Under the terms of the Investment Management Agreement the Investment Manager is entitled to a fee of 1% p.a. of the lesser of the company.' NAV or Market Capitalisation. The management fee shall be calculated quarterly, based on the NAV of the company on the last Business Day of the relevant quarter. The management fee will be paid monthly in arrears. The Investment Management Agreement is subject to an initial period of four years and thereafter will continue until terminated at any time by either party giving to the other not less than 12 months.' written notice.