Islandbridge Capital Limited

Item 5              Fees & Compensation
      Islandbridge Capital Limited receives a management fee which is based on the percentage of a
      client’s assets under management, negotiated individually on a client by client basis and in a
      range up to 1%.

      In addition, we may receive performance fees. Our annual performance fee rate is negotiated
      individually on a client by client basis, and will be in the range of up to 25%. These may be
      calculated as follows:

              i.        On the increase in value of shares, units, or other investments introduced by the
                       firm during the term of an agreement with the client. The performance fee is
                       calculated according to the increase in the value per share of an investment and
                       hurdle rate or high water mark.

              ii.      On capital gains and distributions received above the invested capital for new
                       investments committed after the client contract commencement date.

      Islandbridge Capital Limited are entitled to a performance fee or performance allocation only if
      the cumulative profits which we achieve for a client exceed the prior highest amount of
      cumulative profits achieved for such client.

      Islandbridge Capital Limited also receives a service fee from its family office clients which is
      based on the percentage of their net assets or is pre-agreed fixed fee. These fees are
      individually negotiated on a client-by-client basis.

         Islandbridge Capital Limited does not receive commission for investment advice.

  A. Management fees are usually invoiced at the end of each quarter, and are calculated monthly
      based on the month end NAV.

      Performance fees are usually charged annually and include a calculation of the relevant high-
      water mark.

         Service fees are usually billed quarterly in advance.

  B. Clients are charged other fees and expenses, based on the relevant business conducted in
      relation to each specific client. These include:

         i.   on-going fees and expenses, including time spent on the client’s behalf liaising with third
              party service providers, such as lawyers, accountants and auditors and, in certain
              circumstances and subject to individual client pre-approval, some compliance costs;

     ii.      brokerage commissions, give-up fees and transactional fees and expenses;

     iii.      exchange fees;

          iv.      all taxes and corporate fees payable to governments or agencies, including but not limited
                   to transfer taxes;

          v.       directors’ fees (if any) and expenses;

          vi.      incidental other minor administrative charges relating to the operating of the client
                   accounts, including postage, filling fees, printing, courier etc;

          vii.     indemnification payments and other extraordinary fees and expenses; and

          viii. fees and expenses (where relevant) relating to research, data and related technology
                   costs.

    C.     Clients may pay a service fee in advance of services provided by Islandbridge Capital Limited.
           Any pre-paid fee would be refunded in full in a situation where the relevant service is not
           provided.

    D. Islandbridge Capital Limited does not, nor do our supervised persons accept compensation,
           including sales charges or service fees, from third parties in connection with the sale of
           securities or other investment products.

Item 7                Types of Clients

Our clients consist of:
    i.    Individual professional and qualified clients for which we provide investment advice,
                including individual investors and entities such as trusts.
    ii.         Certain Family Office clients, for whom we provide advisory and / or non-advisory services.

All of our clients are “qualified clients” eligible to be charged performance compensation under Rule
205-3 of The Investment Act of 1940, as amended.