Axel Capital Management LLC

Item 5. Fees and Compensation

    The Adviser charges the Fund an investment management fee based on the value of the Fund’s assets
under management. The Adviser is paid a management fee equal to 0.5% of the net assets of the Fund (i.e.,
2% per annum).

     Investment management fees are charged each quarter in advance based on the total market value of
assets in the client account (including net unrealized appreciation or depreciation of investments and cash,
cash equivalents and accrued interest) on the first day of the quarter. If a new client account is established
during a quarter or a client makes an addition to its account during a quarter the investment management
fee will be charged as of the effective date of the investment management agreement or the date of the
additional contribution based on the value of the assets as of the applicable date and will be prorated for the
number of days remaining in the quarter. These fees are not negotiable except with respect to members,
principals, employees or affiliates of the Adviser.

     In addition, the Adviser is also paid a performance-based fee, which is compensation that is based on
a share of capital gains on or capital appreciation of the assets of a client. This compensation may be
allocated or paid to the Adviser or to a related person of the Adviser and is generally equal to 20% of the
net profits of the Fund, subject to a loss carryforward provision.

     These fees are not negotiable except with respect to members, principals, employees or affiliates of
the Adviser.

     The Adviser deducts the investment management fee from the client account quarterly by instructing
the client’s custodian.

     In addition to paying investment management fees and performance-based fees, the client account will
also be subject to other investment expenses such as custodial charges, commissions and related costs;
interest expenses; taxes, duties and other governmental charges as well as legal, accounting, auditing and
other professional expenses, among additional expenses. Investors in the Fund will also bear their pro rata

share of the Fund’s operating and other expenses including, in addition to those listed above: sales expenses,
legal expenses; internal and external accounting, audit and tax preparation expenses and organizational
expenses. Client assets may be invested in ETFs. In these cases, the client will bear its pro rata share of
the investment management fee and other fees of the ETF, which are in addition to the management fee
paid to the Adviser. In addition, clients will incur brokerage and other transaction costs. Please refer to

Item 7. Types of Clients

      The Adviser’s client is a pooled investment vehicle intended for sophisticated individual investors and
institutional investors consisting of private funds, pension plans, trusts, corporations and other business
entities.

     The Adviser requires a minimum initial and ongoing investment of $5,000,000 USD for an investment
in the Fund. This minimum initial investment is subject to waiver at the discretion of the Adviser. If the
account size falls below the minimum requirement due to market fluctuations only, an investor will not be
required to invest additional funds with the Adviser to meet the minimum account size.