Fee Comparison Across Proposals

	B	C	E	F	G	H	J	M	O	Q	T	V	Y
1
2	Assumptions / Notes
3	Annual Yield	5%
4	% Endowment ETH Exposure	50%
5	Llama's fee:	$600,000
6
7		Llama's Fee:	$600,000			Fees Greater Than or Equal to Llama Denoted in Red				ETH Price Today and Proposed Initial / Target AUMs
8
9		Karpatkey							Avantgarde
10		ETH	Initial Endowment				Target Endowment		ETH	Initial Endowment		Target Endowment
11		Price	AUM	AUM Fee	Perf. Fee	Total Fee	AUM	Total Fee	Price	AUM	Total Fee	AUM	Total Fee
12				0.50%	10.00%
13	Price Today ---->	$1,300	$50,000,000	$250,000	$250,000	$500,000	$58,000,000	$580,000	$1,300	$33,625,000	$378,281	$100,000,000	$1,125,000
14		$2,000	$63,461,538	$317,308	$317,308	$634,615	$73,615,385	$736,154	$2,000	$42,677,885	$480,126	$126,923,077	$1,427,885
15		$2,500	$73,076,923	$365,385	$365,385	$730,769	$84,769,231	$847,692	$2,500	$49,144,231	$552,873	$146,153,846	$1,644,231
16		$3,500	$92,307,692	$461,538	$461,538	$923,077	$107,076,923	$1,070,769	$3,500	$62,076,923	$698,365	$184,615,385	$2,076,923
17		$4,500	$111,538,462	$557,692	$557,692	$1,115,385	$129,384,615	$1,293,846	$4,500	$75,009,615	$843,858	$223,076,923	$2,509,615
18		$5,500	$130,769,231	$653,846	$653,846	$1,307,692	$151,692,308	$1,516,923	$5,500	$87,942,308	$989,351	$261,538,462	$2,942,308
19		$6,500	$150,000,000	$750,000	$750,000	$1,500,000	$174,000,000	$1,740,000	$6,500	$100,875,000	$1,134,844	$300,000,000	$3,375,000
20		Note: Assumes 5% annual yield and 50% Endowment composition in ETH.
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100