Alatus Capital LLC

FEES AND COMPENSATION

Asset-Based Compensation

Alatus (or a related person of Alatus) is generally paid an asset-based investment management fee
ranging from 0% to 2% per annum of the net assets of the respective Client account.

The investment management fees are charged either each month in arrears based on the total market
value of the relevant Client account (including net unrealized appreciation or depreciation of
investments and cash, cash equivalents and accrued interests) on the last day of each month, or each
quarter in arrears based on the average net asset value of the relevant Client account over the relevant
period as applicable. If a new client account is established during a month or quarter, as applicable, or
a Client makes an addition or redemption to its account during a month or quarter, as applicable, the
investment management fee will be prorated for the number of days remaining in the applicable period.

Performance-Based Compensation

Alatus (or a related person of Alatus) typically also receives an annual performance-based fee or
allocation that is based on a share of capital gains on or capital appreciation of the assets of a Client
account, or on the outperformance over a specified benchmark. This compensation may be paid or
allocated to Alatus (or to a related person of Alatus) and typically ranges from 15% to 20%. Under
certain circumstances, receipt of annual performance-based compensation may be subject to a hurdle
rate which may differ for each Client account.

Payment of Fees and Waiver of Fees

With respect to the Funds, a third party administrator calculates and confirms the asset-based and
performance-based compensations. Once calculated, the fees and allocations are deducted from the
applicable Fund account. With respect to separately managed accounts, the asset-based and
performance-based compensations may differ from the typical range and payment cycle detailed above
and Clients are billed for fees incurred.

The asset-based and performance-based compensations described above are not negotiable.
However, asset-based compensation or performance-based compensation assessed on investments
in pooled investment vehicles by access persons of Alatus, its affiliates as well as their respective equity
owners, directors, officers, employees and affiliates (collectively the “Alatus Group”), relatives of such
persons and estate, charitable and family vehicles of the Alatus Group and such relatives and for certain
large or strategic investors are reduced or waived entirely.

Early Withdrawal Charge

In certain cases, investors that withdraw or redeem from a Fund during or prior to a specified investment
period are charged an early withdrawal fee up to 5%, which is for the benefit of the non-redeeming
investors in the applicable Fund. To the extent a Fund assesses an early withdrawal or redemption fee,
such fee is described in such Fund’s offering documentation.

Other Fees and Expenses

In addition, each Client account will also pay its own expenses in accordance with the applicable Client’s
governing documents, including expenses and costs (i) of all transactions carried out by it or on its
behalf and (ii) of the administration of the Client account, including (a) all of the charges and expenses
of any legal and professional advisors, independent auditors, administrators and custodians, (b) all
brokers’ commissions and any issue and corporate fees payable to governments or agencies, (c) all
reasonable legal and professional fees and expenses incurred by Alatus in connection with its services
(d) all director fees, (if any) and expenses, (e) all interest on borrowings, including borrowings from the
prime brokers, (f) all communication expenses with respect to investor services and all expenses of
meeting of investors and of preparing, printing and distribution financial and other reports, proxy forms,
prospectuses and similar documents, (g) all of the costs of insurance in favor of the directors (or the

general partner) of the relevant Fund(s), (h) all litigation and indemnification expenses and extraordinary
expenses not incurred in the ordinary course of business, (i) taxes, duties and other governmental
charges, (j) transfer and registration fees or similar expenses, (k) costs associated with foreign
exchange transactions, (l) other portfolio expenses, (m) costs, expenses and fees associated with
products or services that may be necessary or incidental to such investments or accounts and (n) all
other organizational and operating expenses.

Client account assets may also be invested in money market mutual funds, ETFs or other registered
investment companies. In these cases, the Client account will bear its pro rata share of the investment
management fee and other fees of the fund, which are in addition to any fees or other compensation
paid to Alatus.

In addition, Client accounts will incur brokerage and other transaction costs. Please refer to Item 12 for
a discussion of Alatus’ brokerage practices.

The allocation of expenses by Alatus between it and any Client and among Clients represents a conflict
of interest for Alatus. To address this conflict, Alatus has adopted and implemented policies and
procedures for the allocation of expenses. Alatus allocates expenses to each Client in accordance with
the Client's arrangements with Alatus (including applicable Client disclosures). Alatus seeks to allocate
shared expenses for products and services benefitting Alatus and the Client and not covered in the
Client's arrangements in a fair and reasonable manner. Alatus allocates common Client expenses
among multiple Clients pro rata based on gross assets under management as of the beginning of the
month in which the expenses are incurred. Alatus may deviate from this standard allocation method if
it determines that an expense disproportionately benefits a particular Client or group of Clients.

TYPES OF CLIENTS

Alatus’ Clients consist of the Funds and the Accounts, which include state or municipal government
entities (including government pension plans), foundations and other business entities. Alatus however,
is not, precluded from advising types of Clients that are not listed above. With respect to any Fund, any
initial and additional subscription minimums are disclosed in the Funds’ offering documentation,
although the Funds’ general partner or directors, as applicable, have the right to accept a lesser amount.
With respect to the Accounts, Alatus does not have any standard requirements for opening or
maintaining an account and may, in its discretion, require a different investment minimum for any such
account.