Titan Advisors LLC

Item 5 - Fees and Compensation
Titan and its affiliates receive compensation for their advisory services in the form of (i) management
fees from certain of the Titan Clients and (ii) performance-based allocations or fees from certain of the
Titan Clients. Certain Titan Funds (or classes or series thereof) are not subject to a management fee
and/or a performance-based allocation or fee. All fees and allocations Titan earns are payable pursuant
to the investment management agreement and/or partnership agreement applicable to each particular
Titan Client and to which Titan (or an affiliate thereof) is a party, and the terms thereof are disclosed
in each Titan Fund’s applicable offering documents.

Management Fees
Generally, each Titan Fund pays Titan (or an affiliate thereof) a management fee ranging from 0.30%
to 1.75% per annum of such Titan Fund’s net asset value, provided that certain Titan Funds (or classes
or series thereof) are subject to lower fees or are not subject to the payment of a management fee.
Fees are paid by the Titan Funds quarterly or monthly, usually in advance. Each investor’s share of a
Titan Fund’s management fees is deducted from such investor’s capital account or the net asset value
of such investor’s shares held in the applicable Titan Fund. If investments of capital are made to a
Titan Fund on any day other than the first day of a quarter or month, as applicable, the applicable
management fee payable with respect to such capital is prorated for the remaining portion of the quarter
or month and charged at the time of such investment. Generally, no reimbursements of management
fees are made for any investments in a Titan Fund that are withdrawn prior to the end of a calendar

quarter, or in the case of any investment management agreements between Titan (or an affiliate
thereof) and a Titan Fund are terminated prior to the end of a calendar quarter.
Generally, each Managed Account pays Titan (or an affiliate thereof) a management fee ranging from
0.50% to 1.00% per annum of such Managed Accounts net asset value, in each case, as set forth
in the investment management agreement for the applicable Managed Account. Fees are paid by
the Managed Accounts quarterly or monthly, usually in arrears. If investments of capital are made to a
Managed Account on any day other than the first day of a quarter or calendar month, as applicable,
the applicable management fee payable with respect to such capital is prorated for the remaining
portion of the period and charged at the time of such investment. Generally, no reimbursements of
management fees are made for any investments in a Managed Account that are withdrawn prior to
the end of a calendar quarter, or in the case of any investment management agreements between
Titan (or an affiliate thereof) and a Managed Account are terminated prior to the end of a calendar
quarter.

Performance-Based Fees and Allocations
Certain of the Titan Clients pay or allocate to Titan, generally at the end of each year, a performance-
based fee or allocation equal to a percentage of the aggregate net profits (including both realized and
unrealized gains and losses) associated with each investor’s investment in the applicable Titan Client.
The applicable percentage is most frequently between 5% and 20% but may be higher or lower for
certain of the classes and series of the Titan Funds. The payment of any performance-based fee or
allocation is subject to a “high watermark”, which means that no performance fee or allocation for any
applicable period shall be paid or reallocated from an investor’s capital account, shares or Managed
Account until any unrecovered net losses previously allocated to the capital account, shares or
Managed Account of such investor have been offset by subsequent net profits allocated to the capital
account, shares or Managed Account of such investor. Any such “loss carryforward” amount applicable
to an investor in a Titan Client or a Managed Account will be reduced proportionately to account for
withdrawals of capital or redemptions of shares made by the investor but will not be affected in the
event of additional capital contributions or purchases of shares made by such investor. For certain
Titan Clients (or series or classes of interests or shares therein), the performance-based allocation or
fee is subject to a preferred return (also known as a performance “hurdle”) before a performance-based
allocation or fee is payable. Such hurdle may be a hard hurdle (where a performance-based allocation
or fee is payable solely on profits in excess of the hurdle) or a soft hurdle (where a performance-based
allocation or fee is payable on all profits once such hurdle is achieved). If an investor makes a
withdrawal or a redemption from a Titan Client prior to the end of a fiscal year, the performance-based
fee or allocation, if any, as applicable to the relevant Titan Fund or Managed Account with respect to
the investor’s withdrawn investment, will be calculated and charged at such time.

Certain of the Managed Accounts and certain of the Titan Funds invest all or a portion of their assets
in other Titan Funds. Investors in such Titan Funds will only pay management fees and performance
allocations or fees at one level. Although fees and allocations are generally not negotiable, Titan may,
in its discretion, waive or reduce the management fee, the performance fee and/or performance
allocation, as applicable, with respect to the investments of certain limited partners or shareholders in
any Titan Fund, including with respect to investors that are affiliates or employees of Titan. Titan and
its affiliates do currently waive or reduce fees and allocations with respect to employees of Titan or its
affiliates and their respective family members, stake investors who invested at the time of launch of a
Titan Fund and investors representing certain other strategic relationships.

