Altum Capital Management LLC

ITEM 5 – FEES AND COMPENSATION

         Altum is compensated by the Funds in the form of management fees (“Management Fees”)
and Altum and its related parties may receive performance-based allocations (“Performance
Allocation”). Management Fees are generally calculated and deducted from Investors’ accounts
monthly, in arrears (regardless of the Funds’ profits), and generally equal 0 .1667% per
month (2.0% per annum). Management Fees are prorated for partial months. Performance
Allocations generally equal 20% of any net profits achieved by each series of shares issued by a
Fund or 20% of any net profits allocated to the capital sub-accounts of the limited partners of a
Fund in any fiscal year, subject to a customary high-watermark that is generally equivalent to
any net losses allocated to such shares or capital sub-accounts in previous fiscal years that have
not been recouped. Management Fees and Performance Allocations are not generally negotiable
but Altum has on occasion waived or reduced Management Fees and/or Performance Allocations
at its sole discretion, for example for Altum employees invested in the Funds.

        Altum does not receive any fees from the Co-Investment Vehicle, but a related party of
Altum is entitled to a performance-based allocation equal to 20% of distributions, after return to the
third party investor of its investment amount and a 12% per annum (compounded) return, as well as
a catch-up on such investment amount and return.

       The Feeder Funds bear their pro rata share of expenses incurred by the Master Fund in
connection with the trading, operations and administration of the Master Fund and the Feeder Funds.
These expenses include the Master Fund’s pro rata share of expenses relating to ACGT and any
Acquisition Vehicle and their pro rata share of expenses incurred by Altum and its affiliates for
goods and services that benefit the Funds or are related to the Master Fund’s trades, operations and
administration.

        Without limiting the generality of the foregoing, expenses include (i) clearing and executing
broker fees, (ii) data feed and market data costs (and related software and hardware expenses), (iii)
costs relating to trading, trading strategy implementation, research and risk management, including
travel related to research and strategy implementation, (iv) exchange membership expenses, (v)
interest expenses, (vi) stock loan expenses, (vii) insurance costs related to the Funds, (viii) other
transactional charges, (ix) expenses relating to cash management, (x) expenses relating to the
continuing offering of Interests, (xi) legal, compliance (including regulatory and compliance
expenses of Altum or its affiliates incurred specifically in connection with the Funds and, if
registration of Altum or the general partner under the Advisers Act is mandated, a share of the
expenses related to such registration and related obligations, including but not limited to legal
expenses), audit, accounting, tax and custodial fees and expenses, (xii) fees and expenses of the
Administrator and consultants engaged by the Fund, the Master Fund, ACGT or any Acquisition
Vehicle or by Altum for their benefit, (xiii) costs relating to the operations of subsidiaries, (xiv) fees
and expenses of the Advisory Committee and (xv) the Management Fee.

       Altum is entitled to reimbursement from the Funds for expenses that Altum pays out of
pocket on behalf of, or for the benefit of, the Funds. Altum is responsible for paying its own
overhead and administrative expenses.

       The Co-Investment Vehicle bears its own investment expenses, as detailed in the
investment management agreement and operating agreement.

       Please refer to Item 12 of this Brochure for a description of Altum’s brokerage practices,
including the factors that Altum considers in selecting or recommending broker-dealers for its
private investment fund clients’ transactions and determining the reasonableness of their
compensation (e.g., commissions) that may be relevant to this discussion of fees.
        Neither Altum nor any of its related persons accepts or receives compensation from the
sale of securities or other investment products to Altum’s clients.

ITEM 7 – TYPES OF CLIENTS

        Altum provides investment advisory services to pooled investment vehicles operating as
private investment funds. Altum’s Advisory Clients generally impose minimum account
requirements on their Investors and/or require them to satisfy certain suitability standards, as
disclosed in the relevant Offering Documents.