MST Capital PTY Limited

ITEM 5 – FEES AND COMPENSATION

MST Capital’s fees are generally charged as a percentage of assets under
management; however performance‐based fees may also be negotiated with
clients. Fees charged by MST Capital may be negotiable based on a number of
factors including, but not limited to, account type (e.g. separate account),
existing relationship, complexity of client requirements, account size, or other
special circumstances. As fees and minimum account sizes are subject to
negotiation, clients that are similar in size and have similar objectives may have
different fee rates.

The typical management fee schedule for MST Capital’s Funds and managed
accounts is one twelfth of 1.75% of the Net Asset Value of the relevant portfolio,
paid monthly in arrears.

Minimum subscription amounts apply with respect to the Funds and any
separately managed account; however MST Capital may accept subscriptions
below these prescribed levels, at its discretion.

The specific manner in which fees are charged by MST Capital is established in
a client’s written agreement with MST Capital or Fund offering document. MST
Capital will generally invoice its management fees on a monthly basis in arrears
and its performance fees annually in arrears.

Clients of separately managed accounts will be invoiced directly for fees and
fees for Funds will be deducted from the Fund accounts.

Management fees shall be prorated for each capital contribution and withdrawal
made during the applicable calendar month (subject to minimum contribution
and withdrawal amounts). Accounts initiated or terminated prior to the end of a
fee calculation period will be charged a prorated fee.

MST Capital’s fees are exclusive of brokerage commissions, transaction,
custody, taxes and other related costs and expenses which shall be incurred by
the client. For more information on brokerage and other transaction costs,
please refer to Item 12.

ITEM 7 – TYPES OF CLIENTS

MST Capital provides advice to the Funds and the Managed Account.

MST Capital intends to provide advisory services to high net worth individuals,
pension plans / superannuation funds, sovereign funds and other entities.

MST Capital generally requires a minimum account size of USD $20 million to
establish an institutional separately managed account. Investors below this level
will typically be required to invest in the Master Fund.