Common use of Conversion of Units Clause in Contracts

Conversion of Units. If different share classes are offered, units of one share class may be exchanged for units of another share class. No conversion fee is charged for conversions within a sub-fund. If it is not possible to switch units for share classes, this shall be indicated for the relevant share class in Annex A “Overview of Sub-Funds”. A conversion of units into another share class is only possible if the investor fulfils the conditions for the direct acquisition of units of the relevant share class. If it is not possible to switch units for certain share classes, this shall be indicated for the relevant share class in Annex A “Overview of Sub-Funds”. The number of units into which the investor wishes to convert his/her holding is calculated using the following formula: (𝑩 × 𝑪) (𝑫 × 𝑬) A = number of units of the share class, if any, into which the conversion is to be made B = number of units of the share class, if any, from which the conversion is to be made C = net asset value or redemption price of the units submitted for conversion In some cases, duties, taxes and stamp duties may be incurred in particular countries when switching share classes. The Management Company may decline a conversion application for a share class at any time if this appears to be in the interests of the sub-fund, the Management Company or the investors, in particular if: 1. there is a suspicion that market timing, late trading or other market techniques are being used by the investor in question in connection with the acquisition of the units, which could be detrimental to the investors as a whole; 2. the investor does not fulfil the conditions for the acquisition of the units/share class; or 3. the units are distributed in a country in which the sub-fund or the respective share class is not authorised for distribution or have been acquired by a person who is not eligible to do so. The Management Company shall ensure that the conversion of units is settled on the basis of a net asset value per unit unknown to the investor at the time the application is submitted (forward pricing). The conversion of fund units may be suspended under the circumstances described in Art.12.

Conversion of Units. If Where different share unit classes are offered, units of one share class may be exchanged for units converted from one unit class to another. Con- version requests involve the simultaneous submission of another share classa redemption application as per Art. No 29 and a subscription application as per Art. 28. The conversion fee levied, if any, is charged for conversions within a sub-fund. If it is not possible to switch units for share classes, this shall be indicated for the relevant share class in Annex A “Overview of Sub-Funds”B, "AIF summary". A conversion Conversion of units into another share a different unit class is shall be possible only possible if the investor fulfils the conditions for the direct acquisition of units of in the relevant share classunit class concerned. If it is unit conversions are not possible to switch units permitted for certain share unit classes, this shall be indicated for is stipulated in the relevant share class in fund-specific section of Annex A “Overview of Sub-Funds”B, "AIF summary". The number of units into which the investor wishes may convert existing units shall be calculated according to convert his/her holding is calculated using the following formula: (𝑩 × 𝑪) (𝑫 × 𝑬) the A = number of units of the share class, if aunit class ny, into which the conversionunits are is to be mconverted; ade the B = number of units of the share class, if aunit class ny, from which the conversionunits are is to be mconverted; ade the C = net asset value or redemption price of the units submitpresented ted conversion; D = the exchange rate between the unit classes involved. Where both unit classes are valued in the same accounting currency, this coefficient is 1. E = the net asset value of the units of the unit class into which the for conversis to be made, plus taxes, fees and other charges. ion In some cascountries a change of unit class may in certain cases involve the payment of es, duties, taxes or and stamp duties may be incurred in particular countries when switching share cladutiessses. The Management Company may decline a conversion application for a share clAIFM and the Depositary shall be entitled ass at any tto reject a conversion request ime if this appethey deem such a move ars to be in best the interests of the sub-fund, the Management Company or the investors,the public interest or necessary for the pro- tection of the AIFM, the AIF or the investors and in in particular if:if (i) 1. there is a suspicion tcause to suspect that, in acquiring the units, the investors concerned are engaging in hat market timing, late trading or other market techniques are being usedthat may be to by the investor in question in connection wcollective detriment of ith the acquisitioninvestors, (ii) the investors do not meet the conditions for acquiring of the units, which could be detrimental to the investors as a whole; 2. the investor does not fulfil the conditions for the acquisition of the units/share class; oror (iii) 3. the units have been are distributed in a country in which the sub-fund or the respective share clAIF ass is not authorised for distributapproved ion or have been acquired by a person who is not eligible to dauthorisedo so. The Management CompAIFM any shall ensure that the conversion of unitsunit conversions are is settled on the basis of a net asset value per unit unknun- known own to the investor at the time redemption the applicationwas is submitted (forward pricing). The conversConversions ion of fAIF und units may be suspended unin der the circumstances descrieventualities envisaged bed in ArArt. 32 of this Trust Agree- mentt.12.

