Longhorn Capital Partners LP

Item 5: Fees and Compensation

SUMMARY OF FEE SCHEDULE
In consideration of our advisory and other services, we generally will be entitled to receive advisory and/or
management fees, incentive or performance-based fees, and other compensation from or with respect to our clients.
While the specific fees and expenses applicable to each advisory client will be set forth in detail in the applicable
investment advisory or management agreement with such client, a brief overview of our fee schedule is set forth
below. The following description is qualified in its entirety by the applicable account and governing documents
applicable to each client.
We generally negotiate fees with respect to our other advisory clients, including separately managed funds or
accounts, investment companies, and other private investment funds, on a case-by-case basis, taking into
consideration various factors relating to the services performed by us on behalf of the applicable client. In general,
we receive a management fee, payable monthly or on another periodic basis, equal to a percentage, generally
ranging from 1.0% to 2.0% per annum, of the net asset value of the advisory account of each client. In addition, we
may be entitled to receive a performance-based fee equal to a percentage of the net profits allocated to the account
during the applicable performance period (subject to the terms and conditions set forth in the applicable governing
documents or investment management agreement).
PAYMENT OF FEES
Advisory clients may authorize and direct us to deduct (or otherwise instruct their applicable custodians to deduct
or pay) our advisory fees directly from their custodial or advisory accounts. However, in certain instances or
circumstances, we may not have authority to deduct fees directly from advisory client accounts, and thus, advisory
clients may be invoiced or billed on a periodic basis for applicable fees and be responsible for paying such fees
directly to us by the applicable due date. If and as applicable, we typically expect to send invoices to applicable
clients on a monthly or other periodic basis.
Advisory and other agreements with clients typically will not have set expiration or termination dates. Rather,
advisory and other agreements between us and each advisory client typically may be terminated by us or the clients
at any time upon advance written notice, per the terms set forth in the applicable agreements with each client. Fees
may be prorated (i) with respect to withdrawals made on any date other than as of the end of the month; and (ii)
with respect to contributions made on any date other than as of the beginning of a month. In the event of
termination of an advisory agreement, any unearned fees paid in advance may be refunded to the client (minus any
account expenses and reserves for expenses) in accordance with the terms outlined in the applicable agreements
with each client.
OTHER FEES AND EXPENSES
We generally are responsible for and pay all ordinary office overhead expenses, including, without limitation, rent,
supplies, secretarial expenses, stationery, charges for furniture and fixtures, and compensation of security analysts
and personnel. All other expenses generally are borne by the client, including, without limitation (i) legal, accounting,
auditing, and other professional expenses; (ii) investment expenses such as commissions, research expenses, and
interest on margin accounts and other indebtedness; (iii) the pro rata share of the fees and expenses incurred from
investing in other investment vehicles; (iv) custodial fees; and (v) other reasonable expenses related to the purchase,
sale, or transmittal of client assets. Clients generally are responsible for and pay all custodial and brokerage fees.
See Item 12 below.
COMPENSATION FOR THE SALE OF SECURITIES OR OTHER INVESTMENT PRODUCTS
Neither we nor any of our supervised persons accept compensation for the sale of securities or other investment
products.

TYPES OF CLIENTS
We currently provide or perform investment advisory or sub-advisory services to a charitable organization and a
separately managed account. We may, in the future, provide or perform advisory services to various types of
advisory clients including, without limitation, investment funds, private institutional clients, affiliated investment
vehicles, family offices, foundations, endowments, and other entities.
ACCOUNT REQUIREMENTS
Advisory or sub-advisory clients typically will be required to, among other things, enter into advisory or management
agreements with us that set forth the nature, scope, and type of services provided by us to such client, in accordance
with the client’s investment objectives, guidelines, limitations, requirements, and restrictions. Such agreements will
delineate our scope of authority with respect to our services. In addition, any advisory client subject to performance-
based compensation is generally required to represent and certify to us that it is a “qualified client” as defined in
Rule 205-3 under the Advisers Act.