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13.2. Valuation Specifics

The NAV of an Investment Compartment shall be calculated by ascertaining the value of the relevant assets of the Investment Compartment pursuant to the Valuation Procedures detailed below, and deducting thereto the total liabilities of the relevant Investment Compartment.

The NAV per Unit shall be determined by dividing the NAV of the relevant Investment Compartment by the total number of Units issued in the Investment Compartment the relevant Valuation Day and shall be rounded up or down, as the case may be, to the next smallest unit of the Reference Currency.