Fees Operating the System

Managed Account mode:
–Accredited Investor with account > 1M$
–Management fees 1,5% of NAV
–Incentive fees 20% from previous high-watermark
–Account is managed on behalf of the Client

Stream mode:
–Institutional offer for accounts > 5M$
–Management fees 1% of NAV
–Incentive fees 15% from previous high-watermark
–Institution chose a custodian and handles account
–Instructions sent daily by email, upload posted on http