Common use of Issue of Units Clause in Contracts

Issue of Units. Units shall be issued on the acceptance deadline for unit transactions in accordance with Appendix A "Overview of the Fund" at the net asset value per unit of the corresponding unit class of the UCITS, plus the possible due issue premium and plus any possible taxes and duties. The units are not certificated as securities. Subscription applications must be submitted to the Custodian at the latest by the acceptance deadline. If a subscription application is received after the acceptance deadline, then it shall be reserved for the following issue date. In the case of applications placed with distribution agents in Liechtenstein and abroad, earlier deadlines for the subscriptions may be set to ensure the punctual forwarding of these applications to the Custodian in Liechtenstein. These deadlines may be obtained from the individual distribution agents. Information about the issue date, the acceptance deadline as well as the level of the possible due maximum issue premium is set out in Appendix A "Overview of the Fund". The 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 the issue of units is settled on the basis of a net asset value per unit that is unknown to the investor at the time of the application (forward pricing). All taxes and duties incurred in conjunction with the issue of units shall also be charged to the investor. If units are ac- quired through banks that have not been entrusted with the distribution of the units, it shall not be possible to exclude the possibility that such banks may impose additional transaction charges. If the payment is made in a currency other than the reference currency, the equivalent sum derived from the conversion of the payment currency into the reference currency, less any possible charges, shall be used to acquire units. The minimum investment that must be held by an investor in a specific unit class is set out in Appendix A "Overview 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 charged to the assets of the UCITS. The Custodian and/or the Management Company may reject a subscription application at any time or may temporarily restrict, suspend or definitively discontinue the issue of units if this is deemed necessary in the interest of the investors, in the public interest, to protect the Management Company or the UCITS or the investors. In this case the Custodian shall reimburse incoming payments on subscription applications that have not yet been executed, without interest. If nec- ▇▇▇▇▇▇, this shall be performed with the support of the payment agents. The issue of fund units may be suspended if Art. 12 is applicable.

Issue of Units. Units shall of the UCITS may be issued on the acceptance deadline for unit transactions acquired in accordance with Appendix A "Overview of the Fund" at the net asset value per unit of the corresponding unit class of the UCITS, plus the possible due issue premium and plus any possible taxes and duties. The units are not certificated as securities. Subscription applications must be submitted to the Custodian at the latest by the acceptance deadline. If a subscription application is received after the acceptance deadline, then it shall be reserved for the following issue valuation date. In the case of applications placed with distribution agents in Liechtenstein and abroad, earlier deadlines for the subscriptions may be set to ensure the punctual forwarding of these applications to the Custodian in Liechtenstein. These deadlines may be obtained from the individual distribution agents. Information about the issue date, the valuation interval, the acceptance deadline as well as the level of the possible due maximum issue premium is set out in Appendix A "Overview of the Fund". The payment Payment must be received within two bank working days following the valuation date on which the issue price of the units was stipulateddate. The Management Company shall ensure that the issue of units is settled on the basis of a net asset value per unit that is unknown to the investor at the time of the application (forward pricing). All taxes and duties incurred in conjunction with the issue of units shall also be charged to the investor. If units are ac- quired through banks that have not been entrusted with the distribution of the units, it shall not be possible to exclude the possibility that such banks may impose additional transaction charges. If the payment is made in a currency other than the reference currency, the equivalent sum derived from the conversion of the payment currency into the reference currency, less any possible charges, shall be used to acquire units. The minimum investment that must be held by an investor in a specific unit class is set out in Appendix 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, 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 are permitted and shall be assessed and evaluated by the Management Company on the basis of objective criteria. The procedures assigned investments must be in accordance with the investment policy of the UCITS, and the principles applicable to the provision of contributions in kind are described in greater detail a current investment in- terest in the Prospectusstocks must exist in the view of the Management Company. The intrinsic value of the contribution contributions in kind must be assessed by the Auditor and Auditors. All costs incurred in this conjunction (including the cost of this assessment the auditor, other expenses as well as possible taxes and duties) shall be borne by the respective investor and may not be charged to the assets of the UCITS. The Custodian and/or the Management Company may reject a subscription application at any time or may temporarily restrict, suspend or definitively discontinue the issue of units if this is deemed necessary in the interest of the investors, in the public interest, to protect the Management Company or the UCITS or the investors. In this case the Custodian shall reimburse incoming payments on subscription applications that have not yet been executed, without interest. If nec- ▇▇▇▇▇▇, this shall be performed with the support of the payment agentsrespective assets. The issue of fund units may shall in particular be temporarily suspended if Artthe net asset value per unit ceases to be calculated. 12 is applicableIf units cease to be issued, the investors shall be informed without delay in the organ of publication as well as in the media specified in the Prospectus and in the Trust Agreement or by means of permanent data carriers (letter, fax, e-mail or comparable) about the reason and the timing of the cessation.

