Cadogan Park Advisors Inc

Fees and Compensation

Cadogan Park charges a single fee based on the value of the Client’s assets under
management. The single fee includes portfolio management. Fees are calculated monthly
and deducted on a quarterly basis in arrears. The monthly market value of the assets
under management is used to calculate the fee. All Client Fees are set by agreement.

Clients are required to establish or maintain brokerage accounts at a qualified custodian
(“Broker” or “Brokers”) identified by Cadogan Park. The current identified Brokers are:

            •   Inspira Financial Trust
            •   National Bank Independent Network
            •   Fidelity Clearing & Custody
            •   Raymond James

All Client assets are held in custody at the above listed Broker/Custodian. None of the
above custodians/brokers are affiliated with Cadogan Park. Where the services of a Sub-
Advisor are employed, the client or Sub-Advisor may utilize the services of other
custodians of their choice.

The Client authorizes Cadogan Park to debit the advisory fee directly from their
investment account. If insufficient cash is available to pay such fees, securities in an
amount equal to the balance of unpaid fees will be liquidated to pay for the unpaid
balance. Details of Fees and Billing can be found in our Policies and Terms
disclosure document.

All fees paid to Cadogan Park for Advisory Services are separate and distinct from the
fees and expenses charged by exchange traded funds, mutual funds, closed-end
investment companies or other managed investments to their shareholders. The
specific fees and expenses are described in each fund's prospectus.

In addition, there may be other costs assessed, which are not included in the Advisory
Services fees, such as charges for transactions not executed through Cadogan Park’s

                                                                   CADOGAN PARK ADVISORS INC.

designated Broker, costs associated with exchanging currencies, wire transfer fees, or
other fees required by law. Clients may purchase the products recommended By Cadogan
through other investment advisers.

The Fund

The Fund’s management fees are billed at an annual rate of one and five-tenths percent
(1.5%) of the capital account balance of each Limited Partner. Management fees will be
calculated and are payable quarterly in advance. Capital contributions accepted after the
commencement of a calendar quarter are subject to a pro-rated management fee reflecting
the time remaining in the quarter. In the event that a Limited Partner withdraws from the
Partnership prior to the end of a calendar quarter, such Limited Partner will not receive a
refund for the amount of management fees paid for the remainder of such calendar
quarter. The Investment Manager may reduce or eliminate the management fees with
respect to any Limited Partner in its sole discretion.

In addition, the Fund charges an incentive allocation if net profits allocated to the Fund’s
capital account exceed net losses allocated to that account, subject to a loss carryforward
provision. The incentive allocation is 15% of net profits. The performance fee, in our sole
discretion, may be waived, reduced, or calculated differently with respect to certain
investors.

It is critical that investors refer to the relevant offering documents for a complete
understanding of how fees and expenses are charged to the Fund. The information
contained in Item 5 is a summary only and is qualified in its entirety by the relevant offering
documents.

Types of Clients

Cadogan Park provides portfolio management services to individuals, high net worth
individuals, specific trusts, family offices and businesses. There are no minimum
requirements for our clients. The Fund’s minimum investment is $500,000 but may be
waived at our discretion.