CALCULATION OF NET ASSET VALUE OF THE SUB FUND

In calculating the Net Asset Value of a Sub Fund as at any particular Valuation Point for a Dealing Day (the Relevant Dealing Day):

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Every Unit issued and not cancelled on any Dealing Day prior to the Relevant Dealing Day shall be deemed to be in issue and the relevant Sub Fund shall be deemed to include the value of any cash or other property to be received in respect of each such Unit after deducting therefrom or providing thereout the Preliminary Charge (if any), any further amount charged by the Manager pursuant to the provisions of paragraph 5 of Appendix B and (in the case of Units of the relevant series issued against the vesting of Investments) any monies payable out of the relevant Sub Fund pursuant to the provisions of paragraph 2(B) of Appendix B;

(B) Treatment of cancelled Units

Where, in consequence of any notice or repurchase request duly given pursuant to paragraph 4 of Appendix F, a reduction of the Fund of the relevant Sub Fund by the cancellation of Units has been or is to be effected on any Dealing Day prior to the Relevant Dealing Day but payment in respect of such reduction has not been completed, the Units in question shall be deemed not to be in issue and any amount payable in cash out of the Fund in pursuance of such reduction shall be deducted. Furthermore, monies due to be transferred as a result of a conversion of Units pursuant to Appendix E shall be deemed to be a liability of the Original Class and an asset of the New Class immediately after the Valuation Point for the Dealing Day to which the conversion request relates;

(C) Treatment of property agreed to be purchased or sold

Where any Investment or other property has been agreed to be purchased or otherwise acquired or sold but such purchase, acquisition or sale has not been completed, such Investment or other property shall be included or excluded and the gross purchase, acquisition or net sale consideration excluded or included as the case may require as if such purchase, acquisition or sale had been duly completed;

(D) Treatment of amounts to be amortised

There shall be included in the assets an amount equal to all such costs, charges, fees and expenses as the Manager may have determined to amortise pursuant to the provisions of Clause 7(D) less the amount thereof which has previously been or is then to be written off; (E) Liabilities of the Sub Fund

The liabilities attributable to a Sub Fund shall include (without limitation):-

(i) any amount of Management Fee, Trustee Fee, the fees of the Administrator (if any) and any other fees of service providers to the Trust, which are paid out of the Fund pursuant to clause 7(B), accrued up to the Relevant Dealing Day but remaining unpaid;

(ii) the amount of tax (if any) on gains or profits accrued up to the end of the last Accounting Period but remaining unpaid;

(iii) the aggregate amount for the time being outstanding of any borrowing effected under Clause 5 and the amount of any interest and expenses referred to in Clause 5(E) but not paid;

(iv) an amount equal to the Value of any futures contract or any other derivative contract which is a negative amount;

(v) the costs of dealing in the Fund of the Trust or any Sub Fund; (vi) all administrative expenses payable and/or accrued;

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(vii) any costs incurred in respect of meetings of Holders held pursuant to Appendix L; (viii) costs incurred in respect of the establishment and maintenance of the Register; (viv) the audit fees and expenses of the Auditor;

(vv) costs incurred in respect of the distribution of income to Holders;

(vvi) costs incurred in respect of the preparation and publication of prices of Units and of prospectuses, annual and interim reports and financial statements;

(vvii) legal and other professional fees and expenses incurred in connection with the business of the Trust;

(vviii) costs and expenses incurred in respect of the formation of the Trust and the initial offer of Units in the Sub Fund which may be amortised over such period or periods as the Manager may determine;

(ix) costs and expenses incurred in modifying this Deed and in respect of any agreement entered into by or in relation to the Trust from time to time.

(x) all costs incurred by the Trust in complying with statutory requirements imposed upon it;

(xi) any fees of any regulatory authority in a country or territory outside Ireland and, if applicable, any fees levied by the Authority;

(xii) the fees and expenses including overheads, administrative costs, expenses and commissions incurred by any distributor appointed to market and distribute the Units;

(xiii) all costs and expenses (including copyright expenses) incurred in relation to the marketing and promotion of the Trust and the sale of the Units;

(xiv) any amount payable under indemnity provisions contained in this Deed or any agreement with any appointee of the Manager;

(xv) all known liabilities including the amount of any unpaid dividends declared upon the Units or for the payment of moneys and other outstanding payments on Units previously repurchased;

(xvi) legal and other professional fees and expenses incurred in any proceedings instituted or defended to enforce, protect, safeguard, defend or recover the rights or assets of the Trust or any Sub Fund;

(xvii) any other costs or expenses payable but not paid which are expressly authorised by any of the provisions of this Deed to be payable out of the Fund and attributable to a Sub Fund;

(xviii) an appropriate allowance for any contingent liabilities; and

(xix) the amount of tax (if any) for withholding tax payable on any investments. (F) Estimated taxation

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There shall be taken into account such sum (if any) as in the estimate of the Manager will fail to be paid or reclaimed in respect of taxation related to income and transactions prior to or on the Relevant Dealing Day;

(G) Conversion of currencies

Any Value (whether of a liability or of an Investment, cash or other property) otherwise than in the Base Currency shall be converted into such currency at the rate (whether official or otherwise) which the Manager shall deem appropriate in the circumstances having regard to any premium or discount which may be relevant and to the costs of exchange;

(H) Treatment of dividends or interest not yet received

Where the current price of an Investment is quoted “ex” any dividend (including stock dividend) or interest or other rights to which the relevant Sub Fund is entitled but such dividend, interest or the property or cash to which such rights relate has not been received and is not taken into account under any other provisions of this Appendix, the amount of such dividend, interest, property or cash shall be taken into account; and

(I) Accrual of liabilities

Liabilities shall (where appropriate) be treated as accruing from day to day.