Agvictus Capital Management LLC

Item	5	–	Fees	and	Compensation

Clients pay AgVictus fees based on various measures of asset value. Fees are subject to
negotiation and may vary from client to client to reflect circumstances that apply to specific
clients. The fee schedule, including any applicable terms and conditions, is stated in each
client’s Investment Management Agreement.

Fees are charged in arrears based on the value of the portfolio at the end of the prior quarter.
Procedures for valuing portfolios are discussed in greater detail in Item 12 of this Brochure.
AgVictus’ fee structure is based on one or more of the following components:

       1. Management fee based on a percentage of assets under management (either at
           market value or cost);
       2. Incentive performance fee (see Item 6 below).

AgVictus fees include only the cost associated with the investment advisory services offered.
Clients are responsible for all expenses incurred associated with management of the
property, including but not limited to: crop/timber inventory and sale expenses, property
taxes, appraisals, and all other costs associated with farmland/timberland operations and
administration.

Clients may, but are not required to, grant AgVictus the authority to pay directly its advisory
fees from the clients’ cash accounts. Clients receive invoices from AgVictus stating the
amount of the fee paid from their cash account.

Clients may terminate management of their portfolio by written notice at any time, subject
to any specific terms and conditions stated in the Investment Management Agreement. Any
such termination will not affect either party’s status, obligations or liabilities.

Although AgVictus has established the aforementioned fee parameters, we retain the
discretion to negotiate alternative fees on a client-by-client basis. Client facts, circumstances
and needs are considered in determining the fee schedule. These include the complexity of
the client, assets to be placed under management, anticipated future additional assets;
related accounts; portfolio style, account composition, reports, among other factors. The
specific annual fee schedule is identified in the Investment Management Agreement between
the adviser and each client.

AgVictus does not offer any wrap fee programs.

Clients should note that similar advisory services may (or may not) be available from other
registered (or unregistered) investment advisers for similar or lower fees.

Under no circumstances do we require or solicit payment of fees in excess of $1,200 more
than six months in advance of services rendered.

Item	7	–	Types	of	Clients

AgVictus offers farmland and timberland investment portfolio management services to
corporate pension plans, state and municipal retirement systems, endowments, foundations
and family offices.

The minimum account size for an investment management portfolio is $50,000,000.
AgVictus reserves the right to modify these minimum requirements at its discretion.