Conversion of Units. If Insofar as different share unit classes are offered, units of one share class may be exchanged for units of converted from one unit class to another share unit class. No conver- sion fee shall be imposed for conversion fee is charged for conversions within a sub-fundUCITS. If it a conversion of units is not possible to switch units for share specific unit classes, then this shall be indicated mentioned for the relevant share respective unit class in Annex Appendix A “"Overview of Sub-Funds”. A conversion of units into another share class is only possible if the investor fulfils the conditions for the direct acquisition of units of the relevant share class. If it is not possible to switch units for certain share classes, this shall be indicated for the relevant share class in Annex A “Overview of Sub-Funds”Fund". The number of units into which investors may exchange their holdings shall be calculated in accordance with the investor wishes to convert his/her holding is calculated using the following follow- ing formula: (𝑩 × 𝑪) (𝑫 × 𝑬) A = numNumber ber of unitsin of the share class, if anew sub-fund or the possible unit class ny, into which the conversion is to be made B = numNumber ber of unin the sub-fund or in the possible unit class out its of the share class, if any, from which the conversion is to be made C = net asset value or redemption price of the units submitpresented ted for conversD = Foreign exchange rate between the respective sub-fund or possible unit classes. If both sub-funds or unit clas- ses are valued with the same accounting currency, this coefficient is 1. E = Net asset value of the units in the sub-fund or in the possible unit class into which the conversion is to be made, plus taxes, fees or other duties ion In scertain ome c, when converting from one unit class to anotherases, duties, taxes and stamp duties may be incurred in particular countries when switching share clacer- tain countriessses. The Management Company may declat any time reject ine a conversion application for a shunit are class at any time if this appeis deemed ars to be in the intereinterest sts of the sub-UCITSfuof nd, the Management Companyin the interest of or the investors, in particular if: 1. there is a suspicion tby acquiring the units the respective Investor is engaging in "hat market ti"mi"ng, late tradtrading" ing or other market techniques are being used by the investor in question in connection with the acquisition of the units, whthat ich could be detrimental to the investors as a whole; 2. the investor does not fulmeet fil the conditions for the acquisition of the units/share class; or 3. the units are distributed in a counstate try in which the sub-fUCITS und or the respective shunit are class is not authorilicensed sed for distribution or have been acquired by a person for whom the acquisition of the units who is not eligible to dpermittedo so. The Management Company shall ensure that the conversion of units is settled on the basis of a net asset value per uthat is nit unknown to the invesInvestor tor at the tof ime the application is submitted (forward pricing). The conversion of fund units may be suspended under the circumstances described in Arif Fig. 9.7 is applicablet.12.