Issue of Units. Units shall be are issued on the acceptance deadline for unit transactions in accordance with Appendix A "Overview of the Fund" each valuation day at the net asset value per unit of the corresponding unit share class of the UCITScorresponding sub-fund, plus the possible due issue premium and plus any possible applicable front-end load, taxes and duties. The units are not certificated securitised as securitiessecurities and are only kept in book-entry form. Units are not issued or redeemed in fractions. No physical certificates are issued. Subscription applications requests must be submitted to the Custodian at the latest received by the acceptance deadlinedepositary before the cut-off. If a subscription application is received after the acceptance deadlinethis time, then it shall be reserved scheduled for the following issue date. In the case of applications placed with distribution agents in Liechtenstein and abroad, earlier deadlines for the subscriptions may be set to ensure the punctual forwarding of these applications to the Custodian in Liechtenstein. These deadlines may be obtained from the individual distribution agentsvaluation day. Information about on the issue date, the acceptance deadline as well as valuation interval, the level cut-off and the amount of the possible due any maximum issue premium front-end load is set out in Appendix Annex A "“Overview of the Fund". The payment must be received within two bank working days following the valuation date on which the issue price of the units was stipulatedSub-Funds”. The Management Company shall ensure that the issue of units is settled on the basis of a net asset value per unit that is unknown to the investor at the time of the application (forward pricing). All taxes and duties incurred in conjunction with arising from the issue of units shall are also be charged to the investor. If units are ac- quired acquired through banks that have are not been entrusted with the distribution of the units, it shall not be possible to exclude the possibility that such banks may impose charge additional transaction chargescosts. If the payment is made in a currency other than the reference currency, the equivalent sum derived amount resulting from the conversion of the payment currency into the reference currency, less any possible chargesfees, shall be used to acquire applied for the purchase of units. The minimum investment that must to be held by an investor in a specific unit given share class is set out in Appendix Annex A "“Overview of Sub- Funds”. The minimum investment may be waived at the Fund"discretion of the Management Company. The Management Company may also decide to suspend the issue of units completely or temporarily if new investments could hinder the achievement of the investment objective. Upon application by an investor and with the consent of the Management Company, units may also be subscribed against transfer of investments at the relevant daily price (contribution in kind or payment in specie). The Management Company is not obliged to action such applications. Contributions in kind are permitted and shall must be assessed checked and evaluated by the Management Company on the basis of objective criteria. The procedures transferred investments must be compatible with the investment policy of the sub-fund, and the principles applicable to the provision of contributions in kind are described in greater detail Management Company must consider that there is a current investment interest in the Prospectussecurities. The intrinsic value recoverability of the contribution in kind must be assessed checked by the Auditor Auditor. All costs incurred in this connection (including auditor's fees, other expenses and any taxes and duties) are borne by the cost of this assessment relevant investor and may not be charged to the assets of the UCITSsub-fund. The Custodian and/or Depositary, the Management Company may reject and/or the authorised distributors may, at their own discretion and without further explanation, at any time decline a subscription application at any time or may temporarily restrict, suspend or definitively discontinue the issue of cease issuing units if this is deemed appears necessary in the interest of the investors, in the public interest, to protect for the protection of the Management Company or of the UCITS sub-fund or the investors. In this case case, the Custodian Depositary shall reimburse incoming without delay, without interest, any payments on received in respect of subscription applications that orders which have not yet already been executed, without interestwhere appropriate through the intermediary of the paying agents. The issue of units shall be temporarily suspended in particular if the calculation of the net asset value per unit is discontinued. If nec- ▇▇▇▇▇▇the issue of units is suspended, this investors shall be performed with informed immediately by notice on the support official publication medium and in the media specified in the Prospectus and Unit Trust Agreement or on a durable data medium (letter, e-mail or similar) of the payment agentsreason and the timing of the suspension. The issue of fund units may be suspended if Art. 12 is applicablein the circumstances set out in Art.12.

