Man Investments Australia Limited

FEES AND COMPENSATION

               A fee schedule is omitted because this Brochure is being delivered only to
qualified purchasers, as defined in section 2(a)(51)(A) of the Investment Company Act of 1940.

              MIAL does not maintain a basic fee schedule. The following is a general
overview of the types of fees MIAL charges its clients:

A.     Advisory Fees and Compensation
             Fees for each client are determined on a case-by-case basis. Fees for institutional
managed accounts are negotiated directly with each managed account and may consist of a fee
based on assets under management, investment performance or a combination of both.
Performance-based fees, if applicable, will be charged in compliance with Rule 205-3 of the
Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Firm’s fees and
compensation will be shared from time to time with its affiliates.

       MIAL Funds
                Fees charged to the Funds are fully described in the respective Fund's governing
documents. Generally, with respect to the Funds, MIAL or its affiliates (i) charge a monthly or
quarterly management fee in arrears and (ii) may charge performance fees which could be subject
to a "benchmark return", "high water mark" or "hurdle rate" calculated and payable annually or
at the time of a redemption/withdrawal. Certain non-US share classes of certain Funds may also
be subject to distribution fees and/or redemption fees as further described in the Fund's governing
documents.

                Certain affiliated UCITS funds pay an administration fee to the non-US based
manager of the UCITS funds which is an affiliate of MIAL (the "Manager") based on the average
net asset value payable monthly in arrears. The administration fee is used to pay the services of
the administrator and administrative services of the Manager as further described in the UCITS
funds' prospectus.

                 As permitted, MIAL or its affiliates may from time to time in its sole discretion
and out of its own resources decide to rebate part or all of the management and/or performance
fees, and/or distribution fees to some or all investors or to intermediaries. MIAL or its affiliates
typically pay a portion of its fees to distributors or intermediaries of the Funds.

               MIAL's compensation is negotiable and MIAL may, in its sole discretion, elect to
waive or modify any compensation with respect to any investor, without entitling any other
investor to a waiver or modification. MIAL's fees and compensation will be shared from time to
time with its affiliates. MIAL or its affiliates invest client or Fund assets in investments that
charge additional fees. Investments that charge additional fees may include, but are not limited

to, money market funds, short-term investment vehicles, exchange traded funds, pooled
investment vehicles, special purpose investment vehicles and alternative investment vehicles.

               Generally, the investment management agreements with clients may be
terminated by either party in accordance with the terms and notice period described in each
investment management agreement. MIAL's investment management agreements are generally
terminable with prior written notice, without penalty, or upon a breach, and/or also may be
automatically renewed.
B.       Payment of Fees

               Fees and compensation paid to MIAL or its affiliates by the Funds or managed
accounts are generally paid by the client from its assets. With regards to the Funds, the fees are
calculated by the Fund's administrator and are paid directly from the Fund's assets. Management
fees are generally paid, on either a monthly or quarterly basis in arrears, and the performance
compensation is generally deducted on an annual basis or at the time of a redemption or
withdrawal, as applicable, or more frequently as further described in the Fund's governing
documents or managed account's investment management agreement. With regards to managed
accounts, fees are negotiated and agreed upon with the client directly and may include a
management fee or a combination of management fee and performance-based compensation.
Management fees and performance-based compensation generally are pro-rated for partial
periods.

               Generally, the Firm does not require prepayment of fees unless otherwise
permitted under such client documentation. If prepayment were provided for, the Firm would
rebate a proportionate amount of the prepaid fees to the applicable client, in the event of a
termination of its investment management services.

                MIAL's employees2 may invest in one or more Funds. MIAL's employees may
or may not be subject to a management fee and performance-based compensation by these Funds.
In addition, MIAL's employee investments may or may not be subject to the same liquidity terms
or fees as those of other investors in the Funds.
C.       Additional Fees and Expenses

              Not all of MIAL's Fund investors bear all of the expenses set forth below and, in
some cases, will bear additional expenses not included herein. Fund investors should refer to the
Fund's governing documents for details relating to specific expenses relating to the Fund.

               In addition to the asset-based and as applicable, performance-based compensation
described above, each MIAL's Fund investor generally bears the following expenses: operating
and other expenses and its pro rata portion of the Fund's expenses and as applicable master fund
expenses, including, but not limited to, fund formation, fees paid to administrators, fees paid to
custodians, fees paid to prime brokers, fees relating to any special purpose vehicles, as applicable,

 “Employee(s)” for purposes of this Brochure includes personnel, partners, officers, directors (other than non-
executive directors of Man Group plc) and other persons with similar status or performing similar functions.
...

TYPES OF CLIENTS

                MIAL currently provides sub-advisory services through its affiliate to non-U.S.
pooled investment vehicles including UCITS funds on a discretionary basis. The securities of
the Funds are not registered under the Securities Act of 1933. In addition, the Funds are not
registered under the Investment Company Act of 1940 and may or may not be continuously
offered. In addition, MIAL provides model portfolio services to U.S. based investment advisers
to assist in the management of client portfolios including, institutional, ERISA and registered
investment companies.

                Redemption rights with respect to each Fund are set forth in the offering
memorandum for each Fund. Termination rights with respect to each managed account are set
forth in the investment management agreement for each managed account. Investments in the
Funds are subject to certain qualifications and a minimum investment requirement which under
certain conditions may be waived as set forth in the Fund's offering memorandum. Currently,
MIAL does not have a pre-determined account minimum for managed accounts.