Conversion of Units. If Where different share unit classes are offered, units of one share class may be exchanged for units converted from one unit class to another. Conversion requests involve the simultaneous submission of another share classa redemption application as per Art. No 29 and a subscription application as per Art. 28. The conversion fee levied, if any, is charged for conversions within a sub-fund. If it is not possible to switch units for share classes, this shall be indicated for the relevant share class in Annex A “Overview of Sub-Funds”B, "AIF summary". A conversion Conversion of units into another share a different unit class is shall be possible only possible if the investor fulfils the conditions for the direct acquisition of units of in the relevant share classunit class concerned. If it is unit conversions are not possible to switch units permitted for certain share unit classes, this shall be indicated for is stipulated in the relevant share class in fund-specific section of Annex A “Overview of Sub-Funds”B, "AIF summary". The number of units into which the investor wishes may convert existing units shall be calculated according to convert his/her holding is calculated using the following formula: (𝑩 × 𝑪) (𝑫 × 𝑬) the A = number of units of the share class, if aunit class ny, into which the conversionunits are is to be mconverted; ade the B = number of units of the share class, if aunit class ny, from which the conversionunits are is to be mconverted; ade the C = net asset value or redemption price of the units submitpresented ted conversion; D = the exchange rate between the unit classes involved. Where both unit classes are valued in the same accounting currency, this coefficient is 1. E = the net asset value of the units of the unit class into which the for conversis to be made, plus taxes, fees and other charges. ion In some cascountries a change of unit class may in certain cases involve the payment of es, duties, taxes or and stamp duties may be incurred in particular countries when switching share cladutiessses. The Management Company may decline a conversion application for a share clAIFM and the Depositary shall be entitled ass at any tto reject a conversion request ime if this appethey deem such a move ars to be in best the interests of the sub-fund, the Management Company or the investors,the public interest or necessary for the protection of the AIFM, the AIF or the investors and in in particular if:if (i) 1. there is a suspicion tcause to suspect that, in acquiring the units, the investors concerned are engaging in hat market timing, late trading or other market techniques are being usedthat may be to by the investor in question in connection wcollective detriment of ith the acquisitioninvestors, (ii) the investors do not meet the conditions for acquiring of the units, which could be detrimental to the investors as a whole; 2. the investor does not fulfil the conditions for the acquisition of the units/share class; oror (iii) 3. the units have been are distributed in a country in which the sub-fund or the respective share clAIF ass is not authorised for distributapproved ion or have been acquired by a person who is not eligible to dauthorisedo so. The Management CompAIFM any shall ensure that the conversion of unitsunit conversions are is settled on the basis of a net asset value per unit unknown to the investor at the time redemption the applicationwas is submitted (forward pricing). The conversConversions ion of fAIF und units may be suspended unin der the circumstances descrieventualities envisaged bed in ArArt. 32 of this Trust Agreementt.12.

Conversion of Units. If Where different share unit classes are offered, units of one share class may be exchanged for units converted from one unit class to another. Conversion requests involve the simultaneous submission of another share classa redemption application as per Art. No 29 and a subscription application as per Art. 28. The conversion fee levied, if any, is charged for conversions within a sub-fund. If it is not possible to switch units for share classes, this shall be indicated for the relevant share class in Annex A “Overview of Sub-Funds”B, "AIF summary". A conversion Conversion of units into another share a different unit class is shall be possible only possible if the investor fulfils the conditions for the direct acquisition of units of in the relevant share classunit class concerned. If it is unit conversions are not possible to switch units permitted for certain share unit classes, this shall be indicated for is stipulated in the relevant share class in fund- specific section of Annex A “Overview of Sub-Funds”B, "AIF summary". The number of units into which the investor wishes may convert existing units shall be calculated according to convert his/her holding is calculated using the following formula: (𝑩 × 𝑪) (𝑫 × 𝑬) the A = number of units of the share class, if aunit class ny, into which the conversionunits are is to be mconverted; ade the B = number of units of the share class, if aunit class ny, from which the conversionunits are is to be mconverted; ade the C = net asset value or redemption price of the units submitpresented ted conversion; D = the exchange rate between the unit classes involved. Where both unit classes are valued in the same accounting currency, this coefficient is 1. E = the net asset value of the units of the unit class into which the for conversis to be made, plus taxes, fees and other charges. ion In some cascountries a change of unit class may in certain cases involve the payment of es, duties, taxes or and stamp duties may be incurred in particular countries when switching share cladutiessses. The Management Company may decline a conversion application for a share clAIFM and the Depositary shall be entitled ass at any tto reject a conversion request ime if this appethey deem such a move ars to be in best the interests of the sub-fund, the Management Company or the investors,the public interest or necessary for the protection of the AIFM, the AIF or the investors and in in particular if:if (i) 1. there is a suspicion tcause to suspect that, in acquiring the units, the investors concerned are engaging in hat market timing, late trading or other market techniques are being usedthat may be to by the investor in question in connection wcollective detriment of ith the acquisitioninvestors, (ii) the investors do not meet the conditions for acquiring of the units, which could be detrimental to the investors as a whole; 2. the investor does not fulfil the conditions for the acquisition of the units/share class; oror (iii) 3. the units have been are distributed in a country in which the sub-fund or the respective share clAIF ass is not authorised for distributapproved ion or have been acquired by a person who is not eligible to dauthorisedo so. The Management CompAIFM any shall ensure that the conversion of unitsunit conversions are is settled on the basis of a net asset value per unit unknown to the investor at the time redemption the applicationwas is submitted (forward pricing). The conversConversions ion of fAIF und units may be suspended unin der the circumstances descrieventualities envisaged bed in ArArt. 32 of this Trust Agreementt.12.

