Vitral Advisors LLC

Item 5 – Fees and Compensation
Basic fee schedule:

The specific manner in which fees are charged by Adviser is established in each client’s written
agreement with Adviser. At times, the Adviser, at its sole discretion, may agree on a flat or fixed
advisory fee rate, or waive in part or in whole the advisory fees charged to the client’s account.
However, generally, and pursuant to contract, fees for the management of Accounts will be based
upon a percentage of the total assets in the account (including margined assets). Adviser typically
receives an annual management fee, between 0.40% and 1.00% of the net asset value of the
Account. All fees are negotiable. Adviser may enter into flat fee arrangements from time to time,
typically for administrative services provided to clients. Adviser may in its sole discretion waive
advisory fee charge on a part or whole client account balance.

Calculation and Deduction of Advisory Fees

With respect to accounts that Adviser manages on a discretionary basis, including the specialized
discretionary programs, clients are generally required to authorize Adviser to directly debit
management fees from client accounts on a quarterly basis. Fees for Family Office Services and
other non-discretionary programs are billed to clients, although frequently clients pre-authorize
their custodians to automatically deduct the fees from the client’s account and to make payment to
Adviser.

Fees are billed quarterly in advance or in arrears and will be calculated utilizing one of the
following methods which will be memorialized in and agreed upon in each client investment
advisory agreement.

Method 1: Fees are prorated and charged quarterly, in arrears, based upon the average total value
of the assets being managed by Vitral on the last day of each month in the current quarter. The
applicable annual percentage rate is divided by number of calendar days in the service year and
multiplied by number of days in the service quarter. The result is being multiplied by the average
capital balances in the client’s account as of the last day of each month in the service quarter. Fees
will be billed or deducted on a quarterly basis.

Method 2: Fees are prorated and charged quarterly, in arrears, based upon the average daily
market value of the total assets being managed by Vitral in the current quarter. The applicable
annual percentage rate is divided by number of calendar days in the service year and multiplied by
number of days in the service quarter. The result is being multiplied by the average daily capital
balance in the client’s account in the service quarter. Fees will be billed or deducted on a quarterly
basis.

Method 3: Fees are prorated and charged quarterly, in advance, based upon the total value of the
assets being managed by Vitral on the last day of the previous quarter. The applicable annual
percentage rate is divided by number of calendar days in the service year and multiplied by number
of days in the service quarter. The result is being multiplied by the capital balance in the client’s
account as of the last day of the previous quarter. Fees will be billed or deducted on a quarterly
basis.

Method 4: Fees are pro-rated and charged quarterly, in arrears, based on the market value of the
assets being managed by Vitral on the last day of the current quarter. The applicable annual
percentage rate is divided by number of calendar days in the service year and multiplied by
number of days in the service quarter. The result is multiplied by the capital balance in the client’s
account as of the last day of the current quarter. Fees will be billed or deducted on a quarterly
basis.

The Adviser may from time-to-time bill fees in advance as negotiated with each individual client
and at the client’s written consent.

A client may pay lower or higher advisory fees than other clients with the similar investment
objective, capital balances, and/or other conditions depending on the investment complexity and
particular circumstances of the client, size, additional or differing levels of servicing or as
otherwise agreed with specific clients.

In the event the Adviser bills fees in advance, refunds are given on a prorated basis, based on the
number of days remaining in a quarter at the point of termination. Fees that are collected in
advance will be refunded based on the prorated amount of work completed up to the day of
termination within the quarter terminated. The fee refunded will be the balance of the fees
collected in advance minus the daily rate* times the number of days in the quarter up to and
including the day of termination. (*The daily rate is calculated by dividing the quarterly AUM fee
by the number of days in the termination quarter). Clients may terminate their agreements without

penalty, for full refund, within 5 business days of signing the advisory contract. Advisory fees are
withdrawn directly from the client’s accounts with client written authorization.

Additional Fee Information

Clients may authorize the Adviser to directly debit management fees from the client accounts on a
monthly basis. In such instances, management fees are prorated for each capital contribution and
withdrawal made during the applicable calendar quarter. Accounts initiated or terminated during
a calendar quarter will be charged a prorated fee.

In some instances, the Advisor may bill clients with an invoice for advisory and other services, if
any, rendered to the client during the relevant time period. If issued, such invoice will state the
description of the services rendered, payment terms and conditions, amount due, and a method
this amount was determined.

Fee Differentials. Fees are typically set or negotiated by each representative, up to our maximum
fee set forth above. As a result, any Vitral client could pay fees that are higher or lower than the
fees charged to other Vitral clients, based upon the market value of their assets, the complexity
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Item 7 - Types of Clients

Vitral offers its advisory services to individuals, high net worth individuals, family offices,
pension and profit-sharing plans, trusts, corporations, and other business entities. Vitral
generally seeks a minimum portfolio size of $1,000,000 for institutional clients and $100,000 for
individuals. Vitral may, in its sole discretion, accept clients with smaller portfolios. Vitral, at its
sole discretion, may aggregate the portfolios of related clients to meet the minimum portfolio size.
In addition, Vitral may raise, waive, or modify its account requirements to accommodate account
requirements of sub-advisors, if necessary.