S.L. 370.12 Art. 4Adoption of performance fees.

A performance fee may only be adopted on the basis that it is:

(a) fair and reasonable; in determining the reasonableness of such fee, consideration should be made to the other applicable fees to a scheme;

(b) easy to understand and calculate;

(c) clearly disclosed and explained to investors;

(d) paid at a reasonable frequency; and

(e) payable only in the form specified in regulation 5.