Pinestone Asset Management Inc

Item 5: Fees and Compensation
Separately Managed Accounts
The management fees charged for our investment management services are generally charged monthly or
quarterly, in arrears, based on the value of the assets under management during the month or quarter.
Management fees (per annum) for our separately managed accounts are negotiable and generally range
between 0.40% and 0.85% depending on the size of the mandate, scope of the relationship, and several
other factors. Minimum account sizes for separately managed accounts are generally USD$150 million.
In limited circumstances, we will, in our sole discretion, negotiate to charge a lesser management fee or
permit a lower minimum initial investment than reflected above. These decisions are made based on the
size of the mandate, the scope of the relationship, and several other factors.
We may amend our fee schedule at any time. In some cases, we will agree to provide our investment
management services to a “qualified client” for a performance-based fee in accordance with the
requirements of Rule 205-3 of the Advisers Act. The terms of each arrangement will be negotiable on a
case-by-case basis; however, the fee will consist of a fixed percentage-of-assets component (base fee) and
a performance-based component (performance fee).
Fees for client accounts are typically billed quarterly in arrears and must be paid upon receipt. Clients may
select whether to have us automatically deduct fees from their custodial accounts or to have us bill them
for fees incurred.
While not required by PineStone, clients may pay fees in advance. Any pre-paid fees that have not been
earned at the termination of a contract with a client will be refunded. Any such refunded amounts will be
calculated pro-rata based on the time of termination.
Our clients pay other fees and expenses in addition to our investment management fees. Such fees include,
for example, brokerage commissions, transaction costs, custody fees, governmental fees, and foreign
withholding taxes. Clients should consult their custodian for information on custodial fees, clearing
expenses, wire transfer, and electronic fund fees, foreign exchange transactions expenses, and the way an
account’s foreign exchange transactions are executed by the custodian under the custody agreement
between the client and the custodian. In addition, to the extent that a client’s excess cash is invested in a
fund (e.g., a money market fund) made available by the client’s custodian, the client will pay its
proportionate share of the fund’s expenses.
Management fees reduce the value of a client’s account and, as a result, reduce investment performance on
a net basis. Over longer periods, the ongoing payment of management fees may have a compounding effect
on returns by reducing the amount of assets available for reinvestment, and the impact of such fees will
vary based on factors such as account size, fee rate, market conditions, and the length of time assets are
managed.
Funds
The management fee for each Fund shall be calculated and accrued daily and shall be payable monthly in
arrears within ten business days after the last day of each calendar month, or with respect to any units
redeemed other than on the last business day of a calendar month, upon such redemption date. Management
fees for the Funds generally range between 0.40% and 0.75%, on an annualized basis, deducted directly
from the Fund or invoiced quarterly in arrears by PineStone and must be paid upon receipt by the client.
Detailed information regarding the management fees charged is provided in each Fund’s offering
memorandum and other governing documents. PineStone in its sole discretion, can waive or reduce all or
any portion of the above stated fees with respect to an investor.

Pursuant to the Funds’ governing documents, PineStone may, under specified circumstances, suspend or
limit the calculation of net asset value, the acceptance of subscriptions, or the ability of investors to request
or receive redemptions, including the payment of redemption proceeds, where market conditions,
valuation, liquidity, legal or regulatory considerations, or investor-level impacts warrant such action.
PineStone will promptly notify investors of any suspension or limitation affecting redemption rights or the
payment of redemption proceeds.
The Fund (and in turn the investors) is permitted to bear all other expenses, to the extent permissible by
ERISA, if applicable, including the following:
a) All costs and expenses associated with the offering of units and expenses relating to capital raising
   activities and operation of the Fund.
b) All transaction costs and investment related expenses incurred in connection with investment and trading
   activities (including, but not limited to, brokerage commissions, expenses related to clearing, and
   settlement charges, custodial fees, fees of third-party service providers, and other costs related to Fund
   trading activity).
c) The fees, expenses and costs associated with the formation of the Fund and the formation and operation
   of any investment vehicles formed by PineStone to facilitate investments.
d) Any and all taxes.
e) Routine operational costs, such as legal, accounting, bookkeeping, auditing, consulting, insurance, and
   other professional expenses, administration, and tax preparation expenses.
f) Legal and regulatory expenses incurred in connection with the Fund’s operations, holdings, investments,
   and investment activities.
g) Other administrative and operational expenses.

Item 7: Types of Clients
PineStone provides advisory services to a broad range of institutional, private wealth clients (“separately
managed accounts”) and to the Funds offered to certain investors on a private placement basis. PineStone
also serves as a sub-adviser to pooled investment vehicles, investment companies, and CITS. These
include “qualified clients” (as described in Item 4 above) for those clients who pay a performance fee.
These clients are domiciled both within and outside the U.S. Institutional separately managed account
clients include corporate and public pension plans, endowments, foundations, insurance companies, and
healthcare organizations.
The minimum initial investment and to maintain each separate account strategy is generally USD$150
million. We may waive the minimum initial and ongoing investment requirements from time to time at our
discretion. We collect know your client (KYC) identification documentation from each client and conduct
other verification procedures for anti-money laundering purposes, including vetting clients against the
Sanctions Program Listings maintained by the U.S. Department of the Treasury’s Office of Foreign Asset
Control (OFAC) and other government sanctions lists as appropriate.
The offering documents of each Fund sets minimum amounts for investment by prospective investors in
such Funds. The minimum amounts may be waived by PineStone. Investors will be required to meet certain
suitability qualifications, such as being an “accredited investor” within the meaning set forth in Rule 501(a)
of Regulation D under the Securities Act and “qualified purchasers” as defined in Section 2(a)(51)(A) of
the U.S. Investment Company Act of 1940 (the “Company Act”) and the rules promulgated thereunder.
Details concerning applicable investor suitability criteria are set forth in the respective Governing Fund
Documents and subscription materials, which are furnished to each investor.