Trident Investment Management LLC

Item 5.         Fees and Compensation

     A. VARDANA PRIVATE INVESTMENT FUNDS

Management Fees. With respect to Vardana International, Trident generally receives an annual
management fee of 2%, payable monthly in arrears based on the investors' equity balances as of
each month end. Vardana Partners pays a management fee to the Administrative General
Partner (as defined below) equal to 2% of each limited partner’s capital in the Partnership
(payable monthly in arrears on the first business day of each calendar month based on the
Partnership’s net asset value at the close of the business on the last business day of the prior
month), before taking into account any withdrawals.

Performance Fees. Trident receives performance-based fees from Vardana International of
generally 20% based on the increase of the net asset value, after recouping prior losses, if any,
of the shareholders from the time of each of its respective investments through the end of the
calendar period. Vardana Partners pays an incentive allocation to Trident Asset Management,

LLC (hereinafter “the Managing General Partner”), a Delaware limited liability company related
to Trident through common ownership and control. Such incentive allocation shall equal to 20%
of the portion of each limited partner’s pro rata share of net gains for each calendar year which
exceeds previously un-recouped net losses which have been carried forward from prior fiscal
periods. Trident is an affiliate of the Managing General Partner and Trident Fund Management
LLC (hereinafter the “Administrative General Partner”).

B.      ADDITIONAL INVESTMENT FUNDS

With respect to Trident Global Opportunities Fund and CI Global Opportunities Fund, Trident is
compensated for its services by the primary adviser or sponsor of these funds based on a
percentage of the total assets under Trident’s management as well as performance-based fees.

Investors and prospective investors in one or more of these funds should refer to the
appropriate offering documents for detailed information regarding the total fees charged, billing
practices, and minimum required investments, among other information.

GENERAL INFORMATION:

Personal Investments in Funds: Certain executive officers and/or other employees of Trident
have invested or may invest a portion of their personal net worth in one or more of the
Vardana funds.

Different Fee Schedules: The management fee, performance fee or incentive allocation, as
applicable, may be discounted or waived with respect to any investor for any particular period
of time in the sole discretion of Trident or the Administrative General Partner, as applicable.

Termination: An investor may withdraw all or any part of its investment from any of the
Vardana funds as set forth in the applicable funds’ offering documents. Trident or the
Managing General Partner, as applicable, may in its sole discretion, waive or modify any of the
terms of withdrawals for certain investors who are relatives, employees or affiliates of Trident
or the Managing General Partner or its Principals, or for certain large or strategic investors as
well as in any other case.

Other Fees and Expenses: In addition to fees paid to our firm or the Managing and
Administrative General Partner, as appropriate, investors in the Vardana funds generally bear a
pro rata portion of all reasonable and necessary expenses related, directly and indirectly, to the
Vardana Fund’s operations and affairs and its business of investing and trading and other
activities including, without limitation, all brokerage commissions, interest on debit balances in
margin accounts, short dividends, transfer taxes, custodial fees, administration fees, other
interest expenses, registration fees and expenses, taxes, directors and officers insurance and
other insurance, legal fees, accounting fees and expenses, filing fees, bank charges and all other
expenses determined to be necessary or appropriate in furtherance of the Vardana Fund’s
affairs. Investors will also bear all offering expenses and organizational costs in connection with
the organization of the Vardana funds and indirectly, a pro rata portion of such expenses and
costs of the Vardana Fund, which shall be expensed or amortized in accordance with applicable
accounting rules (and which may be accelerated in the case of early withdrawals). No expenses

normally associated with general overhead will be borne by the Vardana funds. (See Item 12 of
this Brochure for additional information).

Side Letters: Trident or the Managing General Partner, as appropriate, may waive or modify the
terms of investment in the Vardana funds for certain large or strategic investors, in side letters
or otherwise, in its sole discretion, including but not necessarily limited to, preferential
redemption rights, and/or increased transparency or reporting.

“Side Pockets”: Although no Fund managed by Trident currently has, nor do we expect it will
invest in, illiquid securities or securities that are difficult to value in the near future, a portion of
any of the Funds’ capital may, from time to time, be invested in private claims and other illiquid
securities and instruments. Under these circumstances, Trident has the authority to hold such
investments in separate special situation sub-accounts (each, a "Special Situation Sub-Account).
Special Situation Sub-Accounts will generally carry significant or complete restrictions on
transfer prior to the occurrence of specified events, which may be outside of our control or that
of the General Partner(s) of the affected fund(s). The funds may be required to hold Special
Situation Sub-Accounts for several years before any disposition can be effected.

Direct Debiting: Fees are directly debited from each investor’s capital account as appropriate.

Item 7.           Types of Clients

Our firm provides investment management services to several investment funds as disclosed in
Item 4 of this Brochure. Except as may have been permitted by us or the Managing General
Partner, as applicable, the minimum required initial investment is $1,000,000 for limited
partners investing in Vardana Partners and $500,000 for investors in Vardana International.
Each of Vardana Partners and Vardana International also has an institutional class of interests or
shares, as applicable, which has a minimum required initial investment of $50,000,000, subject
to waiver by us.

Interests in Vardana Partners will generally be sold only to qualified investors who are
“accredited investors” under Rule 501 of Regulation D of the Securities Act of 1933, as
amended, and "qualified purchasers" under Section 2(a)(51) of the Investment Company Act of
1940, as amended. The Managing General Partner may, in its sole discretion, decline to accept
any initial or additional subscriptions for any other or no reason.

Interests in Vardana International are intended for a limited number of experienced and
sophisticated investors. Investors in Vardana International must generally be either non-U.S.
investors or U.S. tax-exempt investors (or entities comprised primarily of U.S. tax-exempt
investors). U.S. tax-exempt investors must be "accredited investors," as defined in Regulation D
of the Securities Act of 1933, as amended and "qualified purchasers," as defined in Section
2(a)(51) of the Investment Company Act of 1940, as amended. The Board of Directors may, in
its sole discretion, decline to accept any initial or additional subscriptions for any or no reason.

Investors or prospective investors in any of the additional funds advised by Trident described in
Item 4 of this Brochure, which are directly sponsored by unaffiliated third parties, should refer
to the appropriate offering documents for detailed information regarding minimum required
qualifications for investment.