Pharo Management Inc

Item 5- Fees and Compensation

                         Pharo Management does not have a standardized fee schedule for its
                 discretionary investment management services. Pursuant to its Investment
                 Management Agreements with the Pharo Hedge Funds, Pharo Management
                 generally receives a monthly management fee equal to one-twelfth of two percent
                 of the net asset value of the shares of each fund (2% per annum) and an annual
                 performance fee equal to 20% of the increase, if any, in the value of each class of
                 shares of each fund during each performance period, subject to a high-water mark.
                 Pharo Management charges a lower management fee and higher performance fee
                 on certain share classes of certain Pharo Hedge Funds. Such fees are disclosed
                 in the Information Memorandums of the applicable Pharo Hedge Funds.

                         Management fees are charged by Pharo Management monthly in arrears
                 and performance fees are charged annually (although certain funds have a longer
                 performance fee cycle for certain share classes) in arrears and upon an intra-year
                 redemption of shares. Pharo Management’s performance-based fees are
                 calculated taking into account both realized and unrealized gains and are based
                 on the overall performance of each Pharo Hedge Fund, which is not dependent
                 entirely on the performance of Pharo Management. The management fees and
                 performance fees paid by each Pharo Hedge Fund are set forth in the Information
                 Memorandum of the Pharo Hedge Fund.

                        The Administrator of the Pharo Hedge Funds calculates the management
                 fees and performance fees owed to Pharo Management, which are then reviewed
                 and approved by Pharo Management. The fees are then paid by the Administrator
                 to Pharo Management from the assets of the Pharo Hedge Funds. Pharo
                 Management pays the Affiliated Investment Advisors a portion of the management
                 fees and performance fees based upon the terms of its sub-advisory agreements
                 with Pharo UK, Pharo HK, and Pharo AD.

                        Pharo Management does not accept compensation for the sale of securities
                 or other investment products, including asset-based sales charges.

                        The Pharo Hedge Funds pay or reimburse Pharo Management for all of
                 their normal recurring operating expenses, including, without limitation: the cost of
                 maintaining the fund’s corporate existence and registered office; Directors’ fees;
                 the cost of attendance by the Directors at meetings of the Board of Directors;

Confidential - Highly Regulated

                 brokerage commissions and all other investment-related expenses, including fees
                 and expenses incurred in connection with investigating potential investments or
                 seeking to maximize returns on existing investments; custodian safekeeping fees
                 monthly in arrears based on assets in custody and transaction fees charged per
                 transaction, in each case based on the custodian’s standard schedule of fees
                 charged for similar services and subject to a monthly minimum; fees charged by
                 prime brokers, FCMs, exchanges and clearing houses related to trading and
                 settling and clearing transactions on behalf of the Pharo Hedge Funds; costs
                 associated with failed trades that did not result from Pharo Management’s willful
                 misfeasance, bad faith or gross negligence; insurance premiums (including cyber
                 security insurance premiums, prorated in the case of policies having more than
                 one insured party); interest expense on borrowings and commitment fees and
                 related expenses payable to lenders; taxes imposed on the Pharo Hedge Funds;
                 fees and expenses for research (to the extent described in each Pharo Hedge
                 Fund’s Information Memorandum) and data, including the cost of Bloomberg
                 terminals used by investment personnel; consulting, statistical and risk reporting
                 services; fees of valuation agents engaged by Pharo Management; the cost of
                 business and research-related travel related to the Pharo Hedge Funds; audit and
                 legal fees; the Administrator’s fees and expenses; registrar and transfer agent’s
                 fees and expenses; accounting fees; tax advisory and preparation fees, and other
                 similar expenses; and all extraordinary or non-recurring expenses, including
                 litigation expenses. In addition, Pharo Management may charge the Pharo Hedge
                 Funds a pro rata portion of the cost of preparing and filing Form PF and Form CPO-
                 PQR and other regulatory filings relating to the Pharo Hedge Funds. See Item 12-
                 Brokerage Practices for additional information.

                        When more than one Pharo Hedge Fund incurs a shared expense, Pharo
                 Management or an Affiliated Investment Advisor allocates such shared expense
                 among the applicable Pharo Hedge Funds (i) in proportion to the net asset value
                 of each applicable Pharo Hedge Fund; (ii) in proportion to the size of the
                 investment made by each Pharo Hedge Fund to which the expense relates; (iii)
                 based on the Investment Manager’s or the Affiliated Investment Advisors’
...

Item 7- Types of Clients

                        Pharo Management advises the Pharo Hedge Funds pursuant to its
                 Investment Management Agreements. Pharo Management reserves the right to
                 advise other funds, including funds managed by an unaffiliated investment
                 manager. Each of the Pharo Hedge Funds is registered pursuant to Section 4(3)
                 of the Cayman Islands Mutual Funds Act, is a private fund as defined under the
                 Advisers Act, and is not an investment company within the meaning of the
                 Investment Company Act of 1940 in reliance on Section 3(c)(7) of such Act.

Confidential - Highly Regulated