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Polar Capital is appointed as the investment manager. The appointment may be terminable on twelve months' notice to be served (absent breach) no earlier than the second anniversary of flotation. The management fee will be at the rate of 0.85% p.a. of the lower of the Company's NAV and market capitalisation (including ordinary and subscription shares). Initial expected TER to be no more than 1.25%. The Manager may be entitled to a performance fee. The performance fee will be paid in cash at the end of the Company's fixed life (except in the case of an earlier termination of the Management Agreement) and will be an amount equal to 10% of excess return (based on the Adjusted NAV per Ord at that time) over the performance fee hurdle. The performance fee hurdle will be the sum of: (i) 100p; as increased by (ii) the percentage growth in the Benchmark Index plus 1.25p p.a. over the period from the day following Admission to the date on which it is resolved to wind up the affairs of the Company.