Our fee

The Company has appointed the Manager (a wholly owned subsidiary of Argo) to be its manager and agent and has entered into the Management Agreement with respect to establishing the authorisations which the Manager has been granted to manage the Company’s operations. A summary of the material terms of the Management Agreement are set out below.


Fees

Pursuant to the Management Agreement, the Manager is entitled to a management fee equal to:

• 1.20% (plus GST) on the Portfolio Value up to and including AUD500 million;

• 1.10% (plus GST) on the Portfolio Value above AUD500 million and up to and including AUD1 billion; and

• 1.00% (plus GST) on the Portfolio Value above AUD1 billion.

There will be no performance fee payable to the Manager.

The Manager is responsible for paying 50% of its Management Fee to the Portfolio Manager pursuant to the Portfolio Management Agreement.