Kingsway Capital Partners Limited

ITEM 5: FEES AND COMPENSATION

A.      Advisory Fees
An investor and prospective investor in a Kingsway Capital Fund should review the PPM or Prospectus of each
such Kingsway Capital Fund for more complete information on the fees and compensation payable. A summary
only is provided below.

Management Fees
With respect to discretionary investment management Clients investing in the Global Consumer Franchise Strategy
Kingsway Capital is generally paid or allocated a management fee, payable quarterly or monthly, up to 1.5% per
annum of the aggregate net asset value of each investor’s capital account or series of shares, as applicable.

The Frontier Consumer Franchises Strategy offers a discounted sliding scale investment management fee rate, to a
minimum of 0.5% per annum on assets under management for each sub-fund exceeding USD 1.5 billion. In the
case of Side Pocket or Liquidating Shareclasses, management fees are only paid at their normal rate on disposition
of the relevant underlying asset or assets from the issue of the relevant shares to the liquidation of the relevant
underlying assets.

With respect to discretionary investment management Clients investing in the Private Consumer Strategy,
Kingsway Capital is generally paid or allocated a quarterly or half yearly management fee of up to 1.5% per annum
of called capital.

Founder or strategic investors shareclasses may charge a lower fee as contained in the relevant PPM.

To date, no management fees have been payable in respect of the Kingsway Capital Funds that provide “overflow”
or “co-investment” investment opportunities alongside investments by the Kingsway Capital Funds.

The ETF charges a management fee of 0.99% which Kingsway Capital receives net of ETC expenses. There are no
performance fees.

Performance-Based Allocations or Fees
Certain Kingsway Capital Funds managed by Kingsway Capital charge performance-based charges which are
payable to carried interest vehicles (“Carry Vehicles”) that are affiliates or other related persons of Kingsway
Capital. The Carry Vehicles are more fully described under Item 10: C. Material Relationships or Arrangements
with Industry Participants.

The Kingsway Capital Funds that follow the Frontier Consumer Franchises Strategy generally allocate to the
relevant Carry Vehicle an annual performance-based fee of between 10% to 20% of the net gain earned by each
investor over a 3 year period in excess of a cumulative hurdle rate which may be subject to a high water mark.
Payment relating to performance-based fees applicable to share classes, that are not invested in private asset
securities or Liquidating Assets, is in arrears at the end of the 3 year period or upon redemption. Regarding assets
held in private asset share classes or Liquidating Shareclasses, performance related payment is made only on the
disposition of relevant underlying assets. Out-performance paid related to the sale of assets held in private asset
share classes is typically subject to clawback. Please refer to the relevant PPM for details.

The Kingsway Capital Funds that follow the Private Consumer Strategy generally allocate to the relevant Carry
Vehicle or paid a performance-based allocation or fee of 20% to 25% of the proceeds realised upon the disposition
of relevant underlying assets; subject to the return of capital contributions and a preferred return to investors
followed by catch-up allocations to Kingsway Capital. In certain cases, Clients pay Kingsway Capital a portion of
its performance-based allocation or fee prior to the disposition of relevant underlying assets and may be subject to
adjustment upon liquidation of the fund.

Certain investors in Kingsway Capital Funds that are connected to Kingsway Capital or investment made by a
Kingsway Capital Fund in another Kingsway Capital Fund may be eligible to invest in classes of shares or interests
that bear reduced or no investment management fees and/or reduced performance-based charges.

There are no performance-based fees payable in respect of Clients invested in the Global Consumer Franchise
Strategy or the ETF.

Advisory Fees
Advisory fees i.e. for the provision of investment advice, are charged to advisory Clients as negotiated and agreed
between the parties.

B.      Payment of Fees

Investment management fees and performance-based charges, where relevant, are deducted directly from the assets
of the relevant Kingsway Capital Fund, ETF or separately managed account Clients, by the relevant administrator
or custodian and are not deducted by Kingsway Capital. Where payable, investment management fees are generally
paid monthly, quarterly or semi-annually in arrears.

Where relevant, any performance-based fee is payable annually or upon withdrawal of capital from any Kingsway
Capital Fund in accordance with the PPM.

Discretionary investment management fees paid by separately managed account Clients, are typically invoiced to
the Client quarterly in arrears or as agreed with the Client.

Investment advisory fees paid by investment advisory Clients are typically invoiced to the advisory Client quarterly
in arrears or as agreed with the Client.

C.      Other Fees and Expenses

1)      General

In addition to paying investment management fees, and as relevant performance related fees, Clients of Kingsway
Capital are typically responsible for all costs and expenses incurred in connection with the investment activity in
their discretionary accounts, including custodial and sub-custodial charges; brokerage commissions; interest
expenses; taxes, duties and other governmental charges; transfer and registration fees or similar expenses; costs
associated with foreign exchange transactions; other portfolio expenses; and costs, expenses and fees associated
with products or services that may be necessary or incidental to such investments or accounts.

Certain Kingsway Capital Funds may invest in other Kingsway Capital Funds in “overflow” or “co-investment”
...

Types of Clients
As noted under Item 4 above, Kingsway Capital provides discretionary investment management services to the
Kingsway Capital Funds; in addition, Kingsway Capital may act as discretionary investment advisor to U.S. and
non U.S. separately, managed accounts.

Kingsway Capital’s Clients and the investors in the Kingsway Capital Funds, may include corporations,
endowments, foundations, trusts, estates, charitable organizations, pension and profit sharing plans and high net
worth individuals who are professional, sophisticated investors understanding the risks of investing in the relevant
investments. US and non-US persons who are retail investors may invest in the ETF but these are not Kingsway
Capital Clients.

All Kingsway Capital Funds, excepting the ETF, require that U.S. investors qualify as “accredited investors,” as
defined in Rule 501(a) of Regulation D under the Securities Act 1933, as amended and as “qualified purchasers” as
defined in Section 2(a)(51) of the Investment Company Act. US retail investors can invest in the ETF via approved
local brokers, however, Kingsway Capital does not act as distributor of this fund.

Kingsway Capital provides investment advice regarding its expertise in private asset securities in frontier markets
to the same sophisticated professional investors as listed above for discretionary investment management.

Minimum Investment Requirements

The minimum investment in respect of each Kingsway Capital Fund that are private funds is set out in each
Kingsway Capital Fund’s PPM. The Board of Directors, manager or general partner, as the case may be, of a
Kingsway Capital Fund may, in its discretion, waive the minimum investment amount.

Kingsway Capital generally requires that a Client invests a minimum of $50,000,000 to open a separately managed
account. However, Kingsway Capital may accept a lesser initial investment in its sole discretion. There is no
minimum investment in the ETF.