HBK Investments LP

ITEM 5
  weekly basis based on the most recent available gross market values. The values upon which an
  allocation is based may differ significantly from such values at the time the expense was incurred
  or the related goods or services were received.

       Reimbursable expenses that further or support our business generally and are not clearly
  identifiable to a particular Fund, strategy, product or investment are generally deemed to benefit,
  and are allocated among, all applicable Funds. As a result, all expenses incurred by HBK,
  excluding only the Non-Reimbursable Expenses, are Fund Expenses and, except as otherwise
  agreed, are borne by one or more Funds (and not by HBK). For example, each Fund generally is
  allocated its proportionate share, based on net asset value, of Fund Expenses incurred by or
  attributable to our employees, without regard to the particular duties or functions or locations of
  the employees. This is generally true for all types of Fund Expenses incurred by HBK and
  attributable to our employees, including voice and data telecommunications expenses (wired or
  wireless), data and pricing services, membership dues, compliance expenses, off-site storage of
  backup tapes, and all technology expenses, including software, hardware, cloud computing
  resources and services such as Amazon Web Services and Google Cloud Platform, and business
  continuity expenses, in each case including overhead expenses that further or support our business.
  In addition, Fund Expenses include expenses related to certain hardware, equipment, services and
  publications (such as telephones, desktop computers, Bloomberg services, subscription
  publications and others) that are used in our business but also may be used by our personnel for
  personal matters as generally permitted pursuant to our policies, and, except as otherwise agreed,
  our Funds bear 100% of such Fund Expenses despite such incidental personal use.
  Notwithstanding the foregoing, because of the strategies or operational requirements or other
  characteristics of certain Funds, HBK may determine that such Funds benefit from, or are
  responsible for, certain Fund Expenses only to a de minimis extent or not at all. For example, this
  might be the case for certain Fund Expenses for a passive beta strategy or a long-only strategy
  focused on a narrow asset class or other static or narrow strategies that, despite having a relatively
  large net asset value, require relatively little discretion or trading. In such cases (where we
  determine that a Fund benefits from, or is responsible for, certain Fund Expenses only to a de
  minimis extent or not at all), we would likely allocate none of such Fund Expenses to such Fund,
  while other Funds would be allocated all of such Fund Expenses (based, for example, on net asset
  value).
       For purposes of this disclosure regarding the allocation of Fund Expenses among Funds,
  references to a “Fund” should be interpreted to avoid duplication. So, for example, feeder funds
  and the applicable master fund and all subsidiaries of such master fund (and any other client
  accounts managed for its benefit) would generally be considered a single “Fund” rather than
  treating each entity or account within a single fund structure as a separate “Fund.”

  D. Prepayment of Fees.

      For Funds other than the UCITS Fund and certain client accounts, any management fees are
  paid monthly in advance. All fees for the UCITS Fund are paid monthly in arrears. See Item 5.B.
  above. Unless otherwise agreed, if an investor in a Fund other than the UCITS Fund withdraws
  during a month (which is generally not permitted), we will refund a pro rata portion of the
  management fee applicable to the withdrawn capital for that month, based on the actual number
  of days remaining in the month divided by the total number of days in the month.

  E. Additional Compensation and Conflicts of Interest.

      Neither HBK nor any of its supervised persons accepts compensation for the sale of securities
  or other investment products.

TYPES OF CLIENTS

     Our only clients are our Funds. Our Funds are not required to be registered under the Investment
Company Act of 1940. Any minimum initial and additional subscription requirements are disclosed
in the applicable Fund Documents.

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