PanAgora Asset Management Inc

Item 5 -- Fees and Compensation
PanAgora’s clients are “qualified purchasers” as defined in Section 2(a)(51)(A) of the Investment Company Act
of 1940, as amended (the “1940 Act”), and therefore specific fee information is not disclosed in this Brochure.

PanAgora’s compensation for its investment advisory services is, depending upon the product, negotiable and is
generally based on the market value (or notional value, when applicable) of a client’s account at specified intervals
(e.g., month-end/quarter end). Most of PanAgora’s clients are billed by PanAgora for fees incurred, although clients
may direct PanAgora to deduct fees from the client’s account, where permitted under the Advisers Act. PanAgora
works with its clients to determine the most appropriate method of payment. PanAgora generally waives management
and incentive fees for investments by PanAgora, certain affiliates of PanAgora, employees of PanAgora or their related
persons, including estate planning vehicles of such persons or entities associated with such persons.

Funds and client accounts also incur custody, brokerage and other transaction fees or expenses. Additionally,
participants in private funds managed by PanAgora may incur additional fund-related administrative costs, as more
fully described in each private fund’s offering materials, while client accounts may incur additional management-
related costs as set forth in their respective investment management agreements. Please see Item 12 for more
information about PanAgora’s brokerage practices.

PanAgora may invest a portion of client assets in shares of exchange-traded funds (“ETFs”) or exchange-traded notes
(“ETNs”). Assets invested in such investment companies will be included in computing the management fees paid to
PanAgora. The same assets may also be subject to additional advisory and other fees and expenses, as set forth in the
prospectuses or other offering documentation specific to those investment companies.

For billing purposes, the market values of client accounts will generally be determined using the average monthly or
quarterly net assets of such accounts as computed by an independent third-party service provider, unless PanAgora
and the client agree on an alternative method and/or source. Additionally, for fee calculation purposes, PanAgora may
aggregate the assets of related client accounts whose investment decisions are made by the same intermediary, entity,
or person or who have otherwise entered into a relationship pricing arrangement with such intermediary, entity, or
person. These related client accounts may receive the benefit of a lower effective fee rate due to such aggregation.

If any advisory relationship terminates at a time other than the end of the specified period used to determine the
market value of the account for the purposes of calculating compensation (e.g., monthly/quarterly), fees will be
calculated on a pro-rata basis, unless an alternative agreement is made with the client.

PanAgora and its supervised persons do not accept compensation or commissions for the sale of securities or other
investment products.

Certain private funds have entered, and may in the future enter, into so-called “side letters” with certain investors,
that provide for investment terms that may be more favorable to the terms described in the applicable fund’s offering
materials. Such terms may include, among other things, differing fee rates. PanAgora will not enter into any side letter
arrangement that is inconsistent with its fiduciary duties to other investors in a private fund. Prospective investors and
existing investors in these private funds should consider the possible conflicts of interest in making their decision to
invest or remain invested in the fund, as certain “side letters” can result in some investors receiving more favorable
terms and could affect an investor’s expectations as to future return and risk.

Item 7 -- Types of Clients
PanAgora provides investment advice to investment companies, domestic and offshore private funds, group trusts,
other trusts, estates, or other charitable organizations, pension and profit-sharing plans, state or municipal government
entities, and corporations or other business entities not previously listed. Each of PanAgora’s U.S. clients is a
“qualified purchaser” as defined in section 2(a)(51)(A) of the 1940 Act.

Although PanAgora does not have an absolute minimum investment size for clients, PanAgora generally requires an
advisory account at or shortly after commencement to have, depending on the strategy or product, minimum assets of
$20 million, and typically assumes discretionary investment authority over the account. Exceptions to these
requirements may be made in certain cases in the discretion of PanAgora. Participants in pooled investment vehicles
managed by PanAgora are generally subject to the minimum investment size disclosed in the relevant vehicle’s
offering materials.