Lagoda Investment Management LP

Item 5 - Fees and Compensation
Lagoda charges most of its clients an annual management fee based on the following schedule:

         Portion of Account Size                          Percent Per Annum

         Amounts up to and including $100,000,000                          1.00%

         Amounts greater than $100,000,000 and up                          0.75%
         to and including $300,000,000

         Amounts greater than $300,000,000                                 0.50%

Lagoda, in its sole discretion, may charge a lesser management fee based on certain criteria (e.g.,
anticipated future earning capacity, anticipated future additional assets, related accounts, account
composition, and/or negotiations with the client). As discussed in further detail in Item 6
Performance-Based Fees and Side-by-Side Management, Lagoda does not currently charge any
performance-based fees to its clients.

Lagoda charges fees quarterly in advance based on the account value at the beginning of the quarter.
Clients authorize Lagoda to deduct fees from their investment account, via the clients’ custodians.

Accounts initiated or terminated during a calendar quarter are charged a pro‐rated fee. Upon
termination of an account, any prepaid, unearned fees are promptly refunded or applied to amounts
owed by the client to Lagoda pursuant to the terms of the managed account agreement. The
management fee is adjusted for any withdrawals or deposits made during the quarter.

In addition to Lagoda’s management fees, clients bear the costs of custodial fees, as well as
transaction costs and brokerage expenses, as discussed in Item 12 Brokerage Practices below.

Lagoda has adopted valuation policies and procedures to govern the valuation of securities held in
client accounts. Lagoda primarily relies on asset prices obtained from brokers and/or custodians.
However, Lagoda has a fair value pricing policy that it follows in situations where custodians may
be unable to price certain investments, or where custodians may assign prices that do not reflect
Lagoda’s reasonable view of current market conditions.

Item 7 - Types of Clients
Lagoda provides investment advisory services to high-net-worth individuals, trusts, estates, IRAs,
and institutional clients including foundations, endowments and other charitable organizations.
Lagoda’s minimum account size is generally $5,000,000. However, Lagoda, in its sole discretion,
may reduce or waive its fees or minimum account size requirements.