Hadron Capital LLP

Item 5: Fees and Compensation

Management Fees

Pursuant to the Management Agreement in place, the Funds pay Hadron Capital (Cayman)
Limited (“the Manager “) a monthly Management Fee in arrears equal to 1/12 of 2 per
cent of the Net Asset Value of each Class (other than Management Shares) (before
deduction of that month's Management Fee and any accrued Incentive Fee) as at each
valuation day. Management fees are paid for in cash by bank transfer.

The Manager is responsible for the fees of the Investment Manager. The Manager or the
Investment Manager may, at their sole discretion rebate fees to shareholders and any such
rebate may be used to subscribe for additional Shares. The Manager or the Investment
Manager may, at their sole discretion, pay a portion of the Management Fee and/or the
Incentive Fee to intermediaries or placement agents (including the Directors of the funds).

Other fees

Administrator Fees

Fees are charged on a sliding scale depending on the amount of assets managed. The
administrator will also be reimbursed any reasonable out-of-pocket expenses or costs
necessarily incurred in the performance of its duties. The FundS will pay the Administrator
a fee as follows on a monthly basis:

       0.12% of the first US$250 million of the net assets of the Master Funds
       0.10% of the next US$250 million of the net assets of the Master Funds
       0.08% of net assets above US$500 million of the net assets of the Master Funds

The minimum monthly valuation payable under the Administration Agreement monthly in
arrears, and excluding out-of-pocket expenses is US$7,000 per month.

Prime Brokers

The Prime Brokers will receive fees at normal commercial rates on transactions which
they execute. The Prime Brokers will charge debit interest on debit balances at agreed
rates. The Prime Brokers will receive separate fees for their clearing and settlement
services, but not for custodial services. These arrangements may be modified by
agreement.

Other Fees and Expenses

The Funds or Master Funds will also pay the costs and expenses of:

        (i)          all transactions carried out by it or on its behalf (including costs and
                     expenses incurred by the Investment Manager in sourcing and
                     researching investment opportunities);

        (ii)         the administration of the Funds and/or including;

Hadron Capital LLP                                                    Form ADV Part 2A

               a. the charges and expenses of legal advisers and auditors, including in
                  relation to due diligence on potential investments;
               b. brokers' commissions (if any), borrowing charges on securities sold
                  short and any issue or transfer taxes chargeable in connection with any
                  securities transactions;
               c. all taxes and corporate fees payable to governments or agencies;
               d. Directors' fees (if any) and expenses;
               e. interest on borrowings, including borrowings from the Prime Brokers;
               f. such expenses incurred by the Manager in soliciting subscriptions for
                  Shares;
               g. communication expenses with respect to investor services and all
                  expenses of meetings of shareholders and of preparing, printing and
                  distributing financial and other reports, proxy forms, prospectuses and
                  similar documents;
               h. the cost of insurance (if any) for the benefit of the Directors;
               i. litigation and indemnification expenses and extraordinary expenses not
                  incurred in the ordinary course of business;
               j. the cost of maintaining the listing of the Shares on the Irish Stock
                  Exchange;
               k. all other organisational and operating expenses.

Item 7: Types of Clients

Funds

The funds managed by the Investment Manager are described above under “Advisory
Business”.

Each fund where the Firm acts as investment adviser specifies minimum subscription limits
and the subscription and redemption terms applicable. Minimum subscription limits and
redemption terms by fund are as follows:

The Funds

               US Dollar     US$ 1 million
               Euro          € 1 million

Subject to the discretion of the funds’ directors, smaller subscriptions may be accepted.
The minimum subscription for additional shares is €250,000/ US$250,000.

Investors may subscribe to or redeem shares in the Fund on the first business day of each
month. Written notice of redemption must be received by the administrator at least 45
days prior to the Redemption Day. The Directors may waive notice requirements or
permit redemptions under such other circumstances at their discretion. The redemption
of shares will be suspended whenever the calculation of the Net Asset Value is suspended.

Hadron Capital LLP                                                        Form ADV Part 2A