Zadig Asset Management Sa

Item 5:      Fees and Compensation

Zadig typically charges management fees (based on assets under management) as well as performance fees
(based on investment appreciation) on the portfolios that it manages. Fees and compensation are described
within the organizational and operating agreements for each client. Management fees are billed on a monthly or
quarterly basis and performance fees on an annual basis. With respect to the Funds, fees are paid at the Fund
level and are charged in arrears, in accordance with the specific terms of each offering.

   Management Fees

Zadig is paid an asset-based investment management fee of up to 2.00% per annum of the net assets of the
respective client account. Investment management fees are calculated at every official net asset value
calculation, based on the total net asset value of the client account (including net unrealized appreciation or
depreciation of investments and cash, cash equivalents, accrued interest, and other expenses). They are paid on
a monthly or quarterly basis. If a client’s investment management agreement is terminated, the fee payable to
Zadig will be prorated through the date of termination.

   Performance Fees

Zadig will be paid performance-based compensation, which is compensation that is based on a share of capital
gains on or capital appreciation of the assets of a client or on relative performance comparing to a benchmark
performance (such as a client that is a hedge fund or other pooled investment vehicle). This compensation is
paid to Zadig and ranges from 10 to 20% (of performance, or over-performance if benchmark-related). Receipt
of performance-based compensation is subject to a high water mark.

Zadig may, in its sole discretion, waive or modify the management fee and/or the performance-based
compensation for certain clients or investors in a Fund. For example, the asset-based management fee and/or
the performance-based compensation assessed on investments made by Zadig and certain of its principals and
employees and related vehicles and certain large or strategic investors is reduced (through rebate or otherwise)
or waived entirely.

   Fees Payable by the Company to the Depositary Bank and Central Administration Agent

For the provision of their services, the fees charged to the Funds by the Prime Brokers, Depositary Bank and the
Central Administration Agent are defined in the agreements between the Funds and the related party. They are
calculated on the average net assets of the relevant Fund. Such fees will be calculated quarterly on the basis of
the average net assets of the Fund or Sub-Fund during the relevant quarter. Transaction fees are calculated on
transaction value or number of transactions.

   Other Expenses

The Funds bear all costs and expenses directly incurred in their operations, in accordance with each Fund’s
governing documents, including the following:

   •     all operational costs, including fees payable to accountants, any paying agent and permanent
         representatives in places of registration;

   •     all costs and expenses associated with other agents employed by the Funds, including fees for legal and
         auditing services, promotional activities, printing, reporting and publishing expenses, including the cost
         of advertising or preparing, printing and filing of prospectuses, explanatory memoranda or registration
         statements, and other documents required by law or regulations;

Zadig Asset Management S.A.                                                                Part 2A of Form ADV

   •     all costs for the listing of the Shares of the Funds on any stock exchange, Regulated Market or Other
         Regulated Market and all other operating expenses, including the cost of buying and selling assets,
         interest, bank charges, brokerage and charges on transactions involving securities in portfolio, postage,
         telephone and telex;

   •     all taxes and duties which might be due on the Funds’ assets or income earned by the Funds.

Each of the Funds will pay fees to its directors by way of remuneration for their services at the Fund.

In addition, all administration, custody, brokerage, and all other operating, organizational and offering expenses
of a Fund are paid directly by such Fund.

The Funds bear their incorporation expenses, including the costs of drawing up and printing the Offering
Memorandum, Prospectus, notary public fees, the filing costs with administrative and stock exchange authorities,
and any other costs pertaining to the setting up and launching of the Funds, as applicable.

The separate account clients bear all reasonable expenses, liabilities, charges and costs including, but not limited
to, any brokerage charges, commissions, transfer fees, registration fees, exchange fees, settlement fees, and
stamp duty, tax or other fiscal liabilities or any other transaction related expenses and fees arising out of
transactions in the separate account incurred by Zadig, as applicable (which may include fees and costs charged
by other investment advisers or funds, account maintenance fees and other transactional fees and product-level
fees).

The allocation of expenses by Zadig between it and any client and among clients represents a conflict of interest
for Zadig. Zadig has adopted an expense allocation policy that is designed to address this conflict. Zadig
allocates expenses to each client in accordance with the client's arrangements with Zadig (including applicable
client disclosures). Zadig seeks to allocate shared expenses for products and services benefitting Zadig and the
client and not covered in the client's arrangements in a fair and reasonable manner. Zadig allocates common
client expenses among multiple clients pro rata based on gross assets under management. Zadig may deviate
from this standard allocation method if it determines that an expense disproportionately benefits a particular
client or group of clients.
...

Item 7:      Types of Clients

Zadig currently provides discretionary investment management services to the Funds (including as a sub-
manager to manage the portion of a Sub-Fund managed by another investment manager), as well as investment
companies, separate account mandates, in each case generally intended for sophisticated and institutional
investors (including high net worth individuals and pension plans).

Investors in the Funds or Sub-Funds may include:

   •     Individuals, including high net worth individuals

   •     Investment companies, including mutual funds

   •     Pooled investment vehicles, such as hedge funds

   •     Insurance Companies

   •     Banks

   •     Trusts and estates

   •     Endowments, foundations, and other charitable organizations

   •     Corporations and other business entities

   •     Pension and profit sharing plans

Zadig generally imposes a minimum dollar value of assets for opening and maintaining an account. These
minimums, however, are negotiable and may be waived or altered for certain investors. Fees and account sizes
are subject to negotiation and may differ based on a number of factors. These factors may include the amount
of assets and the number and range of supplemental advisory and client related services.

With respect to any client that is a pooled investment vehicle, any initial and additional subscription minimums
are disclosed in the organizational and operational agreements.