Andurand Capital Management LLP

Item 5 – Fees and Compensation

Amount of Fees

        The Firm is paid on a cost-plus basis by Andurand Capital Management Limited in regard
to the sub-advisory services to the Funds. The Firm does not receive a fee based on the performance
of the Funds.

Payment of Fees

      In regard to payment by Andurand Capital Management Limited, the Firm receives
monthly payments on a cost-plus basis in arrears.

Other Fees

       In regard to funds managed by Andurand Capital Management Limited, to which Andurand
is the sub-advisor, each fund will pay an asset-based management fee to Andurand Capital
Management Limited quarterly in arrears. As noted above, Andurand will be compensated by
Andurand Capital Management Limited on a cost-plus basis and will not deduct any fee from the
Funds.

        As detailed in the relevant offering documentation, all clients bear their own operating
costs and investors should consult offering documentation for a comprehensive explanation of
these fees. Expenses borne by clients, in addition to the fees paid to Andurand’s affiliates, include
costs of their investments and operation, including accounting, audit, fund administration, tax,
legal and certain regulatory expenses, technology and costs associated with reporting and
providing information to existing and prospective investors.

        Investment costs include brokerage commissions, transaction fees, custodial fees, transfer
taxes, wire transfer fees and electronic fund fees, and other fees and taxes charged to security
transactions which are unrelated to the fees collected by the Firm.

       For more information on the Firm’s brokerage practices, please refer to Item 12 in this
brochure.

Compensation from Sales of Securities
       We do not accept compensation for the sale of securities or other investment products.

Types of Clients

       As described in Item 4 above, Andurand acts as a sub-advisor to Funds managed by
Andurand Capital Management Limited. Investors in these Funds are primarily high net worth
individuals, pension funds, endowment foundations, family offices, institutions, and fund of funds.

Minimum Account Size

        Fund investors must meet a minimum initial $2,000,000 capital contribution. The Funds’
Directors reserves the right to waive or increase the minimum account size requirements at its
discretion, provided, that in no event will the initial capital contribution be less than $100,000.