Kepos Capital LP

FEES AND COMPENSATION

    A. Advisory Fees and Compensation.

As we will only be providing this brochure to clients who are "qualified purchasers” under the
Investment Company Act of 1940, we have not included a fee schedule or the other information
requested by Item 5.A.

    B. Payment of Fees.

For clients that are pooled investment vehicles, we (usually through a third-party administrator)
generally deduct management fees directly from a client account, usually on a quarterly basis and
in advance. For incentive fees or incentive-based allocations of profits for clients that are pooled
investment vehicles, we follow a similar procedure and generally deduct (usually through an
administrator) these amounts directly from the client’s account, generally on an annual basis and
in arrears. For a managed account, this practice varies depending on the specific arrangement with
an individual client.

    C. Additional Fees and Expenses.

Our clients are responsible for certain additional costs and expenses related to the trading and
investment activity that we conduct for their accounts; this incudes expenses incurred by them
directly as well as reimbursements of expenses that we incur on their behalf.

While the organizational documents and investment management agreements relating to any
specific client will dictate the actual expenses relating to that client, additional costs and expenses
that we currently charge to some or all of our clients include: investment-related expenses;
expenses related to obtaining research and market data and other data and information, including,
without limitation, news and quotation equipment and services, data and information licenses and
market data feeds and licenses; other investment research related expenses, including, without
limitation, research sold by brokers and other third parties, investment-related travel expenses
(including travel, lodging and meals), expenses related to the due diligence and monitoring of
actual and prospective investments (whether or not consummated) and the consummation of
investments; execution related expenses, including, without limitation, exchange fees and access
charges, connectivity charges with exchanges and counterparties and fees for execution management
software and services;1 up to 50% of the costs and expenses of risk management and risk reporting
software and services; systems and technology expenses, including, without limitation, any
computer hardware and connectivity hardware associated with or incorporated into the cost of
obtaining market data or other data or information and any fees and expenses relating to software
tools, programs or other technology utilized in managing clients’ portfolios, including, but not
limited to, cloud computing capacity and services used for data processing and model development;
fees and expenses of any third-party administrator and other third parties providing administrative,
accounting, operations and valuation services; third-party accounting, auditing and tax preparation

 Item 12 describes factors that we consider in selecting or recommending broker-dealers for client transactions and
determining the reasonableness of their compensation (e.g., commissions).

expenses; regulatory and legal expenses; fees and expenses of pooled investment fund officers
(including AML Officers); expenses of the governance committee; other professional fees and
expenses relating to investments or the operation of, or accounting for, a client account or (if the
client is a pooled investment vehicle) of the client itself; placement agent fees and expenses, if any
(which will reduce the compensation payable to the Investment Manager); costs of printing and
mailing reports and notices; organizational, administrative, and ongoing registration, licensing,
and similar fees and expenses of a client account or (if the client is a pooled investment vehicle)
of the client itself; expenses relating to obtaining insurance for members of any board of directors
and governance committee of a client and for us and our personnel; bank service fees; withholding
and transfer taxes; entity-level taxes; other expenses related to the purchase, sale or transmittal of
client assets; and extraordinary expenses and other similar expenses related to a client account or
(if the client is a pooled investment vehicle) to the client itself.

When expenses are attributable to a specific class or to certain subset of investors within a pooled
investment vehicle, we, in our discretion, generally may allocate such expenses only to such class
or investors.

   D. Prepayment of Fees.

As discussed above in Item 5.B., for our existing clients we generally deduct management fees
directly from a client account, usually on a quarterly basis and in advance. A pro rata portion of
such management fees will be paid in respect of any subscriptions made by new or existing
investors on any date that does not fall on the first day of a calendar quarter, based on the actual
number of days remaining in such partial quarter. If an investor redeems or withdraws from a
pooled investment vehicle client, other than as of the last day of a quarter, we will repay a pro rata
portion of any applicable management fee (based on the actual number of days remaining in the
quarter) to the pooled investment vehicle for distribution to such investor. For a managed account,
this practice varies depending on the specific arrangement with an individual client

   E. Additional Compensation and Conflicts of Interest.

We do not accept, and none of our supervised persons accepts, compensation for the sale of
securities or other investment products, including asset-based sales charges or service fees from
the sale of collective investment funds.

TYPES OF CLIENTS

We generally provide investment advice to alternative investment funds (i.e., pooled investment
vehicles that are exempt from registration under the Investment Company Act of 1940) and, on a
case by case basis, may offer customized managed accounts for institutions and benefit plans. Any
particular pooled investment vehicle client will have its own eligibility and qualification criteria
(e.g., requirements that investors represent that they are “qualified purchasers” under the
Investment Company Act of 1940, non-“US Persons” under Regulation S, and/or “accredited
investors” under the Securities Act of 1933) and minimum investment requirements. The
requirements for any managed account would be negotiated on a case-by-case basis.