The annual management fee is 2% of NAV, along with an administration fee of GBP50,000 p.a. . The Manager is entitled to charge an incentive fee. The performance hurdle is equal to the greater of the Starting NAV of 20% per share, increased by the increase in RPI plus 2% p.a. and the highest Total Return for any earlier period after the Start Date. An annual fee of an amount equal to 15% of any excess of the Total Return as at the end of the relevant accounting period over the performance hurdle will be due to the Manager. The Agreement can be terminated by either party on 12 months notice and is subject to earlier termination in the event of certain breaches or on the insolvency of either party.