Issue of Units. Units shall be issued on the acceptance deadline for unit transactions in accordance with Appendix A "Overview of the Fund" every issue date at the net asset value per unit of the corresponding AIF or unit class of as at the UCITSvaluation date, plus the possible due any applicable issue premium commission and plus any possible taxes and duties. The units are exist only in book-entry form. Units shall not certificated as securitiesbe issued or redeemed in fractions. No physical unit certificates shall be issued. Subscription applications must be submitted to reach the Custodian at the latest by Depositary not later than the acceptance deadline. If a subscription sub- scription application is received after the acceptance deadline, then it shall be reserved held over for the following next issue date. In With the case 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 distribution agents authorised distributors 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 Custodian Depositary in LiechtensteinLiech- tenstein. These Such earlier deadlines may be obtained from the individual distribution agentsrelevant authorised distributor. Information about on the issue date, the acceptance deadline as well as and the level maximum amount of the possible due maximum any applicable issue premium commission is set out given in Appendix A Annex B, "Overview of the FundAIF summary". Payment must be made within a specified period (value date). The value date is indicated in Annex B, "AIF summary". The 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 AIFM shall ensure that the issue of settlement for newly issued units is settled made 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 incurred in conjunction with payable on the issue of units shall also likewise be charged to the investorinvestors. If units are ac- quired acquired through banks that have are not been entrusted with the distribution of distributing the units, it shall the possibility cannot be possible to exclude the possibility ruled out that such banks may impose will levy additional transaction charges. If the payment is made in a currency other than the reference accounting currency, the equivalent sum derived value resulting from the conversion of the payment currency into the reference accounting currency, less any possible chargesminus fees, shall be used applied to acquire the purchase of units. The minimum investment that must be held by an investor must hold in a specific particular unit class is set out stated in Appendix A Annex B, "Overview of the FundAIF summary". Contributions in kind are permitted shall not be permitted. The AIFM and the Depositary shall be assessed and evaluated by the Management Company on the basis of objective criteria. The procedures and the principles applicable entitled at any time 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 charged to the assets of the UCITS. The Custodian and/or the Management Company may reject a subscription application at any time or may to temporarily restrict, suspend or definitively discontinue permanently halt the issue of units if this is deemed necessary they deem such a move to be in the interest best interests of the investors, in the public interestinterest or necessary for the protection of the AIFM, to protect the Management Company AIF or the UCITS 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 case event the Custodian Depositary shall reimburse incoming reimburse, without interest, any payments on subscription received in respect of sub- scription applications that have not yet been executedexecuted1, without interest. If nec- ▇▇▇▇▇▇, this shall be performed with where necessary through the support offices of the payment paying agents. The issue of fund Fund units may be suspended if in the eventualities envisaged in Art. 12 is applicable32 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 of the sub-fund are issued on the acceptance deadline for unit transactions in accordance with Appendix A "Overview of the Fund" each valuation day at the net asset value per unit of the corresponding unit relevant share class of the UCITSsub-fund, plus the possible due issue premium any applicable front-end load and plus any possible taxes and duties. The units are not certificated securitised as physical securities. Subscription applications must be submitted to the Custodian at the latest received by the acceptance deadlineDepositary before the cut-off. If a subscription application is received after the