Codex Capital Asset Management LLC

Item 5 - Fees and Compensation

Asset-Based Compensation. The Adviser is paid an asset-based management fee, as described in each
Clients investment management agreement, of .40% (for Client accounts that are invested solely in indices)
or .80% (for actively managed Client accounts) per annum of the net assets of each Client’s account. Asset-
based management fees are charged quarterly in advance based on the total market value of the assets in
the Client’s account (including net unrealized appreciation or depreciation of investments and cash, cash
equivalents and accrued interest) on the first day of each calendar quarter. If a new Client account is
established during a quarter or a Client makes an addition to its account during a month, the asset-based
management fee will be charged as of the calendar quarter immediately following the effective date of the
investment management agreement or the date of the additional contribution based on the value of the assets
as of the applicable date. A Client may terminate the investment management agreement with the Adviser
at any time in accordance with applicable investment management agreement. Upon termination of an
account during a month, asset-based management fees will be prorated and any prepaid, unearned
management fees will be promptly refunded.

The Adviser reserves the right to determine the asset-based managed fee with any Client or prospective
Client. As a result, fees may be negotiable under certain circumstances or for certain Client accounts.

Payment of Fees. With respect to certain Clients, the Client’s investment management agreement
authorizes the Client’s broker to pay the asset-based management fee to the Adviser directly from the
Client’s account.

With respect to all other Clients, the Adviser does not deduct the asset-based management fee from Client
accounts. Rather, the Adviser bills Clients. Upon instruction of the Client, the asset-based management
fee is then deducted from the Clients account by the custodian as further agreed up with such Client.

Other Fees and Expenses. The asset-based management fee described above is specific to what the
Adviser charges and does not include certain charges imposed by third parties, which may include but are
not limited to transaction fees, brokerage fees and commissions, retirement plan administration fees, odd-
lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage
accounts and securities transactions. Clients should understand that all custodial fees and any other charges,
fees and commissions incurred in connection with transactions for a Client’s account are generally paid out
of the assets in the account and are in addition to the asset-based management fees charged by the Adviser.
The Adviser’s only remuneration for managing Client assets is the asset-management fee described above.

Item 7 - Types of Clients

The Adviser’s Clients consist of individuals, and pension and profit sharing plans. The Adviser, however,
is not precluded from advising types of clients that are not listed above.

The Adviser requires that a Client invests a minimum of $1,000,000 to open an account, subject to waiver
in the Adviser’s sole discretion.