Third Sigma Investment Advisors LLC

Item 5 - Fees and Compensation

Fee Schedule(s)

    •   Our Advisory fees range from 0.10% to 1.25% (10-125 basis-points) depending upon a number of
        factors, including portfolio size, and complexity of the financial services being performed.

    •   Our fee range charged to Pension and Profit-Sharing Plans is from 20-40 basis points depending
        upon a number of factors, including portfolio size, and complexity of the financial services being
        performed.

Advisory fees are negotiable.

Our fees are typically due and payable monthly or quarterly, in advance, and are based upon the net asset
value of the account(s) as of last day of the month/quarter for the previous month or quarter. If requested,
we can also charge quarterly or monthly in arrears, based upon the net asset value of the account(s) as of
the last day of the month/quarter for the previous month or quarter. We recommend that fees be deducted
from client's account(s) since the client will see the effect on client returns. For most accounts, fees are
debited monthly or quarterly within five (5) days of the respective quarterly or monthly period.

Fees are calculated by multiplying the assets under management by the relevant percent and dividing such
product by four if quarterly and twelve if monthly. Accounts opened in mid-billing period are assessed a
pro-rated management fee.

If the account starts in the middle of a quarter or month, the management fee is prorated for the number of
days remaining in the quarter or month. If an account is terminated in the middle of a quarter or month, the
fee will be calculated based on the value of the account on the day of termination, prorated for the number
of days in the quarter the account was under management. Although fees may be negotiated in some
instances, they are generally based upon the above fee schedule.

Fees are calculated on an incremental basis and are subject to change with 30 days written notice.
Notwithstanding the above, certain clients of Third Sigma with pre-existing relationships may initially be
charged fees less than those set out above. With regard to employee-related accounts and certain other
accounts, fees may be less, depending upon a number of factors, including portfolio size, length of
employment and relationship to the employee.

To the extent mutual funds are selected for a client Third Sigma’s annual advisory fee set forth above does
not include the customary fees and expenses associated with investing in mutual funds or other costs of
establishing and maintaining an account with mutual funds. While Third Sigma strives to select only low-
cost institutional mutual funds with competitive fees, these fees will generally include a management fee by
the mutual fund manager, other fund expenses, and a possible distribution fees, for which you bear a
proportionate share. We do not receive any compensation from mutual fund providers such as 12(b)(1)
fees, and since the fees are deducted from an account, performance is net of these fund fees.

To reiterate, all fees paid to Third Sigma for investment advisory services are separate and distinct from
the fees and expenses charged by mutual funds, ETF’s and separate account managers. These fees and
expenses are described in each fund’s prospectus. Accordingly, the client should review both the fees

charged by the funds and the fees charged by Third Sigma to fully understand the total amount of fees to
be paid by the client and to thereby evaluate the advisory services being provided.

Minimum Account Size

Our minimum account size is typically $300,000.00. This minimum is negotiable, and client accounts may
be aggregated to achieve the minimum. Fees and account sizes are subject to negotiation. In addition, we
reserve the right to refuse to accept proposed management responsibilities or to resign from the
management of any individual account.

Termination

The relationship between Third Sigma and clients may be terminated by either party upon thirty (30) days
written notice depending on the individual contract terms. Upon termination of any account, any prepaid,
unearned fees will be promptly paid by client, and any earned, unpaid fees will be due and payable. Our
client agreements also require that all fees will be paid within thirty (30) days of client’s receipt of a statement
from Third Sigma.

The “Brokerage Practices” section further describes the factors that we consider in selecting or
recommending broker-dealers for transactions and determining the reasonableness of their compensation
(e.g., commissions).

In addition, we do not employ any employee that receives (directly or indirectly) any compensation from the
sale of securities or investments that are purchased or sold for your account or to which Third Sigma
provides consulting or advisory expertise / services. As a result, we are a “fee only” investment adviser.
We do not have any potential conflicts of interest present that relate to any additional (and un-disclosed)
compensation from clients or client assets that we manage.

Item 7 - Types of Clients

We provide our services to a number of Clients:

    •   Individuals, including high net worth individuals

    •   Trusts, estates and charitable organizations

    •   Corporations or other business entities

    •   Pension and profit-sharing plans

Our minimum account size is typically $300,000.00, as stated above.