Marshall Wace North America LP

Item 5 – Fees and Compensation

Performance Compensation and Management Fees

With respect to all types of clients, MWNA and/or its affiliates generally receive a management fee based on a
percentage of assets under management, and incentive income based on net capital appreciation or a percentage
of net profits.

Where MWNA is directly appointed in its role as Investment Manager, it generally receives a management fee not
exceeding 2% per annum and an accrued performance fee, incentive allocation or carried interest payment (paid
to an affiliate) that is variable, dependent on performance, but generally does not exceed 20% above a high water
mark or, in certain instances, a higher percentage above an equity index benchmark. Where MWNA serves as a
sub-adviser or manages the assets of clients of its affiliates, a portion of those fees or allocations received by an
affiliate is paid to MWNA to compensate it for its sub-advisory role.

In limited circumstances, MWNA will negotiate specific terms for certain prospective investors in the Funds that
will differ from the terms applicable to other investors. When we enter into these arrangements, MWNA typically
pays a rebate to the relevant investor.

Fees are deducted and performance allocations taken from Fund assets. Management fees are automatically
deducted monthly (or on such other frequency as is agreed with the relevant Fund) from each relevant Fund's
account, in arrears. Performance fees, if applicable to relevant Fund shares, are charged or made as at 30
September in each year. Performance fees are also generally automatically deducted on any withdrawal of capital
by, or other distribution of monies to, an investor, generally subject to a loss carry-forward mechanism. In any
case, performance fees charged are in compliance with the requirements of Section 205 of the Investment Advisers
Act of 1940 (the “Advisers Act”) and its applicable rules.

Expenses

Investors in the Funds also bear other fees and expenses of the Funds. Such expenses include, but are not limited
to the following and will be borne whether or not a Fund’s contemplated investment is consummated: investment
expenses (e.g., expenses that are related to the investment of a Fund's assets such as brokerage commissions,
expenses relating to short sales, clearing and settlement charges, expenses (including costs and expenses of any
licenses) relating to transactional, risk and trade-related services, including for trade confirmations and proxy voting
services (including any costs incurred in connection with any third-party platforms), any issues or transfer taxes or
stamp duties chargeable in connection with securities transactions, custodial fees, bank service fees, interest
expenses, trade-related services, and structuring, including intermediate holding vehicles, negotiation, due
diligence, developing and managing investments); for Funds that invest largely in private companies, any travel
undertaken by any person acting for the Fund, or any person acting for any of the general partner, the Marshall
Wace Group, any of their respective associates or any of their respective officers, directors, partners, members,
employees and/or agents in connection with the Fund or any of its investment activities (which from time to time
include any accommodation, dining and other subsistence costs and/or first or business class travel); professional
fees (including expenses of consultants, investment bankers, attorneys, accountants and other experts) relating
to investments; all additional fees and expenses including the costs and expenses of any licenses incurred in
connection with all hardware, software tools, programs or other technology utilized in managing a Fund and
facilitating and managing the purchase and sale of investments (including third-party software licensing,
implementation, management and recovery services and custom development costs); all data-related and
research-related fees and expenses, including those relating to obtaining, storing, preparing, manipulating,
evaluating and utilizing data of any kind, including data that relates to the research and monitoring of actual and
prospective investments, transactional, risk, market and alternative data, and information technology hardware,
software or other technology (including costs of software licensing and licensing for using data, implementation,
data management and recovery services and custom development); all fees and expenses for investment research
and/or trade ideas (including corporate access services and services used for the processing and evaluation of

datasets, data scraping, alpha generation and portfolio optimization); research and market data (including any
computer hardware and connectivity hardware (e.g., telephone and fiber optic lines) incorporated into the cost of
obtaining such research and market data (including the costs and expense of any licenses); administrative
expenses (including fees and expenses of a Fund’s administrator); legal expenses; external accounting and
valuation expenses (including the cost of accounting software packages); audit and tax preparation expenses;
directors’ fees, including directors of a Fund’s general partner; costs of printing and mailing reports and notices;
taxes and corporate fees and levies payable to governments or agencies or regulatory bodies; corporate licensing;
regulatory expenses and costs of a Fund’s regulatory compliance (including all fees and expenses incurred in
connection with any governmental or regulatory compliance or any filings or reporting (including performance and
risk reporting) prepared by third parties (including in relation to EMIR, SFTR, Form PF and Annex IV) to the extent
that are in connection with, relate to or derive from a Fund or its investment activities and other similar expenses);
organizational expenses, including the creation and maintenance of any Fund and intermediate, side-pocket or co-
...

Item 7 – Types of Clients

MWNA provides advisory services to private collective investment vehicles and can provide advisory services to
separately managed accounts. Investment advice is provided directly to the Funds and not individually to the Fund
investors. At any time, investors in the Funds generally include institutions (e.g., pension plans, endowments,
trusts, estates, charitable organizations, foundations, etc.), fund-of-funds, and high net worth individuals/family
offices. Investors will be required to make certain representations when subscribing to a Fund through the
execution of a subscription agreement and other documents. Interests and shares in the Funds are not registered
under the Securities Act (or any other similar law), and such Funds are not registered under the Investment
Company Act. Accordingly, interests in the Funds are offered and sold exclusively to investors satisfying the
applicable eligibility and suitability requirements either in private transactions within the United States or in offshore
transactions. Any minimum initial and additional subscription requirements are disclosed in the offering documents
for the relevant Fund. The minimum initial capital contribution required for investment into a Fund varies according
to the Fund and the class of interests. For most Funds, the minimum is either US$5,000,000, US$250,000 or
EUR100,000 (or currency equivalent), depending on the Fund.