Under the investment management agreement, the investment manager will receive a base management fee of 0.55% p.a. of the Groups NAV and reduced to 0.525% p.a. on asset between GBP 1.5bn and GBP 2bn and 0.5% of NAV in excess of GBP 2bn. The fees of any managing agents appointed by the investment manager are payable out of the management fee. The investment management agreement may be terminated by either party by giving not less than six months notice.