Alpen Partners International AG

Item 5. Fees and Compensations
                                                     advisory fee. API does not manage or advise
API generally charges fees for its investment        Accounts based on commissions, subscriptions
services as a percentage of the market value of      fees, or hourly rate charges.
assets under management (“AUM”) or assets
                                                     Fees for Discretionary Portfolio Management
under advisement (“AUA”). The fee is charged         Services and Non-Discretionary Services.
quarterly in arrears. The measurement of AUM
                                                     The annual fees for discretionary portfolio
or AUA depends on the measure principles
                                                     management services range from 0.40% to
applied by the custodian bank. The calculated
                                                     1.25% of AUM, depending on the size and
fee is debited at the end of the respective
                                                     complexity of the mandate.
calendar quarter (i.e. March, June, September,
                                                     The annual fees for non-discretionary services
and December) based on the average assets
                                                     depend on the size and complexity of the
under management for each of the three
                                                     mandate but are capped at a maximum rate of
months in the relevant quarter. The fee is
                                                     1.50% of AUM.
generally charged in the reference currency.
                                                     Fees charged by API are not payable in
Until API is ready to mirror all client Accounts,
                                                     advance. Accounts initiated or terminated
API relies on the custodian banks of its clients
                                                     during a calendar quarter will be charged a
to value the assets in the respective client
                                                     prorated    fee.   Upon    termination     of   any
accounts, and API computes its investment
                                                     relationship accrued, unpaid fees will be due
advisory fees based on these valuations
                                                     and payable.
provided by the custodian. At the end of the
                                                     There is a minimum quarterly fee per Account
calendar quarter, API arranges with the
                                                     of Swiss Francs 1’000 or equivalent in foreign
custodian bank for the direct payment of its fee
                                                     currency.
from each client’s Account. At the same time
the amount is charged to the account. Account        In all cases, API may waive, discount, or
statements are delivered by the custodian bank       negotiate fees at its discretion. API may also
to the client or the client’s representative on at   charge additional fees for services outside the
least a quarterly basis. The statement from the      scope of the services described above. Any
custodian   bank    will   reflect   all   amounts   additional fees are timely disclosed to the client.
disbursed from the Account, including the
                                                     Fees may be subject to VAT.
amount of any fee paid to API.

                                                           Alpen Partners International AG, CRD: 291759

Fees for other Services                                    $2,000,000, excluding the value of the primary
Investment consolidation and reporting                     residence and certain debt secured by the

The annual fees for consolidation reporting and            property; or (iii) clients who are qualified

services range from 0.05% to 0.20% of the                  purchasers under Section 2(a)(51) of the

consolidated Assets, depending on the size and             Investment Advisors Act of 1940, as amended

complexity of the mandate.                                 (which generally is defined to include only

Here too, API may waive, discount, or negotiate            individuals, companies or trusts with more than

fees at its discretion. In particular, API may             $5,000,000 in investments). API potentially can

arrange for a consolidation / reporting mandate            receive higher fees with a performance-based

to be subject to a fixed, flat annual fee.                 compensation      structure   than   from   those
                                                           accounts that pay according to the asset-based
Other fees and expenses you may incur                      fee schedule described above. To minimize this
Fees charged by API do not include custodian               conflict, API generally will enter a performance-
fees, fees for trade settlement, brokerage                 based fee arrangement upon the request of a
commissions, taxes or any other fee or taxes               client or in the case of specific investment
imposed by the custodian bank or the broker or             performance objectives.
National Authorities. API’s fees do not include            The performance fee is calculated every year
management or other fees charged by funds or               on the basis of the period net performance with
other products that client Accounts may be                 a hurdle rate. The performance fee amounts to
invested in from time to time. It is API’s                 5% - 15% depending on the size and complexity
philosophy to generally invest in the most                 of the mandate.
favorable share class with the least cost.                 In the event of negative performance, no fees
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