Conversion of Units. The conversion of all units or of a part thereof into units in another sub-fund shall be performed on the basis of the rele- vant unit value of the respective sub-fund pursuant to the Trust Agreement/Investment Fund Agreement, taking account of a conversion fee payable to the recipient, the level thereof being specified in the respective appendix to the sub-fund, although amounting at least to the difference between the issue premium of the sub-fund of the units which are to be converted and the issue premium of the sub-fund into which the units are to be converted. If different share classes are offered, units of one share class may be exchanged for units of another share class. No no conversion fee is charged for conversions within a sub-fund. If it is not possible to switch units for share classescharged, then this shall be indicated mentioned for the relevant share class respective sub-fund in Annex A “Overview of Sub-Funds”the respective Appendix to the Trust Agreement / Investment Fund Agreement. A conversion of units into another share sub-fund or into another unit class is possible only possible if insofar as the investor fulfils the conditions for the direct acquisition of the units in the respective sub-fund or in the respective unit class. Insofar as different unit classes are offered, then a conversion of units in one unit class into units of another unit class may be performed, as well as within one and the relevant share classsame sub-fund from one sub-fund into another sub-fund. If it a conversion is performed within one and the same sub-fund, then no conversion fee shall be imposed. If a conversion of units is not possible to switch units for certain share specific sub-funds or unit classes, then this shall be indicated mentioned for the relevant share respective sub-funds or unit class in Annex the respective sub-fund-specific Appendix A “"Overview of Subthe sub-Funds”fund". The number of units into which the investor wishes to investors may convert his/her holding their holdings is calculated using in accordance with the following formulaformu- la: A = (𝑩 × B x C𝑪/ ) (𝑫 D x E× 𝑬) A = numNumber ber of unitsin of the share class, if anew sub-fund or the possible unit class ny, into which the conversion is to be made B = numNumber ber of unin the sub-fund or in the possible unit class out its of the share class, if any, from which the conversion is to be made C = Net net asset value or redemption price of the units submitpresented ted for conversD = Foreign exchange rate between the respective sub-fund or possible unit classes. If both sub-funds or unit classes are valued in the same unit of account, this coefficient is 1. E = Net asset value of the units in the sub-fund or in the possible unit class into which the conversion is to be made, plus taxes, fees or other duties ion In scertain ome c, when converting from one sub-fund or unit class to anotherases, duties, taxes and stamp duties may be incurred in particular countries when switching share clacertain countriessses. The Management Company may declat any time reject ine a conversion application for a shsub-fund or for a unit are class at any time if this appeis deemed ars to be in the intereinterest of the Management Company or sts of the sub-fufund or in nd, the Management Companyinterest of or the investors, in particupartic- ular lar if: 1. there is a suspicion tby acquiring the units the respective investor is engaging in "hat market ti"mi"ng, late tradtrading" ing or other market techniques are being used by the investor in question in connection with the acquisition of the units, which could be detrimental to the investors as a whole; 2. the investor does not fulmeet fil the conditions for the acquisition of the units/share class; or 3. the units are distributed in a counstate try in which respective the sub-fund or the respective share class is not authorilicensed sed for distribution or have been acquired by a person for whom the acquisition of the units who is not eligible to dpermittedo so. The Management Company shall ensure that the conversion of units is settled on the basis of a net asset value per uwhich is nit unknown to the investor at the tof ime the application is submitted (forward pricing). The conversion of fund units may be suspended under the circumstances described in Arif Art. 12 is applicablet.12.