AHL Partners LLP

ITEM 5: FEES AND COMPENSATION

A fee schedule is omitted because this Brochure is being delivered only to qualified purchasers, as
defined in section 2(a)(51)(A) of the Investment Company Act.

AHL Partners LLP does not maintain a basic fee schedule. The following is a general overview
of the types of fees AHL Partners LLP charges its clients:

A.      Advisory Fees and Compensation

AHL Partners LLP does not have a standardized fee schedule. For those private funds as disclosed
herein AHL Partners LLP generally receives an annual management fee of up to 2% of a Fund's
assets under management, payable monthly in arrears. AHL Partners LLP may receive incentive
or performance-based compensation generally up to 20% of net profits, realized and unrealized and
in some cases subject to a “high water mark”, generally payable annually in arrears. As applicable,
AHL Partners LLP performance-based compensation complies with SEC Rule 205-3 under the
Investment Advisers Act of 1940 (the “Advisers Act”). Fees charged to the Funds are fully
described in the respective Funds’ governing documents.

Affiliated exchange traded funds (“ETFs”) pay a unitary advisory fee to AHL’s affiliate which
serves as the investment adviser to cover all expenses of the ETF including AHL’s management fee,
but excluding interest expenses, acquired fund fees and expenses, taxes, trading fees, brokerage
expenses, distribution fees or expenses (if any), litigation expenses and other non-routine or
extraordinary expenses, as further described in the ETF’s Prospectus and Statement of Additional
Information.

Certain UCITS funds pay an administration fee to the non-US based manager of the UCITS funds
which is an affiliate of AHL Partners LLP of up to 0.30% per annum of average net asset value
payable monthly in arrears. The administration fee is used to pay the services of the administrator
and administrative services of the manager as further described in the UCITS funds’ prospectus.

Certain Funds also charge their investors a services management fee on a monthly basis which
generally ranges from .06% to .15% per annum of the Fund’s assets under management with a
minimum charge of USD 20,000 per annum which is paid to an affiliate for their services with
regards to the selection and appointment of service providers to the Funds.

The Funds have different share classes which may have different fee schedules. Certain non-US
share classes of certain Funds may be subject to distribution fees of approximately .50% per annum
of the net asset value. AHL Partners LLP reserves the right to charge a discounted management
fee or performance-based fee in its sole discretion as well as provide rebates on part or all of its fees
to some or all investors or to intermediaries.

Schedules of fees and performance-based fees are set forth in the governing documents for each of
the Funds, which should be consulted by any prospective investor to determine the applicable level
of fees or allocations, when fees are paid, and any conditions on redemptions from the Funds.

AHL Partners LLP’s compensation may be negotiable and AHL Partners LLP may, in its sole
discretion, elect to waive or modify any compensation with respect to any investor, without entitling
any other investor to a waiver or modification. AHL Partners LLP’s fees and compensation will
be shared from time to time with its affiliates.

AHL Partners LLP may also invest client or Fund assets in investments that charge additional fees
or are subject to additional allocations (including other Funds advised by AHL Partners LLP or its
affiliates ("Affiliated Funds")). Clients or investors may therefore indirectly bear (i) advisory fees
or an allocation (including management, performance, administrative, or other fees or a performance
allocation) to AHL Partners LLP or its affiliates and (ii) fees charged by the underlying investment.
Investments that charge additional fees may include, but are not limited to, money market funds,
short-term investment vehicles, exchange traded funds, pooled investment vehicles, special purpose
investment vehicles and alternative investment vehicles. If a client or Fund invests in any Affiliated
Fund, the performance compensation and management fee otherwise payable to AHL Partners LLP
or its affiliate at the Affiliated Fund level will generally be waived by such Affiliated Fund. The
administrative fee (if any) will generally not be waived.

Generally, the investment management agreements with clients may be terminated by either party in
accordance with the terms and notice period described in each investment management
agreement. AHL Partners LLP’s investment management agreements are generally terminable
with prior written notice, without penalty, or upon a breach, and/or also may be automatically
renewed.

B.      Payment of Fees

Fees and compensation paid to AHL Partners LLP or its affiliates by the Funds are generally paid by
the Fund from its assets. With regards to the Funds, the fees are calculated by the Fund’s
administrator and are paid directly from the Fund’s assets. Management fees are generally paid on
a monthly basis in arrears, services management fees are generally paid on a monthly basis in
arrears, and the performance compensation is generally deducted on an annual basis, or at the time
of a redemption or withdrawal, as applicable, further described in the Fund’s governing documents
or managed account’s investment management agreement. With regards to managed accounts, fees
are negotiated and agreed upon with the client directly and may include a management fee or a
combination of management fee and performance compensation. Management fees and
performance-based compensation may be pro-rated for partial periods.

Generally, AHL Partners LLP does not require prepayment of fees unless otherwise permitted under
such client documentation. If prepayment were provided for, AHL Partners LLP would rebate a
...

ITEM 7: TYPES OF CLIENTS

AHL Partners LLP provides investment advisory services primarily to U.S. or non-U.S. pooled
investment vehicles (“Funds”), exchange traded funds, UCITS funds, U.S. or non-U.S. institutional
managed accounts which include pension plans and sovereign wealth funds, on a discretionary basis.
The securities of these Funds are not registered under the Securities Act of 1933. In addition, the
Funds are not registered under the Investment Company Act, and may or may not be continuously
offered. In addition, AHL Partners LLP provides sub-advisory services to mutual funds and
exchange trade fund registered under the Investment Company Act on a discretionary basis.

Redemption rights with respect to each Fund are set forth in the governing documentation for each
Fund. Termination rights with respect to each managed account are set forth in the investment
management agreement for each managed account. Investments in the Funds may be subject to certain
qualifications and a minimum investment requirement which under certain conditions may be waived
as set forth in the Fund’s governing documentation. Currently, AHL Partners LLP does not have a pre-
determined account minimum for managed accounts.