Mutima Capital Management LLC

ITEM 5. FEES AND COMPENSATION

Management Fee: For the Fund, the Advisor is paid an investment management fee up to
1.5% per annum of the net assets of the Fund. Investment management fees are charged
each quarter in advance based on the client’s net asset value (including net unrealized
appreciation or depreciation of investments and cash, cash equivalents and accrued
interest) on the first day of the quarter. If a new investor account is established during a
quarter or an investor makes an addition to its account during a quarter the investment
management fee will be charged as of the effective date of the subscription or the date of
the additional contribution and will be prorated for the number of months remaining in the
quarter. For SMAs, the Advisor generally receives asset-based management fees
comparable to those paid by the Fund; however, fee structures are subject to negotiation
and may vary from those paid by the Fund. In certain limited circumstances, the
Management Fee may be negotiable. The Advisor may waive or modify its investment
management fees in its discretion. Investment management fees are deducted and paid to
the Advisor from the assets of the Fund or the SMAs.

The Fund and SMA accounts initiated or terminated during a calendar quarter will be
charged a prorated fee. Upon termination of an account, any prepaid, unearned fees will be
promptly refunded, and any earned, unpaid fees will be due and payable. Investors in the
Fund are subject to a 5% early withdrawal fee, payable to the Fund, on any withdrawal
made during the investor’s first year in the Fund.

Operational Expenses of the Fund

In addition to the management and incentive fees payable to MCM, the investors in the
Fund will bear the costs and expenses related to the Fund’s investments, operations and
administration, including, without limitation: (i) interest expenses, (ii) other transactional
charges, (iii) expenses relating to cash management, (iv) legal, compliance, audit,
accounting, tax and custodial fees and expenses and (vi) fees and expenses of the Fund
administrator.

Other Fees for Separately Managed Accounts

MCM provides investment advisory services to institutional and other clients through
SMAs. SMAs typically bear certain expenses in addition to investment advisory fees,
including custodial fees and brokerage costs. MCM receives no payment or remuneration
from clients with respect to such expenses (except as described in Item 12-Brokerage
Practices), and any such charges, fees and commissions are exclusive of and in addition to
MCM's advisory fees. No portion of such charges, fees or commissions shall be applied as
an offset to reduce the amount of advisory fees owed by a client to MCM. In addition,
when client assets are invested in a mutual fund or in an Exchange-Traded Fund ("ETF"),
the client indirectly bears a prorated share of operating expenses incurred by the mutual
fund or the ETF, including without limitation, brokerage fees and transaction costs, trade
correction costs, transfer agency fees and custodial expenses. These expenses are described
in greater detail in the prospectus and/or SAI for the relevant mutual fund or ETF. Please
refer to Item 12 – Brokerage Practices for further information.

ITEM 7. TYPES OF CLIENTS

The Advisor has as clients the Fund and SMAs. Through the management of the SMAs,
MCM generally will provide investment advisory services to high net worth individuals,
pension and profit sharing plans, endowments, foundations, trusts, estates, charitable
organizations and corporations. MCM will generally require a minimum Fund investment
of $1 million, but may waive this minimum account requirement in certain instances.
SMAs are individually negotiated and generally subject to significant account minimums.