acceptance deadlinethis time, then it shall be reserved scheduled for the following issue date. In the case of applications placed with distribution agents in Liechtenstein and abroad, earlier deadlines for the subscriptions may be set to ensure the punctual forwarding of these applications to the Custodian in Liechtenstein. These deadlines may be obtained from the individual distribution agentsvaluation day. Information about on the issue date, the acceptance deadline as well as valuation interval, the level cut-off date and the amount of the possible due any maximum issue premium front-end load is set out in Appendix Annex A "“Overview of the Fund". The payment must be received within two bank working days following the valuation date on which the issue price of the units was stipulatedSub-Funds”. The Management Company shall ensure that the issue of units is settled on the basis of a net asset value per unit that is unknown to the investor at the time of the application (forward pricing). All taxes and duties incurred in conjunction with arising from the issue of units shall are also be charged to the investor. If units are ac- quired acquired through banks that have are not been entrusted with the distribution of the units, it shall not be is possible to exclude the possibility that such banks may impose charge additional transaction chargescosts. If the payment is made in a currency other than the reference currency, the equivalent sum derived amount resulting from the conversion of the payment currency into the reference currency, less any possible chargesfees, shall be used to acquire applied for the purchase of units. The minimum investment that must to be held by an investor in a specific unit given share class is set out in Appendix Annex A "“Overview of Sub- Funds”. The minimum investment may be waived at the Fund"discretion of the Management Company. The Management Company may also decide to suspend the issue of units completely or temporarily if new investments could hinder the achievement of the investment objective. Upon application by an investor and with the consent of the Management Company, units may also be subscribed against transfer of investments at the relevant daily price (contribution in kind or payment in specie). The Management Company is not obliged to action such applications. Contributions in kind are permitted and shall must be assessed checked and evaluated by the Management Company on the basis of objective criteria. The procedures transferred investments must be in accordance with the investment policy of the sub-fund and the principles applicable to the provision of contributions in kind are described in greater detail Management Company must consider that there is a current investment interest in the Prospectussecurities. The intrinsic value recoverability of the contribution in kind must be assessed checked by the Auditor Auditor. All costs incurred in this connection (including auditor's fees, other expenses and any taxes and duties) are borne by the cost of this assessment relevant investor and may not be charged to the assets of the UCITSsub-fund. The Custodian and/or Depositary, the Management Company may reject and/or the authorised distributors may, at their own discretion and without further explanation, at any time decline a subscription application at any time or may temporarily restrict, suspend or definitively discontinue the issue of cease issuing units if this is deemed appears necessary in the interest of the investors, in the public interest, to protect for the protection of the Management Company or of the UCITS sub-fund or the investors. In this case case, the Custodian Depositary shall reimburse incoming without delay, without interest, any payments on received in respect of subscription applications that requests which have not yet already been executed, without interestwhere appropriate through the intermediary of the paying agents. The issue of units shall be temporarily suspended in particular if the calculation of the net asset value per unit is discontinued. If nec- ▇▇▇▇▇▇the issue of units is suspended, this investors shall be performed with informed immediately by notice in the support official publication medium and in the media specified in the Prospectus and the Unit Trust Agreement or on durable data medium (letter, e-mail or similar) of the payment agentsreason for and timing of the suspension. The issue of fund units may be suspended if Art. 12 is applicablein the circumstances described in section 9.7.

