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Notwithstanding the powers conferred upon the Board of Directors in the above
paragraph, the general meeting of shareholders of one or all share classes issued in a
subfund may decide, acting on a proposal of the Board of Directors, to redeem all
shares of the corresponding share class and pay out to the investors the net asset value
of the shares on the valuation day on which such decision enters into force (while
taking into account the actual prices achieved and the necessary costs of disposal of the
assets).
At this general meeting, there is no minimum number of shareholders necessary to
form a quorum. The decision is reached with a simple majority of the shares present
or represented at this meeting.
Assets that cannot be paid out to the corresponding authorised persons after the
redemption is carried out are deposited with the Custodian for the duration of the
liquidation period. After this time, the assets are transferred to the Caisse de
Consignation on behalf of the authorised persons.
All redeemed shares will be cancelled.
Under the circumstances specified in paragraph 1 of this Article, the Board of
Directors may also decide to merge the assets of a subfund into another subfund of the
Company, into another undertaking for collective investment under Luxembourg law
that is subject to the provision of Part I of the Law of 20 December 2002, or into
another subfund of such an undertaking for collective investment (hereinafter referred
to as "new subfund") and to rename the shares in the affected subfund as shares in the
other subfund (if required after a split or a merger and payment to investors for any
differences for fractional shares).
This decision will be published as explained in the first paragraph of this Article one
month before it enters into force (this publication includes additional information on
the new subfund) to allow investors to redeem or convert their shares without charge
during this period.
Notwithstanding the powers of the Board of Directors described above, the general
meeting of shareholders of the share class(es) issued in a subfund may decide to merge
the assets and liabilities of the share class into another subfund of the Company or in
another share class of the same subfund.
There are no quorum requirements for this action, and the merger may be decided
upon by a simple majority of the shares present or represented at the meeting.
The merger of the assets and liabilities of a subfund or of share classes of a subfund
into another undertaking for collective investment in accordance with paragraph 5 of
this Article or into another subfund of such an undertaking for collective investment
requires the decision of the holders of the shares in the subfund or the affected share
class(es) of the respective subfund, with a quorum of at least 50% of the shares issued
within the subfund or the affected share class(es) of the subfund and at least a
two-thirds majority of the shares present or represented at the meeting.
If such a merger takes place with an undertaking for collective investment under
Luxembourg law which is characterised as an investment fund ("fonds commun de
placement") or with an undertaking for collective investment under foreign law, the
decisions of the general meeting of shareholders is only binding on the investors who
voted in favour of the merger.
Art. 25. Financial Year. The financial year of the Company commences on 1 October
each year and terminates on 30 September of the following year.
NEUTROV - D05 pagina 26 di 65 stampata in data: 17/04/2008 **/**/****
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