Atreaus Capital LP

Fees and Compensation
Atreaus Capital will receive from each Client a management fee based on a percentage of assets
under management, and an affiliate of Atreaus Capital will receive an incentive allocation or
Atreaus Capital will receive an incentive fee, which is an allocation or fee (as applicable) based on
a share of net capital appreciation earned on the assets under management. Management fees for
currently offered tranches are generally (i) 1.8% per annum for tranche A or tranche I shares or
interests (which, in the case of tranche A shares, is a tranche of limited capacity for investments
above a specified threshold meeting certain criteria, and in the case of tranche I shares, is a
tranche that is subject to a one year lock-up period), (ii) 1.6% per annum for tranche D or tranche
E shares or interests (which, in the case of tranche D shares, is a tranche of limited capacity for
investments above a specified threshold meeting certain criteria), (iii) 1.5% per annum for tranche
B or tranche F shares or interests (which, in the case of tranche F shares, is a tranche of limited
capacity for investments above a specified threshold meeting certain criteria) and (iv) 1.3% per
annum for tranche G shares or interests (which is a tranche of limited capacity for investments
above a specified threshold meeting certain criteria) and such management fees are typically paid
monthly in arrears. As further qualified and defined within the current offering memorandum for
the relevant Atreaus Fund and notwithstanding the foregoing, if, at the end of any month (or the
partial period ending on an intra-month redemption date) the aggregate net asset value of all series
of shares (calculated prior to any reduction for the management fee in respect of such period and
prior to giving effect to any redemptions) is less than the aggregate prior high NAV of such series,
the management fee rate in respect of each such series shall be reduced by 20 basis points for such
month (or partial period). Tranche C shares will not be subject to the management fee. Investors
should consult the current offering memorandum for the relevant Atreaus Fund for more details
on the calculation of the management fee in relation to specific share classes. Each investor in the
Pooled Vehicles should consult the relevant governing documents for details on the calculation of
the management fee.

An affiliate of Atreaus Capital will be allocated an incentive allocation (“Incentive Allocation”)
for currently offered tranches of (i) 18% for tranche A, tranche D, tranche F or tranche I shares or
interests (which, in the case of tranche A, tranche D and tranche F shares, are tranches of limited
capacity for investments above a specified threshold meeting certain criteria, and in the case of
tranche I shares, is a tranche that is subject to a one year lock-up period), (ii) 17.5% per annum for
tranche B or tranche E shares or interests and (iii) 17% per annum for tranche G shares or interests
(which is a tranche of limited capacity for investments above a specified threshold meeting certain
criteria) of net realized and unrealized appreciation, subject to a high water mark, for each fiscal

year after deduction of the management fee and subject to any high water mark (as defined in the
respective Atreaus Fund’s current offering memorandum or applicable advisory contract).
Incentive Allocations are typically made annually. In addition, Atreaus Capital will reinstate the
highwater mark, on a proportional basis, for any current investor that re-subscribes to the Atreaus
Funds within 12 months of making a partial redemption (or six months in the case of a full
redemption). Investors should consult the current offering memorandum for the relevant Atreaus
Fund for more details on the calculation of the Incentive Allocation.

In the sole discretion of the Atreaus Funds’ general partner or board of directors, as applicable, the
management fee and/or Incentive Allocation may be waived, reduced or calculated differently
with respect to certain investors. Tranche C shares or interests are generally only available to
Atreaus Capital’s employees, affiliates, members of the immediate families of such persons, and
trusts or other entities for their benefit and do not bear the management fee and Incentive
Allocation. Tranche B and Tranche E shares and interests are no longer available but have a
lower management fee and Incentive Allocation than Tranche A shares or interests.

Atreaus Capital will receive an incentive fee from each Pooled Vehicle. Each investor in a Pooled
Vehicle should consult its governing documents for details on the calculation of the incentive fee.

In addition to the management fee, Incentive Allocations and incentive fees discussed above,
Clients are responsible for the payment of their own expenses, including, without limitation,
investment expenses, whether or not such investments are consummated (such as brokerage
commissions, expenses relating to short sales, clearing and settlement charges, custodial fees,
bank service fees and interest expenses); investment-related travel expenses (which are travel
expenses related to the purchase, sale or transmittal of, or due diligence regarding, the Client’s
investments, whether or not such investments are consummated, incurred by Atreaus Capital and
the general partners of certain of the Atreaus Funds); professional fees (including, without
limitation, expenses of consultants, investment bankers, attorneys, accountants and other experts)
relating to investments; fees and expenses relating to software tools, programs or other technology
utilized in managing the Client accounts (including, without limitation, third-party software
licensing, implementation, data management and recovery services and custom development
costs); research and market data (including, without limitation, any computer hardware and
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Types of Clients
Atreaus Capital provides investment advisory services to various pooled investment vehicles and
investment companies, through their investment management agreements, with investment
objectives, programs or strategies that are substantially similar to those of the Atreaus Funds.