Issue of Units. Units shall of a sub-fund may be issued on the acceptance deadline for unit transactions acquired in accordance with Appendix A "Overview of the Fundsub-fund" at the net asset value per unit of the corresponding unit class of the UCITScorresponding sub-fund, plus the possible due issue premium and plus any possible taxes and duties. The units are not certificated as securities. Subscription applications must be submitted to the Custodian at the latest by the acceptance deadline. If a subscription application is received after the acceptance deadline, then it shall be reserved for the following issue valuation date. In the case of applications orders placed with distribution agents in Liechtenstein and abroad, earlier deadlines for the subscriptions subscription of orders may be set to ensure the punctual forwarding of these applications orders to the Custodian in Liechtenstein. These deadlines may be obtained from the individual distribution agents. Information about the issue date, the valuation interval, the acceptance deadline as well as the level of the possible due maximum issue premium is set out in Appendix A "Overview of the Fundsub-fund". The payment Payment must be received within two bank working days following the valuation date on which the issue price of the units was stipulateddate. The Management Company shall ensure that the issue of units is settled on the basis of a net asset value per unit that which is unknown to the investor at the time of the application (forward pricing). All taxes and duties incurred in conjunction with the issue of units shall also be charged to the investor. If units are ac- quired through banks that which have not been entrusted with the distribution of the units, then it shall not be possible to exclude the possibility that such banks may impose additional transaction charges. If the payment is made in a currency other than the reference currency, then the equivalent sum derived from the conversion con- version of the payment currency into the reference currency, less any possible the charges, shall be used to acquire units. The minimum investment that must be held by an investor in a specific unit class is set out in Appendix Appendix. A "Overview of the Fundsub-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, 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 are permitted and shall be assessed and evaluated by the Management Company on the basis of objective criteria. The procedures assigned investments must be in accordance with the investment policy of the corresponding sub-fund, and the principles applicable to the provision of contributions in kind are described in greater detail a cur- rent investment interest in the Prospectusstocks must exist in the view of the Management Company. The intrinsic value of the contribution contributions in kind must be assessed by the Auditor and auditors. All costs incurred in this conjunction (including the cost of this assessment the auditor, other expenses as well as possible taxes and duties) shall be borne by the respective investor and may not be charged to the assets of the UCITS. The Custodian and/or the Management Company may reject a subscription application at any time or may temporarily restrict, suspend or definitively discontinue the issue of units if this is deemed necessary in the interest of the investors, in the public interest, to protect the Management Company or the UCITS or the investors. In this case the Custodian shall reimburse incoming payments on subscription applications that have not yet been executed, without interest. If nec- ▇▇▇▇▇▇, this shall be performed with the support of the payment agentsrespective sub-fund. The issue of fund units may shall in particular be temporarily suspended if Artthe net asset value per unit ceases to be calculated. 12 is applicableIf units cease to be issued, then the investors shall be informed without delay in the organ of publication as well as in the media specified in the Prospectus and in the Trust Agreement or by means of permanent data carriers (letter, fax, e-mail or comparable) about the reason and the timing of the cessation.

Issue of Units. Units shall be issued on the acceptance deadline for unit transactions in accordance with Appendix A "Overview of the Fund" each valuation day (issue day) at the net asset value per unit of the corresponding respective unit class of the UCITS, UCITS plus the possible due issue premium premium, if any, and plus any possible taxes and dutiescharges, if any. The units are not certificated as securitiessecuritized. Subscription applications requests must be submitted to the Custodian at the latest received by the depositary on the acceptance deadlinedeadline by the latest. If a subscription application request is received after the acceptance deadline, then it shall will be reserved for processed on the next following issue dateday. In the case of applications placed with distribution agents Purchase or redemption requests submit- ▇▇▇ to distributors in Liechtenstein and abroad, or abroad may be subject to earlier deadlines for the subscriptions may in or- der to assure that they can be set to ensure the punctual forwarding of these applications forwarded to the Custodian depositary in LiechtensteinLiechtenstein in a timely manner. These deadlines may be obtained from On request, the individual distribution agentsrespective distributors will provide pertinent information. Information about Infor- mation on the issue dateday, the acceptance deadline as well as deadline, and the level of the possible due maximum issue premium premium, if any, is set out provided in Appendix Annex A "Overview of the FundThe UCITS at a glance". The payment must be received within two bank working 3 banking days following after the valuation date on which the respective issue price of the units was stipulatedday. The Management Company management company shall ensure assure that the issue of units is settled shall be booked on the basis of a net asset value per unit that is unknown not known to the investor at the time of the application re- quest (forward pricing). All taxes and duties fees incurred in conjunction with the issue of units shall also be charged to the investorinvestor as well. If units are ac- quired through purchased via banks that have are not been entrusted with the distribution distribu- tion of the units, it shall cannot be possible to exclude the possibility excluded that such banks may impose will charge additional transaction chargestransac- tion costs. If the payment is made in a currency other than the reference currency, the equivalent sum derived value from the conversion of the payment currency into the reference currency, less any possible chargesexpenditures if any, shall be used to acquire credited for the purchase of units. The trust agreement: Art. 7 Issue of units The minimum investment that must to be held by an investor in a specific unit class is set out indicated in Appendix Annex A "Overview The UCITS at a glance". The minimum investment may be waived at the dis- cretion of the Fund"Management Company. Contributions in kind are permitted and shall be assessed and evaluated by the Management Company on the basis of objective criterianot permitted. 