Brickwood Asset Management LLP

Item 5. Fees and Compensation
Brickwood is permitted to charge management fees, as set out in each client prospectus, investment management or
investment advisory agreement.

In relation to the Offshore Funds, the Firm is compensation by the relevant investment adviser of the Offshore Funds on
a monthly basis in arrears. Brickwood does not deduct any fees from underlying funds or accounts of the Offshore Funds.
There is no performance fee charged in respect of the Offshore Funds.

In relation to Brickwood’s US clients, a portfolio management fee based on the percentage of assets under management
is charged. The portfolio management fee is payable monthly in arrears and there is no performance fee. Brickwood
does not deduct any fee from underlying funds or accounts of the US clients.

All clients bear their own operating costs and investors should consult the relevant prospectus or other offering

Brickwood Asset Management LLP                                                                        Form ADV Part 2A

documentation for a comprehensive explanation of these fees. Expenses borne by clients, in addition to the fees paid to
Brickwood, 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.