Altes Capital LLC

Item 5 Fees and Compensation

Through its private funds, Altes charges a percentage of assets under management to clients for
management of those assets. Certain clients may also be charged a performance-based fee,
specific to each fund or investment. Both asset-based and performance-based fee and account
minimums may be negotiable based on factors including size, responsibilities involved, type of
relationship, etc.

Portfolio Management Services

The annual fee for portfolio management services varies depending upon the market value of an
investor’s assets under our management, the type and complexity of the asset management
services provided, as well as the level of administration requested either directly or assumed by
the client. However, portfolio management services involving both discretionary and non-
discretionary management are typically no more than 2% of assets under management and are
generally payable monthly in arrears and deducted directly from the client's account. Under
certain circumstances, Altes may also charge a performance-based fee for qualified accounts
based on a share of capital gains on or capital appreciation which is further described in

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Performance-Based Fees and Side-By-Side Management. However, services mentioned above,
the fees charged, and the method by which fees are charged are negotiable and are detailed in
each investment management or fund agreements. Altes's fees are separate from custodial fees,
fund expenses and brokerage transactions which clients may pay in connection with the services
that we provide. Please also see the Brokerage Practices section of this brochure.
Clients may terminate the portfolio management agreement upon written notice to our firm for
customized portfolios. However, clients invested in private funds or direct investments may be
subject to a lock-up provision as described in the relevant offering documents.

If a client's investment management agreement is terminated or a withdrawal is made from a client
account during a period, the fee payable to the Firm will be calculated based on the value of the
assets on the termination date or withdrawal date and prorated for the number of days during the
period in which the investment management arrangement was in effect.

Altes imposes a minimum of $10,000,000 for personal accounts and $50,000,000 for institutional
accounts (these minimums are negotiable and can be waived at our discretion).

Advisory Services Offered to Private Funds

Specific information regarding our advisory fees as they relate to private funds can be found
in the applicable Private Offering Memorandum or offering documents. All fees and expenses
assessed to the private funds are fully disclosed to investors in the respective private fund's
Private Placement Memorandum or offering documents and in Investor Subscription
documents.

In addition to advisory fees, the Firm may also receive a performance-based allocation based on
a share of capital gains on or capital appreciation of the Private Fund's assets.

Our Private Fund's minimum subscription amount is generally $500,000 for individuals and
$2,000,000 for institutions (these minimums may be negotiable and may be waived at the
investment manager's discretion).

Investment advice we provide to private funds is under a separate agreement. We may
recommend investments in the private funds we manage for our client accounts. Therefore, as a
client of our firm, you are advised that we will receive compensation from private funds where
we act as the adviser and that a conflict of interest exists when investing your assets in the funds
we advise. We will only make such investments where we believe it is consistent with our fiduciary
duty and your investment objectives. We will earn fees from the private funds for investments
made in the private funds we advise and may earn separate fees from you for asset allocation,
monitoring, and other services. The fees that you pay to our firm for investment advisory services
are separate and distinct from the fees and expenses charged by private funds. For tax-qualified

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accounts with assets invested in the private fund, the advisory fee on such assets will be offset
by the amount of the management fee paid to us by the private fund.

Altes Tax Optimized Cash Management
Altes tax optimized cash management services fees are negotiated based on a number of factors
including size, responsibilities involved, type of relationship, etc.

Insurance Related Products

Persons providing investment advice on behalf of our firm may be licensed as independent
insurance agents. These persons may earn commission-based compensation for selling
insurance products, including insurance products they sell to you. Insurance commissions
earned by these agents are separate and in addition to our advisory fees. This practice presents
a conflict of interest because persons providing investment advice on behalf of our firm who are
insurance agents have an incentive to recommend insurance products to you for the purpose of
generating commissions rather than solely based on your needs. You are under no obligation,
contractual or otherwise, to purchase insurance products through any person affiliated with our
firm. It is important to note clients have the ability to purchase insurance products through other, non-
affiliated agents to mitigate the conflict of interest.

Item 7 Types of Clients

Altes's clients consist of institutional investors such as, registered investment advisory firms,
family offices, corporates, endowments and foundations. The Firm imposes a minimum of
$10,000,000 for individuals and $50,000,000 for institutions to open an account (these minimums
are negotiable and can be waived at our discretion see Item 5 - Fees and Compensation). Private
fund minimum subscription amounts vary depending on the private fund. See the offering
documents for more information.