Nordflint Capital Partners Fondsmaeglerselskab A/S

Item 5 Fees and Compensation
Management and Performance Fees

The annual management fee for the Private Funds varies between 0.375%-1.00% based on 1/12th of the fee
for each standard Investor capital account as of the close of business on the last business day of each month.
The fee percentage varies with each class interests of the Investor's capital account as disclosed in the
governing documents for the Private Funds. The management fee with respect to an Investor is paid monthly
in arrears and the calculation is based on the net asset value of the Private Fund on the last business day of
each month. Nordflint may at its sole and absolute discretion waive, reduce or rebate the payment of all or
part of the management fee with respect to any Investor for any period.

Performance-based fees are charged to "qualified clients" having a net worth greater than $2,100,000 or for
whom we manage at least $1,000,000 immediately after entering an agreement for our services. Performance-
based fees are fees based on a share of capital gains or capital appreciation of a Client's account. The
performance fee is generally equal to a maximum of 10%-25% of outperformance percentage of the annual
gross profits, once a minimum MSCI Europe Net Dividend Index in USD% return has been achieved within a
12-month period. Fees are subject to a high watermark and will be adjusted for deposits and withdrawals

made during the 12-month period. In the event the Investor makes a complete withdrawal from the account
on a date other than year-end, fees will be due at the time of withdrawal. While Nordflint is benchmark
agnostic in the investment process and portfolio construction, the MSCI Europe (Net Dividend) Index (or
similar replacement index) is used for reference only in the performance measurement of the Private Fund.

Fees for Private Funds where Nordflint is the sub-adviser and for Managed Accounts are paid in advance and
follow the same terms as the Fees for Private Funds described above. Both Private Funds and Managed
accounts are subject to the terms of the investment management agreement put in place between Nordflint
and the Client. At the conclusion of the term of this agreement, the compensation payable to Nordflint shall
be pro-rated on a daily basis and any excess compensation actually received by the Nordflint shall be
promptly refunded.

Additional Fees and Expenses

For the Private Funds and subject to the Private Fund governing documents, the Private Fund will bear all
ordinary expenses incurred in connection with the Private Fund’s ongoing operations, including, without
limitation, custody fees, administrative fees, legal, audit and accounting fees, and printing and other costs
associated with preparing fund documents and reports. In addition, costs of litigation or other “extraordinary”
events will be borne by the Private Fund, including reimbursement to Nordflint of such costs advanced on the
Private Fund’s behalf. Additionally, the Private Fund will bear all costs associated with activities in which
Nordflint may engage, on behalf of the Private Fund, as a shareholder of the Private Fund’s portfolio
companies.

The Private Fund will pay out of its assets all its direct trading expenses, clearing fees, and other exchange
fees and charges. Direct trading expenses include brokerage commissions, ‘‘bid-ask’’ spreads, mark ups,
registration and transfer fees, regulatory and governmental charges and duties, and other fees and expenses
relating to its investments.

For Managed Accounts, the Investment Management Agreement between the Client and Nordflint will
determine the allocation of expenses incurred in connection with ongoing operations as well as costs of
litigation or other “extraordinary” events.

Item 7 Types of Clients
Nordflint offers investment advisory and sub-advice to pooled investment vehicles (other than investment
companies). Private Fund interests are offered to both U.S. and non-U.S. Investors and include the following:

    • Corporations and other business entities

    • Endowments, foundations, and other charitable organizations
    • Individuals including high net worth individuals
    • Insurance companies
    • Investment partnerships
    • Pension and profit-sharing plans
    • Trusts and estates

Nordflint establishes minimum investment amounts of $10,000,000 for its Private Funds but will, in its sole
discretion, waive minimum investment requirements as it deems appropriate. Each Private Fund may enter
side-letter agreements or other similar arrangements with an Investor. Potential conflicts of interests
associated with side letter or similar arrangements are reviewed by the Chief Compliance Officer

In general, Nordflint requires a minimum investment of $200,000,000for Managed Accounts to open and
maintain the account. At our discretion, we may waive this minimum account size.