PC NMS October 2012 clean version CSSF 3010 pour VISA FINAL

The Fund does not allow practices related to ‘ Late trading’.
Late trading” is to be understood as the acceptance of a subscription, switch or redemption order after the
cut-off time on the relevant valuation day and the execution of such an order at a price based on the net asset
value as set out under " Net Asset Value of Shares" applicable to orders received prior to the cut-off time.
The Fund considers that the practice of late trading is not acceptable as it violates the provisions of this
Prospectus which provide that an order received after the Valuation day deadline is dealt with a Subscription
or Redemption Price based on the Net Asset Value calculated on the next applicable Valuation day. As a result,
subscriptions, conversions and redemptions of Shares shall be dealt with an unknown Net Asset Value.
19. CONVERSION OF SHARES
Conversions of Shares are made on the basis of unknown price.
Any Shareholder may request the conversion of all or part of his Shares of one Sub-Fund into Shares of
another Sub-Fund or class, at a price equal to the respective net values of the Sharesof each Sub-Funds'
classes.
The Shareholder who wishes such a conversion of Shares shall make a written request by telex or by fax to the
Fund or to any other entity duly appointed by and acting in the name of the Fund, indicating the number, the
reference name, the class and Sub-Fund of the Shares to be converted.
The conversion shall be made without any fees for the Shareholder.
Except in the case of a suspension of the calculation of the net assets, the conversion shall be carried out on
the Valuation day, provided that the request is notified to the Fund at the latest one working day before the
Valuation day at 16.00 (Luxembourg time) and that the day is a Valuation day for both Sub-Funds concerned.
The number of Shares allocated in the new Sub-Fund or new class shall be established as follows:
A = B x C x D +/- XP
A number of Shares allotted in the new Sub-Fund (or share class);
B number of Shares presented for conversion in the original Sub-Fund’s class;
E
C net asset value, on the applicable Valuation day, of the Shares of the original Sub-Fund’s class
presented for conversion;
D eventual exchange rate applicable on the day of the operation between the currencies of the Shares of
the two Sub-Funds or classes;
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