Global Alpha Capital Management Ltd

5.     FEES AND COMPENSATION

DESCRIPTION
Global Alpha charges an “investment management fee” based on a percentage of assets under
management. All client contracts will include a fee schedule agreed to by the client and Global Alpha. Clients
are charged according to a fee schedule. Subject to negotiation. Clients with different mandates may have
a different fee schedule.
Fees are negotiable, but may be subject to contractual restrictions on Global Alpha from existing clients.
In addition, performance fees or allocations may be charged to Global Alpha Funds or Client Accounts, in
accordance with the governing documents of the applicable Global Alpha Fund and/or the written
agreement between Global Alpha and the client for Client Accounts, as applicable.

Firm Brochure                                                                                                     6

 GLOBAL ALPHA CAPITAL MANAGEMENT LTD.

FEE BILLING
Investment management fees for Client Accounts are typically billed quarterly, in arrears, but in a limited
number of cases, clients are billed monthly or annually. Payment in full is expected within 30 days of receipt
of the invoice. Fees may be deducted from a client’s account if the client has provided written instruction
to their custodian to accept invoices directly from Global Alpha.
Fees payable by a Global Alpha Fund will be paid by the deduction of such fees from the Global Alpha Fund’s
assets, and the timing and frequency of such payments will be set forth in the Global Alpha Fund’s governing
documents.

OTHER FEES
Custodians may charge transaction fees on purchases or sales of certain securities and pooled fund units.
Transactions are also subject to commissions transaction costs as outlined in Section 7.
See Item 4 for a discussion of the fees associated with wrap fee managed account programs advised by
Global Alpha. The wrap fee program sponsor’s brochure will describe the amount or the range of fees the
sponsor pays to Global Alpha.

PAST DUE ACCOUNTS
Global Alpha will charge interest on overdue accounts at a rate of 2% per month (24% per annum).