AHOY Capital Management LLC

Item 5 – Fees and Compensation

A.     Advisory Fees and Compensation
Each Fund’s Governing Documents contain a detailed description of the applicable Fund’s fee
schedule with regards to management fees and carried interest.
B.     Payment of Fees
Ahoy Capital deducts fees from Fund assets. Each Fund will generally pay its General Partner
a quarterly management fee in advance for management and administrative purposes, which
may occur only in certain years during the term of each Fund.
C.     Fund Expenses and Other Fees
Generally, each Fund will bear all legal, auditing and financial fees, and any extraordinary
Fund expenses. In addition, each Fund will generally bear all costs and expenses (including
legal fees) incident to the organization of that Fund and the relevant General Partner, up to a
maximum as described in the relevant Fund’s Governing Documents.
In addition to Ahoy Capital’s management fees, carried interest, and other expenses outlined
in the Funds’ Governing Documents, the Funds pay management fees, carried interest, and
other expenses to the managers of the Portfolio Partnerships.
All charges are contractual arrangements described in each Fund’s Governing Documents and
as such do not offer an investor of each Fund the opportunity to withdraw prior to the Fund’s
termination.
D.     Prepayment of Fees
As described in Item 5.B above, investors in the Funds generally pay Management Fees in
advance. The General Partner of each Fund does not provide refunds of the Management Fee.
E.     Outside Compensation for the Sale of Securities
Neither Ahoy Capital nor its supervised persons accept compensation for the sale of
securities or other investment products outside of its association with Ahoy Capital.
The foregoing discussion in Item 5 represents Ahoy Capital’s basic compensation
arrangements. It is critical that investors refer to the relevant Fund’s Governing
Documents for a complete understanding of how Ahoy Capital is compensated for its
advisory services. The information contained in this Item 5 is a summary only and is
qualified in its entirety by the relevant Fund’s Governing Documents. The management
fees and incentive allocations described above are structured to comply with Rule 205-
3 under the Advisers Act. Fees and other compensation are negotiable in certain
circumstances and arrangements with any particular Investor may vary. Although
Ahoy Capital believes its fees are competitive, lower fees for comparable services may
be available from other investment advisers. Please refer to the applicable Fund’s
Governing Documents for more information.

                                                                              Part 2A of ADV:
                                                        Ahoy Capital Management, LLC Brochure

Item 7 – Types of Clients

Ahoy Capital’s clients are the Funds, which are private investment vehicles.

Refer to each Fund’s specific Governing Documents for detail regarding an investor’s
minimum capital commitment. Generally, minimum capital requirements may be waived for
certain investors in the sole discretion of the relevant Fund’s General Partner. Each Investor
generally must be an “accredited investor” (as defined in Regulation D under the Securities
Act of 1933) and a “qualified client” (as defined in Rule 205-3 under the Advisers Act) and
must meet other criteria as specified in the Governing Documents.

                                                                              Part 2A of ADV:
                                                        Ahoy Capital Management, LLC Brochure