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5.3. Management Fee

The Manager is entitled to receive out of the assets of each Investment Compartment remuneration for the management services it provides as described in the relevant Supplements. The specific terms and conditions of the Management Fee shall be set in respect of each Investment Compartment in the relevant Supplement.

Unless otherwise set out in the relevant Supplement, the following costs and expenses are included in the Management Fee (and are therefore borne by the Manager): 

1.  the cost of personnel employed and/or hired by the Manager to the extent such personnel carries out the management activities to be performed by the Manager; 

2.  the costs of any and all publicity to be made by the Manager, including but not limited to advertising and the sending of brochures, for the purpose of creating investment opportunities on behalf of the Investment Compartments; 

3.  any and all office costs to be made by the Manager arising from or connected with the management activities to be carried out by the Manager, including but not limited to providing office space and equipment; and 

4.  travel and lodging expenses for managing directors and employees of the Manager and other personnel hired by the Manager to be made in connection with the management activities.

Unless otherwise determined in a Supplement the Management Fee is:

1.  A percentage calculated on Net Asset Value of the particular compartment;

2.  Payable monthly at the end of each month.

The management fee for each Investment Compartment is determined in the relevant Supplement.