The managers are entitled to receive a fee p.a. of 0.55% on the first GBP 350m, 0.45% from GBP 350m to GBP 450m of net assets and 0.25% on net assets in excess of GBP 450m, calculated and paid monthly. Agreement may be terminated by either party on 3 months' notice. A secretarial fee of GBP 75,000 p.a. is also payable, which is chargeable 100% to revenue.