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Total Returns on £1000 over
Discrete performance % over
Discrete performance over
Management fee equal to 0.5% of Adjusted Net Assets (reducing to 0.45% for Adjusted Net Assets over £ 150m and up to £ 250m, and reducing further to 0.40% for Adjusted Net Assets over £ 250m ). Contract terminable on 12 months' notice. Performance fee is based on the outperformance of the NAV over the total return on the Benchmark Index in an accounting period. Any performance fee payable will equal the time weighted average number of Ords in issue during the period multiplied by 15% of the amount by which the increase in the NAV (plus any dividend payable) exceeds the greater of three high water marks, i) the NAV on the last business day of the previous accounting period; ii) the NAV on the last day of a period in respect of which a performance fee was last paid; and iii) in each case the high water mark being increased or decreased by the percentage by which the Benchmark increases or decreases during the relevant calculation period. The total amount of management fee payable together with any performance fee payable in respect of one accounting period is limited to 2% of the Net Assets of the Company on the relevant calculation date.