Alphagen Capital Limited

Item 5: Fees and Compensation
ACL typically receives an investment management fee from the Funds and Separate Accounts for its
investment advisory services. ACL’s fee schedule for the Funds and Separate Accounts is between 0%
(which might apply as an incentive for seed capital) and 2.0% of net asset value of the relevant Fund or
Separate Account. Such fee is calculated each month before deduction of that month's fee and before
deduction for any accrued performance fees as of each valuation day. Generally, the investment
management fee is payable monthly in arrears and is disclosed in each Fund offering document. Fees for
both the Funds and Separate Accounts may be negotiated. For certain Funds and Separate Accounts, ACL
may also receive a fee based on the performance achieved by a Fund or Separate Account over a specific
time period. See Item 6 – Performance-Based Fees and Side-By-Side Management for more information
about performance-based fees.

In addition to ACL’s investment management fee, clients may incur operating and transaction fees, costs and
expenses associated with maintaining their accounts imposed by custodians, brokers, futures commission
merchants, prime brokers and other third-parties. Examples of these charges include but are not limited to
custodial fees, margin, deferred sales charges, “mark-ups” and “mark-downs” on trades, odd-lot differentials,
transfer taxes, handling charges, exchange fees (including foreign currency exchange fees), interest to cover
short positions, wire transfer fees, electronic fund fees, conversion fees for American Depository Receipts
(“ADRs”) and other fees and taxes on brokerage accounts and securities transactions. ACL does not receive
any portion of these commissions, fees or costs. See, however, Item 12 – Brokerage Practices for more
information about commission credits and conversion fees for ADRs.

Investors in the Funds pay expenses in addition to investment management fees and performance fees, if
applicable. These expenses generally include administration, organizational, research and investment
expenses, such as brokerage commissions, legal, line of credit, director, accounting, audit and other
professional fees and expenses. For additional detail on these fees and expenses, please refer to a Fund’s
offering documents.

To the extent ACL engages a sub-adviser, ACL will pay the sub-adviser a portion of the management fee
that clients pay to ACL. ACL’s clients do not pay any fees, commissions or expenses directly to sub-
advisers. Further, to the extent ACL acts as a sub-adviser, ACL will receive a portion of the management
fee, and performance fee if applicable, the end clients pay to the adviser. These clients do not pay any fees,
commissions or expenses directly to ACL.

Item 7: Types of Clients
ACL provides or may provide discretionary investment advisory and sub-advisory services to U.S. and non-
U.S. institutional clients, including:

       pooled investment vehicles, including private funds,
       other investment advisers
       pension and profit sharing plans,
       sovereign-wealth funds and foreign official institutions,
       charitable organizations, and
       corporations or business entities other than those listed previous.

ACL may make its non-U.S. funds available in individuals and high-net worth individuals, including trusts and
estates. ACL generally makes its Private Funds only available to “qualified purchasers”. The minimum initial
investment in the Private Funds with respect to U.S. shares, or foreign currency equivalent for other shares,
is generally $100,000 and the minimum amount of additional investments is generally $100,000. Per the
relevant offering documents, in certain Private Funds, the minimum initial investment is generally $1,000,000
or $5,000,000.

ACL may, in conjunction with any Private Fund governing body, waive account minimums based on certain
criteria, including product type, investment strategy, client type, client domicile, services provided, the client’s
historical relationship with the firm, number of related investment accounts, account composition or size,
anticipated future earning capacity, current and anticipated future assets under management, marketplace
considerations, early adoption of an investment strategy or investment in a particular vehicle, client’s
operational or investment limitations or restrictions, level of client servicing required and other factors as the
Directors may determine generally or in any particular case, where permitted under law. ACL, in conjunction

with any Private Fund governing body, may also waive account minimums for employees, including portfolio
managers, affiliates or relatives of such persons.

As shares in Private Funds are sold only to a limited number “qualified purchasers”, are not organized or
created under U.S. law, and/or are not advertised or offered for purchase in the U.S., the Private Funds are
not registered as “investment companies” under the Investment Company Act. The absence of registration
places limits on the number and/or types of persons who may invest in the Private Funds.