Bronte Capital Management PTY Ltd

Item 5. Fees and Compensation

         Investment Management Fee and Performance Fee
         Bronte charges the Private Funds and the Other Accounts a fee based upon a percentage of the market value of the
         assets being managed by Bronte ("base fee"), as well as a performance-based fee ("performance fee") in accordance
         with the requirements set forth in applicable laws, rules, and regulations.

         For the Private Funds, Bronte's annual base fee is 1.50%, which is generally accrued monthly and charged quarterly,
         in arrears. The Firm also charges the Private Funds a performance fee of up to twenty percent (20%) of the net
         performance subject to a high water mark. The performance fee is charged annually, in arrears. As discussed above
         in Item 4, all relevant information, terms and conditions related to the compensation received by Bronte or an affiliate
         for providing investment management services to the Private Funds are set forth in the Offering Documents.

         For the Cassini Fund the base and performance fees are individually negotiated and take into account the investment
         mandate and the investment amount. Such arrangements may require Bronte to co-invest alongside the investor within
         the client and for performance fees to be measured and earned over periods longer than one year.

         Bronte's fees are exclusive of, and in addition to brokerage commissions, transaction fees, and other related costs and
         expenses which are incurred by the client. Bronte does not, however, receive any portion of these commissions, fees,
         and costs.

         In the case of the Bronte Capital Callisto Fund LLC and the Bronte Cayman Master Fund Ltd. and its feeder funds, as
         well as the Bronte Capital Metis Fund Ltd, such funds will bear all costs of operation, including all trading costs and
         expenses (for example, brokerage commissions, expenses related to short sales and clearing and settlement charges),
         and all ongoing legal, accounting, tax, bookkeeping, directors’, professional, expert and consulting fees and expenses
         (including the fees and expenses of the administrator and auditors, attorneys for Bronte (for work performed on behalf
         of these funds), research consultants, service contracts related to on-line research, portfolio management and quotation
         services and related equipment). The Bronte Capital Ganymede Fund Ltd. and the Bronte Capital Pasiphae Fund Ltd.,
         the feeder funds for the Bronte Cayman Master Fund Ltd., will bear a proportionate share of the Bronte Cayman Master
         Fund Ltd.’s costs and expenses, as outlined in the applicable Offering Documents.

         Bronte Capital Management Pty Ltd Disclosure Brochure

         For the Cassini Fund expense arrangements and terms are individually negotiated as per the investment advisory
         agreement entered into by Bronte and such client.

         The Firm typically bears its own operating, general, administrative and overhead costs and expenses.

         Bronte has in the past, and may in the future, negotiate lower fee terms for certain clients or investors based upon
         certain criteria (e.g., anticipated future earning capacity, anticipated future additional assets, dollar amount of assets to
         be managed, related accounts, account composition, pre-existing client, account retention, pro bono activities, etc.).
         Bronte may also enter into side letter agreements with certain investors in the funds varying the terms of investment,
         including lower fee arrangements.

         Fees Charged by Financial Institutions
         As further discussed in response to Item 12 (below), Bronte recommends that clients utilize the brokerage and clearing
         services of “Bronte’s Brokers” for investment management accounts.

         Bronte may only implement its investment management recommendations after the client has arranged for and
         furnished Bronte with all information and authorization regarding accounts with appropriate financial institutions.
         Financial institutions include, but are not limited to, Bronte’s Brokers, any other broker-dealer recommended by Bronte,
         any broker-dealer directed by the client, trust companies, banks etc. (collectively referred to herein as the "Financial
         Institutions").

         Clients may incur certain charges imposed by the Financial Institutions and other third parties such as custodial fees,
         charges imposed directly by a mutual fund or exchange-traded fund in the account, which are disclosed in the fund's
         prospectus (e.g., fund management fees and other fund expenses), deferred sales charges, odd-lot differentials,
         transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and securities
         transactions. Additionally, clients will generally incur brokerage commissions and transaction fees. Such charges, fees
         and commissions are exclusive of and in addition to Bronte's fee.

         As it relates to the Private Funds, Bronte's Agreements with the respective Financial Institution(s) authorize Bronte to
         debit the client's account for the amount of Bronte's fee and to directly remit that management fee to Bronte. Any
         Financial Institutions recommended by Bronte have agreed to send a statement to the individually managed clients, at
         least quarterly, indicating all amounts disbursed from the account including the amount of management fees paid
         directly to Bronte. Clients may not elect to have the Firm send an invoice to them for payment.

         Fees for Management During Partial Quarters of Service
         For the initial period of investment management services, the fees are calculated on a pro rata basis.
...

Item 7. Types of Clients
         Bronte provides investment advisory services to pooled investment vehicles.

         Minimum Investment or Minimum Fee
         Bronte does not impose a minimum portfolio size or minimum annual fee. However, there is a minimum investment of
         $500,000 for participation in the Private Funds. With respect to the Other Accounts, any minimum investment
         arrangement is individually negotiated with the respective client. Bronte, in its sole discretion, may accept smaller
         investments. A description of the minimum investment of the Private Funds is described in the Offering Documents.