TRG Capital Management Incorporated

Item 5 - Fees and Compensation.

General Fee Information
Fees paid to TRG are exclusive of any and all custodial and transaction costs paid to the client’s
custodian, brokers or other third-party consultants. Each client should review fees charged by TRG
and others as reflected in their quarterly account statements to fully understand the total amount
of fees paid by the client for investment and financial-related services. Additional information
related to brokerage is set forth below under “Brokerage Practices”.

TRG may negotiate special fee arrangements where TRG deems it appropriate under the
circumstances. As such, fees for the same or similar services may vary from client to client.

Existing clients may be paying higher or lower fees than outlined in this section. Portfolio
management fees are payable quarterly in advance with the exception of certain “legacy” clients
who are billed in arrears. These legacy clients have typically been with TRG since its founding in
April 2008. The fee for new clients will be a percentage of the market value of all assets in the
Account(s) on the last trading day of the calendar year quarter.

If portfolio management begins after the start of a quarter fees will be prorated based on the number
of days the Account(s) were opened during the quarter. Should any Fund Flows (contributions or
withdrawals) occur during a quarter, fees will be prorated the following quarter based on the
number of days those amounts were on deposit during the prior quarter.

Fees are normally debited directly from client accounts by the client’s custodian. For accounts held
away, if direct debiting of fees is not available the client will either (a) authorize TRG to debit fees
from an account(s) held with Charles Schwab & Co. or (b) pay the fees directly to TRG upon
invoicing.

Fees for Discretionary Services

Portfolio Management Fees for Separately Managed Accounts (Advisor Directed): Based on the
results of the Risk Questionnaire(s) completed by the client, TRG will then design an investment
management program utilizing multiple strategies in an effort to diversify among the various
opportunities that TRG offers. TRG will present its recommendations to the client for review and
consideration. Should the client agree to this approach TRG will generally assess an annual
management fee (based on a percentage of assets under management) of between 0.60% to 1.25%.

Fees for Non-Discretionary Services

Depending on the arrangement, TRG assesses fees for Non-Discretionary services as follows:

        1.      Clients will consult with TRG from time to time regarding their accounts. Under
                this arrangement fees will generally be charged an hourly rate at a maximum of
                $500.00 per hour, billed in 15-minute increments. TRG will only bill for these
                services when and if the adviser consults with the client.

        2.      Clients will provide TRG with information on held-away accounts (accounts not
                held at Charles Schwab & Co.) preferably monthly but not less than quarterly.

               These accounts are referred to as Assets Under Advisement (AUA). TRG will
               review such accounts and provide clients with trading and or re-balancing
               instructions, which the client is responsible for placing. Fees for this service
               generally range from 0.40% to 0.50% of assets, billed quarterly.

Other Fees

In addition to the fees paid to us, clients may also pay certain third-party transaction fees and
expenses, such as custodian fees and expenses, brokerage commissions and fees and charges
related to holding mutual funds and exchange traded products, including, as applicable,
distribution fees (12b-1 fees), shareholder services fees, underlying Funds’ investment
management fees. These fees are generally disclosed in the fund’s prospectus and increase client
expenses and reduce the value of a client’s account. We do not receive these fees or charge these
expenses.

Information regarding our brokerage practices can be found under “Item 12 -Brokerage Practices”
below. Not all clients using the same strategy will pay identical transaction fees and expenses.

Termination of Investment Management Agreement

Either TRG or the client may terminate the client’s investment advisory agreement upon five (5)
days’ written notice. If the agreement is terminated within 5 business days of inception the client
will be entitled to a full refund of any compensation paid to TRG in advance. In the event of
termination after 5 business days of inception, fees will be prorated from the first day of the
calendar quarter up to and including the date TRG receives written notice from the client. Any paid
but unearned fees will generally be refunded to the client within 3 business days. In the event a
client is deceased and an executor is appointed for the client’s account, TRG will refund unearned
fees upon notice from the executor.

Portfolio Management Fees for the Fund
The annual portfolio management fee for the Fund managed by TRG for investors that meet the
minimum investment of $500,000 is as follows:

       STRATEGY YEAR                      DYNAMIC RISK MANAGER LEVEL 2
       1                                  1.30%
       2                                  0.90%
       3+                                 0.50%

Investors that make an initial commitment of assets of $7,500,000 or greater to the Dynamic Risk
Manager Level 2 Fund managed by TRG will be subject to the following schedule:

 INITIAL COMMITMENT LEVEL                           FEE SCHEDULE
 $7,500,000 - $14,999,999                           Starts on Strategy Year 2
 $15,000,000 and greater                            Starts on Strategy Year 3

The minimum value for investors in the Fund is generally $500,000. TRG may, at its discretion,
make exceptions to the foregoing or negotiate special fee arrangements or portfolio minimums and
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