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13.3. Adjustment of the Net Asset Value (Single Swing Pricing)

In order to protect existing Unitholders , the Net Asset Value per Unit Class of an Investment Compartment may be adjusted upwards or downwards by a maximum percentage (“swing factor”) as specified in the relevant Supplement”, in the event of a net surplus of subscription or redemption applications on a particular Valuation Day. In such case the same Net Asset Value applies to all incoming and outgoing investors on that particular Valuation Day. The adjustment of the Net Asset Value is aiming to cover in particular but not exclusively transaction costs, tax charges and bid/offer spreads incurred by the respective Investment Compartment due to subscriptions, redemptions and/or conversions in and out of the Investment Compartment. Existing Unitholders would no longer have to indirectly bear these costs, since they are directly integrated into the calculation of the Net Asset Value and hence, are borne by incoming and outgoing investors.

The Net Asset Value may be adjusted on every Valuation Day on a net deal basis. The Manager can set a threshold (net capital flows that needs to be exceeded) to apply the adjustment to the Net Asset Value. Unitholders should note that the performance calculated on the basis of the Net Asset Value might not reflect the true portfolio performance as a consequence of the adjustment of the Net Asset Value.