What are the ongoing fees payable by Spark Infrastructure?
• A base fee is payable to the Manager, quarterly in arrears, calculated as a percentage of enterprise value. The fee is 0.5% per annum up to $2.443 billion and 1.0% per annum of any amount by which enterprise value exceeds $2.443 billion. In return, the Manager performs various services listed in “What is the Manager’s role?” below. • Spark Infrastructure must also bear all expenses normally associated with a listed stapled entity with a diverse range of investors and investments such as securities exchange listing fees, directors’ fees, share registry fees, audit, annual report and compliance. • The Manager may also be entitled to a performance fee which is payable when the actual return exceeds benchmark return. The performance fee may be satisfied by issue of stapled securities. • If the return is less than the benchmark return in any period, the amount of deficit is carried forward and taken into account in calculating whether the return exceeds benchmark return for subsequent per
