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Absolute return from a portfolio of equity and equity related securities of both UK companies and non-UK companies.
Jupiter Asset Management will receive a management fee of 0.75% p.a. of Total Assets, payable quarterly in arrears. They may also become entitled to a performance related fee if the Adjusted Total Assets, at the end of the accounting period, have increased over the greatest of the following three high water marks: i) the Equity Proceeds; ii) TA at the end of the last financial period when a performance fee was paid; and iii) 1.10 multiplied by TA at the end of the previous accounting period. Performance fee will then be calculated at 15% of any such excess. The combined amount of any management and performance fees payable in respect of any 12 month period will not exceed 5% of Total Assets. The management agreement is terminable on 12 months notice by either party. The Administrator is entitled to an initial fee of GBP75,000 p.a., which will be adjusted in line with the Consumer Prices Index.