Manifold Partners LLC

Item 5 – Fees and Compensation

A.     Fee Schedule

As required by the Investment Company Act of 1940, as amended (“1940 Act”), the fees
and compensation payable to registered investment advisers, such as Manifold, by SEC
Registered Funds are determined by the board of trustees/directors of the relevant registered
investment company (such as AST), in accordance with Section 15 of the 1940 Act and the
rules thereunder, and described in the Prospectus and SAI for the relevant SEC Registered
Fund.

The fees payable by Investors in the different classes within the Manifold Hydra
Portfolio are described in the Constituent Documents for the Manifold Hydra Portfolio.

The fee payable for Investors in any Manifold-Sponsored Funds will be described in the
Constituent Documents for such Funds.

The fees for Manifold’s services for Separately Managed Accounts are negotiable and may
vary among Clients.

The components of Manifold’s compensation are generally as follows:

       1.      Management Fee

Manifold generally receives an asset-based management fee calculated as a percentage
of the assets under management (“AUM”) by Manifold. For SEC Registered Funds, the asset-
based management fee is an annual fee that is accrued daily and paid monthly in arrears. For
other Clients, Manifold generally receives a monthly asset-based management fee
calculated as a percentage of the AUM of each Client’s account or each Investor’s capital
account, payable monthly in advance. The management fee (sometimes characterized as a
non-recoverable advance against Manifold’s performance or incentive fee) ranges from
0.50% per annum to 1.50% per annum of AUM.

       2.      Incentive Allocation

Manifold may also receive an incentive allocation equal to a percentage of the net income
allocated to an Investor or Client to the extent net income allocated to that Investor or
Client exceeds any cumulative losses that were allocated to that Investor or Client for earlier

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periods that have not yet been recovered (i.e., a “high water mark”).

This incentive allocation may range between ten percent (10%) and twenty percent (20%)
of the new net trading profits less any advances against future incentive fees and may be
charged monthly or quarterly.

The incentive allocation will only be charged to accounts of those Investors and Clients who
are “qualified clients” as that term is defined in Rule 205-3 of the Investment Advisers Act
of 1940, as amended (“Advisers Act”).

       3.      Fee Comparison

With respect to SEC Registered Funds, the board of trustees/directors seek to approve
investment management/investment advisory fees that are generally within industry norms,
taking into account various factors considered by the SEC to be relevant to such
determination.

With respect to Investors in Private Funds, the fees paid by such Investors (including the
management fee and incentive allocation) may constitute a higher percentage of average
net assets than may be found in other investment vehicles.

B.     Payment of Fees

Management fees, incentive allocations, and third-party fees (discussed below) are deducted
from Client assets.

For SEC Registered Funds, management fees are accrued daily and paid monthly in arrears.
If a shareholder in an SEC Registered Fund redeems his/her shares prior to month end, the
management fee and all other Fund fees will have been accrued and will be paid to Manifold
and other service providers on their normal payment cycle.

For Private Funds, management fees, which are paid in advance, are withdrawn at the
beginning of the month. Incentive allocations are allocated and paid to Manifold as of the
last business day of the calendar month and as of any date on which an Investor makes a
withdrawal or receives a distribution from such Investor’s capital account(s).

The relevant Constituent Documents for applicable Clients and Investors should be read
carefully in order to understand the accrual and timing of the payment of fees applicable to
such Client and Investors.

C.     Third-Party Fees

For SEC Registered Funds, the board of trustees/directors determines the various fees and

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expenses paid by shareholders in such Funds. Such fees and expenses include but are not
limited to management fees, all administrative, legal, accounting, auditing, record-
keeping, tax form preparation, compliance fees and expenses and any extraordinary fees
and expenses. The fees and expenses applicable to shareholders in a SEC Registered Fund
are described in the Prospectus and SAI for the relevant SEC Registered Fund.

For Private Funds, Clients and Investors will pay such costs and expenses as the Private
Fund sponsor shall reasonably determine to be necessary, appropriate, advisable or
convenient to carry on its business and realize the investment objective for the applicable
Private Fund, including but not limited to: (i) management fees; (ii) all general
investment expenses (i.e., expenses which the Private Fund sponsor reasonably determines
to be directly related to the investment of the Client or Investor’s assets); (iii) all
administrative, legal, accounting, auditing, record-keeping, tax form preparation, and
compliance and consulting costs and expenses; (iv) fees, costs and expenses of third-party
service providers that provide such services; and, (v) any extraordinary expenses, among
other expenses.

