Slater Investments Limited

Item 5: Fees and Compensation

   Slater Investments charges an asset-based management fee for its portfolio management
   services. Slater Investments uses the value of the account as of the last business day of the
   billing period for purposes of determining the market value of the assets upon which the
   management fee is based. Clients are typically charged an annual management fee of 0.75%
   of assets under management.

   Management fees are generally negotiable based on the type of account, the strategy and the
   size of the proposed investment. The final fee schedule will be memorialized in the client’s
   advisory agreement. Clients may terminate the agreement without penalty for a full refund of
   Slater Investments’ fees within five business days of signing the advisory agreement.
   Thereafter, clients may terminate the advisory relationship upon written notice in accordance
   with the relevant provisions of their advisory agreement.

   Management fees are invoiced and billed directly to the client, payable by bank transfer, on a
   quarterly basis. Management fees are paid in arrears – they are not paid in advance. Slater
   Investments does not deduct advisory fees directly from client accounts and does not have
   authority to do so.

   Clients are responsible for the payment of all third-party fees (i.e. custodial fees, brokerage
   fees, transaction fees, etc.). Those fees are separate and distinct from the management fees
   charged by Slater Investments. Please see Item 12 of this brochure for further information
   about brokerage practices.

   Neither Slater Investments nor its supervised persons accept any compensation for the sale
   of securities or other investment products, including asset-based sales charges or service
   fees from the sale of mutual funds.

Item 7: Types of Clients

   Slater Investments generally provides advisory services to the following types of clients:
     •     High-net-worth individuals;
     •     Family offices;
     •     Pooled investment vehicles;
     •     Corporations or business entities;
     •     Charities; and
     •     Corporate pension schemes.

   Slater Investments imposes an account minimum of $10,000,000, which may be waived by
   Slater Investments in its own discretion.