Common use of International Portfolio Realised Incentive Fee Clause in Contracts

International Portfolio Realised Incentive Fee. The Company shall pay to the Manager within 7 Business Days of receipt by the Company of a certificate from the International Portfolio Independent Valuer under clause 9.3.2, an incentive fee ("International Portfolio Realised Incentive Fee") on certain realised gains from the sale or other realisation of Non-New Zealand Portfolio Securities equal to "R" calculated in accordance with the following formula: R = P2 + FX2 + D2 – Z2 5 Where: P2 = Proceeds of Non-New Zealand Portfolio Securities received by the Company since the previous International Portfolio Valuation Date either by sale or other realisation (or, if there hasn't been an International Portfolio Valuation Date, the International Portfolio Commencement Date) ("Disposed Assets") after deduction of: (a) the actual costs of sale or other realisation; and (b) any capital gains or income tax (or the like) that will be payable upon such sale or other realisation; and addition of any International Portfolio Tax Benefits that will arise out of the payment of the such capital gains or income tax (or the like) FX2 = Net present amount (which may be a negative number) in New Zealand dollars realised on all foreign exchange contracts entered into by the Company for the purposes of hedging its foreign exchange exposure that were realised upon the sale or other realisation of the current Disposed Assets plus the net gain or loss suffered from any prior such contracts that have been closed out or valued as at the relevant date of realisation and that have not otherwise previously been taken into account when calculating an International Portfolio Incentive Fee D2 = Distributions and International Portfolio Tax Benefits (including arising from a sale or other realisation) received by, or becoming available to, the Company in respect of those Disposed Assets since the previous International Portfolio Valuation Date (or, if there hasn't been an International Portfolio Valuation Date, the International Portfolio Commencement Date) plus the Hurdle Rate of Return on such Distributions and International Portfolio Tax Benefits calculated on a daily basis from (and including) the relevant date of receipt by the Company to (but excluding) the relevant date of sale or other realisation by the Company and, where relevant, compounded at the end of each Financial Year Z2 = the greater of (PFV2 + H2) and C2 PFV2 = International Portfolio Fair Market Value of those Disposed Assets as at the previous International Portfolio Valuation Date or if no International Portfolio Fair Market Value has previously been determined, then PFV2 shall be C2 C2 = Cost Value of those Disposed Assets H2 = The Hurdle Rate of Return on each Disposed Asset calculated on a daily basis from (and including) the previous International Portfolio Valuation Date or, if later, the date of acquisition to (but excluding) the relevant date of sale or other realisation by the Company and, where relevant, compounded at the end of each Financial Year, Provided that if Z2 is greater than P2 + FX2 + D2, then R equals nil.

International Portfolio Realised Incentive Fee. The Company shall pay to the Manager within 7 Business Days of receipt by the Company of a certificate from the International Portfolio Independent Valuer under clause 9.3.2, an incentive fee ("International Portfolio Realised Incentive Fee") on certain realised gains from the sale or other realisation of Non-New Zealand Portfolio Securities equal to "R" calculated in accordance with the following formula: R = P2 + FX2 + D2 – Z2 5 Where: P2 = Proceeds of Non-New Zealand Portfolio Securities received by the Company since the previous International Portfolio Valuation Date either by sale or other realisation (or, if there hasn't been an International Portfolio Valuation Date, the International Portfolio Commencement Date) ("Disposed Assets") after deduction of: (a) the actual costs of sale or other realisation; and (b) any capital gains or income tax (or the like) that will be payable upon such sale or other realisation; and addition of any International Portfolio Tax Benefits that will arise out of the payment of the such capital gains or income tax (or the like) FX2 = Net present amount (which may be a negative number) in New Zealand dollars realised on all foreign exchange contracts entered into by the Company for the purposes of hedging its foreign exchange exposure that were realised upon the sale or other realisation of the current Disposed Assets plus the net gain or loss suffered from any prior such contracts that have been closed out or valued as at the relevant date of realisation and that have not otherwise previously been taken into account when calculating an International Portfolio Incentive Fee D2 = Distributions and International Portfolio Tax Benefits (including arising from a sale or other realisation) received by, or becoming available to, the Company in respect of those Disposed Assets since the previous International Portfolio Valuation Date (or, if there hasn't been an International Portfolio Valuation Date, the International Portfolio Commencement Date) plus the Hurdle Rate of Return on such Distributions and International Portfolio Tax Benefits calculated on a daily basis from (and including) the relevant date of receipt by the Company to (but excluding) the relevant date of sale or other realisation by the Company and, where relevant, compounded at the end of each Financial Year Z2 = the greater of (PFV2 + H2H2 ) and C2 PFV2 = International Portfolio Fair Market Value of those Disposed Assets as at the previous International Portfolio Valuation Date or if no International Portfolio Fair Market Value has previously been determined, then PFV2 shall be C2 C2 = Cost Value of those Disposed Assets H2 = The Hurdle Rate of Return on each Disposed Asset calculated on a daily basis from (and including) the previous International Portfolio Valuation Date or, if later, the date of acquisition to (but excluding) the relevant date of sale or other realisation by the Company and, where relevant, compounded at the end of each Financial Year, Provided that if Z2 is greater than P2 + FX2 + D2, then R equals nil., and the difference between nil and what "R" would have been but for this proviso (expressed as a positive number) is the “Negative Realised Fee Amount” and will be dealt with in accordance with clause 9.4A.