Third party fees for other Client accounts (including sub-advisory accounts and Separately
Managed Accounts) are not determined by Manifold and may include general investment
...

Item 7 – Types of Clients

Manifold provides its investment advisory services to (i) retail investors in SEC Registered
Funds, (ii) qualified persons, institutions and high net worth individuals through Separately

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Managed Accounts, (iii) and to qualified persons, institutions and high net worth individuals
through Private Funds (some or all of which may be sponsored, formed, administered and
operated by unaffiliated firms).

SEC Registered Funds. As noted in Item 4 above, Manifold provides investment advisory
services to retail investors through two separate series of AST, a registered investment
company in accordance with the investment objectives, strategies and restrictions applicable
to each Fund as described in their Prospectus and SAI.

Private Funds. Manifold provides its investment advisory services to Qualified Purchasers
(as defined in Section 2(a)(51) of the 1940 Act) (referred to as Investors) that invest in the
Manifold Hydra Portfolio, a separate segregated series of Hydra GHS, a Delaware series
Limited Liability Company, and its master trading vehicle Hydra Global Hedge Strategies,
SPC, a Cayman Island exempt company organized as a segregated portfolio company,
which together form the Hydra Global Hedge Platform (“Hydra Platform”). The Hydra
Platform is offered by Kettera Strategies LLC (“Kettera”), which oversees the operation and
administration of the Hydra Platform and each of its separate segregated series. Each
separate segregated series of the Hydra Platform is managed by a different investment
adviser that is responsible for the management of a particular segregated portfolio.

Manifold is solely responsible for developing and executing the investment strategy (e.g.,
formulating the investment decisions and placing trades) for each class (“Class”) (i.e.,
currently the U.S. Class and the Composite Class) of the Manifold Hydra Portfolio for the
benefit of its Investors. Manifold invests of each Class in direct or indirect exposures to
exchange-traded, liquid equities traded (directly or in the form of derivative securities,
exchange traded funds (“ETFs”), Contract-for-Difference (“CFDs”), or swaps) on any
credible exchange or transaction venue worldwide. In accordance with the investment
strategy for the Manifold Hydra Portfolio, Manifold invests the assets of each Class both
long and short. So, the assets of each Investor account will be both buying securities (“long
exposures”) and selling securities short (“short exposures”).

Within each Class, Manifold diversifies the investments across many individual exposures
and controls its exposure to factors, sectors, industries, and other risks according to the
parameters appropriate to the specific Class selected as well as in accordance with broader
constraints applicable to all Classes of the Manifold Hydra Portfolio. Each Class is
associated with a specific reference geographic area and Manifold invests the Class’ assets
in direct or indirect exposures to liquid equities associated with that Class’ geographic
focus (e.g., the U.S. Class invests only in liquid securities (with no bias as to cap size)
traded on all major US exchanges).

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The number of Investors in the Manifold Hydra Portfolio may be restricted in order to
maintain the Manifold Hydra Portfolio’s exclusion from “investment company” status
under 1940 Act.

The minimum initial investment in any Class of the Manifold Hydra Portfolio is $1 million
and Investors may make additional investments to any Class in which they already are
invested in increments of $250,000.

Prospective Investors in the Manifold Hydra Portfolio must meet eligibility criteria and are
subject to certain withdrawal requirements and limitations. Manifold encourages
prospective Investors in a Class of the Manifold Hydra Portfolio to request and thoroughly
review the Manifold Hydra Portfolio’s Constituent Documents, which set forth all of the
terms in detail.

Manifold-Sponsored Funds. Each Investor in any Manifold-Sponsored Fund generally
must be ( i ) an “accredited investor” (as defined in Regulation D under the Securities
Act of 1933), ( i i ) a “qualified purchaser” (as defined in Section 2(a)(51) of the 1940
Act), or (iii) an Investor who is eligible to enter into a performance fee arrangement under
federal law, and must meet other criteria as specified in the Constituent Documents. The
minimum initial investment is $1,000,000 for individual investors or $5,000,000 for
institutional investors, and the minimum additional investment is $100,000 for individual
investors or $500,000 for institutional investors, subject to waiver at the discretion of
Manifold.

Sub-Advisory Clients. Generally, similar considerations will apply to Clients in sub-
advisory arrangements, though the specific investor qualifications, investment amounts
and other terms will vary and depend on the terms of the Private Fund, which are
determined by other advisers.