Tide Cycle Resources LLC

Item 5: Fees and Compensation

Portfolio Management Fees

Portfolio management fees are based on a percentage of assets under management,
including cash, and are generally subject to a maximum asset-based fee of 0.20%, depending
on the level of engagement. The Adviser, at its discretion, may also impose a minimum
annual fee that differs from the calculated percentage-based fee. Fees may be negotiated at
the adviser’s discretion. The actual fee charged to a particular client is disclosed in the
investment advisory agreement entered into between the Adviser and each client. Factors
considered in determining the fees charged generally include but are not limited to: the
complexity of the client’s portfolio; assets to be placed under management; anticipated
future assets; related accounts; portfolio style; account composition; or other special
circumstances or requirements.

Clients are billed in advance at the beginning of each quarter and must pay the investment
advisory fees to Tide Cycle directly. If an account is opened or closed after the start of a
quarter, fees will be prorated accordingly. The quarterly advisory fee is based on the value of
the assets in the account(s) on the last business day of the previous calendar quarter. If the
investment advisory agreement is terminated before the end of the calendar quarter in
which an advisory fee has been paid, the Adviser will provide a refund of the unearned advisory
fee to the client based on the number of days in the quarter prior to the termination date.

In addition to the investment advisory fee, clients will incur brokerage and other transaction

costs and certain expenses. The additional costs and expenses are imposed by companies
other than the Adviser and may include, but may not be limited to, mutual fund and
exchange-traded fund (“ETF”) management fees and expenses, brokerage fees paid to
clear transactions, mark-ups/mark-downs on fixed income trades, annual fees paid for
custodial services, spreads paid to market makers, fees for trades executed away from the
custodian, wire transfer fees and other fees and taxes on brokerage accounts and securities
transactions.

The Adviser’s brokerage practices are described below in Item 12 - Brokerage Practices.

General Information on Compensation and Other Fees

All fees paid to the Adviser for investment advisory services are separate and distinct from
mark-ups and mark-downs, spreads paid to market makers, fees for trades executed away
from the custodian, wire transfer fees, and other fees and taxes on brokerage accounts and
securities transactions. These fees and expenses are described in each fund’s prospectus.
These fees will generally include a management fee, other fu nd expenses, and a
possible distribution fee. If the fund also imposes sales charges or redemption fees, a client
may pay an initial or deferred expense, though the Adviser will make best efforts to avoid
funds that impose such fees.

Clients should note that similar investment advisory services may (or may not) be
available from other registered investment advisers for similar or lower fees.

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

Types of Clients

The Adviser provides investment advisory services to high-net-worth clients.

The firm has established a minimum client account size of $100,000,000 in total assets, though
it may, at its discretion, make exceptions to this minimum.