Sizemore Capital Management LLC

Fees and Compensation
The Firm will receive a fee for financial advisory and management of the Portfolio based on the value of the Portfolio
(including cash and equivalent items). The Firm’s standard annual fee varies based on the strategies selected.
The highest management fee currently charged is 2%, though this may be negotiated at the Firm’s discretion and
if agreed with Client in writing. The firm will also charge a performance fee of up to 30% in certain portfolios.
Accounts subject to performance fees will generally be subject to qualified client restrictions. See the following
section, Performance-Based Fees, for additional information.

Certain alternative investments may be subject to a separate fee schedule, as agreed by client in the relevant
subscription documents. Additionally, in cases where the Client maintains multiple accounts or multiple strategies
under the Firm’s management, the respective accounts may be assessed at different fee levels at Firm’s discretion
and with Client’s consent (i.e. Client and Firm could hypothetically agree that the Firm may charge more for an
actively managed account and less for an account employing a less active strategy.)

As specified in the Custodian’s application and as agreed to by Firm and Client, fees may be debited directly from
client account by Custodian, or the Firm may invoice the client directly at Client’s request and Firm’s discretion.
Timing of fee calculation and collection may vary by Custodian. Accounts in custody at Interactive Brokers will
generally have fees calculated and debited on a daily basis, as specified in account application and as agreed by
Client, and based on ending daily account values. Accounts in custody at TD Ameritrade or other custodians or
client assets not held by a custodian will generally have fees assessed quarterly based on account values at
quarter end.

In all cases and with any Custodian, any client fees debited are clearly itemized in the monthly statements provided
by the respective Custodian. Client acknowledges that the choice of Custodian and the frequency of assessment
may have an effect on account performance over time.

As fees are paid in arrears (i.e. after services rendered), no refund of fees would be needed upon termination. In
cases where a client relationship does not correspond to a calendar quarter (such as a new client starting mid-
quarter or an existing client terminating mid-quarter), fees will be prorated accordingly.

SCM will not require a minimum account balance to initiate or continue investment advisory service, though client
acknowledges that certain investment products may have minimums that are outside of the control of the SCM.
Furthermore, certain investment strategies executed by SCM may require a minimum balance in order to minimize
frictional costs to the client.

Either the client or SCM may terminate this Agreement at any time by telephone and confirmed in writing within
five days, at which time any fee owed to SCM shall be paid by client on a prorated basis as of the effective date of
the termination. Upon the SCM's receipt of written notice of termination from client, SCM shall immediately
discontinue all trading (but may settle open transactions and execute additional trades upon instruction from client).
SCM shall assist the custodians in the distribution of assets to clients.

SCM’s fees do not include brokerage commissions, transaction fees, and other related costs and expenses.
Clients may incur certain charges imposed by custodians and third party investment companies. These include
fees charged by managers, custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer
and electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions. Hedge
funds and other private investment vehicles, mutual funds, money market funds and exchange-traded funds (ETFs)

  8080 N Central Expressway, Suite 1700 • Dallas, Texas 75206 • Ph: 214.265.6597 • Fax: 214.572.7865 • www.sizemorecapital.com

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also may charge internal management and performance fees, which are disclosed in the fund’s prospectus. These
fees may include, but are not limited to, a management fee, performance fees, and other fund expenses. Certain
strategies offered by us may involve investment in mutual funds and/or ETFs. Load and no load mutual funds may
pay annual distribution charges, sometimes referred to as “12(b)(1) fees”. These 12(b)(1) fees come from fund
assets, and thus indirectly from clients’ assets. SCM does not receive any compensation from 12(b)(1) fees. All
of the fees described above are in addition to the management fee paid to SCM. Clients should review all fees
charged to fully understand the total amount of fees they will pay. Services similar to those offered by SCM may
be available elsewhere for more or less than the amounts SCM charge. SCM is a fee-based adviser.

Blue Orbit Capital Fund I, LP
Blue Orbit Capital Fund I, LP charges a standard management fee of 2%. Please refer to the Confidential Private
Placement Memorandum for a complete description of the management fees and performance allocation charged
by SCM as manager to the Fund.

Blue Orbit Multi-Strategy Fund, LP
The management fees charged by Blue Orbit Multi-Strategy Fund will vary by Series and currently range from 0%
to 1.5%. Please refer to the Confidential Private Placement Memorandum, including its Series Supplements, for a
complete description of the management fees and performance allocation charged by SCM as manager to the
Fund.

Blue Orbit Multi-Strategy Offshore Ltd.
Blue Orbit Multi-Strategy Offshore Ltd. charges a standard management fee of 1%. Please refer to the Confidential
Private Placement Memorandum for a complete description of the management fees and performance allocation
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Types of Clients
The Firm provides investment advisory services to individuals, families, private funds and pension/profit sharing
plans. Additionally, the firm may work in concert with other RIA firms in the role of third-party money manager.

