Capeview Capital LLP

Item 5: Fees and Compensation

Advisory Fees and Compensation: The fees charged to investors consist of an annual management
fee as a percentage of net assets, payable monthly in arrears, and an annual performance fee
based upon a percentage of the amount by which the net asset value, as of the end of each
calendar year, exceeds the high water mark during the calendar year. The fees:

       for the CapeView Azri Fund (“Azri Fund”) are 1.5% annual management, or 1.35% in Class
        B or 1.25% in Class C, and 20% performance fees;

       for the CapeView Azri 2X Fund (“Azri 2X Fund”) are 2% annual management in Class B or
        1.625% in Class C, and 20% performance fee; and

       for the CapeView Azri Strategic Fund (“Azri Strategic Fund”) are 1.75% annual
        management fee and 20% performance fee for Class A shares with quarterly redemptions,
        and 1.5% and 15% respectively for Class B shares with a two-year redemption period. Azri

CapeView Capital LLP                                                               Form ADV Part 2A

        Strategic Fund annual management fees are discounted to 1.4875% for Institutional Class
        A Shares and 1.275% for Institutional Class B Shares.

All investors should review the governing documents for each relevant private fund (all “CapeView
Funds”) in conjunction with this brochure for more complete information on the fees and
compensation payable with respect to a particular CapeView Fund.

The management fee is calculated by reference to the net asset value on the last valuation day of
the month, before management or performance fees. Upon termination of any client account, all
management fees accrued as of the date of termination will be payable.

The performance fee is calculated on a high watermark basis, after the annual management fee
and expenses. It is not payable until all prior net losses for the series, as discounted for losses
related to redeeming investors, are recouped. Investors redeeming during the calendar year are
charged a performance fee payable on redemption based on the net asset value at the time of
redemption.

The Administrator charges an annual administration fee of up to a maximum of 0.07% of the Net
Asset Value of the Company (before Performance Fees). The administration fee is subject to a
minimum of USD $125,000 per annum.

Fees charged by CapeView for managed accounts are individually negotiated.

Client accounts may also invest in money market mutual funds or other registered investment
companies and incur its pro rata share of the investment management fee and other fees and
expenses of such an investment in addition to the investment management fee paid to CapeView.

Payment of Fees: CapeView receives the management fee monthly and the performance fee
annually from CapeView Funds and managed accounts as calculated and instructed by the relevant
administrator. CapeView has no authority to deduct its fee directly from the accounts of CapeView
Funds or its managed accounts with management and performance fees being calculated by
clients’ administrators or agents. The CapeView Funds pay CapeView out of their accounts
following receipt of the administrator’s payment instruction. CapeView invoices the managed
accounts who arrange for payment to be made. The performance fee is payable as soon as
practicable after it becomes due.

Other Fees and Expenses: In addition to paying investment management fees, client accounts will
also be subject to other expenses incurred in the operation of their account. As described in the
relevant Prospectus for the CapeView Funds, or as otherwise agreed with each segregated,
managed account, this includes all transaction, clearing and borrowing costs and custodial fees. It
also extends to research and data service fees, and other expenses connected to proposed
transactions. Costs of all third-party service providers engaged by or on behalf of the client account
and related expenses, including, inter alia, directors, administrators, prime brokers, custodians,
auditors, lawyers and insurers are also chargeable to the client account. Please refer to the
Prospectus for a full description of Fees and Expenses.

CapeView shall be responsible for all customary expenses of an investment manager including, but
not limited to, office lease payments, personnel salaries and other remuneration, and technology
costs.

The section titled “Brokerage Practices” describes the factors CapeView considers in selecting or
recommending broker-dealers and determining the reasonableness of their compensation.

CapeView’s clients do not pay fees in advance.

CapeView Capital LLP                                                                Form ADV Part 2A

Neither CapeView nor any of its supervised persons accept any form of compensation for the sale
of securities or other investment products.