Management Fee of one-half (½) of 2% of the Net Asset Value of the Portfolio on the first Business Day of January and July each year. This fee is based on the NAV before deducting the Management Fee and Performance Fee for that specific six-month period, as of the last Valuation Day.

If the Investment Manager is not serving as the Investment Manager for the entire six-month period, the Management Fee will be prorated to reflect the portion of the period in which the Investment Manager was active.

The Management Fee will be paid semi-annually in arrears and will be denominated in US Dollars.

The Management Fee will be paid to the Investment Manager approximately 20 Business Days after the Valuation Day.

The Investment Manager is entitled to a Performance Fee calculated on a share-by-share basis to ensure fairness. This means that each Participating Share is charged a Performance Fee that is proportional to its individual performance.

The Performance Fee is only charged to Participating Shares that have appreciated in value above the High Water Mark (subject to the Hurdle).

All holders of Participating Shares of the same Class have the same amount of capital per Participating Share at risk in the Portfolio.

All Participating Shares of the same Class have the same Net Asset Value per Share.

For an appreciation in Net Asset Value per Share of 20% to 50% during the Calculation Period above the High Water Mark, the Performance Fee payable to the Investment Manager will be 20% of the Appreciation.

For an appreciation exceeding 50% during the Calculation Period above the High Water Mark, the Performance Fee payable to the Investment Manager will be 50% of the Excess Appreciation.

The estimated costs and expenses associated with establishing the Portfolio amount to approximately US$12,000.

These costs cover various aspects, including the pro rata share of the Company's establishment costs, expenses related to negotiating and preparing contracts on behalf of the Portfolio, and fees of professional advisers.

The initial establishment costs will be amortized on a straight-line basis over a period of 24 months from the initial issue of Participating Shares attributable to the Portfolio. However, the Directors have the flexibility to shorten this amortization period if deemed necessary.