Common use of Net Asset Value per Unit Clause in Contracts

Net Asset Value per Unit. The Initial Costs and the Fixed Costs Provision will be amortized over the period from but excluding the Closing Date to 16 December 2011. As a result of such amortization, Net Asset Value of the Series Trust will be reduced. The Net Asset Value will be increased on the Note Maturity Date or such earlier day as the Manager shall determine following the date on which the Notes may be redeemed in full by the Issuer, as described in the section headed "Risk Factors - Investment in the Notes - The Notes may be redeemed early at an amount less than US$0.01 per Note") (the "End Date") by an amount equal to that portion of the Fixed Costs Provision (if any) that remains in the Trust Fund after accounting for all fixed costs incurred up to and including the End Date (the "Unspent Provision"). Such Unspent Provision will be shared among the Units outstanding at the End Date. Unitholders who have had their Units repurchased prior to the End Date will not receive a share of this Unspent Provision and will bear a disproportionately larger percentage of the Fixed Costs Provision than they would have borne had their Units been repurchased on or after the End Date. There can be no assurance that an increase in the bid prices of the Notes will result in an increase in Net Asset Value per Unit. Similarly, there can be no assurance that Net Asset Value per Unit will increase (or decrease) by a percentage which corresponds to percentage increases (or decreases) in the value or bid prices of the Notes.

Net Asset Value per Unit. The Initial Costs and the Fixed Costs Provision will be amortized over the period from but excluding the Closing Date to 16 17 December 20112010. As a result of such amortization, Net Asset Value of the Series Trust will be reduced. The Net Asset Value will be increased on the Note Maturity Date or such earlier day as the Manager shall determine following the date on which the Notes may be redeemed in full by the Issuer, as described in the section headed "Risk Factors - Investment in the Notes - The Notes may be redeemed early at an amount less than US$0.01 per Note") (the "End Date") by an amount equal to that portion of the Fixed Costs Provision (if any) that remains in the Trust Fund after accounting for all fixed costs incurred up to and including the End Date (the "Unspent Provision"). Such Unspent Provision will be shared among the Units outstanding at the End Date. Unitholders who have had their Units repurchased prior to the End Date will not receive a share of this Unspent Provision and will bear a disproportionately larger percentage of the Fixed Costs Provision than they would have borne had their Units been repurchased on or after the End Date. There can be no assurance that an increase in the bid prices of the Notes will result in an increase in Net Asset Value per Unit. Similarly, there can be no assurance that Net Asset Value per Unit will increase (or decrease) by a percentage which corresponds to percentage increases (or decreases) in the value or bid prices of the Notes.