AIM Report 2019

Industry analysis / Fees and charges 56 57 FEES AND CHARGES WHAT ARE THE COSTS OF AIM-BASED TAX EFFICIENT OFFERS? % OF OPEN OFFERS THAT CHARGE EACH FEE OPEN OFFERS CHARGES (%) NEW OFFERS CHARGES (%) HISTORICAL OFFERS CHARGES (%) AVG MIN MEDIAN MAX Initial Charge (total) 2.32 0.00 2.50 6.00 To investor 2.20 0.00 2.50 3.50 To investee company 0.13 0.00 0.00 3.00 Initial Deal Fee (total) 0.08 0.00 0.00 1.00 To investor 0.09 0.00 0.00 1.00 To investee company 0.09 0.00 0.00 1.00 AMC (total) 1.41 0.00 1.50 2.00 To investor 1.41 0.00 1.50 2.00 To investee company 0.00 0.00 0.00 0.00 Annual Admin Fee 0.02 0.00 0.00 0.50 To investor 0.02 0.00 0.00 0.50 To investee company 0.00 0.00 0.00 0.00 Exit Performance Fee 2.50 0.00 0.00 20.00 Exit Deal Fee 0.08 0.00 0.00 1.00 AVG MIN MEDIAN MAX Initial Charge (total) 0.55 0.00 0.00 2.50 To investor 0.57 0.00 0.00 2.50 To investee company 0.00 0.00 0.00 0.00 Initial Deal Fee (total) 0.32 0.00 0.00 1.00 To investor 0.43 0.00 0.00 1.00 To investee company 0.00 0.00 0.00 0.00 AMC (total) 1.31 0.75 1.25 2.00 To investor 1.31 0.75 1.25 2.00 To investee company 0.00 0.00 0.00 0.00 Annual Admin Fee 0.02 0.00 0.00 0.30 To investor 0.02 0.00 0.00 0.30 To investee company 0.00 0.00 0.00 0.00 Exit Performance Fee 0.63 0.00 0.00 20.00 Exit Deal Fee 0.44 0.00 0.00 1.00 AVG MIN MEDIAN MAX Initial Charge (total) 3.00 2.50 3.00 3.50 To investor 2.20 0.00 2.50 3.50 To investee company 0.13 0.00 0.00 3.00 Initial Deal Fee (total) 0.00 0.00 0.00 0.00 To investor 0.00 0.00 0.00 0.00 To investee company 0.00 0.00 0.00 0.00 AMC (total) 1.24 0.00 1.60 1.75 To investor 1.65 1.50 1.70 1.75 To investee company 0.00 0.00 0.00 0.00 Annual Admin Fee 0.00 0.00 0.00 0.00 To investor 0.00 0.00 0.00 0.00 To investee company 0.00 0.00 0.00 0.00 Exit Performance Fee 0.00 0.00 0.00 0.00 Exit Deal Fee 0.00 0.00 0.00 0.00 % of total ofers (open & historic) Total Initial Charge 39% 62% Total Initial Deal Fee 36% 22% AMC 100% 95% Annual Performance Fee 3% 19% Annual Performance Hurdle 3% 19% Exit Performance Fee 3% 6% Exit Performance Hurdle 3% 6% Exit Deal Fee 36% 22% Total Annual Admin Fee 6% 5% Exit performance fee is more prevalent in historical offers Initial charges are less common in current open offers than historical or new offers AMC remains by far the most popular of the fees applied by managers