International Portfolio Realised Incentive Fee. The Company shall pay to the Manager within 7 Business Days of receipt by the Company of a certificate from the International Portfolio Independent Valuer under clause 9.3.2, an incentive fee ("International Portfolio Realised Incentive Fee") on certain realised gains from the sale or other realisation of Non-New Zealand Portfolio Securities equal to "R" calculated in accordance with the following formula: R = P2 + FX2 + D2 – Z2 5 Where: P2 = Proceeds of Non-New Zealand Portfolio Securities received by the Company since the previous International Portfolio Valuation Date either by sale or other realisation (or, if there hasn't been an International Portfolio Valuation Date, the International Portfolio Commencement Date) ("Disposed Assets") after deduction of: (a) the actual costs of sale or other realisation; and (b) any capital gains or income tax (or the like) that will be payable upon such sale or other realisation; and addition of any International Portfolio Tax Benefits that will arise out of the payment of the such capital gains or income tax (or the like) FX2 = Net present amount (which may be a negative number) in New Zealand dollars realised on all foreign exchange contracts entered into by the Company for the purposes of hedging its foreign exchange exposure that were realised upon the sale or other realisation of the current Disposed Assets plus the net gain or loss suffered from any prior such contracts that have been closed out or valued as at the relevant date of realisation and that have not otherwise previously been taken into account when calculating an International Portfolio Incentive Fee D2 = Distributions and International Portfolio Tax Benefits (including arising from a sale or other realisation) received by, or becoming available to, the Company in respect of those Disposed Assets since the previous International Portfolio Valuation Date (or, if there hasn't been an International Portfolio Valuation Date, the International Portfolio Commencement Date) plus the Hurdle Rate of Return on such Distributions and International Portfolio Tax Benefits calculated on a daily basis from (and including) the relevant date of receipt by the Company to (but excluding) the relevant date of sale or other realisation by the Company and, where relevant, compounded at the end of each Financial Year Z2 = the greater of (PFV2 + H2) and C2 H2 PFV2 = International Portfolio Fair Market Value of those Disposed Assets as at the previous International Portfolio Valuation Date or if no International Portfolio Fair Market Value has previously been determined, then PFV2 shall be C2 C2 = Cost Value of those Disposed Assets H2 = The Hurdle Rate of Return on each Disposed Asset calculated on a daily basis from (and including) the previous International Portfolio Valuation Date or, if later, the date of acquisition to (but excluding) the relevant date of sale or other realisation by the Company and, where relevant, compounded at the end of each Financial Year, Provided that if Z2 is greater than P2 + FX2 + D2, then R equals nil., and the difference between nil and what "R" would have been but for this proviso (expressed as a positive number) is the “Negative Realised Fee Amount” and will be dealt with in accordance with clause 9.4A.