Greybull Partners LLC

Item 5: Fees and Compensation

GREYBULL

GREYBULL’s standard fee schedule consists of a monthly fee equal to 1/12th of 1% of the
market value (including any adjustments) of the assets under management at the end of each
month, plus an annual incentive fee equal to 20% of the new capital appreciation and profits
earned at the end of a calendar year. Such appreciation and profits must exceed the previous
year-end's net asset value. Fees are charged in arrears. The fee is generally due and payable
within 15 days after the end of the applicable monthly or annual period. Clients may authorize
GREYBULL to invoice their custodian directly for the payment of fees, simultaneously sending
a copy of the invoice to the client or the client’s designee, or authorize GREYBULL to invoice
the client directly for the payment of fees. Fees are generally subject to change with 90 days
prior notice to the client. Clients are generally permitted to terminate their contracts with
GREYBULL upon written notice to GREYBULL provided some reasonable time (normally 30
days) prior to the effective date of the termination. If the investment advisory agreement is
terminated, fees due to GREYBULL will generally be prorated to the date of termination.

The investment advisory fees a client pays to GREYBULL may be subject to negotiation, and
may be higher or lower than the fees GREYBULL charges other clients and may be higher or
lower than the fees for similar services charged by other investment advisers. Factors
GREYBULL may consider in negotiating fees may include the amount and/or complexity of
services required, the type of assets under management, the types of investment guidelines
and restrictions imposed upon the management of the accounts, the amount of assets under
management, the expectation for the amount of assets to grow rapidly, GREYBULL’s prior
relationship with the client, whether GREYBULL is acting in a discretionary or non-
discretionary capacity, the extent of reporting or other administrative services required, the level
of due diligence GREYBULL provides, and various competitive factors. In addition to the
foregoing, there may be specialized investment strategies with individualized fee arrangements
in place as well as historical fee schedules with long-standing clients that may differ from those
applicable to new client relationships. The specific fee arrangements applicable to any particular
client are set forth in the Investment Management Agreement between GREYBULL and the
particular client. If there is a conflict between the preceding statements and the Investment
Management Agreement, the Investment Management Agreement will control.

The fees due to GREYBULL cover only the investment management services GREYBULL
provides and do not include costs associated with gaining access to foreign markets (including
restricted markets such as China, India, etc.), brokerage commissions, mark-ups and mark-
downs, dealer spreads or other costs associated with the purchase and sale of securities,
custodian fees, interest, taxes, or other account expenses. Also, each fund (e.g. mutual fund,
exchange traded fund, etc.) in which GREYBULL may invest on behalf of a client will bear its
own investment advisory fees and other expenses which are disclosed in each fund’s prospectus.

Clients will also incur brokerage and other transaction costs. Item 12 of this brochure discusses

Item 7: Types of Clients

GREYBULL generally provides investment advice to institutional clients, but may provide
investment advice to any or all of the following types of clients: individuals, high net worth
individuals, banks or thrift institutions, broker-dealers, investment advisers, investment
companies (including mutual funds), insurance companies, other pooled investment vehicles,
pension and profit sharing plans, trusts, estates, or charitable organizations, corporations or other
business entities, sovereign wealth funds, federal government entities, and state or municipal
government entities. However, actual client composition is subject to change based on market
conditions, business plan and other factors.

EPPC will serve as an investment adviser to pooled investment vehicles whose underlying
investors are “accredited investors” (as defined in Rule 501(a) of Regulation D under the U.S.
Securities Act of 1933, as amended) and/or “qualified purchasers” (as defined in Section 2(a)(51)
of the U.S. Investment Company Act of 1940, as amended) and/or “knowledgeable employees”
(within the meaning of Rule 3c-5 under the U.S. Investment Company Act of 1940, as amended).
Underlying investors in the pooled investment vehicles EPPC advises may include endowments,
foundations, non-profit organizations, pensions, corporates, government entities, family offices,
trusts, and other businesses or institutions.

EPPC will also provide investment advice to institutional clients such as endowments,
foundations, non-profit organizations, pensions, corporates, government entities, family offices,
trusts, and other businesses or institutions. However, actual client composition is subject to
change based on market conditions, business plan and other factors.