Christmas Corporation

FEES AND COMPENSATION

Asset-Based Compensation

Christmas offers discretionary direct investment management services to advisory clients. Christmas
charges an annual investment advisory fee according to the following schedule:

                Clients              Max. Annual Management Fee

 U.S. Clients                         2.00%

 Non U.S. Clients                     2.00%

Asset-based portfolio management fees are calculated by the Custodian and withdrawn directly from
the client's account on daily basis without client’s written authorization. The daily fee is calculated as
follows:
2.00% x (1/trading days in a year) x daily net asset value

Trading days is estimated to be about 252 days in a year.

Christmas uses the value of the account as of the last business day of the billing period, after taking
into account deposits and withdrawals, for purposes of determining the market value of the assets
upon which the advisory fee is based.

Clients are responsible for the payment of all third party fees (i.e. custodian fees, brokerage fees,
mutual fund fees, transaction fees, etc.). Those fees are separate and distinct from the fees and
expenses charged by Christmas.

Neither Christmas nor its supervised persons accept any compensation for the sale of securities or
other investment products, including asset-based sales charges or service fees from the sale of
mutual funds.

Clients who are “Qualified Clients” as such term is defined by Rule 205-3 under the Investment
Advisers Act of 1940, may otherwise elect to participate in our performance based-fee above a pre-
determined hurdle rate fee structure (see Item 6).

TYPES OF CLIENTS
Christmas generally provides advisory services to the following types of clients:
• Individuals, including high-net-worth individuals
• Investment holding company, including family office

Minimum Account Size

The minimum account size that shall be accepted by Christmas is ten thousand U.S. Dollars
(US$10,000) with no minimum subsequent investment amount. Minimum amount may be lowered
based on Christmas’ discretion. There is no minimum lock-up period.