Teza Capital Management LLC

ITEM 5. FEES AND COMPENSATION
Teza Capital and its affiliates receive compensation from certain Clients comprised of a fee based
on a percentage of assets under management and performance-based compensation in the form of
an incentive allocation, subject to a loss carryforward, to Teza Capital or an affiliate. The
management fee is generally paid monthly in arrears. The incentive allocation is based on realized
and unrealized gains and is allocated monthly or annually, or in certain cases upon a Client
Investor’s withdrawal of capital from the applicable Fund. With respect to “feeder funds,” the
management fee and incentive allocation are deducted directly from each “master fund.” Teza
Capital, in its sole discretion, may reduce, waive or calculate differently the management fee or
incentive allocation with respect to one or more Client Investors in certain Funds (including Teza
Capital’s principals, affiliates and employees).

Teza Capital’s fee schedule is omitted because this brochure is only being delivered to qualified
purchasers, as defined in the Investment Company Act of 1940, as amended (the “Investment
Company Act”), and the rules thereunder.

Other Fees and Expenses: In addition to the asset-based and performance-based compensation
described above, each Client typically bears all costs directly related to its trading and operations,
including, without limitation, brokerage commissions, custodial charges, expenses related to short
sales, clearing and settlement charges, spreads, interest expenses, borrowing charges, short
dividends and other investment expenses, dividend withholding, markups and markdowns, transfer
duties and costs, trade processing and reconciliation expenses and costs, expenses and fees related
to any exchange memberships used by the Client, including any legal or other third party fees
incurred in obtaining or maintaining such memberships. For certain Funds, these costs also
include, without limitation, data feeds, software and databases, the costs of computer terminals,
services and other data processing costs and expenses, telecommunications and other networking
equipment and services, data charges and other services and equipment used primarily for
investment monitoring, research and investment reports, studies and analyses prepared by third
parties and conference and meeting costs, including travel, relating to specific companies,
industries, markets, strategies or general economic or political matters, and insurance premiums
obtained by Teza Capital in respect of its management of the Fund. The Funds reimburse Teza
Capital or an affiliate for certain of the foregoing expenses borne directly by Teza Capital and its
affiliates related to the Funds’ respective trading and operations.

Teza Capital has engaged an unaffiliated sub-adviser to manage a portion of a Client account and
a Teza proprietary account. All fees and expenses associated with the sub-advisory relationship,
including any sub-advisory compensation, are paid entirely by Teza Capital and are not charged
to the Clients or indirectly borne by Client Investors. Accordingly, the appointment of the
sub-adviser does not result in additional management fees, performance compensation, or
operating expenses to the Clients beyond those already described in this Brochure.

The Clients will incur brokerage and other transaction costs. Please see Item 12 for a more detailed
description of Teza Capital’s brokerage practices.

Teza Capital and its affiliates bear all of their general overhead expenses, including the rent of
their offices, compensation and benefits of their administrative staff, maintenance of their books
and records, and their fixed expenses, telephones and general purpose office equipment.

Current and prospective Client Investors should refer to the applicable Governing Documents,
including the offering memorandum, prospectus, investment management agreement and/or
sub-advisory agreement, as applicable, for a more comprehensive description of relevant fees,
compensation and expenses.

ITEM 7. TYPES OF CLIENTS
Teza Capital’s only clients are the Clients. In order to invest in the Funds, prospective Client
Investors must satisfy certain eligibility, suitability and minimum investment requirements, which
are described in more detail in the relevant Governing Documents.

Teza Capital may in the future provide investment advice to different types of clients, including
additional private funds, separately managed accounts and/or investment companies, with different
objectives, different offering terms, higher or lower fees and/or different structures from those of
the Clients. Teza Capital also serves as investment adviser to certain proprietary accounts of Teza
affiliates.