Fees and Expenses
| Entry Fee 1 | Nil |
| Exit Fee 1 2 | Nil An early redemption fee of 5% applies if you withdraw your investment during the first 12 months. The fee is retained within the Fund |
| Investment Management Fee | Nil |
| Performance Fee 1 2 | 25% of the amount by which the Net Asset Value increases above the High-Water Mark. The fee will be calculated and charged monthly in arrears (when payable). Any negative performance must be recouped before the Manager is entitled to a further performance fee. |
| Other expenses 1 | Operating expenses of the fund itself can be paid directly from the fund. Where the Manager pays these costs on behalf of the fund it is entitled to be reimbursed from the Fund. |
| Buy/Sell spread3 | +/- 0.25% |
1 For further information on these fees please refer to Section 6 – Fees and Expenses of the Information Memorandum.
2 All figures shown include the Net effect of GST (i.e. they allow for an estimate of reduced input tax credits – RITCs – refer section 7 - Additional Information – Taxation of the Information Memorandum).
3 When you invest or withdraw funds the price you pay/receive for a Unit is adjusted by this buy/sell spread to recover the transaction costs of buying and selling underlying investments in the fund. This is not a fee to the Manager, it is to ensure that existing Unit Holders are not disadvantaged by other Unit Holders buying or selling Units – refer section 7 - Additional Information – Valuation of Units of the Information Memorandum
