Nitor Capital Management LLC

ITEM 5: FEES AND COMPENSATION

The Adviser charges the Clients an asset-based investment management fee (the “Management Fee”). The
Funds pays a Management Fee up to 1.5% annually. The Accounts pay a Management Fee up to 2%
annually. Depending on the Client, the Management Fee is generally payable either monthly in arrears,
quarterly in advance, or quarterly in arrears. Generally, the Adviser instructs the Client’s custodian to deduct
the Management Fee from the Client’s account or bills the Client for fees incurred. The Management Fee
will be prorated for any period that is less than a full fiscal quarter.

In addition to the Management Fee, the Adviser is also eligible to receive from the Clients either an
incentive fee (the “Incentive Fee”) or an incentive allocation (the “Incentive Allocation”), which is
compensation based on a share of realized and unrealized appreciation of the Clients’ account. The Incentive
Fee or Incentive Allocation is up to 20% of the Clients net capital appreciation and is subject to a high-
water mark or a hurdle rate the details of which are set forth in the Clients Governing Documents. The
Incentive Fee or Incentive Allocation, if any, will be billed or allocated at the end of each fiscal year.

In addition to paying the Management Fee and allocating or paying the Incentive Fee, Clients may be
subject to other investment expenses including but not limited to, Client’s brokerage commissions (see Item
12), due diligence costs, legal and auditing expenses, operating expenses, fund administration, and
investment related expenses incurred in connection with the fund’s activities.

Depending on the Client, the Adviser, in its sole discretion, has and in the future may waive or reduce the
Management Fee and/or Incentive Fee for Clients or members that are principals, employees or affiliates
of the Adviser, relatives of such persons, and for certain large or strategic investors.

ITEM 7: TYPES OF CLIENTS

As described in Item 4, the Adviser’s Clients are a Fund suitable for accredited, institutional and other
sophisticated investors and Accounts. In addition, the Adviser is a sub-advisor to a private pooled
investment vehicle. Generally, the minimum capital contribution for an investment in the Adviser’s Fund is
$500,000. In each case, however, the Adviser and/or its affiliates have sole discretion to accept lesser
amounts. Any investment minimums for the Accounts are individually negotiated.