Currently, the maximum aggregate amount that will be charged to the Funds to cover the Responsible Entity’s fee, the Investment Manager’s fee and ordinary ongoing expenses incurred in the connection with the administration and operation of the Fund such as custodian fees, administration and audit fees, and other ordinary expenses of operating the Fund (but not including transaction costs, performance fees or extraordinary expenses) will be not more than 1.35%, including GST, of the gross assets of the Fund.
The Investment Manager of the Fund may be entitled to a performance fee, payable out of the assets of the Fund. Performance fees are calculated with reference to the Index Return Hurdle and the Absolute Return Hurdle, and are subject to a High Water Mark requirement and an overall cap. The daily net asset value (NAV) per unit includes an accrual for an estimate of the performance fee that would be payable if it were the end of the relevant calculation period. The Index Return for the Fund is, the return (expressed as a percentage) of the MSCI Asia ex Japan Net Total Return Index (measured in US dollars and converted to Australian dollars) over the Calculation Period. The applicable Absolute Return Hurdle is the published 10-year US Government Bond yield as at the first Business Day of the Calculation Period, pro-rated for the number of days in the Calculation Period.