MMGFS will calculate the manager’s commission in the different ways permitted. These commissions may be calculated according to the gross or net value of the assets held in the fund at the beginning, on average or as final value.

In some cases, the management commission may also be calculated according to the net value of the assets and may even exclude certain specific assets of the same.

This calculation may be made up of various elements to determine the value of the commission payable, excluding certain specific assets in some cases, and establishing at the same time a minimum charge for the period.