Tavira Financial Limited

Item 5 – Fees and Compensation

 Tavira receives management fees from the Funds managed. Management fees payable to Tavira are
 calculated and paid pursuant to the investment management agreements. In general, clients are
 charged a monthly management fee equal to 1% per annum of the AUM of the Account, calculated
 and accrued monthly and payable monthly in arrears. The Management Fee accrues monthly based
 on the AUM as of the beginning of each month. The Management fee will be prorated for any
 change in the AUM of the Account that is effective other than as of the first day of the month. In
 addition to the management fee, clients may also be charged a performance fee. See Item 6 below
 for more details on the performance fee.

 In addition to the management fees, funds also bear their respective organizational, legal,
 accounting, due diligence, tax, custodial and similar costs, including transactional costs, as well as
 certain out-of-pocket Tavira expenses, such as postage and entity state filing expenses. All
 expenses born by the Funds are further explained in their respective offering and organizational
 documents.

 Management fees paid to Tavira are exclusive of all custodial fees, brokerage commissions and

 transaction costs paid to the client’s custodian, brokers, or other third parties, as well as any fees and
 taxes on brokerage accounts and securities transactions. The client should review all fees charged by
 funds, brokers, Tavira, and others to fully understand the total amount of fees paid by the client for
 investment and financial‐related services.

Item 7 – Types of Clients

 Tavira provides portfolio management services to private funds and separately managed accounts.
 We do not offer our portfolio management services to retail clients and while we do not have a set
 minimum, we are generally not interested in managing accounts of less than $10 million.