Matterhorn Investment Management LLP

Item 5 Fees and Compensation

A. Describe how you are compensated for your advisory services. Provide your fee schedule. Disclose whether
the fees are negotiable.

         MIM receives both a Management Fee and a Performance Fee from The Matterhorn Global

         Fund:

         (i)      A typical Management Fee 1.5% per annum is calculated and charged monthly based on
                  grossassets under management; and

         (ii)     A Performance Fee up to 20% is paid on each funds’ net appreciation in any calculation
                  period, subject to a high-water mark basis and/or a hurdle.

         The fees are not negotiable.

Note: If you are an SEC-registered adviser, you do not need to include this information in a brochure that is
delivered only to qualified purchasers as defined in section 2(a)(51)(A) of the Investment Company Act of
1940.

B. Describe whether you deduct fees from clients’ assets or bill clients for fees incurred. If clients may select
either method, disclose this fact. Explain how often you bill clients or deduct your fees.

         MIM is not allowed to hold client assets. All client assets are held by the independent Prime Brokers
         and Administrators. Any fees will be invoiced and paid by the respective Administrator.

C. Describe any other types of fees or expenses clients may pay in connection with your advisory services, such
as custodian fees or mutual fund expenses. Disclose that clients will incur brokerage and other transaction costs,
and direct clients to the section(s) of your brochurethat discuss brokerage.

         Various other fees and expenses are paid by the Fund. These include:

         Each Fund will pay (i) Administrator fees ranging from 0.08% and 0.15% per annum (depending on
         level of assets and subject to various annual minimums); (ii) various brokerage and custodial services
         performed by Prime Brokers; (iii) various brokerage fees performed by external brokers; (iv) various
         sub-custodian fees; and (v) other fees including directors fees and related expenses, legal, accounting
         and audit fees, insurance costs, any listing costs and other administrative expenses.

         All Funds managed by MIM have an Offering Memorandum and/or a Private Placement
         Memorandum. Full details of all fees and brokerage can be found therein. .

D. If your clients either may or must pay your fees in advance, disclose this fact. Explain how a client may
obtain a refund of a pre-paid fee if the advisory contract is terminated before the end of the billing period.
Explain how you will determine the amount of the refund.

         All fees are payable in arrears.

E. If you or any of your supervised persons accepts compensation for the sale of securities or other investment
products, including asset-based sales charges or service fees from the sale of mutual funds, disclose this fact and
respond to Items 5.E.1, 5.E.2, 5.E.3 and 5.E.4.

         MIM does not enter into these types of arrangement.

1. Explain that this practice presents a conflict of interest and gives you or your supervised persons an incentive
to recommend investment products based on the compensation received, rather than on a client’sneeds. Describe
generally how you address conflicts that arise, including your procedures for Form ADV: Part 2A Page 3
disclosing the conflicts to clients. If you primarily recommend mutual funds, disclose whether you will
recommend “no-load” funds.

         N/A

2. Explain that clients have the option to purchase investment products that you recommend through other
brokers or agents that are not affiliated with you.

         N/A

3. If more than 50% of your revenue from advisory clients results from commissions and other compensation for
the sale of investment products you recommend to your clients, including asset-based distribution fees from the
sale of mutual funds, disclose that commissions provide your primary or, if applicable, your exclusive
compensation.

         N/A

4. If you charge advisory fees in addition to commissions or markups, disclose whether you reduce your
advisory fees to offset the commissions or markups.

         N/A

Note: If you receive compensation in connection with the purchase or sale of securities, you should carefully
consider the applicability of the broker-dealer registration requirements of the Securities Exchange Act of 1934
and any applicable state securities statutes.

Item 7 Types of Clients

Describe the types of clients to whom you generally provide investment advice, such as individuals, trusts,
investment companies, or pension plans. If you have any requirements for opening or maintaining an account,
such as a minimum account size, disclose the requirements.

         MIM generally provides investment management services to The Matterhorn Global Fund whose
         investors ultimately are made up of HNW individuals, private banks,

         investment companies, endowments, pension funds, charities and family offices – offices set up to
         manage the wealth of either a single family or group of families.

         Minimum investment size is determined by the Prospectus/Investment Management Agreement for
         The Matterhorn Global Fund.