The Manager is entitled to receive a fee at the annual rate of 2.0% to the first USD 1.25bn of the NAV but shall reduce to 1.75% p.a. for NAV between USD 1.25bn and USD 1.5bn and further reduce to 1.50% p.a. for NAV above USD 1.5bn. The base fee is payable monthly in arrears and shall not be entitled to a performance fee. The contract is terminable on 24 months notice.