BPV Capital Management LLC

Item 5 - Fees and Compensation

General Fee Information – SMAs
The specific manner in which fees are charged by BPV is established in a client’s written agreement
with the Adviser. Generally, however, the fees for BPV’s investment advisory services vary according to
the strategy or strategies that are employed for the client’s account. The fees for SMAs for the various
strategies are generally as follows:

    •   Short Duration Government MBS Strategy – 0.35% per annum
    •   Systematic Global Macro Strategy – 1.00% per annum
    •   Systematic Global Equity Strategy – 1.00% per annum

BPV typically requires a minimum account size of $10,000,000 and a minimum fee of $50,000 per year.
BPV may, at its discretion, make exceptions to the foregoing or negotiate special fee arrangements where
BPV deems it appropriate under the circumstances.

BPV reserves the right to negotiate fees with clients, and may charge fees higher or lower than those
described above. Accordingly, not all clients may pay the same fees and charges. Furthermore, BPV
reserves the right to waive advisory fees for certain accounts such as employee accounts.

Fees are usually calculated based upon the average of the fair market value of the portfolio assets of the
account on the last business day of the previous calendar month and the last business day of the current
month, as reported by the client’s custodian/trustee. Fees are billed and payable quarterly in arrears.
Other alternatives may be negotiated with particular clients on a client-by-client basis.

Clients may elect to be billed directly for fees or to authorize BPV to directly debit fees from client accounts.
Management fees are prorated for each capital contribution and withdrawal made during the applicable
calendar quarter. Accounts initiated or terminated during a calendar quarter will be charged a prorated fee.
Upon termination of any account, any earned and unpaid fees will be due and payable.

BPV’s fees are exclusive of brokerage commissions, transaction fees, custodial fees and other related costs
and expenses which shall be incurred by the client. Mutual funds, exchange-traded funds and other pooled
investment vehicles also charge internal management fees and operational expenses, which are disclosed in a
fund’s prospectus. Such fees and expenses are exclusive of and in addition to BPV’s fees. Item 12
describes the factors that BPV considers in selecting broker-dealers for client transactions and determining
the reasonableness of their compensation (e.g., commissions). The Clients should review all fees charged
by funds, brokers, BPV and others to fully understand the total amount of fees paid by the client for
investment services.

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General Fee Information – Private Fund

The fees for the Private Fund managed by BPV are calculated and payable monthly in advance based upon
the ending nets assets of the Private Fund. Further information regarding the fees and expenses of the
Private Fund can be located in its Private Placement Memorandum.

For information regarding fees in instances where clients are invested in BPV products, please see Item 10.

General Fee Information – Mutual Funds
BPV’s compensation for services provided to the Mutual Funds, along with other expenses, is described in
the Mutual Funds’ prospectuses.

Some of BPV’s supervised persons are registered representative of Foreside Fund Services, LLC (the
“Registered Representatives”). In their role as registered representatives they may accept compensation for
the sale of securities or other investment products, including asset-based sales charges or service fees from
the sale of mutual funds (“Sales Compensation”), including, without limitation, the Mutual Funds and/or the
Private Fund. As a result, the Registered Representatives will have a conflict of interest in recommending
the Mutual Funds and/or the Private Fund and an incentive to recommend these investment products. In
cases where a BPV product is recommended for a BPV client, the Registered Representatives will disclose
the conflict of interest this situation presents. In appropriate cases and where available, the Registered
Representatives may recommend no-load versions of BPV products. Where BPV clients invest in BPV
products, the advisory fees paid to BPV may be in addition to the Sales Compensation paid to the Registered
Representatives.

Clients have the option to purchase investment products that BPV or the Registered Representatives
recommend through other brokers or agents that are not affiliated with BPV.

Item 7 - Types of Clients

BPV offers portfolio management services to individuals, high net worth individuals, corporate pension and
profit-sharing plans, Taft-Hartley plans, charitable institutions, foundations, endowments, municipalities,
private investment funds, trust programs and other U.S. and international institutions through SMAs. For

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these clients, BPV typically requires a minimum account size of $10,000,000 and a minimum fee of $50,000
per year. Accounts of lesser size may be accepted in BPV’s discretion.

BPV also serves as the investment adviser to the Private Fund and Mutual Funds. For more information
about the minimum investment in the Private Fund please refer to their Private Placement Memorandum and
for information about the minimum investment in any of the Mutual Funds, please refer to that fund’s
prospectus.