Glasfunds LLC

FEES AND COMPENSATION

GLAS’ fees and compensation are described in the Funds’ Governing Documents. All of GLAS’ clients are
“qualified purchasers” (as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended).

GLAS is paid a management fee from the Funds quarterly in advance. Management fee rates vary by investor.
GLAS deducts such management fees from the Funds. Management fees will be prorated for partial quarters.
GLAS has waived or modified the management fee payable with respect to certain investors and may do so in
the future with respect to other investors, in its discretion.

Except as otherwise set forth in any applicable Governing Documents, each Fund will bear, or reimburse GLAS
for advancing, its own expenses and those of each Series, including, without limitation, the following
(collectively, the “Fund Expenses”): (i) expenses related to the research, negotiation, execution, consummation,
disposition and monitoring of actual and prospective investments (whether or not consummated), including,
without limitation, the following: third-party investment sourcing fees; consulting fees; expert fees; fees and
expenses of and related to obtaining research, analytics and market data (including, without limitation, third-
party data sources and any information technology hardware, software and data subscriptions (such as
Bloomberg, Refinitiv and FactSet) or other technology incorporated into the cost of obtaining such research
and market data); due diligence expenses including, without limitation, consulting and appraisal fees;
investment- and research-related travel expenses; any outsourced trading provider fees; brokerage and prime
brokerage fees, commissions and expenses (including the costs of negotiating, documenting and/or amending

agreements with prime brokers, ISDAs and other agreements with trading and financing counterparties);
expenses relating to borrowing securities to be sold short; clearing and settlement charges; custodial fees and
expenses; bank service fees; interest expenses and other borrowing costs; fees and expenses of proxy research
and voting services; broken deal expenses; fees and expenses of third-party professionals, including, without
limitation, consultants, advisors, investment bankers, attorneys, accountants and service providers who provide
services to the Funds or the Series or provide services to GLAS in connection with actual and prospective
investments (whether or not consummated) or on matters that would not have arisen but for GLAS’
relationship with the Funds or the Series; expenses relating to engagement with a company irrespective of the
outcome of such engagement, such as shareholder and management communication, soliciting proxies, hiring
proxy advisory consultants, hosting shareholder forums, hiring public relations consultants and proposing or
nominating directors or executives, including sourcing, recruiting, standby and indemnification and other
expenses, regardless of whether the nomination is successful; management fees, performance-based fees and
allocations, carried interest, side letters and similar agreements in connection with investments (including the
costs and expenses of negotiation, monitoring and compliance with respect thereto); fees and expenses incurred
in managing, liquidating or transferring any in-kind distribution of assets received in connection with a Portfolio
Fund or other investment; and all other expenses, fees, costs and liabilities in connection with actual or potential
investments (whether or not consummated) in Portfolio Funds and other investments; (ii) organizational fees
and expenses and fees and expenses incurred in connection with the offering and sale of the Interests, including,
without limitation, the following: the preparation and amendment of the Funds’ Governing Documents; fees
and expenses incurred in connection with negotiating any side letters or similar agreements with investors, and
monitoring or complying with any such side letters or similar agreements; fees and expenses relating to software,
electronic portals or other technology (including, without limitation, costs of custom development,
implementation, maintenance, software licensing, data management, recovery services, penetration, forensic
and other testing, and consultants, developers, specialists and other contractors related thereto) for electronic
subscription services in connection with investor subscriptions for Interests (including, without limitation, all
prior and future costs and expenses associated with GLAS’ development, implementation and maintenance of
its proprietary investor and investment management application suite, including the corresponding investor
portal and related systems (i.e., GLASfunds Technology Solutions)); and fees and expenses of GLAS incurred
in connection with “world sky” matters and private placement regimes, including the European Alternative
Investment Fund Managers Directive, and Form D and blue sky and similar fees and expenses; (iii) operational
expenses, including, without limitation, the following: fees and expenses relating to information technology
hardware, software or other technology (including, without limitation, costs of custom development,
implementation, maintenance, software licensing, data management, recovery services, penetration, forensic
and other testing, and consultants, developers, specialists and other contractors related thereto) used to research
or monitor actual or potential investments (whether or not consummated), evaluate and manage risk, facilitate
valuations, facilitate accounting functions, facilitate compliance with the rules of any self-regulatory
organization or applicable law (including, without limitation, reporting obligations) in connection with the
activities of the Funds and/or the Series, facilitate and manage investor subscriptions, withdrawals, transfers,
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TYPES OF CLIENTS

Investors in the Funds typically include institutions and high net worth individuals that qualify as “accredited
investors” (as defined in Rule 501 under the Securities Act of 1933, as amended) and qualified purchasers. For

the Funds, a minimum investment of $50,000 is generally required. The minimum investment may be higher
with respect to particular Series, and the Funds’ minimum may be modified by GLAS in its discretion.