3.—(1) On the effective date the investment manager shall (notwithstanding that that date is not a valuation day) value the Gross Income Fund and the High Yield Fund in accordance with Schedule 1 to the Principal Scheme.
(2) The number of the additional HYF units shall be ascertained by dividing the GIF asset value by the HYF asset value and multiplying the resulting figure by the number of the existing HYF units.
(3) The multiplier shall be ascertained by dividing the number of the additional HYF units by the number of the existing GIF units.