Glenorchy Capital Limited

Item 5: Fees and Compensation

Separate Accounts
GC charges both an annual AUM/management fee and a separate performance fee on separate accounts.

       Management Fee:            2%
       Performance Fee:           20%*
AUM fees are calculated daily with the sum of all daily amounts and charged quarterly in arrears. Fees are debited
from client brokerage accounts.
* Above the total return of the iShares US 1-3 month Treasury Bond ETF (Ticker: BIL). These fees are charged
annually in arrears. Payment is then deducted from the brokerage account. A perpetual high-water mark applies,
ensuring fees are only charged on net gains above the previous peak.

 Negotiability of Advisory Fees: Although GC has established standard fee schedules, the Firm retains
discretion to change alternative fees on a client-by-client basis. Client facts, circumstances, and needs are
considered in determining the fee schedule. These include the complexity of the client, assets to be placed

under management, anticipated future additional assets, scope and frequency of services needed, portfolio
style, and account composition, among other facts. Each client’s fees are identified in their advisory
agreement.
Other Expenses: GC’s fees do not include brokerage transaction fees, custodial fees, odd-lot differentials,
transfer taxes, wire transfer and electronic fund fees and other fees and taxes on brokerage accounts and
securities transactions. In addition, the shares of exchange traded funds (“ETFs”) and mutual funds held
in a client’s account are subject to fund-related expenses. All fees paid to GC are separate and distinct
from the fees and expenses charged by funds. Funds pay advisory fees to their managers, which are
indirectly charged to all holders of the fund shares. Consequently, clients invested in ETFs or mutual
funds are effectively paying both GC and the fund managers for the management of their assets.
The Fund
GC receives a management fee as compensation for its advisory services to the Fund. The management
fee of 2% is charged quarterly in advance based on the investor’s capital account balance as of the first
calendar day of each quarter. The Fund Administrator debits fees from each investor’s account. Any
partial quarter subscriptions are prorated. Should GC permit a withdrawal as of a date other than the
calendar quarter-end, the fee paid will be prorated and the excess returned to the investor. GC also charges
a performance allocation. Refer to Item 6 for details.
Other Expenses: In addition to GC’s management fee, each investor bears its allocable share of expenses
associated with the Fund’s investments and operations. These include, among others:

       Transaction fees and costs in connection with investing and trading, including, but not limited to,
        brokerage commissions, outsourced trading fees, spreads, markups on securities, swaps and
        forwards, short borrowings and dividends, and currency and other hedging costs.
       Operational expenses, including, but not limited to, administration expenses; fees for auditing, tax
        preparation and other professional expenses; costs and expenses of insurance; fees associated
        with proxy voting; fees and expenses related to due diligence, research and market analysis,
        including research-related travel expenses, data subscriptions and third-party research; and
        expenses incurred in connection with any valuation services.
Refer to the offering documents for a complete list of Fund expenses.
Note: GC waives the management fee for investors who are employees or affiliates of the Firm and their
immediate family members.

Item 7: Types of Clients

All of GC’s separate account clients are “qualified clients” under the SEC’s Investment Adviser’s Act of
1940. A qualified client, in the case of a natural person, either places at least $US 1,100,000 under
management with GC or has a net worth (together with assets held jointly with a spouse) of more than
$US 2,200,000. The minimum separate account size is $US 200,000. Lesser amounts acceptable solely at
GC’s discretion.
In the case of the Fund, GC’s client is deemed to be the Fund. All Fund investors are required to be
qualified clients. The minimum initial investment is $US 200,000, and the minimum subsequent
investment is $US 50,000 GC has the right to waive or reduce the minimum on a case-by-case basis at its
sole discretion.