Ari Group LLC

Item 5: Fees and Compensation
The fees described in this section are strictly for the provision of investment advisory services and do not include
other fees that a client account may incur, such as custody fees, brokerage and other transaction costs, and
other fees charged by other service providers retained by the clients’ accounts. For more information on
brokerage practices, please see Item 12: Brokerage Practices. ARI does not receive or participate in the sharing
of custody fees or otherwise receive any benefit as a result of custodial arrangements entered into by its clients’
accounts.

Our existing clients may have different fee arrangements from those specified below. Fee schedules vary
depending on the strategy, customization, size of account, and may change over time. Additionally, fees may be
negotiable. Performance fees may also apply.

ARI is compensated for its advisory services based on the average monthly market value of assets under
management for each quarterly period. Fees are shown as annual percentages, though paid quarterly in
advance. ARI may also be compensated with performance-based fees of 10% for some strategies. Upon request,
ARI may also charge a fee that is based upon the performance of a client’s account. ARI complies with the
provisions of Rule 205-3 of the Investment Advisers Act of 1940 with respect to institutional clients that qualify
for and negotiate performance-based fees. The specific manner in which fees are charged is expressed in a
client’s written investment management agreement with ARI. Advisory fees are deducted from the accounts or
as may otherwise be communicated by the client.

Generally, fees are billed on a quarterly basis as stipulated in the investment management agreement and may
be negotiable depending on particular requirements and circumstances of the account(s). In the event a client
terminates its advisory agreement during a quarterly period, the fee for that period is prorated based on the
number of days or months during the period in which ARI performed services. The client is also entitled to a pro
rata refund of the portion of the quarterly fee, when paid in advance, for the remaining balance of the quarter.

The following list highlights the advisory fees for an account of $20 - $50 million under management. Please
contact ARI for details regarding additional breakpoints.

                    INVESTMENT STRATEGY                                    ADVISORY FEES
         ARI INTERNATIONAL                                  0.85%
         ARI GLOBAL OPPORTUNITIES                           1.00%
         ARI EMERGING MARKETS                               0.90%

Neither our Company nor any of ARI’s employees receive any compensation for the sale of securities or
investment products.

                            641 Lexington Ave 13th floor, New York, NY 10022                                     5

Item 7: Types of Clients and Account Requirements
ARI’s goal is to provide investment advice to the following types of clients:

      High net worth individuals
      Foundations and endowments
      Pension and profit-sharing plans
      Private Funds
      Corporations and other business entities
      State and local municipalities
      Family offices
      Taft-Hartley plans

ARI will generally consider $1Million as the minimum account or investment size for its various products.
However, exceptions to this minimum account size may occur if in our opinion, special circumstances justify us
accepting accounts of a lesser value.