Man Solutions LLC

FEES AND COMPENSATION

              The Firm does not maintain a basic fee schedule. Fees for each client are determined
and negotiated on a case-by-case basis. The following is a general overview of the types of fees
the Firm charges its clients for the advisory services described in this Brochure.

A.     Advisory Fees and Compensation.

                The Firm has intentionally omitted the full section on compensation for advisory
services, as it is an SEC registered adviser and this Brochure is delivered only to “qualified
purchasers” as defined in Section 2(a)(51)(A) of the Company Act. The fees and expenses incurred
by clients vary and are described in the governing documents.

                The Firm offers discretionary and non-discretionary advisory and sub-advisory
services and the fees and performance compensation, if any, for such services will be negotiated
on a case-by-case basis and as such will differ from each other. Depending on the investment
strategy, the nature of the account and other factors, the compensation will generally be in the form
of an asset-based fee that is generally paid either monthly, quarterly or semi-annually in arrears.
Fees vary by separately managed account, Fund and by share class. In addition, Man Solutions
offers other fee structures to certain Funds which involve a passthrough of certain expenses
associated with the hiring or retaining of investment talent; namely, (i) investment team
performance-based compensation and (ii) talent acquisition costs. In addition, the Firm may be
compensated in the form of incentive or performance-based fees in compliance with Rule 205-3
under the Investment Advisers Act of 1940 (“Advisers Act”). The incentive or performance-based
fees may be subject to a high-water mark or in some cases, a hurdle rate which is typically based
upon a specified interest rate.

                The Funds the Firm manages have different share classes which may have a
different fee schedule.

               For the affiliated ETFs, the Firm receives a unitary advisory fee from which it pays
the management fee of the sub-advisers appointed to the ETFs as well as expenses of the ETF,
except for interest expenses, acquired fund fees and expenses, taxes, trading fees, brokerage
expenses, distribution fees or expenses (if any), litigation expenses and other non-routine or
extraordinary expenses, as further described in the ETF’s Prospectus and Statement of Additional
Information.

              Fees charged to the Funds are fully described in the respective Funds' governing
documents. The Funds the Firm manages have different share classes which may have a different
fee schedule. Generally, with respect to the Funds, the Firm or its affiliates (i) charge a
management fee in arrears at annualized rates generally ranging between 0.5% and 2%, which may
vary by share class within a Fund, and (ii) charge performance fees generally ranging between
15% and 30% of net profits and in some cases subject to a “benchmark return”, “high water mark”

or “hurdle rate” calculated and payable annually or at the time of a redemption/withdrawal. The
specific level of fees depends upon various factors, including the availability of certain investment
classes, which may be closed to new investors. Actual fees may be more or less than the ranges
stated.
                Certain Funds pay an affiliated services manager a services management fee up to
0.5% per annum of the net asset value of the relevant Fund or in some cases a flat fee. The services
manager is responsible for selecting and appointing service providers to provide administration
services, including general shareholder services and certain accounting and valuation services, as
well as monitoring the providers of those services. Disbursements for the services manager are
invoiced separately and payable monthly. The services manager pays all or a portion of the fees it
receives from each relevant Fund to the administrator.
               As previously mentioned, fees are determined on a case-by-case basis. Due to the
nature of its investment strategy whereby it invests in Affiliated Funds and/or allocates to
Affiliated Accounts, there are different fee models which could be applied by the Firm including:

    •   A fee model whereby management fees and performance fees are charged directly by the
        Fund or separately managed account managed by the Firm and no management fees or
        performance fees are applied at the level of Affiliated Funds and/or Affiliated Accounts
        that the Firm invests in or allocates to;

    •   A fee model whereby management fees and performance fees are charged directly by the
        Fund or separately managed account managed by the Firm and any management fees or
        performance fees applied at the level of the Affiliated Funds and/or Affiliated Accounts
        that the Firm invests in or allocates to are rebated to the Fund or separately managed
        account managed by the Firm to ensure that the fees levied by the Firm do not exceed those
        stated in the relevant investment management agreements or governing documents;

    •   A fee model whereby no management fees or performance fees are charged directly by the
        Fund or separately managed account managed by the Firm. Management fees and
        performance fees will be applied at the level of Affiliated Funds and/or Affiliated Accounts
        that the Firm invest in or allocates to and retained by the relevant Affiliated Managers. The
        Funds’ or separately managed accounts’ investment management agreements or governing
        documents will state a maximum management fee and performance fee which may be
        levied by Affiliated Funds and/or Affiliated Accounts.

    •   Where the Firm provides discretionary services, whereby it invests directly in financial
        instruments on behalf of clients, management and/or performance fees will be directly
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TYPES OF CLIENTS

                The Firm provides discretionary investment services primarily to U.S. and non-
U.S. Funds, including private funds and U.S. and non-U.S. institutional managed accounts. The
securities of the private funds are not registered under the Securities Act of 1933. In addition, the
private funds are not registered under the 1940 Act and may or may not be continuously offered.
In addition, the Firm provides discretionary investment services to U.S. ETFs registered under the
1940 Act.

               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 may be subject to a minimum investment requirement which under certain conditions may
be waived as set forth in the Fund’s offering memorandum. Currently, the Firm does not have a
pre-determined account minimum for managed accounts.

               The Firm also provides discretionary investment services on a sub-advisory basis
to pooled investment vehicles.