Methods of Analysis, Investment Strategies and Risk of Loss
Blue Orbit Capital Fund I, LP
Please refer to the Advisory Business section of this ADV Part 2A and to the Confidential Private Placement
Memorandum for a complete description of the investment objectives and risks of the fund.

Blue Orbit Multi-Strategy Fund, LP
Please refer to the Advisory Business section of this ADV Part 2A and to the Confidential Private Placement
Memorandum, including the Series Supplements, for a complete description of the investment objectives and risks
of the fund and its separates Series.

  8080 N Central Expressway, Suite 1700 • Dallas, Texas 75206 • Ph: 214.265.6597 • Fax: 214.572.7865 • www.sizemorecapital.com

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Blue Orbit Multi-Strategy Offshore Ltd.
Please refer to the Advisory Business section of this ADV Part 2A and to the Confidential Private Placement
Memorandum for a complete description of the investment objectives and risks of the fund.

Separately Managed Accounts
The Firm pursues multiple investment strategies that may be used individually or in concert with other investment
strategies depending on the Client’s needs and objectives. The Firm may also create customized portfolios that
do not correspond to a broader strategy, depending on the Client’s needs and objectives. The Firm’s strategies
include the following:

Dividend Growth Portfolio
SCM’s Dividend Growth Portfolio seeks to generate a high and rising stream of income. Capital appreciation is a
secondary objective, though the firm considers the S&P 500 to be a relevant benchmark. The Dividend Growth
Portfolio will generally include all income-producing asset classes, including – but not limited to – dividend paying
stocks, bonds, ETFs, closed-end funds, REITs and master limited partnerships.

The Dividend Growth Portfolio will generally have 20-30 stocks, making it a somewhat concentrated portfolio. As
a general rule, the Firm will attempt to keep the volatility of the Dividend Growth portfolio close to that of the S&P
500.

In choosing investments for the portfolio, the firm utilizes primarily a contrarian value approach to portfolio
management, attempting to allocate capital to securities and sectors that are priced attractively and offer a
reasonable expected return for a given level of risk. All portfolios with equity exposure have the risk of loss—even
permanent loss—due to changing market conditions or company financial performance. Though SCM does not
take what it believes to be excessive risk, the risk of loss is always present when investing in the capital markets.
Fixed income investments are subject to interest rate risk. Foreign securities may be subject to currency and
regulatory risk.

SCM portfolio managers rely primarily on company financial statements, financial publications, and historical data
in making investment decisions.

Options Writing Strategy

The Firm may sell cash-secured put options on the S&P 500, the Nasdaq 100 or on other commonly-traded indexes
or related products. The strategy attempts to profit from the normal “theta” time decay of options as they approach
expiration. Additionally, the Firm may buy options or engage in spreads or other combination trades as a means
of hedging or controlling risk. Options positions will generally be held for no more than 15 days but may be “rolled
over” to the contracts of future months.

The firm uses a proprietary market risk model to help manage the risk of loss. The model analyses institutional
money flows to determine the “quality” of a market move. As an example, a market move higher that was
accompanied by significant institutional flows into equities could be considered a high-quality move and would
indicate a positive macro backdrop for the execution of the options writing strategy. A market move higher that
was not accompanied by significant flows into equities could be considered a low-quality move and would indicate
a higher-risk macro backdrop for the strategy.

Cash collateral may be invested in T-bills or other liquid, investment-grade, short-term debt instruments.

The firm may also engage in covered-call strategies.

Alternative Strategies
The Firm will utilize third-party managers and funds as part of a broad diversification strategy. The Firm will seek
managers that have low historical correlations to the stock market and to other managers and strategies being

  8080 N Central Expressway, Suite 1700 • Dallas, Texas 75206 • Ph: 214.265.6597 • Fax: 214.572.7865 • www.sizemorecapital.com

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utilized. Some alternative managers will only be available to accredited investors or may have other restrictions.
As a general rule, these strategies are used for diversification purposes. In evaluating alternative managers and
strategies, the Firm does extensive due diligence to evaluate the risks and the suitability for clients.

The specific alternative strategies pursued will vary over time. Presently, Sizemore Capital clients have exposure
to strategies including medical accounts receivable, life settlements and commercial real estate.

Risks

We cannot guarantee our analysis methods will yield a return. In fact, a loss of principal is always a risk.
Investing in securities involves a risk of loss that you should be prepared to bear. You need to understand that
investment decisions made for your account by us are subject to various market, currency, economic, political
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