Rye Brook Capital LLC

Item 5 - Fees and Compensation

A. Below is a discussion of how the Adviser is compensated in connection with providing advisory services
to its Clients. The Adviser may enter into different fee arrangements on a Client by Client basis.

Management Fees The fees and expenses associated with each Client account will be negotiated with
each Client and are described in detail in each Client’s Investment Management Agreement (IMA).
Generally, the Adviser will be entitled to a management fee of 0.65% of a Client’s account assets.

Direct Client Expenses. Clients are responsible for all direct expenses related to their operations and
activities, including all of its expenses associated with its investment portfolio, including brokerage
commissions and other transaction costs. Clients bear the full cost of expenses related to proxies,
underwriting and private placements, brokerage commissions, interest on debit balances or borrowings,
custody fees and any withholding or transfer taxes imposed on the Fund.

B. Management Fees. The Adviser is compensated solely through a Management Fee based on a
percentage of assets under management deducted directly from the Client’s capital and payable in a
quarterly basis. The Adviser does not charge performance-based fees.

C. Clients will incur brokerage and other transaction costs. Item 12 of this brochure discusses how the
Adviser selects brokers and determines the reasonableness of their compensation. The direct expenses
borne by each Client are described in more full detail in each Client’s Documents.

D. As stated above, Management Fees are deducted directly from the Client’s capital and paid quarterly.
The Management Fee is prorated for any period that is less than a full month for capital contributions
made by new or existing investors.

E. Other than as described above, neither the Adviser nor any of its supervised persons receives any
compensation from the sale of securities or other investment products.

Item 7 - Types of Clients

As mentioned in Item 4, the Adviser provides investment advisory and sub-advisory services to
sophisticated, high-net-worth clients via SMAs.

Acceptance of a Fund, new clients and sub-advisory account relationships is determined on a case-by-case
basis.