Quantessence Capital LLC

Item 5: Fees and Compensation

Quantessence generally charges asset-based “management fees” and performance-based “performance
fees” to its Clients. In some instances, the performance fees may be paid as a non-reimbursable advance
at the start of the advisory relationship to offset future performance fees. The amount and timing of these
fees is subject to negotiation between Quantessence and its Clients and is set out in the investment
management agreement between Quantessence and the applicable Client.

To manage a Client account, Quantessence generally charges an asset-based management fee equal to a
percentage of the assets in such Client account ranging from 0 to 20 bps per annum. However, the types
and amounts of fees payable by a Client may be negotiated based on a variety of factors, including, but
not limited to, the size, composition, and complexity of the Client’s account, the length, and nature of the
relationship with the Client or other factors deemed relevant by Quantessence. Management fees are
generally invoiced to the applicable Client monthly in advance unless otherwise agreed upon with a
particular Client.

Furthermore, for certain Client relationships, in addition to a management fee and performance fee,
Quantessence may also be eligible to be reimbursed for certain expenses pursuant to the relevant
investment management agreement.

Quantessence will render its services to Clients at its own expense and will be responsible for its overhead
costs, including office rent, utilities, furniture and fixtures, stationery, secretarial/internal administrative
services, salaries and bonuses, entertainment expenses, employee insurance, and payroll taxes.

Other Fees and Expenses. Quantessence’s Clients incur other expenses in connection with its advisory
services. Quantessence’s fees do not include transaction fees, brokerage commissions, custody fees, and
other related costs and expenses that will be incurred by a Client for the transactions for its account (see

Item 7: Types of Clients

Quantessence offers investment advisory services to institutional investors, including (but not limited to)
private investment funds sponsored and operated by other investment advisory firms. Client accounts are
generally subject to a minimum initial investment unless Quantessence waives such a minimum in its sole
discretion. Quantessence also serves as investment adviser to an account through a third-party managed-
account platform operated by an unaffiliated financial institution (the “Platform”). The platform provides
Quantessence’s related persons, as well as elective unaffiliated clients, with synthetic economic exposure
to the Adviser's strategy. At this time, the only assets the Firm manages through the Platform are for the
benefit of Quantessence’s related persons (the “Proprietary Account”). Refer to Item 8 for a discussion of
the risks and considerations pertaining to accounts managed through a third-party managed-account
platform as well as Item 10, Item 11 and Item 12 for more information on the nature of the account, related
conflicts of interest, and Quantessence’s allocation policies and procedures pertaining to the account.