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13.1. General Principles

The Administrator, to which the Manager has delegated the Administration function of the Fund, shall on or with respect to each Valuation Day determine the Net Asset Value (NAV) of each Investment Compartment and the NAV per Unit in accordance with the following provisions. 

The NAV will be expressed respectively in the Reference Currency of the Investment Compartment and the Reference Currency of the Fund. The NAV per Unit in the Reference Currency of the Class, if a different currency denomination of the Reference currency of the Investment Compartment, is the equivalent of the NAV per Unit in the Reference Currency of the Investment Compartment converted at the Prevailing Exchange Rate. The same shall apply in the case of the Reference Currency of the Investment Compartment and the Reference Currency of the Fund is different. The Valuation Day for each Investment Compartment is specified in the relevant Supplement.