Altemis Capital Management LLC

ITEM  5  –  FEES  AND  COMPENSATION

Altemis  charges  an  asset-­based  fee  equal  to  a  percentage,  typically  between  0.5%  and
1%   of   assets   under   management   per   year   for   its   advisory   services   to   its   Advisory
Clients.

Fees   may   differ   or   minimum   fees   may   be   imposed   based   upon   a   number   of   factors,
including   without   limitation,   overall   fee   arrangements,   account   complexity,   overall
relationship  with  Altemis,  account  size,  assets  under  management  and  the  terms  of  the
various   Funds.   Fees   for   certain   of   the   Funds   may   be   waived,   reduced   or   calculated
differently  with  respect  to  certain  investors,  at  the  discretion  of  Altemis  and  as  permitted
by  the  particular  Fund’s  offering  documentation  and  organizational  documents.

Generally,   fees   accrue   daily   and   are   to   be   paid   in   arrears   to   Altemis.   Fees   cannot   be
paid   in   advance.   Typically,   each   Fund’s   administrator   will   deduct   the   fees   from   the
Fund’s  assets  in  accordance  with  the  investment  management  agreements  between  the
Fund  and  Altemis.  In  the  event  of  termination,  fees  are  normally  charged  on  a  pro  rata
basis  through  the  date  of  termination.  With  respect  to  the  UCITS  fund,  Altemis’  fees  are
not   deducted   from   the   UCIT   fund's   assets   by   Altemis,   but   are   deducted   by   the
management  company  of  the  UCITS  fund.

Each  Fund  is  expected  to  bear  its  own  operating  expenses,  including,  without  limitation,
administrative  expenses  (including  an  administrative  fee  to  such  Fund’s  administrator),
legal   expenses,   custodian   fees,   expenses/transaction   costs   associated   with   its
investment   program,   internal   and   external   accounting,   audit   and   tax   preparation
expenses,   interest,   taxes,   costs   and   other   expenses   associated   with   the   operation   of
the  Fund,  including,  without  limitation,  all  extraordinary  expenses.

In   general,   Altemis   is   responsible   for   all   expenses   incurred   by   it   on   its   own   behalf   in
connection   with   its   sub-­advisory   services   to   the   UCITS   fund.   The   UCITS   fund   is
responsible  for  brokerage  commissions  and  similar  fees  and  charges  for  the  acquisition,
disposition,   lending   or   borrowing   of   securities;;   custodian   fees   and   expenses;;   and
interest  payable  on  borrowings.

It   is   critical   that   Advisory   Clients   and   investors   in   the   Funds   refer   to   the   relevant
confidential   private   offering   memorandum,   investment   management   agreement,   and
other   governing   documents   ("Governing   Documents")   for   a   complete   understanding   of
how  Altemis  is  compensated  for  its  advisory  services.  The  information  contained  herein
is  a  summary  only  and  is  qualified  in  its  entirety  by  such  documents.

Neither  Altemis,  nor  any  of  its  supervised  persons,  receive  compensation  for  the  sale  of
securities  or  other  investment  products,  including  asset-­based  sales  charges  or  service
fees  from  the  sale  of  mutual  funds.

ITEM  7  –TYPES  OF  CLIENTS

Altemis  provides  investment  advisory  services  to  pooled  investment  vehicles  operating
as  private  investment  funds  and  an  UCITS  fund.

Conditions  for  Managing  Accounts  -­  Account  Size

Altemis   imposes   minimum   account   sizes   (or   fee   equivalents)   for   starting   new   client
accounts   depending   upon   a   number   of   factors,   including   but   not   limited   to   the   type   of
client,   type   of   mandate,   and/or   pre-­existing   relationship   with   Altemis.   Such   minimum
account   sizes   may   be   increased   or   decreased   depending   upon   the   specific
circumstances  of  an  individual  client.  Exceptions  are  made  at  the  discretion  of  Altemis.

Eligibility   criteria   with   respect   to   each   client   account   are   determined   prior   to   Altemis
entering  into  agreement  to  provide  advisory  services  but  minimum  sophistication  levels
are   required.   Investors   in   a   Fund   must   generally   invest   a   certain   minimum   amount
(subject   to   waiver   as   provided   in   the   Fund   documents)   and   make   certain
representations  as  to  their  ability  to  invest  in  a  Fund.