Regal Partners Limited

Item 5: Fees and Compensation

        A. In general, RPL is compensated with management fees of 0.125% per month (1.5% per
           annum) based on the value of the investment as at the time the management fee is
           calculated or on a percentage of the value of the capital contribution at the time of
           initial investment. The management fee is accrued and paid monthly in arrears.

             RPL is entitled to a performance fee determined based on profits achieved above a high-
             water mark. The performance fee is 15% of gain above the high-water mark, calculated
             monthly and paid annually in arrears.

             Fees are generally not negotiable; however, RPL reserves the right to negotiate fees with
             certain clients depending on various factors, including, but not limited to, account size,
             historic relationship with RPL and other factors determined by RPL. Therefore, fees
             charged to certain clients may be higher or lower than those reflected above. Certain
             investors, may negotiate lower fees or be entitled to different rates than those of other
             investors. RPL employees and related parties are generally exempted from paying fees
             on Private Funds.

        B. Fund clients’ investment management fees are deducted directly from the Fund
           portfolio. Listed investment company management fees are deducted directly from the
           listed company portfolio, and only become payable to the Manager after the LIC has
           recouped all its Offer Costs. Certain separately managed mandate clients may manage
           their own portfolio cash and choose to pay management fees from that cash. Either
           way, investment management fees are billed monthly in arrears based on the client’s
           account value at month end and are paid either directly by the client or deducted from
           the portfolio.

             For the Funds and separately managed accounts, performance fees accrue monthly where
             applicable and are paid annually in arrears. For the LICs performance fees accrue monthly
             where applicable and are paid six monthly following 30 June and 31 December.

        C. In addition to management and performance fees, clients and investors in RPL-managed
           investment funds may incur subscription, redemption and brokerage fees, in each case
           subject to prior agreement. The terms and conditions of each investor’s subscription
           agreement may provide that investors pay a subscription and redemption fee generally
           equal to 25 basis points of the amount tendered upon entering, increasing, reducing or
           exiting a fund to cover the fund’s transaction costs. For additional information regarding
           brokerage fees, please refer “Item 12: Brokerage Practices” later in this document.

        D. All management and performance fees are paid in arrears. No fees are paid in advance.

        E. No person employed by the Firm receives compensation for selling securities or other
           investment products.

                                                                                                      7|Page

 Regal Partners Limited www.regalpartners.com Level 47, Gateway, 1 Macquarie Place, Sydney, NSW 2000 Australia
 Tel: +61 8197 4136
 Regal Partners US, Inc. 600 Madison Avenue, Suite 2101, New York, NY 10022 Tel: +1 212 937 4700

Item 7: Types of Clients

        RPL manages capital for:

        High net worth individuals and family offices investing through their investment entities
        through separately managed accounts;

        Private Funds:
              VGI Partners Master Fund, an Australian unit trust, established 31 March 2008;
              VGI Partners Offshore Master Fund and VGI Partners Offshore Feeder Fund, each of
                 which is incorporated in the Cayman Islands, established 18 April 2012;

              The minimum account size for new separately managed accounts is US$25 million, the
              minimum investment amount for new investors in the Australian unit trust and Cayman
              incorporated funds is US$1 million. Additional subscriptions (for existing Private Fund
              investors) minimum size is US$50,000. However, RPL may allow lesser amounts in its
              sole discretion. Generally, investors in the Private Funds are required to be financially
              sophisticated and must meet certain qualification standards. All US RPL clients and
              investors in the Private Funds must be “accredited investors” under SEC Regulation D
              and “qualified clients” as defined in Rule 205-3 under the Advisers Act.

              RPL closed its Australian unit trust and Cayman incorporated funds to new investors in
              late 2017.

        Listed companies:
              VGI Partners Global Investments Limited (ASX: VG1), listed 28 September 2017
              Regal Asian Investments Limited (ASX: RG8), listed 13 November 2019 (formerly
                named VGI Partners Asian Investments Limited (ASX:VG8), managed by a wholly
                owned subsidiary, Regal Asian Investments Management Pty Limited (formerly
                named VGI Partners Asian Investments Management Pty Limited).

                                                                                                      8|Page

 Regal Partners Limited www.regalpartners.com Level 47, Gateway, 1 Macquarie Place, Sydney, NSW 2000 Australia
 Tel: +61 8197 4136
 Regal Partners US, Inc. 600 Madison Avenue, Suite 2101, New York, NY 10022 Tel: +1 212 937 4700