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 charged to the assets of the UCITS. The Custodian depositary and/or the Management Company management company and/or the distributor may at any time reject a subscription application at any time request or may temporarily restrict, limit or suspend or definitively discontinue the issue of units if this is deemed appears to be necessary in the public interest of the investors, in the public interest, or to protect the Management Company 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 Custodian 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 reimburse incoming payments be calculated on subscription applications that have not yet been executedthe 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 interestnotifying 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. If nec- ▇▇▇▇▇▇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 investors, this the management com- pany or the UCITS, particularly when 1. there is reason to suspect that with the purchase of units, a given investor is pursu- ing market timing, late trading or other market techniques that could be detri- mental to all other investors, 2. the investor does not fulfill the conditions for purchasing units, or 3. units are being distributed in a country in which the UCITS is not approved for dis- tribution or have been purchased by a person who is not allowed to purchase units. The management company shall assure that the repurchase of units shall be performed with booked on the support basis of a net asset value per unit that is not known to the investor at the time of the payment agentsrequest (forward pricing). The issue repurchase of fund units may be suspended if in cases pursuant to Art. 12 is applicable12. Redemptions in kind are not permitted.

Issue of Units. Units of a shall be issued on the acceptance deadline for unit transactions in accordance with Appendix A "Overview of the Fundsub-fund" at the net asset value per unit of the corresponding unit class of the UCITScorresponding sub-fund, plus the possible pos- sible due issue premium and plus any possible taxes and duties. The units are not certificated as securities. Subscription Redemption applications must be submitted to the Custodian at the latest by the acceptance deadline. If a subscription application is received after the acceptance deadline, then it shall be reserved for the following issue date. In the case of applications orders placed with distribution agents in Liechtenstein and abroad, earlier deadlines for the subscriptions subscription of orders may be set to ensure the punctual forwarding of these applications orders to the Custodian in Liechtenstein. These deadlines may be obtained ob- tained from the individual distribution agents. Information about the issue date, the acceptance deadline as well as the level of the possible due maximum issue premium is set out in Appendix A "Overview of the Fundsub-fund". The 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 the issue of units is settled on the basis of a net asset value per unit that which is unknown to the investor at the time of the application (forward pricing). All taxes and duties incurred in conjunction with the issue of units shall also be charged to the investor. If units are ac- quired through banks that which have not been entrusted with the distribution of the units, then it shall not be possible to exclude the possibility that such banks may impose additional transaction charges. If the payment is made in a currency other than the reference currency, then the equivalent sum derived from the conversion con- version of the payment currency into the reference currency, less any possible charges, shall be used to acquire units. The minimum investment that must be held by an investor in a specific unit class is set out in Appendix Appendix. A "Overview of the Fundsub-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 procedures and the principles applicable Management Company is not obliged to the provision accept an application of contributions this nature. Contributions in kind are described shall be assessed and evaluated by the Management Company on the basis of objective criteria. The assigned investments must be in greater detail accordance with the investment policy of the corresponding sub-fund, and a cur- rent investment interest in the Prospectusstocks must exist in the view of the Management Company. The intrinsic value of the contribution contributions in kind must be assessed by the Auditor and auditors. All costs incurred in this conjunction (including the cost of this assessment the auditor, other expenses as well as possible taxes and duties) shall be borne by the respective investor and may not be charged to the assets of the UCITSrespective sub-fund. The Custodian and/or the Management Company may reject a subscription application at any time or may temporarily restrict, suspend restrict or definitively discontinue the issue of units if this is deemed necessary in the interest of the investors, in the public interest, to protect the Management Company or the UCITS respective sub-fund or the investors. In this case the Custodian Custo- dian shall reimburse incoming payments on subscription applications that which have not yet been executed, without interest. If nec- ▇▇▇▇▇▇necessary, this shall be performed with the support of the payment agentsPayment Agents. The issue of fund units may be suspended if Art. 12 is applicable.

