Financial assets and liabilities such as debt obligations are generally measured at amortised cost, taking into account any impairment when applicable.

Under IAS11, construction contracts for third parties are normally accounted for based on the stage of completion.

Set-up costs (i.e. establishment expenses) are charged immediately to income after the initial closing date.

Under the Fair Value model, acquisition expenses of investments under the fair value assumptions according to IFRS may be partly charged to income or equity as fair value changes at the first subsequent measurement date after acquisition.

A liability represents a present obligation.

This adjustment represents the positive impact on NAV of the possible reduction of transfer taxes and purchaser’s costs for the seller based on the expected sale via the sale of shares.

Under IFRS, deferred tax (assets and liabilities) is measured at the nominal statutory tax rate. How the Fund expects to settle deferred tax is not taken into consideration.

The adjustment represents the positive impact on the NAV of the partial or full reversal of the negative equity of the specific subsidiary. If the vehicle has granted shareholder loans to the subsidiary, these should be taken into account.

Upon the acquisition of an entity that is determined to be a business combination, goodwill may arise as a result of a purchase price allocation exercise.

This adjustment represents the impact on the NAV of the recognition of non-controlling interests on all of the above adjustments.