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Manager Base Fee

The Base Fee is calculated as follows: where the Net Investment Value (“NIV”) of GIL is less than or equal to $1.5 billion, 1.0% per annum of the NIV; and where the NIV is greater than $1.5 billion, 1.0% per annum of the NIV up to and including $1.5 billion and 1.5% on the NIV in excess of $1.5 billion.

Manager Incentive Fee

The Incentive Fee shall only first become payable if, at any time after the Commencement Date, the Share Value exceeds the Threshold Amount, in which case the Incentive Fee shall be calculated as an amount equal to 20% of the amount by which the Share Value exceeds the Threshold Amount, and multiplied by the ANIF.

Thereafter, the Incentive Fee (if any) shall be calculated Half Yearly in arrear and payable by the Company to SICIM if the value of (Share Return – Benchmark Return – Deficit carried forward from previous periods) is greater than zero, in which case the Incentive Fee shall be an amount equal to 20% of any excess Share Return over the Benchmark Return for the Half Year after recovering any Deficit carried forward from previous periods

For more details on Fee Payable by GIL, please refer to GIL’s Shareholders Circular dated 1 April 2016, which can be downloaded by clicking here.