Savoie Capital LLC

FEES AND COMPENSATION

Savoie Capital charges both asset-based “management fees” and performance-based “performance fees” to
the Client Accounts:

Client Account Management Fees. With respect to its management of a Client Account, Savoie Capital
generally receives a quarterly asset-based management fee equal to 0.25% (1% per annum) of the net asset
value of each such Client Account. The Client Accounts’ management fees are payable quarterly in
advance generally within five (5) business days after the beginning of each calendar quarter. Savoie Capital
may, in its sole discretion, waive or reduce the management fee with respect to any Client Account.

Notwithstanding the foregoing, these management fees may be negotiated by Savoie Capital with respect
to certain Client Accounts based on a variety of factors, including, but not limited to, the size, composition
and complexity of the Client Account, length and nature of Savoie Capital’s relationship with the client,
special services agreed upon with the client or other factors deemed relevant by Savoie Capital.
Management fees for the Client Accounts are billed to the applicable clients at the beginning of each
calendar quarter.

Non-Discretionary Advisory Fees. With respect to those clients that engage Savoie Capital to provide
customized non-discretionary advisory services, Savoie Capital’s fees for such services will be specifically
negotiated with the client based on the client’s particular investment and financial situation, risks and goals.
Savoie Capital generally charges for such services at an hourly rate of up to $500 per hour, or as otherwise
agreed upon by Savoie Capital and such clients.

Other Fees and Expenses. Savoie Capital’s clients will incur other expenses in connection with Savoie
Capital’s advisory services. Such expenses may include transaction fees, brokerage commissions, custody
fees; government charges, taxes and duties; transfer fees and registration fees; withholding taxes payable
and required to be withheld by issuers or their agents; and other related costs and expenses that will be
incurred by a client with respect to the transactions for its Client Account. Clients will also bear the
investment management or other fees charged by any mutual funds or ETFs in which Savoie Capital may
invest on behalf of the Client Account.

              PERFORMANCE BASED FEES AND SIDE-BY-SIDE MANAGEMENT

Savoie Capital also receives performance-based compensation from Client Accounts:

Client Account Performance Fee. Savoie Capital will charge performance-based compensation with
respect to the Client Accounts that it manages. Unless otherwise negotiated in respect of a particular Client
Account, this performance-based compensation will be equal to 10% of the net increase in value (if any) of
the assets in such Client Account (including both realized and unrealized gains and losses) with respect to
the applicable measurement period, after payment of the management fees described above and recovery
of losses in such Client Account in prior measurement periods.

This performance-based compensation is calculated and payable as of the last day of each calendar year,
upon termination of the advisory relationship with Savoie Capital or upon withdrawal by a client of all or
part of its investment in the Client Account. Performance fees for the Client Accounts are billed to the
applicable clients at the end of each calendar year.

Conflicts of Interest Related to Performance-Based Compensation. A significant percentage of the
appreciation (if any) which would otherwise be allocated to the clients in the Client Accounts is paid to
Savoie Capital. This performance-based compensation is based upon unrealized, as well as realized, gains,
and such unrealized gains may never be recognized by the client. This gives rise to a potential conflict of
interest, as Savoie Capital may have an incentive to favor the accounts of clients for which it or its affiliates
receive performance-based compensation over accounts for which they do not receive such compensation,
for example, seeking to allocate more profitable investment opportunities to the accounts for which Savoie
Capital receives performance-based compensation. However, Savoie Capital has implemented aggregation
and allocation procedures to allocate the securities bought or sold between the Client Accounts on a fair
and equitable basis over time. See “Brokerage Practices” below.

TYPES OF CLIENTS

Savoie Capital offers investment advisory services to private investment funds, individuals, including high-
net worth individuals, trusts and estates and corporations and other business entities. Client Accounts are
generally subject to a minimum initial investment of $5,000,000, unless such minimum is waived by Savoie
Capital in its sole discretion.

         METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

Savoie Capital’s investment strategy focuses on active trading of primarily equity and equity-related
financial instruments; however, in some instances, Savoie Capital may trade futures and options on futures
to achieve its investment objectives. Savoie Capital’s strategies are generally divided into the following
investment programs:

Savoie Premium Yield Program

The investment objective of the Premium Yield investment program seeks to maximize total returns by
investing primarily in equities (both long and short) and options on individual equities or indices or variance
swaps, while reducing long exposure by shorting indices during periods of market volatility. In respect of
its investment of its clients’ assets utilizing the Premium Yield investment program, Savoie Capital intends
to maintain an overall long or short bias based on long-term trends identified by Savoie Capital’s proprietary
models. The Premium Yield investment program may invest in derivatives to offset some of the risks of
equity indices, interest rates, dividends, and volatility exposure. In addition to derivatives, the Premium
Yield investment program may invest in money market instruments and may enter into temporary
acquisitions and disposals of securities, through repurchase agreements and reverse repurchase agreements,
for cash management as well as efficient portfolio management purposes.

The Premium Yield investment program focuses on Savoie Capital’s belief that individual and index
options are richly priced and thus, may offer yield enhancement and some insurance against directional
bias. Furthermore, Savoie Capital believes that over time adoption of a dividend value approach to investing
will outperform the general market through capital appreciation and dividend payments. During times of
uncertainty and long-term market contractions, Savoie Capital intends to employ a short equity strategy,
via investment in equities, equity index futures, ETFs or other equity-related exchange traded financial
instruments, to offset long equities positions through its Premium Yield investment program.

The Premium Yield investment program is intended to offer clients exposure to the volatility of, as well as
a combination of long and short positions in, the U.S. equities markets. Savoie Capital seeks to control this
exposure to volatility by limiting leverage in the Client Accounts traded pursuant to the Premium Yield
investment program. Savoie Capital seeks to manage the long and short exposure in the Client Accounts
traded pursuant to the Premium Yield investment program by utilizing proprietary technical and
fundamental value models.

Savoie Premium Yield Plus Program

The primary investment objective of the Premium Yield Plus investment program is to achieve a high level
of current income and gains from equity option premiums and dividends. The secondary investment
objective of the Premium Yield Plus investment program is to provide capital appreciation consistent with
the program’s investment strategy and its primary investment objective. Additionally, the Premium Yield
Plus investment program seeks to control the volatility of returns relative to an all-equities portfolio. Savoie
Capital seeks to achieve these investment objectives by implementing a fully collateralized option selling
program designed to offer long risk exposure to specific underlying assets and to capture the historical
spread between implied volatility and realized volatility.

Savoie Equity Growth Program

The primary investment objective of the Equity Growth investment program is to achieve a capital
appreciation consistent with the program’s investment strategy. Additionally, the Equity Growth
investment program seeks to outperform an all-U.S. equities portfolio using a basked of high-growth U.S.-
listed equities. Savoie Capital seeks to achieve these investment objectives by implementing a long-only
U.S. equities portfolio designed to offer long risk exposure to specific underlying assets. From time to time,
the Equity Growth investment program may utilize U.S.-listed single-name and index options and futures
to reduce the market exposure of the Equity Growth portfolio.

Savoie Treasury Yield Program

The primary investment objective of the Treasury Yield Program is to achieve a moderate level of current
income and gains from equity and U.S. treasury-related options and futures. The secondary investment
objective of the Treasury Plus investment program is to provide capital appreciation consistent with the
program’s investment strategy and its primary investment objective. Additionally, the Treasury Yield
investment program seeks to control the volatility of returns relative to an all-equities dividend portfolio.
Savoie Capital seeks to achieve these investment objectives by implementing a fully collateralized option
selling program designed to offer long risk exposure to specific underlying assets and to capture the
historical spread between implied volatility and realized volatility.

Customized Programs and Non-Discretionary Advisory Services

In addition to the programs described above, Savoie Capital may provide customized advisory services in
respect of selected clients, to the extent agreed upon between Savoie Capital and such client. This advice
may entail use of the programs described above, or may involve other customized advisory services based
on a particular client’s investment and financial situation, risks and goals, which may include consulting on
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