Ormonde USA LLC

ITEM 5: FEES AND COMPENSATION

Method of Compensation and Payment of Fees
Clients are generally subject to the types of fees and expenses described below. Ormonde has the authority to
negotiate these fees and expenses at its discretion and may waive or negotiate lower fees and expenses for
certain clients and/or employees and their family members.

The following is a general description of fees, compensation, and expenses payable to Ormonde.

Ormonde Investment Management, LLC

Investment Management Fee
Ormonde charges Sponsors fees for investment management services, either as (a) an asset-based fee accrued
daily and charged monthly, in arrears, based upon the market value of the Sponsor’s assets or (b) an annual
fixed fee, but currently all Sponsor clients are on fixed-fee basis. The asset-based fee (where charged) will vary
(generally between 0.10% and 1.0% per annum) depending upon the market value of the assets under
management and the type of investment management services to be rendered. Ormonde’s asset-based or fixed
fees charged to Sponsors are exclusive of, and in addition to brokerage commissions, transaction fees, and other
related costs and expenses which are incurred by the Sponsor. Ormonde does not receive any portion of these
commissions, fees, and costs.

Ormonde generally charges Family Clients an annual fixed fee for investment management services provided.
The fixed fee is negotiated with each Family client (based on factors such as assets under management, assets
under advisement, type of services to be rendered) and is billed quarterly in arrears. Ormonde may offer to
charge certain clients an annual fee based upon a percentage of the market value of the assets being managed
by Ormonde (“asset-based fees”) but does not currently have Family Clients on asset-based fees. Ormonde’s
annual fee is exclusive of, and in addition to brokerage commissions, transaction fees, and other related costs
and expenses which are incurred by the Family Client. Ormonde does not, however, receive any portion of these
commissions, fees, and costs.

Performance Fee
Ormonde does not currently charge any Sponsor or Family Client performance-based fees but may commence
doing so for any Sponsor or Family Client it takes on in the future in accordance with the requirements set forth
in applicable laws, rules, and regulations.

Project Fees
Ormonde may render advisory services to Sponsors or Family Clients on specific projects or transactions for a
project-based fee. These fees will be determined by reference to factors such as the nature and value of project
or transaction, and the scope and complexity of the work required, and will be billed in advance. Ormonde may
also agree with a Sponsor or Family Client that it is entitled to charge a success fee upon the successful conclusion
of a project or otherwise on the completion of agreed objectives.

Fees Charged by Financial Institutions
As further discussed in response to Item 12 (below), Ormonde may arrange that Sponsors utilize, or recommend
that Family Clients utilize, the brokerage and clearing services of brokers for investment management accounts.

Ormonde may only implement its investment management recommendations after the Sponsor or Family Client
has arranged for and furnished Ormonde with all information and authorization regarding accounts with
appropriate financial institutions. Financial institutions may include broker-dealer recommended by Ormonde,
broker-dealer directed by the Sponsor or Family Client, trust companies, banks etc. (collectively referred to
herein as the “Financial Institutions”).

Sponsors and Family Clients may incur certain charges imposed by the Financial Institutions and other third
parties such as fees charged by Independent Managers, custodial fees, charges imposed directly by a mutual
fund or ETF in the account, which are disclosed in the Financial Institutions disclosures to its clients, deferred
sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, payment processing
fees and other fees and taxes on brokerage accounts and securities transactions, brokerage commissions and
transaction fees. Such charges, fees and commissions are exclusive of and in addition to Ormonde’s fee.

Ormonde Investment Management, LLC

Ormonde will calculate any asset-based fees due to Ormonde and then send an invoice to the relevant client.
The client will arrange for the payment to be settled out of its assets. Existing Family Clients have elected to have
Ormonde send an invoice for payment to the Client, which the client arranges to settle. It is expected any new
Sponsors who are engaged will make the same election. Alternatively, if so instructed by the Family Client,
Ormonde’s Agreement and the separate agreement with any Financial Institutions, Sponsors or Family Clients
may authorize Ormonde or Independent Managers to debit the client’s account for the amount of Ormonde’s
fee and to directly remit that fee to Ormonde or the Independent Managers. Any Financial Institutions
recommended by Ormonde will have agreed to send a statement to the client, at least quarterly, indicating all
amounts disbursed from the account including the amount of fees paid directly to Ormonde.

Fees for Partial Quarters
For the initial period of investment management services, the fees are calculated on a pro rata basis. The
Agreement between Ormonde and each client will continue in effect until terminated by either party pursuant
to the terms of the Agreement. Ormonde’s fees are prorated through the date of termination and any remaining
balance is charged or refunded to the client, as appropriate.

Sponsors and Family Clients may make additions to and withdrawals from their account at any time, subject to
Ormonde’s right to terminate an account. Sponsors and Family Clients may withdraw account assets on notice
...

ITEM 7: TYPES OF CLIENTS

Ormonde provides its investment management services to its clients. Clients include Sponsors, being employing
corporations and employer organizations which sponsor employee medical benefit plans, and Family Clients,
consisting of family offices and related individuals, trusts, estates and business entities.

Minimum Account Size
As a condition for starting and maintaining a Sponsor or Family Client relationship, Ormonde generally imposes
a minimum portfolio size of $2,000,000 for Sponsor Clients and $5,000,000 for Family Clients. Ormonde, in its
sole discretion, may accept Sponsors or Family Clients with smaller portfolios based upon certain criteria
including anticipated future earning capacity, anticipated future additional assets, dollar amount of assets to be
managed, related accounts, account composition, pre-existing client, account retention, and pro bono activities.
Ormonde only accepts Sponsors or Family Clients with less than the minimum portfolio size if, in the sole opinion
of Ormonde, the smaller portfolio size will not cause a substantial increase of investment risk beyond the client’s
identified risk tolerance. Ormonde may aggregate the portfolios of family members to meet the minimum
portfolio size.

Additionally, as stated above, certain Independent Managers may impose more restrictive account
requirements and varying billing practices than Ormonde. In such instances, Ormonde may alter its
corresponding account requirements and/or billing practices to accommodate those of the Independent
Managers.

Each prospective Sponsor or Family Client of Ormonde must generally represent that it is, among other things,
an “accredited investor” as such term is defined Rule 501(a) of Regulation D under the Securities Act of 1933
except where such status would not be relevant, given the limits imposed by the investment policy statement
agreed with a client.