Sarona Asset Management Inc

Item 5: Fees and Compensation
           A. Description
          Sarona is generally paid a management fee in a range from 0.8% to 1.1% for the Funds under
          management based on a percentage of total assets or a percentage of committed capital pursuant
          to the relevant to the terms of the Fund’s Offering Documents.
          With respect to the separately managed accounts (Government of Australia EMIIF Trust and
          the investment advisory contract with Mennonite Economic Development Associates of
          Canada), the management fee payable to Sarona is as set forth in the managed account
          agreement between such client and Sarona, which may be negotiable. As of 30 June 2024, the
          management fee charged by Sarona to the EMIIF trust is 1.5% of the Net Asset Value.

          B. Fee Billing
          Management fees are deducted from clients’ assets in a manner set forth in the management
          account agreement and the relevant Fund’s Offering Documents, either on a quarterly or
          monthly basis in advance. Management fees are prorated for any period that is less than a full
          quarter.

          C. Other Fees and Expenses
          In addition to the management fees discussed above, each Fund client pays certain expenses
          relating to the operation and trading activities of the Fund, which includes but is not limited to:
          (a) custody and accounting services; (b) communications with the clients (including the costs
          of reporting and providing information); (c) fees and expenses of professionals providing
          services to the funds under management, including valuation, legal, audit, tax, administration,
          and accounting fees and expenses (including expenses related to the engagement of an
          independent appraiser to review valuations); (d) meetings of any of the funds under
          management boards, committees and subcommittees; and (e) securities registration fees and
          expenses, brokerage commissions, and taxes, including regulatory costs, filing and license fees.
          A more detailed description of the specific expenses that each Fund bears is set forth in the
          relevant Fund’s Offering Documents.
          In addition, funds under management generally pay organizational expenses to the general
          partner of these funds under management to offset the organizational costs.
          Please refer to the Fund’s Offering Documents for a more detailed description of the
          Fund’s fees and expenses.
          Please refer to Item 12 for more information about the various costs relating to brokerage
          that clients are solely liable for.

D. Fees in Advance
Clients typically pay management fees monthly or quarterly in advance or as may be negotiated
with the Client. Sarona does not offer any refunds to clients of any management fees paid in
advance.

E. Securities     Compensation
Not applicable.

Item 7: Types of Clients
           Description
           Sarona currently provides investment advisory services and portfolio management on a
           discretionary and non-discretionary basis to private pooled investment vehicles and separately
           managed accounts.

           Account Minimums
           Sarona does not generally impose account minimums on its Fund clients. However, Sarona’s
           Fund clients generally impose minimum initial investments on their investors in the amount of
           $250,000 and minimum subsequent investments of $25,000, subject to Sarona’s discretion to
           accept lesser amounts.
           For separately managed accounts, Sarona generally imposes a minimum initial investment of
           $5mm but may waive this at its discretion.