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7. (A) Trustee Fee and Management Fee

(1) The Manager and the Trustee shall, in addition to any other amounts which they are respectively entitled to receive or retain for their own respective use and benefit under this Deed, be entitled to receive for their own respective accounts out of each Sub-Fund as soon as practicable after the last Dealing Day of the relevant Sub- Fund in each month in each year (until upon determination of the Trust the final distribution shall have been made pursuant to Clause 9) the amount of Management Fee or Trustee Fee (as the case may be) accrued and remaining unpaid as disclosed in the Prospectus.

(2) The Management Fee and the Trustee Fee shall accrue on each Dealing Day of the relevant Sub-Fund in respect of the period since (and excluding) the Commencement Date or (if later) the last preceding Dealing Day of such Sub-Fund up to (and including) such Dealing Day and the amount accruing on any particular Dealing Day ("the relevant day") shall be such amount or (as the case may be) aggregate amount together with any VAT payable thereon as is produced by applying, in relation to the Net Asset Value of each Sub-Fund or (as the case may be) each part thereof, the following formula:-

a x b x c

d where:-

a = 1 plus such number of days (if any) as intervened between the relevant day and such immediately preceding Dealing Day or (in the case of the first Dealing Day of the relevant class of Units) the Commencement Date;

b = the appropriate percentage;

c = the Net Asset Value of the relevant Sub-Fund as at the relevant day or (as the case may be) the relevant part thereof in accordance with paragraph (3)(b); and

d = 365 (or 366 in the case of a leap year)

provided that, if on the relevant day any Sub-Fund includes any unit or share of any collective investment scheme managed by the Manager or any Connected Person of the Manager (a "connected fund"), the amount of Management Fee which would otherwise accrue on the relevant day shall be reduced by an amount in respect of each interest of the relevant Sub-Fund in any connected fund equal to the Management Fee which would notionally accrue on the relevant day on the Value of the units or shares of such connected fund held by the relevant Sub-Fund if such notional Management Fee were calculated at the same rate per annum as that at which the management fee payable to the manager of such connected fund is accruing in respect of the period in which the relevant day falls or (if lower) a rate per annum equal to the appropriate percentage.

(3) The appropriate percentage shall be:-

(a) in the case of the Manager, such percentage(s) as shall be specified in the Prospectus or relevant supplement but not exceeding 2 per cent. in the case of the Existing Programmes and in the case of the New Programmes an amount not exceeding 3 per cent. or in either case such higher percentage as may be fixed by an Extraordinary Resolution or such other percentage as may be fixed by deed supplemental hereto sanctioned by an Extraordinary

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Resolution, provided that the Manager may from time to time by notice in writing to the Trustee fix as the appropriate percentage some smaller percentage than that hereinbefore provided, in which event and for such period as may be specified in such notice (or if no period is so specified then until further notice in writing shall be given to the Trustee, and not less than three months' notice in writing shall be given to the Holders' cancelling the previous notice) such smaller percentage shall be the appropriate percentage but any such notice shall be ipso facto cancelled upon the Manager who gave such notice in writing as aforesaid ceasing to be the Manager. For the avoidance of doubt, any change in the fees payable to the Manager as set out in the relevant Investment and the Prospectus or relevant supplement up to a maximum limit of 2 per cent. or 3 per cent. as the case may be will not require the approval of the Unitholders by means of an Extraordinary Resolution; and

(b) in the case of the Trustee, such percentage(s) as shall if paid out of the Fund of the relevant Sub-Fund be specified in the Prospectus when first issued but not exceeding 0.25 per cent. or such higher percentage as may be fixed by an Extraordinary Resolution or such other percentage as may be fixed by deed supplemental hereto sanctioned by an Extraordinary Resolution, provided that the Trustee may from time to time by notice in writing to the Manager fix as the appropriate percentage some smaller percentage than that hereinbefore provided, in which event and for such period as may be specified in such notice (or if no period is so specified then until further notice in writing shall be given to the Manager, and not less than three months' notice in writing shall be given to the Holders, cancelling the previous notice) such smaller percentage shall be the appropriate percentage but any such notice shall be ipso facto cancelled upon the Trustee who gave such notice in writing as aforesaid ceasing to be the Trustee. In addition the Trustee may from time to time with agreement of the Manager receive certain transaction fees in relation to transactions involving the assets of any Sub-Fund.

(c) Subject to aggregate appropriate percentages not being exceeded, the Prospectus may provide that the fees of the Trustee and any sub-custodian shall be paid out of the Manager’s fees.

