basis of prices determined by the manager or administrator of the collective investment scheme in question in accordance with the constitutional documentation of that scheme. Investments which cannot be valued in accordance with the foregoing principles, will be valued on any reasonable and consistent basis as determined in the discretion of MPF. Where MPF has contracted on any date prior to the relevant Dealing Day to purchase or sell any investment but the purchase or sale has not been completed by that Dealing Day, then for the purposes of the above calculations, such purchase or sale shall be deemed to have been completed at the opening of the markets on that Dealing Day. (ii) To the values resulting from (i) above shall be applied an adjustment as appropriate for outstanding dividends, and interest and tax payable or recoverable, expenses deductions chargeable against such Sub-Funds in accordance with Clause 6.2 and any other items which in the opinion of MPF should be taken into account to treat equitably existing and potential Policyholders. (iii) To the total value of the investments comprising such Sub-Fund so determined in accordance with (i) and (ii) above there shall be added the amount of any cash then forming part of such Sub-Fund including any interest accrued thereon and from the resulting total there shall be deducted an amount representing any outstanding loans attributable to such Sub-Fund and interest accrued on such loans. (b) MPF reserves the right to vary from time to time certain or all aspects of the above method of determining the Net Asset Value if this is appropriate in MPF’s absolute discretion (including, without limitation, to value the assets in a Sub-Fund on a purchase or sale basis).

Valuation of a Sub-Fund and Determination of the Unit Price. 6.1 Determination of the Net Asset Value of a Sub-Fund (a) MPF will calculate the Net Asset Value of a Sub-Fund as at a Dealing Day or, if deemed appropriate by MPF in its sole discretion, as at a day that is not a Dealing Day, in accordance with the following principles: (i) Each investment (securities, derivatives, receivables and other property, including foreign currencies) shall be valued on the basis of mid-market prices prevailing at the close of business on the relevant Dealing Day. Such prices will be obtained from a generally recognised pricing service, or, in the absence of such pricing service, from an independent broker-dealer (based on its reasonable estimation). Units or shares in collective investment schemes (within the meaning of the Rules) which are not traded on an exchange will be valued on the basis of prices determined by the manager or administrator of the collective investment scheme in question in accordance with the constitutional documentation of that scheme. Investments which cannot be valued in accordance with the foregoing principles, will be valued on any reasonable and consistent basis as determined in the discretion of MPF. Where MPF has contracted on any date prior to the relevant Dealing Day to purchase or sell any investment but the purchase or sale has not been completed by that Dealing Day, then for the purposes of the above calculations, such purchase or sale shall be deemed to have been completed at the opening of the markets on that Dealing Day. (ii) To the values resulting from (i) above shall be applied an adjustment as appropriate for outstanding dividends, and interest and tax payable or recoverable, expenses deductions chargeable against such Sub-Funds in accordance with Clause 6.2 and any other items which in the opinion of MPF should be taken into account to treat equitably existing and potential Policyholders. (iii) To the total value of the investments comprising such Sub-Fund so determined in accordance with (i) and (ii) above there shall be added the amount of any cash then forming part of such Sub-Fund including any interest accrued thereon and from the resulting total there shall be deducted an amount representing any outstanding loans attributable to such Sub-Fund and interest accrued on such loans. (b) MPF reserves the right to vary from time to time certain or all aspects of the above method of determining the Net Asset Value if this is appropriate in MPF’s absolute discretion (including, without limitation, to value the assets in a Sub-Fund on a purchase or sale basis).

Valuation of a Sub-Fund and Determination of the Unit Price. 6.1 Determination of the Net Asset Value of a Sub-Fund (a) MPF will calculate the Net Asset Value of a Sub-Fund as at a Dealing Day or, if deemed appropriate by MPF in its sole discretion, as at a day that is not a Dealing Day, in accordance with the following principles: (i) Each investment (securities, derivatives, receivables and other property, including foreign currencies) shall be valued on the basis of mid-market prices prevailing at the close of business on the relevant Dealing Day. Such prices will be obtained from a generally recognised pricing service, or, in the absence of such pricing service, from an independent broker-dealer (based on its reasonable estimation). Units or shares in collective investment schemes (within the meaning of the Rules) which are not traded on an exchange will be valued on the basis of prices determined by the manager or administrator of the collective investment scheme in question in accordance with the constitutional documentation of that scheme. Investments which cannot be valued in accordance with the foregoing principles, will be valued on any reasonable and consistent basis as determined in the discretion of MPF. Where MPF has contracted on any date prior to the relevant Dealing Day to purchase or sell any investment but the purchase or sale has not been completed by that Dealing Day, then for the purposes of the above calculations, such purchase or sale shall be deemed to have been completed at the opening of the markets on that Dealing Day. (ii) To the values resulting from (i) above shall be applied an adjustment as appropriate for outstanding dividends, and interest and tax payable or recoverable, expenses deductions chargeable against such Sub-Funds in accordance with Clause 6.2 and any other items which in the opinion of MPF should be taken into account to treat equitably existing and potential MPF Policyholders. (iii) To the total value of the investments comprising such Sub-Fund so determined in accordance with (i) and (ii) above there shall be added the amount of any cash then forming part of such Sub-Fund including any interest accrued thereon and from the resulting total there shall be deducted an amount representing any outstanding loans attributable to such Sub-Fund and interest accrued on such loans. (b) MPF reserves the right to vary from time to time certain or all aspects of the above method of determining the Net Asset Value if this is appropriate in MPF’s absolute discretion (including, without limitation, to value the assets in a Sub-Fund on a purchase or sale basis).

