Karamaan Group LLC

Item 5: Fees and Compensation

A. Fee Schedule

Performance-Based Fees for Portfolio Management

Qualified clients pay an annual fee of 1.25% of assets under management along with an
incentive fee that is calculated as follows:

The incentive fee is 25% of the closing net asset value in excess of the greater of (a) a
noncumulative annualized hurdle rate of 5% per annum or (b) the High-Water Mark,
which is defined as the maximum adjusted closing net asset value of all prior incentive
fee calculation dates. The closing net asset value shall be defined as the net asset value of
the account having deducted payments of the management fee and any other expense
reimbursements. The adjusted closing net asset value shall be defined as the closing net
asset value having deducted payment of all incentive fees. The High-Water Mark will be
subject to reduction for withdrawals on a pro-rated basis.

       B. Payment of Fees

       Payment of Performance-Based Portfolio Management Fees

       Performance-based portfolio management fees are withdrawn directly from the client's
       accounts with client's written authorization on an annual basis, or may be invoiced and
       billed directly to the client on an annual basis. Clients may select the method in which
       they are billed. Fees are paid in arrears.

       C. Client Responsibility For Third Party Fees

       Clients are responsible for the payment of all third party fees (i.e. custodian fees,
       brokerage fees, mutual fund fees, transaction fees, etc.). Those fees are separate and
       distinct from the fees and expenses charged by KGL. Please see Item 12 of this brochure
       regarding broker-dealer/custodian.

       D. Prepayment of Fees

       KGL collects its fees in arrears. It does not collect fees in advance.

       E. Outside Compensation For the Sale of Securities to Clients

       Neither KGL nor its supervised persons accept any compensation for the sale of
       investment products, including asset-based sales charges or service fees from the sale of
       mutual funds.

Item 7: Types of Clients

KGL generally provides advisory services to High-Net-Worth Individuals.

There is no account minimum for any of KGL’s services.