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5.8. Administration Fee

Pursuant to the Administration Agreement between each Investment Compartment and the Administrator, each Investment Compartment or the Manager is obliged to pay an annual fee for the administration services provided. 

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 by the Manager to the Administrator;

3.  Considered to be included in the Management Fee;

4.  The Administration fee will be accrued and calculated on each Valuation Day. 

5.  Further details in regards to the fee and any additional charges are further specified in the Administration Agreement and each Supplement.