Variadic LLC

Item 5 - Fees and Compensation

A. Variadic is compensated by the Client through a pre-negotiated IMA. The Client will
   reimburse Variadic for certain investment expenses that fall into agreed-upon categories such
   as market data, technology, and staff compensation. Additionally, the Client will pay to
   Variadic an annual performance fee based on the net appreciation of the assets held by the
   client account. Please see Item 6 below for further detail.

B. Fees are not automatically deducted from the Client. The Client pays Variadic on an annual
   basis in arrears following each year in which performance fees and bonus fees are earned. A
   portion of earned fees is deferred for three years according to the IMA. Such portion of deferred
   fees is reduced in proportion to losses accrued during the period of deferral according to the
   IMA. Variadic is compensated in accordance with the IMA between Variadic and the Client.

C. Any other types of fees or expenses the Client may pay in connection with Variadic’s advisory
   services will depend on the respective IMA.

   The Client pays for all costs and expenses directly related to infrastructure, data and
   investment transactions, including brokerage commissions, interest expenses and custody
   and transfer fees. The Client will also be responsible for fees and expenses directly related
   to any investment products utilized by Variadic.

   Please see Item 12 of this Brochure regarding brokerage.

D. Any fees and expense draws are paid in arrears.

E. Neither Variadic nor any of its supervised persons will receive any additional compensation
   from the sale of securities or other investment products.

Item 7 - Types of Clients

Variadic provides investment advisory services to the Client based on its investment objectives
and strategies in accordance to the IMA.

Currently, Variadic has no established minimum account size for clients or client accounts.