Version date: 14 March 2018 - onwards
  Version 9 of 9    

iii. Valuation

1. The Qualifying Investor AIF shall specify, in its constitutional document, the rules for the valuation of its assets. These rules shall clearly and unambiguously define an expected method of valuation and shall set out a framework for variation from this method of valuation.

2. The Qualifying Investor AIF shall only purchase and sell assets at prices which are in conformity with the rules in the constitutional document.

3. The Qualifying Investor AIF shall, in its constitutional document, establish conditions for the creation and cancellation of units or for contributions and withdrawal of contributions of partners' capital, as appropriate.

4. The Qualifying Investor AIF shall only issue or sell its units at a price arrived at by dividing the net asset value of the Qualifying Investor AIF (calculated in accordance with the valuation rules required by paragraph 1 above) by the number of units outstanding; such price may be increased by duties and charges.

5. The Qualifying Investor A