Martlet Asset Management LLC

Item 5.          Fees and Compensation

          For the Alt Beta Fund, as of July 1, 2019 the standard management fee is 0.75% (annual
          of assets under management) for allocations from new investors as of and after that
          date.

          Martlet generally expects to deduct fees from the assets of each private investment fund.
          Fees are generally payable monthly in advance. For fee arrangements that call for
          payment of fees in advance, upon redemption Martlet will refund fees for any period of
          time Martlet did not provide services and only charge for the actual period of time Martlet
          provided investment advisory services.

          As detailed in each private fund’s governing documents, each investor in a private fund
          will also pay its pro rata portion of the private fund’s ongoing expenses and any
          extraordinary or non-recurring expenses. Ongoing expenses include transaction (e.g.,
          brokerage commissions or swap charges), administrative, insurance premiums, fidelity
          bonds, custody, legal, tax preparation, audit and accounting expenses, the fees and
          expenses of third-party service providers as may be considered necessary by Martlet,
          Directors’ fees and expenses, pricing and valuation agents and other expenses,
          including extraordinary or non-recurring expenses, that are reasonably incurred in
          connection with the operation of the business and maintenance of the underlying private
          funds.

          Please see the response to Item 12 for additional information on brokerage
          commissions.

          Neither Martlet nor any of its 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 mutual funds.

Item 7.          Types of Clients

          Martlet expects to serve as a manager and/or adviser to private funds for tax-exempt
          investors such as offshore limited partnerships, limited liability companies and
          companies that are pooled investment vehicles. For the Alt Beta Fund, in general, the
          minimum initial investment amount is $5,000,000. Investors may generally not effect a
          partial redemption if, after such redemption, the net asset value of their investment
          would be less than the applicable minimum investment amount.

          Each investor in a Martlet private investment fund must generally be an “accredited
          investor” as defined in Regulation D of the Securities Act of 1933 and a “qualified
          purchaser” as defined in the Investment Company Act of 1940 and the regulations
          thereunder. In the case of certain offshore funds, non-U.S. investors need not be
          “accredited investors” or “qualified purchasers” so long as each such non-U.S. person is
          (1) not a “U.S. person” as defined in Regulation S under the Securities Act of 1933, as
          amended, or a “United States person” as defined in the Internal Revenue Code of 1986,
          and (2) must be a “Non-United States person” as defined in Regulation 4.7 under the
          Commodity Exchange Act.