Methods of Analysis, Investment Strategies, and Risk of Loss
The descriptions set forth in this Brochure of specific advisory services that Atreaus Capital offers
to Clients, and investment strategies pursued and investments made by Atreaus Capital on behalf
of its Clients, should not be understood to limit in any way Atreaus Capital’s investment activities.
Atreaus Capital may offer any advisory services, engage in any investment strategy and make any
investment, including any not described in this Brochure, that Atreaus Capital considers
appropriate, subject to each Client’s investment objectives and guidelines. The investment
strategies Atreaus Capital pursues are speculative and entail substantial risks. Clients should be
prepared to bear a substantial loss of capital. There can be no assurance that the investment
objectives of any Client will be achieved

       Methods of Analysis and Investment Strategies

               Atreaus Capital’s investment objective is to provide positive returns, with a high
Sharpe ratio, uncorrelated to global equity markets. Atreaus Capital employs a predominantly
trend-following, discretionary global strategy seeking to identify and capitalize on trends in
commodities, currencies, interest rates, equity indices in both developed and emerging markets.
Key components to the investment strategy are the active management of risk and liquidity.
Atreaus Capital, on behalf of the Atreaus Funds, invests substantially in liquid financial
instruments which include: futures, options and swaps (including OTC transactions) on
commodities, foreign exchange/currencies, interest rates and equity indices, U.S. and non-U.S.
government bonds or other fixed-income instruments and money-market equivalents. Commodity
exposure includes precious metals (including, but not limited to, gold, silver, platinum and
palladium), base metals (aluminum, alloy, copper, nickel, lead, tin and zinc), iron ore, energy

(including, but not limited to, crude, U.S. natural gas, heating oil, gas oil, forward freight
agreements, uranium, coal and gasoline), agricultural and soft commodities (including but not
limited to corn, wheat, soybeans, sugar, cotton, cocoa, coffee, live cattle, lumber, rough rice and
feeder cattle).

                Atreaus Capital will employ a strategy of capital allocation by timeframes to
achieve diversification and non-correlated returns among its portfolio managers. It is expected
that, approximately 25% of the capital will be allocated for short-term strategies (with timeframes
of minutes to a few days), 50% of capital for medium-term strategies (with timeframes of days to
months) and 25% of capital for long-term strategies (with timeframes of multiple months and
sometimes years). These approximate allocations to each timeframe strategy are general
guidelines only and may vary substantially at any time and over time. Each portfolio manager is
allocated individual capital according to the timeframe and return characteristics of their trading
style and runs their independent portfolio within the strict risk framework (although all portfolio
managers have complete discretion to trade any investment in which the Client accounts may
trade). An individual portfolio manager may trade positions across more than one timeframe
strategy. Notwithstanding the foregoing, depending on market opportunities and risk constraints,
capital at risk based on the time horizons are expected to fluctuate (e.g., risk may be reduced
based on risk limits or there exists a lack of conviction, for example, long term trades). The
portfolio managers synthesize a combination of fundamental, technical (behavioral finance
driven), macro and micro factors to arrive at investment decisions.

               Atreaus Capital utilizes a seven-step investment process, namely, (1) analyzing the
current state of the world, (2) developing future macro scenarios, (3) assessing plausibility of
future scenarios in light of current and expected developments, (4) identifying potential catalysts,
(5) choosing the market to trade, (6) reassessing trade in light of market drivers and (7) applying
risk management rules to filter and size trade.

       Risk Management

                 Atreaus Capital uses a combination of statistically based risk models (e.g., VAR,
stress testing) coupled with hard stop loss limits to size and control risk at both the aggregate
portfolio and timeframe strategy portfolio level (i.e., the portfolios attributable to the short-term,
medium-term and long-term strategies). These models and limits are in addition to the risk
management steps that are tightly integrated into the investment process. It is worth noting that
the same risk management rules are applied to each timeframe strategy and to the aggregate
portfolio as a whole. Specific risk rules fall into two main categories: (i) rules to limit exposure
and (ii) rules to limit draw downs.

               Counterparty credit risk and product risk concentrations will be monitored on a
daily basis. Any issues will be escalated to the risk committee by any member of the committee or
by individual portfolio managers.

               Atreaus Capital may cause the Client accounts to invest a portion of their capital
in short-term cash and fixed income investments, including U.S. government securities, money
market instruments, commercial paper, certificates of deposit and bankers’ acceptances as a
market hedge or to manage liquidity needs.

       Asset Classes

               As a general guideline, Atreaus Capital expects that the Client portfolios will be
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