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12.12. Allocation

The rights attached to the Investor Units for each Investment Compartment will be uniform in all respects and they will form a single class for all purposes unless the particular Investment Compartment Units is divided into classes of Units. All Investors Units issued pursuant to the subscription, will be issued and fully payable at the Initial Subscription Price, during the Initial Offering Period. After the end of the Initial Offering Period the Subscription Price will be based on the NAV of the respective Valuation Day.