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On 21-Jun-10 Brevan Howard Capital Management LP replaced Brevan Howard Offshore Management as the Manager of the fund. The Manager will receive a monthly fee equivalent to 1/12 of 2% per annum of the Net Asset Value of each class of Shares. In addition, the Manager is entitled to receive an annual Performance fee equal to the aggregate of 20% of the appreciation in the NAV per share of that class during that calculation period which is above the base NAV per share of that class. The Manager will be paid an estimated performance on the last day of the calculation period. Within 15 business days following the end of the calculation period, any difference between the actual performance fee and the estimated amount will be paid to or refunded by the Manager, as appropriate. The Master Fund itself is not subject to performance fees. The Management Agreement may be terminated by either party giving 24 months' notice. The Administrator will be entitled to receive a fee of 0.015% of the average monthly Net Asset Value of the Company calculated as at the last valuation day in each month during the relevant quarter, subject to a minimum fee of £67,500 per annum payable quarterly in arrears.