Blueshift Asset Management LLC

Item 5 - Fees and Compensation

The following generally summarizes the fees, expenses, and compensation arrangements related
to Blueshift’s advisory activities with respect to the Blueshift Funds and Separately Managed
Accounts. For more detailed information and a complete description regarding each Blueshift
Fund’s fees and expenses, refer to the Blueshift Fund’s offering memorandum.

Blueshift and its supervised persons do not receive compensation for the sale of securities or
other investment products.

Management Fees

Blueshift receives an asset-based management fee (the “Management Fee”), payable monthly,
which is calculated as a percentage of the Client’s assets under management. Investors in
Blueshift Funds managed by Blueshift are subject to such Management Fees indirectly through
their investment in their respective Blueshift Fund, and such Management Fees typically range
from 2% to 3% annually. While typically not expected to be negotiable, Management Fees have,
and may in the future, be waived, reduced, or modified by Blueshift for certain Clients or investors
of Clients. In addition, Blueshift has, and may in the future, substitute Management Fees in whole
or in part with performance-based fees upon agreement in advance with Clients or investors of
Clients. The performance fees or allocations borne by Clients are described below in Item 6,
“Performance-Based Fees and Side by Side Management”.

Other Fees and Charges

Investors in the Blueshift Funds may also bear an early withdrawal charge or similar charge or
fee in the event that such an investor redeems its equity interest in such Blueshift Fund (in whole
or in part) within certain timeframes, and subject to such other conditions, as set out in the
applicable Blueshift Fund’s offering memorandum. Such early withdrawal charges may be
retained by Blueshift to defray Blueshift’s costs and expenses relating to the operation of such
Blueshift Fund, as provided in the applicable offering memorandum.

Payment of Fees

Management Fees and Performance Fees (as defined herein) are, (i) with respect to Blueshift
Funds, deducted from Client Accounts and (ii) with respect to Separately Managed Accounts,
paid by the applicable Client. Management Fees are typically paid monthly. Performance Fees
will typically be paid or allocated as of the last day of each calendar year and as of or following
any date on which a Client or investor of a Client makes a withdrawal or redemption from such
Client Account.

Expenses

Clients incur other expenses in connection with Blueshift’s advisory services. Blueshift’s fees do
not include transaction fees, brokerage commissions, custody fees, or other related costs and
expenses that are incurred by Clients with respect to the transactions for their account. Clients
also bear the investment management or other fees charged by any mutual funds, exchange-
traded funds, or other collective investment vehicles in which they may invest, as disclosed in the
prospectus for the applicable fund.

Expenses to be charged to Client Accounts may include, without limitation: (i) legal and
compliance, administration, audit and accounting expenses (including expenses incurred in
preparing and/or submitting reports and tax information and regulatory filings; (ii) organizational
expenses; (iii) client-related insurance costs; (iv) costs and expenses related to trading; (v)
directors’ fees and expenses (if any); (vi) the fees payable to Blueshift (e.g., the Management Fee
and Performance Fee); (vii) investment expenses (such as commissions, exchange fees,
borrowing costs, fees paid to counterparties, and other brokerage costs); (viii) interest on margin
accounts and other indebtedness; (ix) custodial fees; (x) bank service fees; (xi) all other ordinary
and out-of-pocket expenses of the Client’s account; and (xii) extraordinary expenses, including,
without limitation, (A) litigation expenses, including expenses of litigation and settlement in
connection with any portfolio investment, (B) expenses of registering a Blueshift Fund with any
federal or state agency under the requirements of any applicable law, and (C) expenses incurred
in connection with the indemnification of Blueshift and its affiliates; and (xiii) any other expenses
reasonably related to the purchase, sale or transmittal of Client assets. In addition, Client assets
that are invested in a master-feeder structure bear a pro rata share of the expenses associated
with the related master fund. Shared expenses, such as insurance premiums, are charged to
each Client based on a pro-rata AUM allocation. In certain instances, the Investment Manager
may bear the cost on behalf of a Client. The expenses to be borne by investors in a Blueshift
Fund, including any applicable limitations or caps applicable to such expenses, are described in
detail in the Blueshift Fund’s offering memorandum.

Separately Managed Account Clients may bear other expenses that are described in
corresponding investment management or sub-advisory agreements.

See Item 6 for discussion of potential conflicts of interest associated with the performance-based
compensation received by Blueshift.

See Item 12 for a discussion of brokerage practices.

Prepayment of Fees

Clients are typically charged Management Fees in advance. If the advisory contract with a Client
is terminated, pre-paid fees, if any, will be refunded in accordance with such Client’s advisory
agreement with Blueshift.

Item 7 — Types of Clients

Blueshift provides investment advisory services to Blueshift Funds intended for sophisticated
investors and institutional investors, as well as investment management or sub-advisory services
for Separately Managed Accounts. Investors in the Blueshift Funds must meet certain eligibility
requirements which generally require an investor to qualify as an “accredited investor” as defined
in Rule 501 under Regulation D under the Securities Act of 1933, as amended, and a “qualified
purchaser” as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended.
Investors in Blueshift Funds generally also need to meet additional requirements (unless waived
or otherwise agreed to by Blueshift or the directors of such Blueshift Fund) set forth in the
constituent documents of such Blueshift Fund, including initial and additional subscription
minimums.

In addition to its Blueshift Funds, Blueshift offers investment management or sub-advisory
services to Separately Managed Accounts owned by other types of clients, including, without
limitation, institutional investors, corporations, other private funds operated by third parties, and
other business entities. It is anticipated that Separately Managed Account Clients will be required
to qualify as “qualified clients” as defined in Rule 205-3 of the Advisers Act. The minimum
investment required for Separately Managed Accounts generally will be negotiated between
Blueshift and the applicable Client.