Alexander Capital Advisors LLC

Item 5 – Fees and Compensation

A.    ACA is a fee‐based advisor, with fees based upon a percentage of the dollar value of the assets
under management. In certain circumstances, fees and account minimums may be negotiable.

ACA charges an advisory fee of 1.35% of assets under management, except for those accounts described
in Item 6 – Performance Based Fees and Side‐By‐Side Management.

Investors in the Fund are subject to an asset‐based management fee and a performance fee, as described
in the Private Offering Memorandum of the Fund.

B.      The Client’s written agreement with ACA establishes that Client accounts will be debited by the
custodian in advance for the advisory fee on a quarterly basis. These dates may vary at the discretion of
the Firm. The amount of the advisory fee will be based upon the value (market value or fair market value
in the absence of market value) of the Client’s account on the month end prior to the payable date.

Advisory fees are clearly shown as a separate line item on each Client’s monthly statement from the
custodian.

The fee charged is calculated as described above and is not charged based on a share of capital gains upon
or capital appreciation of the funds or any portion of the funds of a Client, except for those accounts
described in Item 6 – Performance Based Fees and Side‐By‐Side Management.

C.      The fee includes all advisory and brokerage execution services. The fee does not include interest
charges, electronic fund and wire transfer fees, American Depository Receipt agency processing fees, and
any charges, taxes or other fees mandated by any federal, state or other applicable law. The fee also does
not include internal management fees and fund expenses charged by mutual funds and ETFs.

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D.       A Client has the right to terminate its advisory agreement without penalty within five (5) business
days after entering into the agreement. Furthermore, an advisory agreement may be canceled at any time,
by either party, for any reason upon receipt of written notice. Since ACA’s fees must be paid in advance,
upon termination of any account, any prepaid, unearned fees will be refunded within ninety (90) days,
prorated as described below.

The prorated refund is determined by verifying the date of termination and is based upon the number of
months remaining in the current billing quarter. The fraction of prepaid quarterly fees to be refunded is
calculated with the following formula:

(1, 2, or 3) Number of months left in current quarter
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐     X $ Fees Paid = $ Refund
         (3) Number of months in quarter

E.     ACA and its employees do not receive any compensation for the sale of securities or other
investment products, including mutual funds.

Item 7 –Types of Clients

ACA provides portfolio management services to individuals, high net worth individuals, pension and profit‐
sharing plans, trusts, estates, corporations or business entities, and the Fund.

ACA requires a minimum of $1,000,000 of assets under management, calculated by household, although
this is negotiable under certain circumstances (i.e. anticipated future earning capacity, anticipated future
additional assets, related accounts, account composition, etc.). We group related Client accounts
(households) for the purposes of achieving the minimum size requirement.