Conifer Management LLC

Item 5.        Fees and Compensation

The Adviser typically charges an advisory fee ranging from .50% to .60% per annum. The fee is payable
in quarterly installments in advance on the first day of each calendar quarter and is based on the market
value of the client’s assets under management as of the close of business on the preceding business day.
The fee will be prorated for any partial quarter. The Adviser (or an affiliate of the Adviser) also receives
performance-based compensation as further described in Item 6.

The fees charged by the Adviser and its affiliates to private funds which it advises, including any
investment advisory fees and performance-based fees, are described in the legal documentation for such
private funds.

In addition to paying advisory fees to the Adviser, clients are subject to other expenses such as brokerage
commissions and costs associated with foreign exchange transactions, among others. Client assets may
be invested in money market mutual funds or other registered or unregistered investment companies,
private funds or other investment entities. In these cases, the client bears its pro rata share of the
investment management fee and other fees of the fund in which the assets are invested. The management
and other fees of the fund in which assets are invested are described in the fund’s legal documentation,
and are in addition to the advisory fee paid to the Adviser. Please refer to Item 12 of this Firm Brochure
for a discussion of the Adviser’s brokerage practices.

Item 7.        Types of Clients

The Adviser’s clients consist of private funds. Any initial and additional subscription minimums are
disclosed in the legal documents for such private fund clients.