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Section 3 Valuation of funds and ascertainment of number of additional units in Capital Fund

Original text. Later amendments are not shown.

(1)

On the effective date the investment manager shall (notwithstanding that that date is not a valuation day) value the High Yield Fund and the Capital Fund in accordance with Schedule 1 to the Principal Scheme.

(2)

The number of the additional CF units shall be ascertained by dividing the HYF asset value by the CF asset value and multiplying the resulting figure by the number of the existing CF units.

(3)

The multiplier shall be ascertained by dividing the number of the additional CF units by the number of the existing HYF units.