ACK Asset Management LLC

Item 5 – Fees and Compensation

ACK typically charges investors in the Private Funds a management fee that ranges between 1.00% and
1.50% per annuum of the assets under management depending on when investors initially invested in a
respective Private Fund and subject to fee caps as described in the Private Fund’s offering documents. The
management fee is paid quarterly in advance based on the balance of each investors account as of the
beginning of each quarter. ACK is also eligible to earn performance-based compensation (“incentive
allocation”) in the amount of 20% of annual net profits of each Private Fund attributable at the Investor level,
subject to a loss recovery mechanism as discussed in each respective Private Funds offering documents.
ACKAM or the General Partner may, in their sole discretion, waive or reduce the fee to fund investors who
are members, principals, employees or affiliates of ACK, relatives of such persons and certain large or
strategic investors and have done so on occasion.

The Private Funds have entered into agreements (“Side Letters”) with certain investors that result in
different terms of an investment in the Private Fund than the terms applicable to other investors including,
but not limited to, rights to receive reduced management and incentive fees or additional reports and
enhanced disclosure of certain events. As a result of such Side Letters, certain investors have received
additional benefits which other investors do not receive. Such agreements are entered into by such
investors without the consent of other investors in such Private Funds; additionally, except as may be
required by “most-favored-nations” clauses, such agreements usually need not be disclosed to other
investors.

Client assets invested in money market funds managed by independent managers, including funds at
custodian banks, broker-dealers or other custodians, may be subject to management fees, trading costs
and other expenses charged by the manager of these funds which are in addition to management fees
charged by the Adviser.

ACK’s fees are exclusive of the Private Funds operating and other expenses including (without limitation):
investment expenses (e.g., expenses which the Adviser determines to be related to the investment of a
Private Fund’s capital, such as brokerage commissions, clearing and settlement charges, bank service fees
and interest expenses), custodial fees, legal expenses, ongoing offering expenses, internal and external
accounting expenses, auditing and tax preparation expenses, custodial and prime brokerage expenses,
premiums for liability insurance covering the Private Funds, the Adviser and their respective agents, fees

ACK Asset Management LLC
Brochure March 13, 2026

and expenses of the Administrator, fees and out-of-pocket expenses of any service company retained to
provide fund accounting, bookkeeping and administrative services. To the extent that expenses to be borne
by the Partnership are paid by the Investment Manager, the Investment Manager will be reimbursed by the
Partnership for such expenses.

Item 7 – Types of Clients

ACK’s clients are the Private Funds. Investors in the Private Funds are not considered advisory clients of
ACK and cannot participate in investment decisions. The minimum investment amount in the Private Funds
is $500,000. The minimum investment amount may be waived by the General Partner or Adviser and has
been so waived for certain investors.