The annual management fee which is payable to the Investment Manager in accordance with the Investment Management Agreement is calculated at a rate of 0.65% p.a. on the first GBP 250m of NAV and 0.60% p.a. on any amounts above GBP 250m. Management fees are calculated and paid monthly. The Investment Management Agreement is subject to an initial period of two years and thereafter is terminable by either party on notice period of six months or on shorter notice in certain circumstances, for example, a material breach of the agreement.The Board has agreed to allocate management fees and finance costs 65% to capital and 35% to revenue, reflecting the investment objective of the Company.