Valuation of a Sub-Fund and Determination of the Unit Price. 6.1 Determination of the Net Asset Value of a Sub-Fund (a) MPF will calculate the Net Asset Value of a Sub-Fund as at a Dealing Day or, if deemed appropriate by MPF in its sole discretion, as at a day that is not a Dealing Day, in accordance with the following principles: (i) Each investment (securities, derivatives, receivables and other property, including foreign currencies) shall be valued on the basis of mid-market mid -market prices prevailing at the close of business on the relevant Dealing Day. Such prices will be obtained from a generally recognised pricing service, or, in the absence of such pricing service, from an independent broker-dealer (based on its reasonable estimation). Units or shares in collective investment schemes (within the meaning of the Rules) which are not traded on an exchange will be valued on the basis of prices determined by the manager or administrator of the collective investment scheme in question in accordance with the constitutional documentation of that scheme. Investments which cannot be valued in accordance with the foregoing principles, will be valued on any reasonable and consistent basis as determined in the discretion of MPFMPF . Where MPF has contracted on any date prior to the relevant Dealing Day to purchase or sell any investment but the purchase or sale has not been completed by that Dealing Day, then for the purposes of the above calculations, such purchase or sale shall be deemed to have been completed at the opening of the markets on that Dealing Day. (ii) To the values resulting from (i) above shall be applied an adjustment as appropriate for outstanding dividends, and interest and tax payable or recoverable, expenses deductions chargeable against such Sub-Funds in accordance with Clause 6.2 and any other items which in the opinion of MPF should be taken into account to treat equitably existing and potential MPF Policyholders. (iii) To the total value of the investments comprising such Sub-Fund so determined in accordance with (i) and (ii) above there shall be added the amount of any cash then forming part of such Sub-Fund including any interest accrued thereon and from the resulting total there shall be deducted an amount representing any outstanding loans attributable to such Sub-Fund and interest accrued on such loans. (b) MPF reserves the right to vary from time to time certain or all aspects of the above method of determining the Net Asset Value if this is appropriate in MPF’s absolute discretion (including, without limitation, to value the assets in a Sub-Fund on a purchase or sale basis).

Valuation of a Sub-Fund and Determination of the Unit Price. 6.1 Determination of the Net Asset Value of a Sub-Fund (a) MPF will calculate the Net Asset Value of a Sub-Fund as at a Dealing Day or, if deemed appropriate by MPF in its sole discretion, as at a day that is not a Dealing Day, in accordance with the following principles: (i) Each investment (securities, derivatives, receivables and other property, including foreign currencies) shall be valued on the basis of mid-market mid -market prices prevailing at the close of business on the relevant Dealing Day. Such prices will be obtained from a generally recognised pricing service, or, in the absence of such pricing service, from an independent broker-dealer (based on its reasonable estimation). Units or shares in collective investment schemes (within the meaning of the Rules) which are not traded on an exchange will be valued on the basis of prices determined by the manager or administrator of the collective investment scheme in question in accordance with the constitutional documentation of that scheme. Investments which cannot be valued in accordance with the foregoing principles, will be valued on any reasonable and consistent basis as determined in the discretion of MPF. Where MPF has contracted on any date prior to the relevant Dealing Day to purchase or sell any investment but the purchase or sale has not been completed by that Dealing Day, then for the purposes of the above calculations, such purchase or sale shall be deemed to have been completed at the opening of the markets on that Dealing Day. (ii) To the values resulting from (i) above shall be applied an adjustment as appropriate for outstanding dividends, and interest and tax payable or recoverable, expenses deductions chargeable against such Sub-Funds in accordance with Clause 6.2 and any other items which in the opinion of MPF should be taken into account to treat equitably existing and potential Policyholders. (iii) To the total value of the investments comprising such Sub-Fund so determined in accordance with (i) and (ii) above there shall be added the amount of any cash then forming part of such Sub-Fund including any interest accrued thereon and from the resulting total there shall be deducted an amount representing any outstanding loans attributable to such Sub-Fund and interest accrued on such loans. (b) MPF reserves the right to vary from time to time certain or all aspects of the above method of determining the Net Asset Value if this is appropriate in MPF’s absolute discretion (including, without limitation, to value the assets in a Sub-Fund on a purchase or sale basis).