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5.4. Performance Fee

The Manager, the Investment Advisors, the Investment Committee, their affiliates and/or third parties may be entitled to a Performance Fee to the performance realised by the underlying assets of each relevant Investment Compartment as specified in the relevant Supplement.

Unless otherwise determined in a Supplement the Performance Fee is:

1.  A percentage calculated on the Net Asset Value of the particular Investment Compartment which exceed the Hurdle Rate determined;

2.  Calculated and accrued annually; 

3.  Payable whenever there is the required cashflow;

4.  Accrued only if the Investment Compartment NAV exceeds the High Watermark of the Investment Compartment.

Details of the performance fee methodology, if different, is described in the Supplement of each Investment Compartment.