Fees and Expenses
The Investment Manager will receive from the Segregated Portfolio a management fee ("Management Fee") in respect of each Participating Share equal to 1.5% per annum of the Net Asset Value per Participating Share (before deduction of that month's Management Fee and before deduction for any accured Performance Fees) as at each Valuation Date, payable monthly in arrears.
The Investment Manager, in its absolute discretion, reserves the right to waive or reduce Management Fee either generally or in particular case.
The Investment Manager will also be entitled to receive from the Segragated Portfolio a performance fee in respect of each participating share the performance fee will generally be calculated on a share-by-share basis so that each Participating Share is chareged a Performance Fee which equates precisely with that Participating Share's performance. This method of calculation in intended to ensure so far that (i) any performance fee paid to the Investment Manager is charged only to those Participating Shares which have appreciated in value, (ii) all holders of Participating Shares have the same amount per Participating Share at risk, and (iii) all Participating Shares have the same Net Asset Value as other Participating Shares within the same series of the class.
In respect of each Participating Share, the Performance Fee will be calculated and payable monthly in arrears (the "Calculation Period") at the rate of 20% of the increase in the Net Asset Value per Participating Share during each Calculation Period above the High Watermark per Participating Share in respect of that Calculation Period.
The Investment Manager, in its absolute discretion, reserves the right to waive or reduce the Performance Fee either generally or in any particular case.
A subscription charge at a rate of up to 5 % of the amount subscribed is also generally payable and if payable will be deducted from the subscription monies and the net amount will be used to subscribe for Participating Shares at the Net Asset Value per Participating Share. The subscription charge may be waived in whole or in part by the Investment Manager at its absolute discretion, either generally or in any particular case, and, unless waived, will be paid to a distributor or to third parties.
No redemption fee will be payable on Participating Shares.
Directors fees and expenses will be born by the Segregated Portfolio.
Administration and Custodian/Prime Brokerage Fees
The Segregated Portfolio will pay the Administrator and the Custodian/Prime Broker customary fees in exchange for their services.