Volaris Capital Management LLC

Item 5: Fees and Compensation

   Assets Under Management          Annual Management Fees           Annual Performance Fees
            All Assets                      Up to 1.00%                      Up to 15.00%

VCML’s revenue consists of fees for advisory services. These fees can be a combination of
Management Fees expressed as a %/year of Mandate Size (0%/year–1.00%/year) and
Performance Fees expressed as % of performance (0% - 15%). Performance fees are subject to the
investment strategy being above an annually reset High Water Mark and are billed annually or
upon the termination of an Investment Advisory Contract. Management fees are pre-billed on a
quarterly basis, and terminating clients are refunded any excess pre-billed fees.

VCML’s Investment Advisory Contracts explicitly inform clients about fees and require clients to
authorize custodians to implement fees. The custodians send statements on at least a quarterly
basis to clients showing fees in addition to portfolio value.

These fees are generally negotiable. At a given custodian, variation of fees for identical strategy
typically reflects fee breaks given to large accounts. The variation of fees across multiple
custodians reflects requirements of custodians in addition to competitive considerations. The
final fee schedule for each client is memorialized in that client’s Investment Advisory Contract.
Clients may terminate the agreement without penalty for a full refund of VCML's fees within five
business days of signing the Investment Advisory Contract. Thereafter, clients may terminate the
Investment Advisory Contract generally with 1 days' written notice.

Clients are responsible for the payment of all third party fees (i.e. custodian fees, brokerage fees,
mutual fund fees, transaction fees, etc.). Those fees are separate and distinct from the fees and
expenses charged by VCML. Please see Item 12 of this brochure regarding broker-
dealer/custodian.

Neither VCML nor its supervised persons accept any compensation for the sale of investment
products, including asset-based sales charges or service fees from the sale of mutual funds.

Item 7: Types of Clients

VCML generally provides advisory services to High-Net-Worth Individuals.

There is an account minimum of $1,000,000, which may be waived by VCML in its discretion.