Algert Global LLC

ITEM 5 – FEES AND COMPENSATION ADVISORY FEES
For its services to the Funds, Algert receives a management fee payable monthly in
advance at a rate of 0.0% - 0.0833% per month (0.0% - 1.0% per annum). The
management fees are based on the net market value of the assets in the Funds as of the
first day of the month. In addition, Algert receives performance-based fees (in the form
of an incentive allocation or incentive fee) based on the profit allocated to each investor

(other than investors for whom Algert agrees at its sole discretion to vary the
performance-based fee) to the extent the profit exceeds any prior un-recouped losses.
Performance-based fees range from 0% - 20% of profits. It should be noted that Algert
International Small Cap Fund, L.P., Algert U.S. Small Cap Fund I, L.P. and Algert U.S.
Small Cap Fund II, L.P. are not subject to any performance-based compensation.

All performance-based fees are made in a manner that complies with Rule 205-3 under
the Investment Advisers Act of 1940, as amended (the “Advisers Act”).

The foregoing describes Algert’s basic fee schedule; however, fees may be negotiable in
certain limited circumstances and arrangements with any particular Client may vary.

The expenses of the Funds, including Algert’s management fee and performance-based
fee, may constitute a higher percentage of average net assets than would be charged in
other investment vehicles. The performance-based fee may also create an incentive for
Algert to cause a Fund to make investments that are riskier than it would otherwise
make.

The Account Clients are subject to different terms and fees, as these arrangements are
individually negotiated between Algert and the respective Client. A complete
description of all fees, expenses and the methods of billing and how often such fees are
charged for the Account Clients are disclosed within their respective investment advisory
contracts which are entered into by Algert and the respective Account Client.

Algert does not advise individual investors or Account Clients as to the appropriateness
of investing in the Funds or other investment strategies, and Algert does not receive any
compensation for doing so (except to the extent that Algert received advisory and other
fees from the advisory services it provides to the Clients) or for selling interests in the
Funds.

The fees payable by the Funds are deducted from the assets of the Funds (or reallocated
from the capital accounts of the Funds’ investors with respect to performance-based
incentive allocations) and paid to Algert. Fees for Account Clients and the Investment
Company Clients are typically billed to those Clients and paid from the assets of the
Clients’ accounts.

FUND EXPENSES
Each Fund bears all of its ongoing operating costs although, in certain circumstances,
Algert may bear a portion of operating expenses. Those costs include, among other
things, (a) all trading costs and expenses (such as, for example, brokerage commissions
and charges, expenses relating to short sales, commission sharing arrangements, clearing
and settlement charges, option premiums, custodial and service fees, and higher
commissions or markups related to outsourced trading services), (b) all interest and
commitment fees on loans and debit balances, (c) all costs and expenses of negotiating
and entering into contracts and arrangements and making investments (such as
brokerage, legal, accounting, investment banking, appraisal and other professional and
consulting fees and expenses arising from particular investments and potential
investments) and similar expenses in terminating those contracts and arrangements and

disposing of the Fund’s investments, (d) all costs and expenses associated with
regulatory filings of the Fund, Algert or its affiliates relating to the Fund (including
filings under section 13 of the Securities and Exchange Act of 1934, as amended and
Form PF), (e) all costs and expenses associated with registering the Fund’s restricted
securities, (f) all costs and expenses incurred in attempting to protect or enhance the
value of the Fund’s investments (including the costs and expenses of instituting and
defending lawsuits or engaging in proxy contests or tender offers), (g) all income taxes,
withholding taxes, transfer taxes and other governmental charges and duties, (h) all fees
and charges of custodians, clearing agencies and banks, (i) all administration,
bookkeeping, recordkeeping, legal, accounting, auditing, tax preparation and all
professional, expert and consulting fees and expenses arising in connection with the
Fund’s activities, (including (1) research and legal costs and expenses related to
investigative due diligence on potential portfolio acquisitions, (2) fees and expenses of
counsel for the Fund, Algert, or one or more of its officers or managers, (3) service
contracts related to research (including research reports, services and on-line and third
party research fees), portfolio and risk management systems, quotation services and
equipment (including computer hardware and software related thereto, such as those
provided by Bloomberg, Refinitiv, Reuters or similar providers), technical and
performance measuring data, newswire charges and periodical subscription fees, (4)
administrator fees charged for providing middle and back office services (such as order
management and trade reconciliation), and (5) all fees, costs and expenses of
accounting, bookkeeping and recordkeeping services of the administrator or any similar
service provider retained by Algert to assist it in performing services for the Fund), (j)
all fees, costs and expenses of offering and selling interests or shares and
communicating with existing and prospective investors (including, without limitation,
legal and accounting fees and expenses and governmental and self-regulatory agency
filing fees), (k) all legal and accounting fees and expenses, and governmental and self-
...

ITEM 7 - TYPES OF CLIENTS

Algert’s current Clients are the Funds, separately managed investment accounts
(Account Clients), which include institutional clients and registered investment
companies (Investment Company Clients).

The Funds are private investment companies that are exempt from registration under
Section 3(c)(7) of the Investment Company Act. In general, each investor in the Funds
must be an “accredited investor” as defined in Regulation D under the Securities Act of
1933, as amended, and a “qualified purchaser” as defined in Section 2(a)(51) of the
Investment Company Act. The Funds' confidential private offering memoranda and
subscription applications provide potential investors' eligibility criteria, minimum
investment requirements and other investment terms.

Algert’s Account Clients currently include pooled investment vehicles, pension funds, an
insurance company and sovereign wealth funds. The minimum amounts required to open
an individually managed account are negotiated on a deal-by-deal basis.

In addition, Algert is sub-adviser to open-end investment companies registered under the
Investment Company Act.

As a result of the minimum requirements, Algert’s services may not be appropriate for
everyone. Other investment advisers may provide somewhat similar services for lower
compensation, while others may charge more for similar services.