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7.5. Collective Management of Assets

For the purpose of efficient management of the Fund and where the investment policies so permit, the Manager may opt to manage all or part of the assets of certain Investment Compartments  in common. Assets so managed shall be referred to hereinafter as a “pool”. Such pools are created solely for internal management purposes and do not constitute a separate legal entity. Therefore, they cannot be directly accessed by investors. Each of the jointly managed Investment Compartments shall remain entitled to its own specific assets. The assets jointly managed in the pools may be divided and transferred to all the participating Investment Compartments at any time.

If the assets of several Investment Compartments are pooled in order to be managed jointly, a written record is kept of that portion of the assets in the pool which can be allocated to each of the Investment Compartments s concerned, with reference to the Subfund’s original share in this pool. The rights of each participating Investment Compartment to the jointly managed assets shall relate to each individual position in the respective pool. Additional investments made for the jointly managed Investment Compartments shall be allocated to these Investment Compartments in an amount proportionate to their participation while assets, which have been sold, shall be deducted from each participating Investment Compartment’s assets accordingly.