Bireme Capital LLC

Item 5: Fees and Compensation
Method of Compensation and Fee Schedule
 ASSET MANAGEMENT FEES
 Bireme offers discretionary direct asset management services to advisory Clients. Bireme’s
 standard fee arrangement for new Clients who are qualified clients (as defined below in Item
 6) consists of: (i) a 1% annual management fee based on the total net assets under
 management in an account, and (ii) a 10% performance-based fee on net profits above a
 high-water mark, as described further below. Bireme may negotiate alternative fee
 arrangements on a case-by-case basis, subject to applicable law, including performance-
 based fees of up to 20% for eligible clients.
 Percentage of Assets Under Management
 Fees based on the total assets under management are charged as follows:
         Assets Under Management            Maximum Annual Fee              Quarterly Fee
         Qualified Clients (Standard)             1.00%                        .25%
 The annual fee may be negotiable based upon certain criteria (e.g., historical relationship,
 type of assets, anticipated future earning capacity, anticipated future additional assets, dollar
 amounts of assets to be managed, related accounts, account composition, negotiations with
 Clients, etc.). Fees are billed quarterly in arrears, with the amount due calculated by applying
 the daily rate (annual rate divided by 252) to the daily balance for each business day in the
 previous quarter, as provided by the Client’s designated Custodian. Lower fees for
 comparable services may be available from other sources. Clients may terminate their
 account within five (5) business days of signing the Investment Advisory Agreement with no
 obligation and without penalty. Clients may terminate advisory services with thirty (30)
 days written notice. For accounts opened or closed mid-billing period, any unpaid earned
 fees will be due to Bireme. Client shall be given thirty (30) days prior written notice of any
 increase in fees. Any increase in fees will be acknowledged in writing by both parties before
 any increase in said fees occurs. If margin is utilized, the fees will be billed based on the net
 asset value of the account.
 Legacy Management-Fee-Only Clients
 Certain legacy Clients, who are not qualified clients, are charged a flat annual management
 fee of up to 1.75% (0.4375% quarterly) with no performance-based fee. This fee
 arrangement is no longer offered to new Clients.
 Fee terms may be negotiated on a case-by-case basis at Bireme’s sole discretion, subject to
 applicable regulatory requirements. Negotiated arrangements may include alternative
 allocations between management fees and performance-based fees, including performance-
 based fees of up to 20% for eligible clients.

Item 7: Types of Clients
Description
 Bireme generally provides investment advice to individuals, high net worth individuals,
 pooled investment vehicles, trusts, estates, corporations or business entities. Client
 relationships vary in scope and length of service.
Account Minimums
 Bireme generally requires a minimum of $1,000,000. However, Bireme may waive that
 minimum at their discretion.