Issue of Units. Units shall be issued on the acceptance deadline for unit transactions in accordance with Appendix A "Overview of the Fund" each valuation day (issue day) at the net asset value per unit of the corresponding respective unit class of the UCITS, UCITS plus the possible due issue premium premium, if any, and plus any possible taxes and dutiescharges, if any. The units are not certificated as securitiessecuritized. Subscription applications requests must be submitted to the Custodian at the latest received by the depositary on the acceptance deadlinedead- line by the latest. If a subscription application request is received after the acceptance deadline, then it shall will be reserved for processed on the next following issue dateday. In the case of applications placed with distribution agents Purchase or redemption requests submitted to distributors in Liechtenstein and abroad, or abroad may be subject to earlier deadlines for the subscriptions may in order to assure that they can be set to ensure the punctual forwarding of these applications forwarded to the Custodian depositary in LiechtensteinLiechtenstein in a timely manner. These deadlines may be obtained from On request, the individual distribution agentsrespective distributors will provide pertinent infor- mation. Information about on the issue dateday, the valuation interval, the acceptance deadline as well as deadline, and the level of the possible due maximum issue premium premium, if any, is set out provided in Appendix Annex A "Overview of the FundThe UCITS at a glance". The payment must be received within two bank working 3 banking days following after the valuation date on which the respective issue price of the units was stipulatedday. The Management Company management company shall ensure assure that the issue of units is settled shall be booked on the basis of a net asset value per unit that is unknown not known to the investor at the time of the application request (forward pricing). All taxes and duties fees incurred in conjunction with the issue of units shall also be charged to the investorinvestor as well. If units are ac- quired through purchased via banks that have are not been entrusted with the distribution dis- tribution of the units, it shall cannot be possible to exclude the possibility excluded that such banks may impose will charge additional transaction chargescosts. If the payment is made in a currency other than the reference currency, the equivalent sum derived equiva- lent value from the conversion of the payment currency into the reference currency, less any possible chargesexpenditures if any, shall be used to acquire credited for the purchase of units. The minimum investment that must to be held by an investor in a specific unit class is set out indicated in Appendix Annex A "Overview The UCITS at a glance". The minimum investment may be waived at the discretion of the Fund"Management Company. Contributions in kind are permitted and shall be assessed and evaluated by the Management Company on the basis of objective criterianot permitted. The procedures and the principles applicable management company may, in addition, take a decision 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 charged to the assets of the UCITS. The Custodian and/or the Management Company may reject a subscription application at any time permanently or may temporarily restrict, tem- porarily suspend or definitively discontinue the issue of units if 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 subscription request or temporarily limit or suspend or discontinue the is- sue of units if this is deemed appears to be necessary in the public interest of the investors, in the public interest, or to protect the Management Company man- agement company or the UCITS or the investors. In this case case, the Custodian shall reimburse depositary will in- stantly refund, less interest, incoming payments on for subscription applications requests that have not yet been executedto be fulfilled, without interest. If nec- ▇▇▇▇▇▇, and for this shall be performed with purpose may enlist the support help of the payment agentspaying agents if neces- sary. The prospectus: Participation in the UCITS The issue of fund units may shall be temporarily suspended in particular if Artthe calculation of the net asset value per unit is suspended. 12 If the issue of units is applicablesuspended, investors shall be immediately informed of the reasons and duration of the suspension via the official gazette as well as the media mentioned in the prospectus or via durable media (let- ter, fax, e-mail or similar).