Shadowfall Capital & Research LLP

ITEM 5: FEES AND COMPENSATION
ShadowFall’s compensation for its discretionary investment advisory services includes a management fee
and a performance fee.
Management fees are negotiated individually and are set out in the relevant IMA (for SMA investors) and
offering and subscription documents (for Fund investors).
Performance fees are only charged to qualified clients (as defined in Advisers Act Rule 205-3) and are
described more fully in Item 6 (below).

For the Fund, investment management fees and fund expenses are deducted directly from the Fund
assets, which are calculated by the independent administrator of the Funds.
It is important that investors refer to the relevant IMA or offering documents for a complete
understanding of how ShadowFall is compensated and how expenses are charged.

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ITEM 7: TYPES OF CLIENTS
ShadowFall provides discretionary investment advisory services to institutional investors which are
classified as “qualified clients”, “accredited investors” and “qualified purchasers” within the meaning of
the Advisers Act of 1940, Securities Act of 1933 and the Investment Company Act of 1940 respectively.
Minimum investment criteria is disclosed in the relevant IMA and offering and subscription documents,
where applicable, with the minimum investment amount for the ShadowFall Fund being $1,000,000.