Morant Wright Management Limited

ITEM 5: Fees and Compensation

MWM is generally compensated for its services through the receipt of management fees and performance fees or allocations (see
also Item 6, below). MWM’s compensation, as well as other costs associated with management by MWM, is discussed generally
below and in more detail in relevant offering materials.

     a)   Compensation

The Firm receives from each Fund an Investment Management Fee.

Funds

     •    In the case of the sole private fund reportable to the US regulatory authority managed by MWM, the MW Japan Fund,
          the investment management fee is 1% per year of the Fund’s Net Asset Value for the A and C shares and 1.5% for the
          B shares. The Fund may charge an initial charge of up to 3% which may be waived or discounted at the directors’
          discretion. A performance fee is not charged.

          Without prejudice to the above, MWM may from time to time and at its sole discretion and out of its own resources decide
          to rebate to some or all investors or to intermediaries’ part or all of the Management Fees.

Separate Accounts

     •    MWM charges separately managed accounts fees which are similar in nature and amount to those charged to the Funds.
          The fees may be negotiable depending on the account size, the total investment by that client in all products, the
          aggregate investment by related accounts, the complexity of any additional guidelines provided by the client and other
          discretionary factors.

          Fees are negotiable. The Firm, in its sole discretion, may waive or reduce the fees or amend any other restrictions with
          regard to investors that are employees or affiliates of the Firm, relatives of such persons, and for certain strategic
          investors.

     b)   Billing
Fees are automatically deducted from the Funds. Separate account clients are billed for fees incurred.

     c)   Other Expenses

Clients are responsible for and do incur other expenses separate and apart from the Firm’s investment management and
performance fees. In addition to the fees described above, Clients, including the MWM Funds, bear other costs associated with
investments or accounts including but not limited to: (1) custodial charges, brokerage fees, commissions and related costs; (2)
borrowing costs including interest expenses; (3) taxes, duties and other governmental charges; (4) transfer and registration fees
or similar expenses; [(5) costs associated with foreign exchange transactions; (6) other portfolio expenses; and (7) costs, expenses
and fees associated with products or services that may be necessary or incidental to such investments or accounts.

Please see Item 12 of this Brochure for further details on MWM’s brokerage practices.

          Funds

     •    Each MWM bears all costs of its trading and investment activities. Such expenses may include, but are not limited to,
          trading costs and fees (e.g., commissions or spreads for securities traded through brokers or dealers, exchange fees,
          clearing costs, and regulatory charges), delivery, escrow, and custody expenses, taxes, insurance costs, interest
          expenses, acquisition costs), legal and accounting fees and expenses

          Additionally, each Fund generally pays all of its ordinary organizational, offering, administrative, and operating expenses,
          including, but not limited to, ordinary and recurring legal, accounting, escrow, auditing, recordkeeping, administration,
          fund accounting, directors’ fees, and certain clerical expenses including those incurred in preparing, printing and mailing
          reports and tax information to investors and regulatory authorities, expenses for specialized administrative services, filing
          fees, taxes, fees for specialized evaluation of borrowers, costs with respect to the use of third party valuation services
          and other similar expenses. Additional fees (e.g., wire transfer charges) may be imposed by service providers.

          Separate Accounts

     •    As noted in Item 12 of this Brochure, MWM generally has authority to select broker-dealers to execute transactions for
          Segregated Accounts, but generally is not responsible for selecting custodians or other service providers to such
          Segregated Accounts. Clients bear all costs associated with trading and maintaining their investment accounts, as
          described above, including without limitation: commissions and commission equivalents; custody fees; margin costs (if
          any); taxes, duties and other governmental charges; custodial charges, brokerage fees, commissions and related costs;
          borrowing costs including interest expenses; transfer and registration fees or similar expenses; costs associated with
          foreign exchange transactions; other portfolio expenses; costs, expenses and fees associated with products or services
          that may be necessary or incidental to such investments or accounts; administrative and operating expenses, including,
          but not limited to, escrow, recordkeeping, administration, clerical, filing fees, and fees for specialized evaluation of
          borrowers, costs with respect to the use of third party valuation services and other similar expenses.

     d)   Advance Billing

As discussed above, with respect to the MWM and Separate Accounts, the management fee is payable monthly in arrears. Fees
are not refundable for either funds or managed accounts.

     e)   Sales-based Compensation

Not applicable. Neither the Firm nor any of its employees or affiliates accepts additional compensation for the sale of securities or
other services. The Firm or its affiliates and employees do not receive compensation for other services besides the investment
advisory services we provide.

ITEM 7: Types of Clients

MWM, together with its affiliated entities, provides advisory and investment management services to a number of collective
investment schemes (the “Funds”) and separately managed accounts tailored to specific client mandates. Some of the Funds
qualify for exemption from the definition of “investment company” under the Investment Company Act of 1940, as amended (the
“Investment Company Act”) under Section 3(c) (1) or Section 3(c) (7) of the Investment Company Act. Only qualified investors may
acquire interests in the Funds.

The Firm’s separately managed accounts may include pension funds, insurance companies, banks, foundations, endowments,
trusts, estates, family offices and other institutions. Investors in the collective investment vehicles primarily include US and non-
US individuals, estates, charitable organizations, banks, and corporations.

The firm also provides investment advisory services for offshore public funds registered d with foreign Regulatory Authorities.

The firm provides investment advisory services to US Foundations and charities along with other US and foreign institutional clients
as individually managed accounts.

The minimum investment amount for each Fund is typically disclosed in the Fund’s prospectus. Minimum investment amounts may
be waived in the sole discretion of the Firm.

The Firm normally requires a minimum $50,000,000 for the management of individual or segregated accounts.