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Annual Remuneration: 0.595% (Value-Added Tax included)

Operating Expenses: Up to 0.08% annually on the net equity of the fund.

The Fund, in conformity with applicable regulations, will be governed by the tax laws of the countries in which it will invest. Therefore, if gains on investments made by the Fund are taxable, these taxes will be paid by the Fund and not by the Administrator. These tax expenses, because of their nature and characteristics, are not limited to a maximum percentage of the net equity of the fund.

The maximum annual percentage of the operating expenses will be 0.08% on net equity and will strictly refer to the following:

a) Commissions and expenses, related to brokerage and custody services, incurred by the Fund in the domestic market;

b) Audit processes, legal publications, risk classifications, maintenance and purchase and/or leasing of software, and legal consulting services required to operate the Fund;

c) Fund share trading costs, approval fees, registration of the Bylaws of the Fund in the Securities and Insurance Exchange Supervising Authority or any other government agency;

d) Interest, commissions, taxes and other financial costs of credits obtained by the Fund, in conformity with paragraph C. Borrowing Policy, in these Bylaws;

e) Expenses incurred for outsourced services, pursuant to letter f) of letter G of these Bylaws; and

f) Commissions, stock-exchange fees, hiring a market maker and other expenses incurred due to purchasing and selling of stocks in the domestic market.

These expenses will be accrued on a daily basis and will be distributed in such a way that all Fund Shareholders will equitably contribute to pay them.