Expenses
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Item 7 - Types of Clients
Generally, Titan’s advisory clients are the Titan Funds and the Managed Accounts. Investors in the
Titan Funds and the Managed Accounts include institutional investors such as charitable
organizations, pension plans, corporations, unregistered funds, and insurance carriers (including
separate accounts established by insurance carriers for the benefit of specified insurance policy or
annuity holders). Additionally, high net worth individuals and trusts or family office entities invest in
the Titan Funds.
In selected instances, “custom” fund clients may hold the Portfolio Funds directly. In those
instances, Titan’s client is the asset owner, which may be an institutional investor or high net worth
individual.

 Categories of Titan Funds

The Titan Funds can be divided into four categories: (1) commingled investor funds, (2) insurance-
dedicated funds, (3) “custom” funds and (4) direct investment funds.
     Commingled Investor Funds
         Investors in the commingled investor funds include high net worth individuals, trusts,
         charitable organizations, pension plans, corporations, unregistered funds, and other
         institutional investors. There are several primary investment strategies employed by Titan
         for these commingled investor funds:

             •   “Titan Diversified/Multi-Strategy Funds” - multi-manager investment strategy
                 allocating assets to a diversified portfolio of Portfolio Funds. Such Portfolio Funds
                 are expected to invest primarily in publicly traded equity, futures and debt securities
                 of United States and foreign issuers, and may also invest in other securities,
                 including restricted securities, options and other derivative instruments.
             •   “Titan Credit Funds” – multi-manager investment strategy allocating assets to
                 Portfolio Funds executing credit and event-driven strategies. Such Portfolio Funds
                 are expected to invest in one or more of the following: (i) equity and debt securities
                 of companies undergoing a transformative event, (ii) corporate debt instruments,
                 both performing and distressed, (iii) securitized assets such as residential
                 mortgage-backed securities, commercial mortgage-backed securities and

                 collateralized loan obligations, (iv) municipal securities and/or (v) special purpose
                 vehicles (“LF SPVs”) that provide financing in connection with one or a related
                 series of legal claims (each, a “Claim” and collectively, the “Claims”) in exchange
                 for the right to receive a portion of any recovery from such Claims.
             •   “Titan Long/Short Equity Funds” – multi-manager investment strategy that
                 emphasize investments into Portfolio Funds and/or separate investment accounts
                 that focus on fundamental securities valuations and include both long positions in
                 securities considered undervalued and short positions in securities considered
                 overvalued.

            •    “Titan Specialized Funds” – specialized vehicles to (i) make specific co-investments,
                 (ii) make selected private investments or (iii) allocate assets to Portfolio Funds that
                 are managed by “emerging managers”, which are Portfolio Managers that Titan
                 considers to include managers of smaller Portfolio Funds that have yet to receive
                 significant attention from investors.

     Insurance-Dedicated Funds
         Titan advises the “Titan Legacy Funds”, which are insurance-dedicated funds. Interests in
         these Titan Legacy Funds are only offered to prospective insurance company investors
         (collectively, the “Companies”) on behalf of one or more of their separate accounts for the
         holders of variable life insurance and variable annuity contracts to be issued by the
         Companies (collectively, the “Contracts”). Interests in the Titan Legacy Funds are designed
         to be an investment option under such Contracts.

     Custom Funds
         Custom Funds are established for single or small groups of investors who plan to invest
         substantial amounts. Custom Fund investors have the opportunity to define investment targets
         or guidelines in cooperation with the Titan investment team, but generally, the Custom Funds
         will pursue investment strategies similar to the strategies employed for one or more of the
         “fund families” described above.
     Direct Investment Funds
          Titan advises certain Titan Funds that make direct investments in publicly traded securities
(collectively, the “Titan Direct Funds”) following the investment strategy set out in the offering
documents for such Titan Direct Funds. Investments may consist of a hybrid of both Portfolio Fund
investments together with the direct investments described above. Currently, the Titan Direct Funds
are comprised of:
             (i) Esker Point LP and Titan Fund I SPC – Esker Point SP (collectively, the “Esker
                        Funds”), two Titan Direct Funds that invest in assets or strategies that Titan
                        believes present significant commodity related opportunities; and
             (ii) a Titan Direct Fund that invests in equities and securities of companies in the
                         biotechnology sector.

All investors in each Titan Fund that is organized within the United States (typically, as Delaware
limited partnerships) (“Domestic Funds”) and all U.S. investors in each Titan Fund that is organized
outside of the United States (typically, as a Cayman Islands exempted company) (“Offshore Funds”)
are generally required to be (i) “accredited investors” as defined in Regulation D under the Securities
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