Camelot Portfolios LLC

Item 5:           Fees and Compensation

          A.      Fees Charged/ Fee Schedule:

          Asset Management

          Fees are negotiable, but generally range from .50% to a maximum 2.00%.

          Occasionally, various related client accounts may be grouped together to qualify for reduced advisory
          fees. This format is called "family billing". It is the responsibility of the client to verify accuracy of fee
          calculation.

Investment Advisory Partners

Some of our clients are referred to us by other investment professionals. When this is the case, the fees
payable to Camelot Portfolios are generally reduced by the amount paid to the referring professional. For
example, if a client is invested in a strategy, and the maximum fee for that strategy is 2.00% per annum,
that is indeed the maximum that client will pay for that strategy. The fee, however, may be distributed
differently between Camelot Portfolios and the referring investment professional depending on the
professional referring the client, the client’s portfolio, and the strategies in which the client is invested.
Clients coming direct to Camelot Portfolios will not necessarily pay the maximum fee simply because
they do not come to us referred by another investment professional.

Charitable Pooled Trust

Pool C of the Waterstone Foundation’s charitable pooled trust pays Camelot 1.50% per annum for the
management of the assets in Pool C. In addition to Camelot’s fee to manage Pool C, Waterstone
Foundation charges its own initial set-up and administration fees. Camelot believes that for certain clients,
the value of the CPT outweighs the aggregate amount of these fees.

B.      Fee Payment

Asset Management

Investment advisory fees will generally be debited directly from each client’s account. The advisory fee
is paid on either a quarterly or monthly basis depending on the chosen custodian and method. Clients
whom choose to use Fidelity may have the option for monthly billing. All clients using Folio FN
Institutional as custodian will be assigned quarterly billing. Depending on the client’s needs and suitability,
the appropriate custodian and billing model will be recommended. There will also be a custodian fee, and,
for clients placed within one of the asset management programs, an overlay fee may be assessed. Fees are
calculated based on the value of the account(s) at the beginning (value at market close of prior billing
period end) of each calendar quarter or month (depending on selected method) and are billed 1 quarter or
month in advance. By using the last day of the previous billing period, Camelot Portfolios is not taking
into consideration any upcoming deposits or withdrawals, unless the withdrawal is pursuant to a
termination of the relationship, in which case a pro-rata refund will be issued. Further, cash and cash like
instruments are included in the calculation of fees. This means that if a client has a significant cash
allocation, either at client request or as a tactical investment decision, performance, especially short term,
will be affected. This is especially true for smaller accounts. Once the calculation is made, we will instruct
your account custodian to deduct the fee from your account and remit it to the firm.

In some cases, client fees to be paid to the professional working directly with client who allocated client
assets to Camelot Portfolios will be debited by Camelot and remitted to the professional through their
broker-dealer or investment advisory firm. In other cases, the referring firm will debit their fees
separately. For the purposes of client’s relationship with the referring professional, the methodology of
fee payment will not affect the nature of that relationship, in that the referring professional is responsible
for client’s investment objectives, and ongoing asset allocation. However, an arrangement whereby
Camelot Portfolios remits the referring professional’s fee to their broker-dealer or investment advisory
firm is seen as a solicitor relationship. In this case, clients should receive specific disclosures from the
referring professional related to fees and the relationship with Camelot Portfolios.

It is the responsibility of the client to verify the accuracy of all fee calculations. The client may terminate
the investment advisory contract by notifying Camelot in writing at its principal place of business.

The advisory agreement may be modified as mutually agreed upon in writing. The agreement is terminable
by you at any time. The agreement is not assignable by Camelot Portfolios, LLC without the advance
written consent of the client.

Proprietary Fund Fee Waiver

For clients invested in the Camelot Event Driven Fund, fees payable to Camelot Portfolios will be waived
for the portion of the portfolio invested in these funds as follows: management fees will be paid in advance
on the full value of the client’s portfolio. After payment is received, the portion of the fee applicable to
assets invested in any of the proprietary funds will be refunded to client. The refund will be calculated by
taking the total value of the client’s assets in the proprietary funds, determining the fee paid related to such
assets, and then refunding this amount to the client account. For example, a client whose quarterly fee
was $1,000, with 50% of their assets allocated to proprietary funds would be billed $1,000 and receive a
$500 refund after payment.

These refund calculations will occur on a quarterly basis, and will not take into account changes made
during the quarter. For example, if a client’s account increased or decreased the allocation to the
proprietary fund during either the most recent quarter or the quarter for which the billing amount applies,
no adjustments to the total amount paid or the refund will result. Any changes made would be reflected
during the next billing cycle.

Donor Advised Funds
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Item 7:           Types of Clients

          Camelot generally provides advisory services to individuals, pension and profit sharing plans, trusts,
          estates, charitable organizations, corporations and other business entities.

          Camelot recommends minimums based on selected strategy. Camelot has strategies ranging from no
          minimum to over $1,000,000 for our fully custom accounts. Minimum recommendations for each strategy
          can be viewed in our account application packet or Item 8 below.

          Camelot can waive the minimum amount requirements at their sole discretion.