Capstone Investment Advisors LLC

Item 5 – Fees and Compensation
Capstone and/or its affiliates may receive compensation in the form of management fees and an allocation of profits
(“Performance Compensation”) for investment advisory services provided to the Accounts. As described more fully below,
fees are generally deducted directly from the applicable Capstone Fund’s account and invoiced to the applicable SMA on a
monthly basis. Certain Capstone Fund investors may pay more or less than other Capstone Fund investors for the same
management services, depending, for example, on when a Capstone Fund investor subscribes or the total size of its
investment with Capstone. Capstone may agree to reduce the management fees or Performance Compensation paid by
certain investors in any of the Capstone Funds through side letters or other arrangements. Capstone generally waives
management fees and Performance Compensation for Capstone Fund investors that are principals, current and former
employees and affiliates of Capstone and such employee’s or affiliate’s family members, trusts and other entities.

Each of Capstone UK, Capstone Netherlands, Capstone Italy, Capstone (Japan) Limited (“Capstone Japan”), and Capstone
Investment Advisors (Australia) Pty Ltd (“Capstone Australia”) and are compensated by Capstone in respect of services
provided to each applicable Capstone Fund, and Capstone Fund investors are not subject to additional management fees
or Performance Compensation related to services provided by these affiliates.

CAPSTONE GLOBAL MASTER

For its investment management services to CGM, Capstone is generally entitled to receive a monthly management fee,
payable in advance, at an annual rate of up to 2.00% of the net asset value (“NAV”) of each investor’s capital account balance
or series of shares as of the beginning of each month.

If an investor enters CGM on a day other than the beginning of a month or leaves on a day other than the last day of a
month, the management fee for such month will be prorated.

CFS is generally entitled to receive Performance Compensation on a quarterly or annual basis of up to 27.5% of the net
appreciation in NAV of CGM, subject to an investor’s high-water mark.

Investors in certain series of CGUS and Capstone Global (Offshore) Limited (“CGOL”) may also be assessed a netting risk
cost, subject to a netting risk cost cap. Netting risk cost is accrued on a monthly basis, paid as an annual fee, and represents
a calculated conditional allocation of a portion of the aggregate costs of salary and benefits payable by Capstone to an
employee or employees that trade a portfolio for an investment team for any of the CGM investment strategies. Capstone
will bear the netting risk cost for certain series of CGUS and CGOL. Further details on netting risk cost can be found in the
offering documents for each of CGUS and CGOL.

SOLUTIONS PLATFORM

Because Capstone Funds and SMAs on the Solutions platform are generally customized mandates, Capstone does not have
a standardized fee schedule with respect to such Funds and SMAs. Generally, Capstone receives a monthly management
fee from each Capstone Fund or SMA on the Solutions platform, which may be charged in advance or in arrears as agreed
with the relevant client. The management fee for a Fund or SMA on the Solutions platform is generally either a flat annual
minimum fee or calculated as a percentage of up to 2.00% (per annum) of any one or more of the following: (i) assets under
management; (ii) notional asset value replaced; (iii) risk adjusted exposure; or (iv) notional value of investment exposure.
Single investor Capstone Funds on the Solutions platform may have multiple different investment accounts, each employing

a different investment strategy. As a result, such single investor Capstone Funds may be subject to different fee structures.
Capstone’s fees for single investor Capstone Funds and SMAs on the Solutions platform are negotiated on a per-client basis.

Management fees paid in advance will be prorated for investors invested in a Fund or SMA on the Solutions platform for
less than a full month.

In addition to the management fees, certain Capstone Funds on the Solutions platform may also be charged Performance
Compensation of up to 20% of the net appreciation in NAV of such Capstone Fund, subject to an individual investor’s high-
water mark.

OTHER FEES OR EXPENSES

Capstone Funds on the Solutions platform may be charged a platform fee for expenses relating to the retention of certain
Solutions platform personnel that support the Capstone Funds’ administration and operations (including, without limitation,
finance, legal, operations, portfolio finance, research, risk, structuring, technology and trading). This platform fee is 0.25%
per annum of the NAV of each investor’s capital account balance or series of shares.

In addition to management fees, Performance Compensation and other fees, the Capstone Funds also bear expenses
incurred directly or indirectly by each Capstone Fund in connection with such Capstone Fund’s investments, operations and
administration. These expenses include such Capstone Fund’s pro-rata share of expenses incurred by Capstone and its
affiliates for goods and services that benefit the Capstone Fund or are related to the Capstone Fund’s investments, operation
and administration, in each case as determined by Capstone.

Expenses include (i) clearing and executing broker fees and exchanges fees; (ii) data feed and market data costs (and related
software and hardware expenses such as Bloomberg); (iii) trading, research and risk management costs and related software
and hardware expenses, such as those that relate to the Capstone Trading Platform and expenses for external and internal
connectivity and telecommunications, storage and server hardware and services; (iv) exchange membership expenses for
U.S. and non-U.S. exchanges; (v) interest expenses; (vi) stock loan expenses, (vii) U.S. and non-U.S. regulatory and self-
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Item 7 – Types of Clients
As described in Item 4 – Advisory Business, Capstone generally provides investment advice to private investment vehicles
(including the Capstone Funds), customized single investor vehicles, commingled fund structures and separately managed
accounts. Investment advice is provided directly to the Capstone Funds and not individually to a Capstone Fund’s investors.
Investors in the Capstone Funds and SMA clients generally include institutions (e.g., pension plans, endowments, charitable
organizations, foundations, sovereign wealth funds and similar), funds-of-funds, and high net worth individuals and family
offices (including trusts related to the same). Any minimum initial and additional subscription requirements are disclosed
in the offering documents for the relevant Capstone Fund. Investors will be required to make certain representations when
subscribing to a Capstone Fund through the execution of a subscription agreement and other documents. Interests and
shares in the Capstone Funds are not registered under the Securities Act (or any similar law), and such Capstone Funds are
not registered under the Investment Company Act of 1940, as amended. Accordingly, interests and shares in the Capstone
Funds are offered and sold exclusively to investors satisfying the applicable eligibility and suitability requirements either in
private transactions within the United States or offshore.