Accumulus Capital Management LLC

Item 5. Fees and Compensation

 A.   The Firm receives, as compensation for its services to AFLP, a profit allocation, at the end
      of each fiscal year. The profit allocation will be equal to one percent (1%) multiplied by
      the average monthly net asset value of each capital account in AFLP during such fiscal
      year, as determined by each capital account’s net asset value as of the beginning of each
      month.

      The Firm receives, as compensation for its services to AF, a management fee calculated
      and payable monthly in advance. The monthly management fee will be equal to 0.083%
      (1% annually) multiplied by the net asset value of each capital account in AF, as determined
      by each capital account’s net asset value as of the beginning of each month.

      The Firm receives, as compensation for its services to AF SICAV, a management fee
      calculated on the average net assets of the sub-fund of the respective unit class, if any,
      deferred on every valuation day and paid quarterly in arrears. The annual rate charged to
      investors for F Class and I Class shares is .75% and .50% respectively, while all other
      investor share classes are charged 1%.

      Managed Account Fees are negotiable.

 B.   The Firm deducts the fees in Item 5.A. that are payable in connection with its advisory
      service to the Funds from the Fund investors’ assets. Managed account fees are billed to
      each client.

Accumulus Capital Management, LLC
Form ADV: Part 2A Page 7

 C.    All costs of the Funds and Managed Accounts investment programs (including brokerage
       and custody charges, interest and taxes, and fees payable to the administrator, Investment
       advisor, and prime broker and custodian), as well as administrative expenses, professional
       fees of its accountants and attorneys, and extraordinary costs and expenses are paid out of
       the applicable Fund or Managed Account assets.

 D.    As disclosed in Item 5.A above, the Firm requires the payment of management fees
       monthly in advance for investors in AF. If the Firm permits an investor in AF to redeem in
       the middle of a month and/or AF is terminated in the middle of a month, no such
       management fees will be refunded.

 E.    The Firm and its supervised persons do not accept compensation for the sale of securities
       or other investment products.

Item 7. Types of Clients

       Clients include the Funds and Managed Account clients. Managed Account clients are
       generally institutions, corporations, insurance companies, family offices, pension plans,
       trusts, endowments, foundations and investment companies.