The Performance Fee is automatically calculated and deducted from your investment profits at the conclusion of each billing period. If you choose to redeem your investment before the billing period ends, the Performance Fee will be deducted immediately upon withdrawal. However, it's important to note that the Fund Manager receives this fee only at the end of the regular billing period, not at the time of your early withdrawal.

Under the High Water Mark fee calculation, no new Performance Fee is charged until the investment recovers and generates net new profit above the previous highest value. This rule is intended to avoid charging the same profit twice under the published formula; it does not protect the investment from loss or guarantee a particular result.