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11.1. Issue

The Issue consists of a subscription of Investor Units in a particular  Investment Compartment, each Investor Unit being linked to one Unit in the Capital of a particular Class of Shares of an Investment Compartment issued at an Initial Subscription Price during an Initial Offering Period as specified herein. Following the Last Subscription Day, Units may be subscribed for on any Dealing Day at prices based on Net Asset Value per Unit.

The initial issue for each Investment Compartment is conditional upon raising  the Minimum Capital Raising Amount before expenses, being raised no later than the end of the subscription period and within twelve months from the date of registration of each Investment Compartment, otherwise becoming unconditional. The amount collected will be deposited by each Investment Compartment to each Investment Compartment  subscription bank account. In the event of not raising the Minimum Capital Raising Amount by the end of the Initial Offering Period, each Investment Compartment will return the amount collected to the Investors plus accrued interest, if any.