Goodhart Partners LLP

Item 5: Fees and Compensation
As investment manager to the Clients, Goodhart is compensated through various combinations of
asset-based management fees and performance-based fees, as applicable.

Goodhart charges a fee to each Client based on a percentage of assets under management (the
"Management Fee"). The Management Fee is accrued and payable in accordance with the relevant
governing documents, including the applicable prospectus, offering memorandum, supplement,
investment management agreement or portfolio management agreement. Management Fees are
generally paid from fund assets or otherwise in accordance with the applicable contractual
arrangements.

For any subscription or redemption by an investor that is effective other than as of the first business
day of a quarter, such investor will pay a pro-rated fee.

Goodhart also receives performance-based fees ("Performance Fees") with respect to certain Clients,
as discussed further in Item 6. Performance Fees may be based on absolute or benchmark-relative
performance and may be subject to hurdle rates, high-water marks or similar mechanisms, as
disclosed in the applicable governing documents. Performance Fees are calculated and payable in
accordance with the applicable governing documents.

The applicable Management Fee and Performance Fee schedule for each Client is described in each
Client’s governing documents, including offering memorandum, prospectuses, supplements or
investment management or portfolio management agreements. Clients do not have the ability to
choose to be billed directly for Management Fees or Performance Fees incurred.

In connection with certain pooled investment vehicles, including certain UCITS sub-funds, Goodhart
may receive compensation pursuant to investment management arrangements relating to the
applicable fund. Investors in such funds bear fees and expenses indirectly through their investment in
the applicable vehicle as described in the relevant governing documents.

In addition to the Management Fee and Performance Fees, each Client will bear its own expenses,
including but not limited to: investment expenses (e.g., expenses that, in Goodhart’s discretion, are
related to the investment of assets, whether or not such investments are consummated, such as
brokerage commissions, clearing and settlement charges, custodial fees, bank service fees and
interest expenses); research costs; professional fees (including expenses of consultants, investment
bankers, attorneys, accountants and other experts) relating to investments; administrative expenses
(including fees and expenses of an administrator); legal expenses; external accounting and valuation
expenses (including the cost of accounting software packages); audit and tax preparation expenses;
directors fees; costs of preparing, printing and mailing reports, offering materials and notices; entity-
level taxes; corporate licensing; regulatory expenses (including filing fees); insurance premiums (to
the extent not prohibited by ERISA); organizational expenses including the costs of maintaining the
Funds’ registered office(s); expenses incurred in connection with the offering and sale of shares and
other similar expenses related to the Fund; income taxes, withholding taxes, transfer taxes, stamp
duties, filing fees or other governmental fees imposed on the Funds and extraordinary expenses
(including litigation and indemnification expenses, if any).

Further information can also be found in Item 12 under Brokerage Practices.
Please refer to the relevant fund's governing documents for a complete description of the applicable
fees and expenses. The information contained herein is a summary only and is qualified in its entirety
by the relevant governing documents.

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Item 7: Types of Clients
Goodhart provides investment management services primarily to pooled investment vehicles,
including alternative investment funds, UCITS collective investment schemes and investment trust.
Investors in such Clients include a wide range of professional and institutional investors including, but
not limited to, endowments, pension and profit sharing plans, trusts, estates, and corporations and
other business entities, insurance companies, sovereign wealth funds, family offices, foundations and
other pooled investment vehicles.

Where interests in Goodhart-managed funds are offered to U.S. Persons, such investors must satisfy
the applicable eligibility requirements set out in the relevant governing documents, including, where
applicable, qualification as a "Qualified Purchaser" within the meaning of Section 2(a)(51) of the
Investment Company Act of 1940.

Minimum investment amounts are set out in the applicable prospectus, offering memorandum or
other governing documents of the relevant fund and may, where permitted, be waived at the
discretion of the relevant governing body or investment manager.

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