AC Investment Management LLC

Item 5 – Fees and Compensation

ACIM receives fees for its investment management services. The fees are negotiable. The management
fees are calculated by the Funds’ third-party administrator, NAV Fund Services (Cayman) Ltd. (the
“Administrator”) and are accrued monthly in arrears. ACIM’s asset management fees are determined by
the size of the Fund’s assets. The Funds’ management fee is currently one percent (1%) of assets under
management. ACIM may also receive performance-based fees (or allocations) (generally referred to herein
as performance fees). The performance-based fee rate is currently ten percent (10%) and is paid quarterly
in arrears based on the appreciation of the net asset value of each investor's interest in the respective Fund.
The performance fee is allocated automatically to the general partner at the end of each quarter if there is a
profit. ACIM may reduce or eliminate management fees and/or performance fees with respect to any Fund
investor in its sole discretion including investors that are members, principals, employees of ACIM or the
general partner of a Fund or relatives of such persons and for certain large or strategic investors.
Management fees and performance fees are calculated by the Funds’ Administrator.

ACIM will comply with Rule 205-3 of the Investment Advisers Act of 1940 with respect to performance-
based fees. Each investor is asked to have his/her attorney review the contractual agreement that specifies
terms and conditions of the negotiated business arrangement. Either party may terminate the contract by
notifying the other party in writing in advance of termination.

Any investment-related costs and other expenses common to a Fund and any other clients managed by the
Adviser or its affiliates generally are incurred at the Fund level and borne by the Fund’s investors pro rata
in proportion to the size of the investment made by each investor. These costs and expenses are in addition
to the asset management and performance-based fee assessed to a Fund by ACIM.

Also in addition to the asset management and performance-based fee assessed to a Fund by ACIM, each
Fund bears all costs and expenses directly related to its investment program, including the compensation of
managers of investment vehicles in which a Fund invests, other costs associated with specific investment
transactions affected or positions held for a Fund’s account including all fees and costs of the purchase of
and the sale of interests in all investments of a Fund; underwriting and private placements; brokerage
commissions; custody fees and any withholding or transfer taxes imposed on the Fund. The Fund also bears
all out-of-pocket costs of the administration of a Fund, including accounting, audit and legal expenses,
research and research-related expenses, and costs associated with reporting and providing information to
existing and prospective Fund investors. A Fund’s operator may, however, in its sole discretion, choose to
absorb any such expenses incurred on behalf of the Fund. The above list and description of costs and
investments that a Fund may bear is not complete. Thus, investors should refer to the offering document
for each Fund for a complete description and list of costs and expenses that each Fund may bear.

Item 7 – Types of Clients

ACIM offers its services to several private investment funds (the “Funds”).

The underlying investors in the Funds, while not considered clients of ACIM under the Investment Advisers
Act of 1940, are persons that are "accredited investors" within the meaning 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. The Funds, investing in commodity futures, claim an exemption under 4.7 of the Commodity
Exchange Act (“CEA”), which requires investors to be “Qualified Eligible Persons” under 4.7(a)(2) of the
CEA, which in short means individuals must be accredited investors, Qualified Eligible Persons and
Qualified Purchasers.