Art. 97

(Art. 66 CISA)

1. Units may be issued at any time. This may only be effected in tranches.
2. The fund management company and SICAV shall specify at least:
   1. the planned number of new units to be issued;
   2. the planned subscription ratio for the existing investors;
   3. the issuing method for the subscription rights.
3. The valuation experts shall review the market value of each property in order to calculate the net asset value and determine the issue price.