Pulse Capital Partners Management LLC

ITEM 5: FEES & COMPENSATION
CUSTOMIZED PORTFOLIO SOLUTIONS BUSINESS
The holders of CPS separately managed accounts will pay Pulse Capital a management fee ranging
from 0.5% to 1.5% of the net asset value under management at the end of each month, each fiscal
quarter or the end of the fiscal year, depending on arrangements with individual investors and
depending on how such fees will be paid to underlying Managers. In addition to the management
fee, Pulse Capital or one of its affiliated entities may also charge a performance fee of up to 25%
of the net profits each account, subject to a loss carry forward provision, payable either at the end
of each fiscal quarter or at the end of the fiscal year. Fees are always charged in arrears.

In the sole discretion of Pulse Capital, Fees may be waived, reduced or calculated differently with
respect to certain investors, and fees are generally negotiable. In instances where a separately
managed account includes investments into a Fund managed by Pulse Capital, the managed
account will be charged a pro-rated management and performance fee that does not include fees
for investments in such a Fund.

Fees and compensation paid to Pulse Capital by the holders of the separately managed accounts
will be deducted from the accounts. In addition to fees paid to Pulse Capital, investors in separately
managed Accounts will generally be subject to fees charged by the Managers to whom assets are
allocated to be managed.

Each account will bear any additional expenses, including, but not limited to, investment expenses,
legal expenses, custody fees, external accounting, audit and tax preparation expenses, taxes, and
other fees.

ADDITIONAL COMPENSATION
Supervised persons of Pulse Capital are authorized to accept compensation (e.g., brokerage
commissions) for the sale of securities or other investment products through their affiliation with
Groton Securities LLC (“Groton”). However, the majority of the supervised persons associated
with Groton are not the persons determining portfolio allocations or making investment decisions
for the CPS Business and are not compensated based on the performance of the CPS Business.
Pulse Capital will implement policies and procedures to ensure that portfolio allocation and
investment decisions are not affected by any compensation that supervised persons associated with
Groton may receive. Please see Item 10 for further discussion of Pulse Capital’s relationship with
Groton.

ITEM 7: TYPES OF CLIENTS
Although persons or entities that have a CPS managed account must be “qualified purchasers,”
generally they are not themselves Pulse Capital’s clients.

REQUIREMENTS FOR OPENING OR MAINTAINING ACCOUNTS
Pulse Capital requires an initial minimum investment ranging from $25 million to $100 million to
open a CPS account. This minimum investment requirement is negotiable.