Exceed Advisory LLC

Item 5. Fees & Compensation

This section describes our brokerage, custody, fees and fund expenses so you will know how much you
are charged and by whom for our advisory services provided to you.

Fee Schedule

When advising or sub-advising (“advising”) a Fund or ETF, our fees are determined by the fee agreement
between Exceed and the Fund or ETF. This agreement is approved by the Fund board of directors or
trustees, and the fees are disclosed in the prospectus and statement of additional information. These
fees are not negotiable by end investors.

Our fees for advising SMAs are negotiable and are targeted at between 25 and 125 basis points (.0025
and .0125) annually.

Fee Payment

Our fees for advising Funds and ETFs are deducted directly from Fund/ETF assets and are included in the
security’s internal expense ratio.

Our fees for advising SMAs are deducted directly from client accounts. We deduct our fees first from
available cash, and then by liquidating a portion of the portfolio (if required).

In some cases, we may act as a sub-advisor and would not have a direct agreement with the end client.
In this case, we would be paid as determined by the primary advisor.

Other Fees and Expenses

SMA clients are responsible for all custodial fees, execution costs, and transaction fees, including
commissions. See Item 12, which discusses our Brokerage Practices, for more information.

For Funds or ETFs, other fees and expenses are disclosed in the prospectus for the particular security.

SMA Fees Payable in Advance

Our SMA advisory fees are payable quarterly in advance. Upon termination prior to the end of the billing
period, clients will receive a pro-rata refund of any pre-paid fees. The refund due is based on the daily
billing rate. For example, AUM @ end of period * (.0085/360) multiplied by the number of days remaining
in the period.

SMA fees are calculated for the upcoming period based on the prior quarter-end value in the account.
The account custodian selected by the client will provide a period-ending value to us, which we will use
to determine the quarterly fee. Account valuation is obtained by aggregating the value of the individual
holdings in the portfolio. If applicable, the absolute value of any short position is added to the total
account value. We rely on underlying valuations provided by the custodian and do not independently
verify or obtain pricing data. We do, however, periodically sample the values obtained from the custodian
and test prices against our expectations. In cases where we believe the custodian or the custodian’s
pricing service has mispriced client holdings, we will request an adjustment by the custodian.

Compensation for the Sale of Other Products

No one associated with Exceed Advisory receives commissions or other fees for the sale of securities
products, including the Funds or ETFs we may advise.

Item 7. Types of Clients & Account Requirements

We generally provide advice to the following types of clients:

    •   Registered Investment Companies
    •   Institutions
    •   Other registered investment advisers
    •   Individuals and high net worth individuals working with another registered investment adviser
        who serves as the primary point of contact for the relationship