Tangency Capital Investment Advisory Ltd

Item 5 Fees and Compensation

TCIA is generally compensated for advisory services through management fees. The fee schedule for its
advisory services is in each relevant Fund’s Governing Documents. The calculation of fees payable by a Fund
is complex and investors should carefully review specific information about each Fund's fees and expenses as
provided in each Fund's Governing Documents.

The Firm may, in its capacity as investment manager to a Private Fund, in its sole discretion, waive, reduce or
modify the management fee payable with respect to any investor in a Fund (but without any concurrent
increase in any other Fund investor’s share of such management ees).

Possible conflicts may arise as the personnel of TCIA and its affiliates have investments in various investment
funds and further because investment funds and other accounts managed by TCIA and its affiliates, may pay
different levels of fees to TCIA and its affiliates. The Firm has policies in place to address any potential or
actual conflict of interest,

Management Fee

TCIA generally charges each Private Fund an annual management fee based on the net asset value of the
investment of the Fund. Generally, these investment management fees are deducted from each Private Fund's
account on a monthly basis in arrears as set forth in the Governing Documents of the Fund.

None of the Private Funds currently use leverage. However, each Private Fund may employ leverage in
circumstances where the Adviser deems it appropriate to do so in pursuit of the investment objective and
approach. Asset-based management fees can create conflicts of interest when TCIA controls the timing and
the amount of leverage, if any, used by a Private Fund. The use of leverage enables such Private Fund to
increase the amount of investments it acquires. This increases the base against which the management fees
are calculated and increases the amount of management fees earned by the Adviser. To the extent leverage is
used, TCIA will seek to mitigate this conflict through an Allocation Policy that prohibits the Adviser from
making allocation decisions favoring Clients that generate higher fees (refer to Item 11 Allocation of
Investment Opportunities).

Fund Fees and Expenses

The Private Funds may reimburse the Adviser for certain fees and expenses. The Private Funds generally bear
organizational expenses and certain operating expenses. These fees and expenses vary from fund to fund and
are specifically set out in each Private Fund's Governing Documents.

The Management Fee, Fund Fee and Expenses, and Other Fees are paid out of available cash of the Private
Funds, including investment income, capital proceeds and cash reserves.

Allocation of Fees, Costs, and Expenses among Multiple Funds

TCIA may incur, from time to time, fees, costs, and expenses on behalf of one or more Private Funds. To the
extent that such fees, costs, and expenses are incurred for the account or for the benefit of one or more Private
Funds, such Private Funds will typically bear an allocable portion of any such fees, costs, and expenses (subject
to the terms of the applicable Governing Documents of the Private Funds).

© Tangency Capital

                              Tangency Capital Investment Advisory Ltd.

For a more detailed description of the Management Fee, Fund Fee and Expenses, and Other Fees related to a
Private Fund, please see the Fund's respective Governing Documents, which qualify in their entirety the
information in this Item 5.

Item 6 Performance-Based and Side-by-Side Management

TCIA receives performance-based fees with respect to certain Private Funds pursuant to the relevant
Governing Document. TCIA or its supervised persons may have an incentive to favor accounts for which TCIA
or its supervised persons receive a performance-based fee. See TCIA’s Allocation of Investment Opportunities
under Item 11, which is designed to prevent such conflicts from having an adverse effect on the Funds. Further,
to avoid such conflicts among classes within given Funds, realized and unrealized gains and losses, income,
and expenses (other than those that relate to side pocket arrangements and those expenses that relate to a
single class), within each Fund are allocated amongst its series based on the relative net asset value.

Item 7 Types of Clients

As previously described in Item 4, TCIA provides investment advice to the Funds, which are non-U.S. domiciled
investment vehicles, for U.S. and non-U.S. investors, with the exception of Select Lindeman Fund Ltd. and Select
Banksia Fund Ltd., which are non-U.S. domiciled investment vehicles for non-U.S. investors only.

Interests in the Private Funds are offered to "accredited investors" and "qualified purchasers" pursuant to
applicable exemptions from registration under the Securities Act and the Investment Company Act,
respectively. The relevant governing documents of each Private Fund may list other jurisdictional
qualifications for jurisdictions outside of the United States.

The Adviser and/or the relevant Private Fund's managing member, or manager, may enter into separate
agreements, commonly referred to as "side letters," or similar agreements with certain investors pursuant to
which certain investors are granted specific rights, benefits or privileges. The side letters may have the effect
of establishing preferential rights under, altering, or supplementing the terms of, Governing Documents of the
Private Fund with respect to such investor, in a manner more favorable to such investor than those applicable
to other investors in the Private Fund. These rights, benefits or privileges are not always made available to all
investors nor in some cases are they required to be disclosed to all investors. The disclosure and extension of
any such rights, benefits or privileges are governed by the Private Funds' Governing Documents.

The minimum investment amount, if any and as applicable, and other criteria for investments in Private Funds
are set forth in the relevant Governing Documents.

© Tangency Capital

                              Tangency Capital Investment Advisory Ltd.