Aegea Capital Management LLC

ITEM 5:       FEES AND COMPENSATION
A. Description of Advisory Fees

  Aegea Capital Management, LLC - Firm Brochure                                     4       |
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Aegea charges Advisory Clients a management fee, which is paid monthly in arrears, of up to
0.1667% (2.0% annually) of Advisory Clients’ month-end notional asset value calculated
prior to any withdrawals or distributions and before any accrual for or payment of the
management fee and any applicable performance fee.
Aegea can also earn an annual performance-based fee, in an amount up to thirty five percent
(35%) of each Advisory Clients’ gross performance, subject to a “high water mark” provision,
which is more fully discussed in each Advisory Clients’ applicable governing agreements.
Aegea, in its sole discretion may reduce its fees for certain Other Funds and in the case of the
Aegea Funds, may reduce or waive its fees for certain investors, including but not limited to,
employees of Aegea, their families and certain investors.

B. Payment of Fees

Aegea Funds are billed directly from fund accounts. Other Funds also have the choice to be
invoiced and pay Aegea directly or authorize Aegea to direct debit their account.

C. Other Fees and Payments

The Aegea Funds
The Aegea Funds will pay all of its direct organizational expenses and direct operating
expenses, including, for instance, the following: legal fees and expenses; accounting fees and
expenses (including the costs for an annual audit); brokerage commissions and other costs
of executing transactions; custody costs, costs of risk management systems for the Manager,
costs attributable to leverage, streaming market quotes, market access systems and trade
and quotation delivery systems; and the costs of research and market analysis and data, the
costs of computer, networking and communications equipment utilized by such fund in its
business, and the costs and fees to license certain proprietary software.
The Other Funds
There may be additional fees or charges that result from the maintenance of or trading within
the Other Funds. These are fees imposed by third parties in connection with investments
made through the Other Fund’s accounts. The Other Fund shall be responsible for any and
all other expenses related to the establishment and maintenance of such accounts and the
investments made by the Other Fund according to Aegea’s recommendations, including
custodial, brokerage, data feeds, research, administrative, regulatory, legal, tax, accounting,
and operational expenses.

D. Refund and Termination Policy

If an Other Fund terminates their investment advisory agreement any management fees that
were prepaid will be prorated and the unearned portion will be refunded.

E. Other Compensation

Aegea does not accept any compensation other than advisory fees and performance fees.

  Aegea Capital Management, LLC - Firm Brochure                                        5       |
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ITEM 7:       TYPES OF CLIENTS

A. Types of Clients

Aegea provides investment advice to pooled investment vehicles and high net worth clients.

Interests in the Aegea Funds offered on a private placement basis and have not been and
will not be registered under the Securities Act of 1933, as amended, the securities laws of
any state in the United States, or the laws of any non-U.S. jurisdiction, nor is such registration
contemplated. Interests in the Aegea Funds are limited only to “eligible investors.” An
“eligible investor” in the Aegea Funds must be both (1) an “accredited investor,” as defined
in Rule 501(a) of Regulation D under the Securities Act, and (2) a “qualified client,” as
defined in Rule 205-3 under the Advisers Act, and “qualified eligible persons” as defined in
CFTC Regulation 4.7. Interests in the Aegea Funds are being offered for investment under
the 3(c)(1) exemption of the Investment Company Act. Investors or prospective investors in
such pooled investment vehicles should refer to the offering documents of such vehicles for
a detailed description of the eligibility requirements, as well as costs, fees and expenses, and
other important matters.

Aegea has entered into side letters or other similar agreements with certain investors in the
Aegea Funds, and may do so again in the future, whereby such investors have been granted
terms and conditions that are more favorable than other investors in the Aegea Funds,
including but not limited to, lower fees. For a detailed discussion of side letters and other
terms, investors should refer to each Aegea Fund’s offering documents.

B. Conditions for Account Management

The Aegea Funds
Aegea generally requires investors to commit $250,000 as a minimum initial investment.
Aegea reserves the right to reduce the minimum initial capital contribution and accept
subscriptions for lesser amounts. Interests in the Aegea Funds are limited only to “eligible
investors.” An “eligible investor” in the Aegea Funds must be both (1) an “accredited
investor,” as defined in Rule 501(a) of Regulation D under the Securities Act, and (2) a
“qualified client,” as defined in Rule 205-3 under the Advisers Act, and “qualified eligible
persons” as defined in CFTC Regulation 4.7.
The Other Funds
The minimum account size for the Other Funds is generally $20,000,000. Certain eligibility
requirements may apply for some strategies. Aegea reserves the right, in its sole discretion,
to reduce or waive the minimum initial investment.