(B) Charges against Fund Without prejudice to any other charges, fees, expenses or liabilities authorised by this Deed to be charged against Holders or against the Fund there shall be payable out of the Fund and attributed to each Sub-Fund (together with VAT thereon where applicable)

(1) all fees and expenses incurred by or on behalf of the Manager and/or the Trustee in connection with the establishment of the Trust and the marketing of Units including obtaining of authorisation of any authority, regulatory body or stock exchange, the appointment of a legal representative in Switzerland or any other jurisdiction which may be allocated by the Trustee to each Sub- Fund pro rata to the Net Asset Value of each Sub-Fund;

(2) all fees paid by the Manager to the Authority or any other regulator in any jurisdiction in connection with or arising out of the Trust and/or its authorisation pursuant to the Regulations;

(3) all stamp and other duties, taxes, governmental charges, brokerages, commissions, exchange costs and commissions, bank charges, such transactional fees of the Trustee as may be agreed by the Manager in relation to transactions involving the whole or any part of a Sub-Fund, transfer fees and expenses, registration fees and expenses, custodian, sub- custodian and proxy fees and expenses, warehousing and storage fees and

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expenses, collection fees and expenses, insurance and security costs, paying agency or conversion agency fees and expenses in relation to any part of a Sub-Fund and any other costs, charges and expenses payable in respect of the acquisition, holding and realisation of any Investments or other property or any cash, deposit or loan as aforesaid (including the claiming or collection of income or other rights in respect thereof and including any fees or expenses charged or incurred by the Trustee or the Manager or any Connected Person of either of them in the event of the Trustee or the Manager or any such Connected Person rendering services or effecting transactions giving rise to such fees or expenses);

(4) the fees and expenses of the Auditors;

(5) the expenses of the Registrar and any investment manager or investment adviser;

(6) expenses in connection with the management and trusteeship of the Trust authorised by this Deed to be payable out of a relevant Sub-Fund;

(7) expenses incurred by the Trustee wholly and exclusively in the performance of its duties hereunder including all outlay and expenses incurred by any custodian/sub-custodian appointed by the Trustee;

(8) all legal fees of the Manager, other expenses incurred by the Manager wholly and exclusively in the performance of its duties hereunder including all outlay and expenses and outlay incurred by the Administrative Manager and/or Registrar appointed by the Manager;

(9) all professional fees relating to the agreeing and/or contesting of taxation liabilities or recoveries to be discharged out of or paid into the Fund;

(10) the expenses incurred by the Manager and the Trustee in obtaining and/or maintaining the listing of Units (or any of them) on any stock exchange or market and/or the authorisation or other official approval or sanction of the Fund or any Sub-Fund under the Regulations or any other law or regulation in any part of the world;

(11) all costs, charges, fees and expenses necessarily incurred in the preparation of any deed supplemental to this Deed and all costs incurred in respect of the publication of the Net Asset Value per Unit, the Issue Price and/or the Realisation Price in such newspaper or newspapers as the Manager may from time to time think fit;

(12) without prejudice to the generality of the foregoing, all costs of preparing, translating into any language, printing and distributing any prospectuses or other sales or marketing literature in relation to the Trust, all statements, accounts, reports and notices pursuant to the provisions of or otherwise in connection with this Deed and of convening and holding meetings of Holders and all other costs and expenses deemed by the Manager, after consulting the Auditors, to have been incurred in compliance with, or connection with any change in or introduction of, any law, regulation or requirement (whether or not having the force of law) of any governmental or other regulatory authority or any undertaking given to, or agreement entered into with, any such authority.

(C) Charge of Trustee Fee and Management Fee against income or capital The Management Fee, the Trustee Fee or any costs, charges, fees or expenses (including, without limitation, any interest and expenses referred to in Clause 5(E))

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that may be charged against the relevant Sub-Fund shall be charged first against income and then against capital.

(D) Amortisation of charges and expenses The Manager shall be entitled to determine in relation to any costs, charges, fees and expenses that may be charged against a Sub-Fund that the same shall be amortised over such period as it thinks fit (which shall not exceed five years).

(E) Common expenses Where any costs, charges, fees and expenses relate to matters common to more than one Sub-Fund the Trustee or the Manager (with the Trustee's approval) shall be entitled to apportion such costs, charges, fees and expenses among the Sub-Funds in such manner as may appear to the Trustee or Manager (with the Trustee's approval) to be equitable.

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