Adelphi Capital LLP

Item 5. Fees & Compensation
       a)      Asset based compensation

The Firm receives a management fee from certain Funds based on net assets under management,
typically ranging from 0% to 1.75% annually (the “Management Fee”). Investment management
fees are charged monthly or weekly in arrears based on the total market value of the assets in the
client account (prior to the accrual of that month or week’s investment management fee and any
performance/incentive fee, and including net unrealised appreciation or depreciation of
investments and cash, cash equivalents and accrued interest) on the last day of the month or week.
Additionally, for certain funds the Firm receives performance-based compensation as set out in
the offering documents for each Fund (the “Performance Fee”).

If a new client account is established during a month or week or a client makes an addition to its
account during a month or week, the investment management fee (where applicable) will be pro-
rated accordingly. If a client’s investment management agreement is terminated or a withdrawal is
made from a client account during a month or week, the investment management fee payable will
be calculated based on the value of the assets on the termination date or withdrawal date and pro-
rated for the period during the month or week in which the investment management arrangement
was in effect or such amount was in the account. The Firm, in its sole discretion, may waive or
reduce the Management Fee and/or the Performance Fee or amend any other restrictions with
regard to investors that are employees or affiliates of the Firm, and relatives of such persons.
Within each share class, no external investor has ever had preferential fee or liquidity arrangements
in any Firm product since inception.

For the Separately Managed Accounts, Adelphi generally receives a combination of asset-based
and performance-based fees. For Separately Managed Accounts that are managed according to
strategies similar to particular Funds, the asset and performance-based fees charged are generally
the same as the fees and allocations charged or assessed to those Funds.

Neither the Firm nor any of its employees or affiliates accepts additional compensation for the sale
of securities or other services or other investment services or products.

       b)      Billing

Fees are deducted from the Funds after authorization by Adelphi and third party approval from the
Administrator. Separately Managed Account clients are billed for fees incurred.

       c)      Other expenses and fees

Clients are responsible for and do incur other expenses separate and apart from the Firm’s
management and performance based fees. These expenses typically include custodial charges,
brokerage fees and other transaction costs, commissions and related costs, interest expenses, taxes,
duties and other governmental charges, transfer and registration fees or similar expenses, costs
associated with foreign exchange transactions, third party research costs, other portfolio expenses,
and/or expenses associated with the investment vehicle in which assets are invested.
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Adelphi Capital LLP – Form ADV 2A

As noted above, the feeder funds invest substantially all of their assets in the Master Fund through
a “master-feeder” structure. Each feeder fund will indirectly bear the administrative and other
expenses of such Master Fund pro rata based on its interest in the Master Fund.

       d)      Sales based compensation

This is not applicable. Neither the Adviser nor any of its employees or affiliates accepts additional
compensation for the sale of securities or other services or other investment services or products.

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Adelphi Capital LLP – Form ADV 2A

Item 7. Types of Clients
The Firm provides investment advisory services to certain private investment funds (the “Funds”)
organized as limited partnerships, limited liability companies, or other legal entities. The Funds
qualify for exemption from the definition of an investment company under the Investment
Company Act of 1940, as amended (the “Investment Company Act”) under Section 3(c) (7) of the
Investment Company Act, and the Adviser offers interests to Investors pursuant to Regulation D
under the Securities Act of 1933, as amended (the “Securities Act”).

With respect to any Fund, any initial and additional subscription minimums are disclosed in the
Funds’ offering documents although the Funds’ directors have the right to accept a lesser amount
The Funds will offer their interests or shares only to persons who meet certain qualifications. Each
U.S. Investor (taxable or tax-exempt) in a Fund (onshore or offshore) must be an “Accredited
Investor” within the meaning of the Securities Act and a “Qualified Purchaser” within the meaning
of the Investment Company Act. Non-U.S. investors in any U.S. organized (onshore) Fund must
also be “Qualified Purchasers” and “Accredited Investors”. The fact that an Investor may meet the
regulatory requirements to be eligible to invest in a Fund, however, does not necessarily mean that
such an Investor is a suitable Investor in such Fund. The Firm has adopted subscription procedures
that are intended to ensure that it has a reasonable belief that Investors who are accepted into a
particular Fund are both eligible and suitable to invest in such a Fund. The Funds are privately
offered in reliance upon exemptions from the registration requirements of the Securities Act;
accordingly investment in the Funds is not open to the general public.

The Firm’s Separately Managed Accounts generally include pension and/or retirement plans,
government entities and other institutions. The minimum investment for managed accounts is
subject to individual negotiation.

4 January 2022                                                                          Page 10 of 29
Adelphi Capital LLP – Form ADV 2A