Balter Capital Management LLC

Item 5 – Fees and Compensation

        The management fee schedule for Balter Capital’s Clients is set forth below. Balter
Capital’s fees are exclusive of transaction fees, and other related costs and expenses which are
incurred directly by the Client. Clients may incur certain additional charges imposed by
custodians, brokers (see Item 12), and other third parties, such as fees charged by the Underlying
Funds, custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer
and electronic fund fees, and/or other fees. Balter Capital does not receive any portion of these
additional charges.

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

Fee Schedule – Managed Accounts

        Balter Capital’s compensation for its advisory services for Managed Accounts are
established in each Client’s written investment advisory agreement. Balter Capital charges
Managed Accounts an asset based management fee. The fee schedule is included in the
investment advisory agreement negotiated by and between Balter Capital and each Managed
Account. The management fee is equal to an annual rate of the net asset values of each such
Managed Account and is calculated quarterly or annually in arrears. Payment of the
management fee is due within thirty (30) days of receipt by the client of the quarterly or annual
report and invoice.

Fee Schedule – Non-Discretionary Client Accounts

        Balter Capital also provides non-discretionary investment advisory services to its Client
Accounts. The assets of the Client Accounts are invested pursuant to each individually negotiated
Investment Advisory Agreement. While the specific fee schedules differ from one client to the
next, Balter Capital charges non-discretionary clients an asset-based management fee. The fee
schedule is included in the investment advisory agreement negotiated by and between Balter
Capital and each Client Account. The management fee is equal to an annual rate of the net asset
values of each such Client Account and is calculated quarterly in arrears. Payment of the
management fee is due within thirty (30) days of receipt by the client of the quarterly report and
invoice.

Item 7 – Types of Clients

        As discussed in Item 4 above, Balter Capital’s Clients are the Managed Accounts and the
Client Accounts. Investors may include, but are not limited to, high net worth individuals, family
offices, charitable organizations and corporate or business entities. Balter Capital may also in the
future provide investment advisory services to other types of Clients.

        Balter Capital generally provides services to certain minimum investment amounts.
Balter Capital generally requires a minimum investment of $25,000,000 for Managed Accounts.
Client Accounts are not subject to any minimum investment amounts. In each case, Balter Capital
retains sole discretion to waive or reduce any minimum investment amount.