Emeth Value Capital LLC

Item 5 Fees and Compensation

ADVISORY FEES

The following information describes how we are compensated for the investment advisory
services we provide to you. The specific manner in which fees are charged and the compensation
we receive may differ between clients and will be reflected in the Agreement between us. Our
fees are negotiable and we may charge higher or lower fees than are available from other firms
for comparable services. Emeth Value Capital has the general discretion to waive all or a portion
of our fees.
Fees for Qualified Clients
Fees for Qualified Clients (as defined in Item 7 below) include both a management fee and a
performance fee. Please refer to Item 6 below for a description of our performance fee
arrangements.

      (i) Investment Management Fees. In consideration for providing investment
          management services to qualified clients and pursuant to the Agreement between
          us, we charge an annualized asset-based fee ranging from .25% to 1% based on the
          Firm’s aggregate AUM as valued by the qualified custodian, Interactive Brokers, LLC
          (“Interactive Brokers”). Please refer to the following chart and formula for an
          annualized fee schedule and monthly management fee charged by Emeth Value
          Capital. Our fees are billed monthly in arrears and are based on the total AUM we
Emeth Value Capital, LLC                                                                   5
Form ADV Part 2A

            manage. The applicable blended annualized fee percentage is redetermined based on
            the closing value of our total AUM each day of the month.

                                          Fee Schedule
                                    AUM               Annualized Fee %
                        First $25,000,000.00              1.00%
                        Next $25,000,000.00                .75%
                        Next $25,000,000.00                .50%
                        Next $25,000,000.00                .25%
                        Thereafter                          0%

         Monthly Fee Formula. Please see below an example of the formula for calculating the
         Investment Management Fee(s) over a four-day period below, using 1.0% as the
         annualized percentage. Additions and withdrawals in your account(s) will be considered
         in the calculation of the previous day’s assets under management.

Step 1.
            ([Annualized Percentage] x $[ Previous Day’s Assets Under            = $[ Previous
                                 Management])                                     Day’s Fee]
                           [ Number of Trading Days Per Year]

 Step 2.
    [Add the Daily Fees for Each Trading Day of the Month] = $ [ Monthly Payment]

Example. Please see an example of the formula for calculating the Investment
Management Fee(s) over a four-day period below:

                       STEP 1                                             KEY
  Day 1         (0.01x$100,000)/252=        $3.96         Annualized Percentage 1.0%
                                                          Assets Under
  Day 2         (0.01x$100,600)/252=        $3.99                               $100,000
                                                          Management
                                                          # of Trading Days Per
  Day 3         (0.01x$100,800)/252=        $4.00                               252
                                                          Year
  Day 4         (0.01x$100,400)/252=        $3.98
                       STEP 2
 Total        $3.96 + $3.99 + $4.00 +
                       $3.98=              $15.93
 Fee

         (ii) Performance Fee(s). For qualified clients, if agreed upon in writing and pursuant to
              the Agreement between us, we charges an annualized asset-based fee between .25%
              and 1% based on the Firm’s aggregate AUM as explained above in addition to a
              performance-based fee as described in Item 6 below.

Emeth Value Capital, LLC                                                                       6
Form ADV Part 2A

Fees for Non-Qualified Clients.
Investment Management Fees. For non-qualified clients, pursuant to the terms of the
Agreement between us, we charge an annualized asset-based fee between .25% and 1% based
on our aggregate assets under management (“AUM”) as depicted above. Fees for Non-Qualified
Clients are billed monthly in arrears The applicable blended annualized fee percentage is
redetermined based on the closing value of our AUM each day of the month.

Additional Fees and Expenses. Clients will incur transaction charges and/or brokerage fees when
purchasing or selling securities. These charges and fees are typically imposed by the broker-
dealer or qualified custodian through which account transactions are executed. For more
information on our brokerage practices, please refer to Item 12 (Brokerage Practices) of this
Brochure.

The fees that clients pay to our firm for investment advisory services are separate and distinct
from the fees and expenses charged by mutual funds and/or exchange traded funds (described
in each fund’s prospectus) to their shareholders. The fees charged directly by mutual funds and
exchange traded funds will typically include a management fee and other fund expenses.

To fully understand the total costs associated with their investment portfolio, clients should
review all the fees charged by mutual funds, exchange traded funds, our firm and others.

Termination. The Investment Management Agreement with our clients may be terminated by
either party at any time upon ninety (90) days written notice. Upon termination of our status as
the client’s investment adviser, Emeth Value Capital will not take any further action with respect
to your account(s) unless specifically notified by you in writing. You will be responsible for
...

TYPES OF CLIENTS

We offer investment advisory services to a diversified group of clients including individuals, high
net-worth individuals, and institutions including endowments, foundations, pooled investment
vehicles, and family offices.

ACCOUNT REQUIREMENTS

We require a minimum account balance of $10,000. However, at our sole discretion, we may
waive or lower our base fee based on various criteria (i.e., anticipated future additional assets to
be managed, related accounts, account composition, negotiations with the client, etc.).

For performance-based fee arrangements, clients must meet the definition of a “qualified client”
as defined under Rule 203-5 of the Investment Advisers Act of 1940, as amended:

   1. A natural person who, or a company that, immediately after entering into the contract,
      has at least $1,100,000 under the management of Advisor;

   2. A natural person who, or a company that, Advisor reasonably believes has a net worth
      (together, in the case of a natural person, with assets held jointly with a spouse) of more
      than $2,200,000 at the time the contract is entered into (excluding the value of such
      person’s primary residence);

   3. A qualified purchaser as defined in Rule 203-5 of the Investment Advisers Act of 1940;

   4. A natural person who is an executive officer, director, trustee, general partner, or person
      serving in a similar capacity, of Advisor; or

   5. A natural person who is an employee of Advisor (other than an employee performing
      solely clerical, secretarial or administrative functions with regard to Advisor) who, in
      connection with his regular functions or duties, participates in the investment activities
      of Advisor, provided that such employee has been performing such functions and duties
      for or on behalf of Advisor, or substantially similar functions or duties for or on behalf of
      another company, for at least 12 months.

Emeth Value Capital, LLC                                                                         9
Form ADV Part 2A