Innocap Investment Advisers LLC

Item 5 - Fees and Compensation

Compensation
With respect to the Vehicles, IIA will generally be paid a platform management fee that is negotiated with
each client and based on the value of the assets of each Vehicle. The management fees are payable monthly
or quarterly in arrears at the end of each relevant payment period and are deducted from each Vehicle
(including each class where applicable). The Vehicles launched or terminated during the relevant monthly
or quarterly period will be charged a pro-rated fee. Fees related to the onboarding and liquidation of
Vehicles may also apply. The fees payable by each Vehicle are set forth in detail in each agreement with the
relevant Vehicle or investor, as the case may be. Additional fees may be applied where clients elect to use
optional services such as Currency Hedging Services.

Additional Fees
Vehicles managed by IIA may also bear the following fees:

    Trading Advisor Fees
    Fees paid to the Trading Advisors vary and generally include a management fee based on the value of the
    assets of the relevant Vehicle and a performance fee based on the net trading gain of such Vehicle. Fees
    applicable to a Trading Advisor are specified in the relevant management agreement with each relevant
    Trading Advisor and disclosed to investors in the Vehicles. These details are confidential to the Trading
    Advisor and specific Vehicle.

    Administration Fees
    The Vehicles also bear administrative fees and expenses based on the assets of the Vehicles, sometimes
    subject to a minimum fee, which may include administration fees, registrar and transfer agent fees and
    expenses, accounting, audit and legal costs, custodial fees, bookkeeping and recordkeeping costs,
    communication and promotional expenses, other professional fees and expenses as further detailed below,
    any trading and investment-related costs and expenses and dissolution costs, regardless of whether profits
    are realized.

    Trading Fees
    Certain types of strategies employed in the Vehicles, or in underlying investment vehicles in which the
    Vehicles invest, may require frequent changes in trading positions and consequent portfolio turnover. This
    may involve brokerage commission expenses exceeding those of other investment schemes of comparable
    size. In relation to such Vehicles, the Vehicles must therefore make meaningful profits from their
    investments to avoid depletion or exhaustion of the assets from these and other expenses.

    Corporate Secretarial Fees
    Innocap Corporate Services Limited, an entity within Innocap Group, may be engaged by certain Vehicles to
    perform corporate secretarial functions (such as organizing board meetings and drafting minutes). Fees for
    company secretarial services are established at typical commercial rates, disclosed in the relevant support
    services agreement and paid from the relevant Vehicle’s assets.

    Other Fees
    The Vehicles may be subject to other types of fees, including initial set-up fees 1, liquidation or redemption
    fees, administration services and related software fees, banking commissions and charges, custodian fees,
    legal fees and expenses, audit fees and expenses and other professional advisory fees, company secretarial
    fees, registration, authorisation and statutory fees, regulatory fees, translation and accounting expenses,
    interest on borrowings, insurance costs and/or premiums, director and officer fees and expenses, licensing
    and government filing fees, taxes and governmental expenses applicable to the Vehicles, costs of
    preparation, translation, printing and distribution of reports and notices, stock exchange filing fees,
    expenses in connection with obtaining and maintaining a credit rating for any Vehicle, expenses of
    shareholders meetings, clerical costs of issue or redemption of shares, postage, telephone, facsimile and
    telex expenses, costs of litigation, brokerage, research and market data expenses (except to the extent that
    all or a portion of its costs in respect of brokerage or research-related services or products are paid through
    the use of "soft dollars", where permitted), fees associated with maintaining the Vehicles’ registered office
    in the relevant jurisdiction, rating agency fees, pricing services fees, costs and expenses of third-party risk
    management products and services (including but not limited to the costs of risk management software or
    database packages) consultant and other service provider expenses and fees, background checks and other

  These fees are negotiated on a case-by-case basis and are typically a one-time flat fee based on considerations including but not limited to
the following; 1) the level of complexity of the Trading Advisor’s strategy; 2) the size of the relationship; 3) the number of accounts to be
launched; 4) the amount of upfront work required of IIA in building the Vehicle structure. Where applicable, these fees are described in the
platform management agreement, dedicated management account services agreement or agreements whereby IIA is retained by a client to
provide platform services. Set-up fees, where applicable, will be charged in compliance with the Innocap Group’s Set-Up Fee Procedure.

due diligence fees, tax consultation, compliance services, administrative costs in relation to publication of
NAV, annual reports and financial information and similar ongoing expenses, and any other expense in each
case together with applicable value added taxes.

The above fees and expenses may be payable directly by the Vehicles to the relevant service providers or
the Vehicles will reimburse IIA for all costs and expenses incurred or paid by IIA associated with the set-up
costs for the Vehicles and the Vehicles’ ongoing operations. Details of fees payable by the Vehicles are
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Item 7 - Types of Clients

Type of clients

IIA provides investment advisory and investment management services to clients that are investment
vehicles (“Vehicles”). The Vehicles to which IIA provides Services are each dedicated to a sole dedicated
investor who are typically large institutional investors.

Minimum account size

The minimum subscription amount in a Vehicle varies. The minimum initial investment is generally higher
than what would typically be seen in commingled vehicles but may vary depending on the investment
objectives and particular circumstances of a specific account and Vehicle type.