Black Toro LLC

ITEM 5 – FEES AND COMPENSATION

Asset Management Fees
For the discretionary and non-discretionary asset management services BLACK TORO may charge a fixed annual fee
of up to $300,000, or an annual fee based upon a percentage of the market value of the assets being managed by
BLACK TORO of up to 2% of the assets.

BLACK TORO does not determine the value of Client’s assets being managed. The fee will be determined by the
account balance as published by the relevant account custodian(s) and/or as listed on a national securities exchange
or on NASDAQ at the closing price, on the valuation date, on the principal market where the securities are traded. We
will rely on the valuation by an independent third-party for non-listed securities or where a published valuation is not
readily available. Interest on any margin debt incurred by Client is in addition to the account fee.

Advisory fees are negotiated on an individual account basis depending on factors such as the amount, type and
complexity of the asset management services provided, the nature and complexity of the assets being managed, the
level of administration requested either directly or assumed by the Client, among others. As a result, Clients with
similar assets may pay different fees. Assets in each of Client’s account(s) are included in the fee assessment unless
specifically identified in writing for exclusion.

Additional Fees and Expenses
Adviser’s fees are exclusive of, and in addition to, brokerage commissions, transaction fees, custodian fees and other
related costs and expenses which shall be incurred directly by the Client. In the case of accounts opened with
Interactive Brokers (IB) through BlackToro, the firm assumes all brokerage commissions for the Clients, as part of the
Custody Agreement with IB. These accounts may create an incentive for BLACK TORO for trading less frequently than
may be in the client’s best interest, engaging in transactions that reduce costs to BLACK TORO. Please note that this
agreement may change in the future an clients may be required to cover all applicable brokerage commissions,
transaction fees, custodian fees and other related costs and expenses.

All fees paid to BLACK TORO for advisory services are separate and distinct from the fees and expenses charged to
Clients by mutual funds or exchange traded fund. These fees and expenses are described in each fund’s prospectus.
These fees generally include a management fee, other fund expenses, and a possible distribution fee. If the fund also
imposes sales charges, you may pay an initial or deferred sales charge. Clients could invest in a mutual fund directly,
without the services of BLACK TORO. In which case, you would not receive the services provided by BLACK TORO,
which are designed, among other things, to assist you in determining which mutual fund or funds are most appropriate
to your financial condition and objectives. Accordingly, you should review both the fees charged by the funds and the

fees charged by BLACK TORO to fully understand the total amount of fees to be paid by you to evaluate the advisory
services being provided.

Asset Management Fees Modifications
We may adjust the fee schedule upon thirty (30) days’ prior written notice to the Client or such other period as
specified in the Advisory Agreement.

The Client may be charged a pro rata fee in the event the Client's service is terminated on a day other than the last
business day of the calendar period. In that event, the pro rata fee will be due and payable upon termination of the
service.

Consulting Services
BLACK TORO provides consulting and administrative services to client accounts (the “Accounts”), including
investigating, analyzing, structuring and negotiating potential investments and expenses/costs, monitoring the
performance of investments and advising the accounts as to the disposition of investment opportunities. We may also
provide business consulting services at the Client’s request. Fees for Consulting Services are different from our
Advisory Fees; these fees are negotiated with the Clients individually and may be charged in advance or in arrears, as
agreed with the Client. Consulting Services are provided free of charge for existing advisory clients.

Seminars & Publications
BLACK TORO may conduct educational seminars to prospective and existing Clients. We may also offer subscriptions
to periodic publications from our research team. Black Toro does not charge additional fees for this service.

Calculation and Deduction of Fees
Advisory fees will be paid monthly, quarterly or semi-annually. Fees as a percentage of assets (AUMs) is based upon
the daily market value of all assets held within the client's account for the applicable period. For the first calendar
period, fees will be adjusted pro rata based on the number of calendar days for which the Advisory Agreement was
effective. Any contributions and/or withdrawals made during a calendar period may result in an adjustment to the
advisory fee.

Clients may authorize the Adviser to directly debit management fees from client accounts on a periodic basis. In such
instances, management fees are prorated for each contribution and withdrawal made during the applicable calendar
period. Accounts initiated or terminated during a calendar period will be charged a prorated fee.

Alternatively, in some instances, clients may receive an invoice for fees, in which it may choose to pay BLACK TORO
directly for its billed fees for the relevant period.

ITEM 7 - TYPES OF CLIENTS

BLACK TORO provides asset management services to accredited, qualified, high, and ultra-high net worth individuals
residing in Latin America and United States of America, corporations, institutions, investments private funds and other
entities including but not limited to insurance companies. The minimum dollar value for establishing an account is
generally $1,000,000. Initial investments of a lesser amount may be accepted at Adviser’s discretion.

BLACK TORO act as Investment Manager (the “Investment Manager”) of BT GLOBAL MACRO FUND (the “Portfolio”),
a segregated portfolio of BT FUND SPC an exempted company incorporated with limited liability under the laws of the
Cayman Islands with registration number 380093.

BLACK TORO as Investment Manager charges a management fee, out of the assets of the portfolio, of one-twelfth
(1/12) of 1.25 per cent per quarter of the Net Asset Value of the Class A Shares, and one- twelfth (1/12) of 0.5 per
cent per quarter of the Net Asset Value of the Class B Shares (before deduction of that quarter’s management fee) as
at the last valuation day in each month, adjusted for any subscriptions and redemptions during the month.

The minimum initial investment per subscriber is US$250,000 in the case of Class A Shares, and Class B Shares. The
minimum amount of any subsequent subscription is US$50,000 in the case of Class A Shares, and Class B Shares.

The Investment Manager will also be entitled to receive a Performance Fee, out of the assets of the Portfolio, in
respect of each Series in issue. The Performance Fee in respect of each Series will be equal to 10% of the appreciation
in the Net Asset Value of the Series (adjusted for any redemptions and distributions) during the Calculation Period (a
period of 12 months commencing on each 1 January) above the High Water Mark

The Portfolio will use a long-short strategy across all asset classes, with a focus on macro-driven investment decisions
and identifying short and medium-term trends. For clarity, any appreciation in the Net Asset Value will be subject to
the Performance Fee as set out in more detail in the Fees and Expenses section below. Investors in the Portfolio can
expect exposure to a broad range of asset classes, including equities, fixed income, currencies and commodities. The
Portfolio will seek to identify undervalued assets for long positions, while also identifying overvalued assets for short
positions.