Arnhold

Not included above

• • Clients typically incur certain fees or charges imposed by third parties, other than Arnhold, in connection with investments made on behalf of the Client’s account[s]. The Client is responsible for all custody and securities execution fees charged by the Custodian and executing broker-dealer (if different). Separate account assets that are invested in Private Funds will incur other fees and expenses associated with their investments in these funds. Investments in funds or separate accounts managed by investment managers not affiliated with Arnhold will result in Clients paying asset-based and potentially performance-based fees to a third-party. Other expenses include brokerage and other transaction related costs, and the fees and expenses of service providers to these funds, such as custodians, transfer agents, administrators, valuation agents, auditors and counsel. Clients incur certain transaction fees and other expenses including charges imposed by custodians, brokers, and other third parties such as fees charged by managers, custodial fees, brokerage commissions, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions. Private Funds and other clients bear other expenses, including: (1) costs and expenses with respect to any workout, restructuring, recapitalization, amendment, waiver or consent with respect to certain investments and the protection or enforcement of rights thereunder
• • (2) costs and expenses in connection with the acquisition of director and officer insurance
• • (3) due diligence, legal, custodial, accounting and related costs and expenses
• • (4) pricing service costs incurred in valuing investments
• • (5) expenses incurred in obtaining credit ratings on investments
• • (6) all taxes imposed on a client and all litigation expenses (and any judgments or settlements paid in connection therewith) and other extraordinary expenses
• • (7) the costs of forming and maintaining any alternative investment vehicle and (at the discretion of the general partner or manager of a client) the costs of maintaining any other pooled investment vehicle through which to invest
• • (8) insurance costs
• • (9) interest and commitment fees payable in connection with credit facilities made available to a client
• • (10) fees of outside auditors and tax preparers and the costs of preparation of the books and records and tax returns of a client, including periodic reports to limited partners, and fund administration service provider expenses
• • (11) costs of liquidation and termination of a client
• • (12) all other costs incurred in connection with the administration of a client
• • (13) any other expenses actually incurred on behalf of a client and paid by Arnhold in connection with the management of certain investments
• • and (14) certain other fees and expenses that authorized under a fund’s governing documents or account documents