Alphaquest LLC

ITEM 5 – FEES AND COMPENSATION

Management Fees and Performance-Based Compensation

AlphaQuest does not have a standardized or general fee schedule. AlphaQuest charges
management fees based on net asset value under management (collectively, “Management Fees”)
and performance-based compensation based on net realized and unrealized trading gains
(collectively, “Performance-Based Compensation”). In addition to paying Management Fees and
Performance-Based Compensation to AlphaQuest, Clients typically are responsible for their own
operating and investment-related expenses (collectively, “Expenses”). The amount of and specific
manner in which Management Fees, Performance-Based Compensation, and Expenses are
charged by AlphaQuest to a Fund is set forth in that Fund’s Memorandum. The applicable
Management Fee, Performance-Based Compensation, and Expenses payable by each Managed
Account is set forth in that Client’s Account Agreement. Generally, Management Fees for Clients
range from 1.0% to 2.0% (annually) of net asset value under management, charged monthly in
arrears, and Performance-Based Compensation ranges from 15% to 20% (annually) of net realized
and unrealized trading gains subject to a high-water mark, charged quarterly in arrears. Under
certain circumstances, Management Fees and Performance-Based Compensation are negotiable,
including, for example, based on the relationship between AlphaQuest and the Client, the amount
of assets under management, and the type of advisory services to be provided (including, without
limitation, whether AlphaQuest is also providing advice regarding Commodity Interests).

Management Fees, Performance-Based Compensation and Expenses charged with respect to Non-
Securities Accounts and/or Related Accounts may be substantially the same as, or substantially
different from, those charged to its Clients. For example, AlphaQuest’s Management Fees relating

to the Non-Security Account, LQPE, are netted against the Tidal Financial Group’s statutory ETF
platform operating expenses, while Related Accounts are generally not charged Management Fees
or Performance-Based Compensation. Differences in fee arrangements create an incentive to favor
higher fee-paying Client accounts over other accounts in the allocation of investment
opportunities. (Please see also Items 6 and 11.)

With respect to Funds, Management Fees and Performance-Based Compensation are deducted
directly from the capital account maintained on behalf of each investor in the Fund. Management
Fees and Performance-Based Compensation relating to a Managed Account are generally billed
separately and not deducted directly from the relevant account, depending on the terms of the
Account Agreement as negotiated by AlphaQuest and the investor. Generally, Management Fees
are computed before consideration of any redemptions or withdrawals at the end of the month
and are pro-rated for any additional capital contributions by an investor which occur other than at
the beginning of a month.

Expenses

Clients also incur certain Expenses. These include, among others, charges imposed by third-
parties, including, without limitation, custodians and broker-dealers. These third-party charges
may include, without limitation, commissions, custodial fees, and other fees and taxes imposed on
brokerage accounts and transactions in Securities Instruments and Commodity Interests, where
applicable. Such account- and transaction-related brokerage commissions, clearing fees, stock loan
fees, execution costs, and interest expenses are exclusive of and in addition to Management Fees,
Performance-Based Compensation, and other Expenses, and AlphaQuest does not receive any
portion of those third-party-related commissions, fees, costs, and expenses.

Funds bear the Expenses incurred in connection with their organization, the continuing offering of
their interests, and all ongoing costs associated with their operations, including, but not limited to,
annual audit and tax reports, legal and professional expenses, administrative, and other expenses,
accounting fees, printing costs, and government registration and regulatory filing fees. Other
Expenses relating to the operation of the Funds will also be borne by the Funds, typically including,
without limitation: (a) transaction costs and investment-related expenses incurred in connection
with all investment and trading activities, including, but not limited to, brokerage, exchange-
related, and clearing expenses, and exchange memberships that in return reduce rates and lower
fees to trade specific products; (b) directors’ fees, in addition to routine legal, accounting, auditing,
tax preparation, regulatory reporting, registration, custodial, and related out-of-pocket expenses
for all directors; (c) fees and expenses associated with the formation of any Master Fund to a
Feeder Fund, other than finders’ fees, if any; (d) all other operational expenses, including, but not
limited to, photocopying, facsimile, postage, duplication, and telephone expenses; (e)
extraordinary expenses (e.g., litigation costs and indemnification obligations, subject to certain
limitations), if any; (f) each Fund’s administrator’s fees and expenses; (g) a proportionate share of
data (e.g., real time, reference and historical licensed exchange market data fees), research (e.g.,
collaborative data analytics), trading (e.g., algorithmic and execution management systems,
connectivity and liquidity aggregation), operations (e.g., trade allocation), insurance (e.g., D&O

and E&O policy coverage), and technology-related costs (e.g., secure cloud-based data
warehousing and network hosting) incurred by AlphaQuest and attributable to a Client as
reasonably determined by AlphaQuest, and calculated generally on an asset weighted basis; and
(h) fees and expenses of any other service-providers as disclosed in each Fund’s Memorandum.
Managed Accounts also pay Expenses similar to those described above, to the extent applicable,
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ITEM 7 – TYPES OF CLIENTS

Currently, AlphaQuest provides investment advice regarding Securities Instruments (in addition to
Commodity Interests) to the Funds and certain Managed Accounts. AlphaQuest advises certain
Related Accounts and other Managed Accounts regarding Securities Instruments for institutional

investors, including, without limitation, pension plans, foundations, insurance companies, and
other corporate entities.

The minimum investable amount to open a Managed Account presently is $100 million depending
on the strategy, although the minimum investable amount is generally negotiable. The terms and
conditions applicable to a Managed Account will be documented in the Account Agreement
governing the account.

The minimum initial investment in the Funds generally ranges from $250,000 to $250,000,000,
depending on the class of shares and interests being offered. These minimums may be waived at
the discretion of AlphaQuest or a Fund’s board of directors, as applicable, subject to regulatory
requirements.