Fees & Dividends

Fees

A management fee of 1.5% of NAV is payable on the fund. In addition, 20% of all profits, paid only after investors have received cash distributions equal to the issue price and have achieved a realised (cash-paid) IRR equal to the Hurdle Rate, with an 100% catch up to the Investment Manager until the Investment Manager has received 20% of all profits distributed 20% Investment Manager / 80% Investor split thereafter.

Dividends

The Company will pay out, in respect of each class of Shares, all net income received on investments of the Company attributable to such class of Shares, as appropriate. It is not anticipated that the net income on the portfolio will be material and therefore any dividends may be on an ad-hoc basis. It is a requirement of an exception to the United Kingdom offshore fund rules that all income from the Company’s Portfolio (after deduction of reasonable expenses) is to be paid to investors. This dividend policy should ensure that this requirement will be met. The exact amount of such dividend in respect of any class of Shares will be variable depending on the amounts of income received by the Company attributable to such class of Shares and will only be made available in accordance with applicable law at the relevant time, including the Companies Law (and, in particular, will be subject to the Company passing the solvency test contained in the Companies Law at the relevant time). Furthermore, the amount of dividends paid in respect of one class of Shares may be different from that of another class.