Castle Creek Arbitrage LLC

Item 5: Fees and Compensation

Castle Creek does not have a standard fee schedule for its advisory services. The Funds are
typically structured such that the Firm receives an annual asset-based management fee (ranging
from 0.50% to 1.5%) and an annual incentive fee (ranging from 15% to 20%).

Asset-based management fees are paid monthly in arrears based on the net asset value of the Fund
at the end of each month. Incentive fees are generally payable as of each December 31 and upon
any investor redemption from a Fund and are subject to either a “high water mark” or hard hurdle,
as set forth in the respective Fund’s governing documents. Fund investors that make redemptions
/ withdrawals on quarter ends other than as of December 31 are subject to incentive fees on the
portion of their investment redeemed.

                                 Castle Creek Arbitrage, LLC
                                Form ADV Part 2A (Brochure) March 7, 2023

The Firm has sole discretion to waive or reduce, or enter into other arrangements regarding, the
management fee and the incentive fee for investors that are principals, employees or affiliates of
the Firm, relatives of such persons, and for certain large or strategic investors.

For advisory services provided to a Managed Account, the Firm charges asset-based management
and incentive fees that are similar to the fees charged to the Funds. The Firm will generally
negotiate such fees based on various factors, including the amount of assets managed, the
investment restrictions imposed by the account, the nature and extent of the relationship with the
client or other business factors.

In addition to the asset-based management fee and incentive fee, each Client is responsible for the
costs and expenses arising from its organization and operation. Such costs and expenses typically
include without limitation: (i) accounting, (ii) administrative (including, as applicable, expenses
related to reporting to underlying Fund investors and the on-going offering of Fund interests), (iii)
tax and audit fees and expenses, (iv) custodial fees, (v) legal (including, investment-related,
litigation-related and indemnification expenses), (vi) directors and officers and errors and
omissions insurance premiums, (vii) brokerage commissions, clearing and settlement charges,
(viii) investment-related research and expenses, (ix) costs of systems utilized to carry out the
Client’s investment strategy, including without limitation order management, risk management
and portfolio accounting systems, (x) director expenses, (xi) taxes, including withholding taxes,
(xii) governmental and regulatory charges, including those related to regulatory, state and county
filing fees and (xiii) other operating expenses and all other expenses and liabilities reasonably
incurred in connection with or arising out of the business of the Fund or Client. The brokerage
and trading expenses are further described in the Brokerage Practices section of this Brochure.
The expenses of a Fund, including the asset-based management and incentive fees, may constitute
a higher percentage of average net assets than would be typically found in other investment
options.

Castle Creek will render its services to Clients at its own expense and will be responsible for its
overhead expenses including office rent, utilities, furniture and fixtures, stationery,
secretarial/internal administrative services, salaries and bonuses, entertainment expenses,
employee insurance and payroll taxes.

Investors in a Fund are generally limited in their ability to terminate their participation in the
Fund. The Fund's offering documents will disclose redemption and transfer restrictions. Funds
may impose early redemption fees on redemptions within the first twelve months of an
investment in the Fund or impose a “lock-up” period such that investors may not withdraw capital
that has not been invested for a specified period of time.

As Castle Creek organized each Fund specifically to offer its advisory services to the Fund, the
advisory agreement between Castle Creek and each Fund provides for limited instances under
which the agreement may be terminated.

It is very important that investors refer to their respective Fund’s offering documents for a
complete understanding of how Castle Creek is compensated for its advisory services, eligible
Fund expenses, and investor withdrawal and redemption rights. The information contained
herein is a summary only and is qualified in its entirety by the relevant Fund offering
documents.

                                 Castle Creek Arbitrage, LLC
                                Form ADV Part 2A (Brochure) March 7, 2023

Item 7: Types of Clients

Castle Creek serves as the investment manager of the Funds, the managing member of the
domestic feeder Funds, and certain affiliates serve, as applicable, as the general partner or
director of the offshore funds. The Funds are exempt from registration under applicable securities
regulations and investors in the Funds must meet certain eligibility provisions. Interests in the
Funds are generally offered to (A) U.S. investors who are "qualified purchasers" and "accredited
investors" (as those terms are defined under applicable SEC rules) and (B) non-U.S. investors (as
applicable). Investors may include fund of funds, institutions, business entities, trusts, pension
and profit-sharing plans, government entities, and high net worth individuals. Investors in the
Funds are generally required to make a minimum initial investment of $1,000,000 (USD) and are
subject to redemption restrictions. At its discretion, and subject to any applicable regulatory
requirements, the Firm may modify the minimum initial investment amount and/or redemption
restrictions for certain Fund investors including those affiliated with Castle Creek. Investors in a
Fund must independently make a determination with respect to the suitability of making or
continuing any investment in a Fund. Castle Creek does not make any such suitability
determination or otherwise provide investment advisory services to Fund investors solely as a
result of their investing in a Fund.

In providing advisory services to the Funds, Castle Creek generally disfavors “side letters” with
Fund investors, even if the terms of a side letter do not adversely affect other Fund investors.
As such, it has incorporated in each Fund's offering documents as general terms (applicable to all
Fund investors) many of the undertakings that the Firm most frequently encounters in side letter
requests. However, Castle Creek reserves the right to enter into side letters and other agreements
and arrangements with certain investors, which may provide terms and conditions that are more
advantageous than those set forth in the applicable Fund’s offering documents. Such terms and
conditions may include without limitation special rights to make future investments in the Funds
or other investment vehicles or accounts managed by Castle Creek, different transparency rights,
reporting rights, different withdrawal/redemptions rights and/or different fee terms.

                                 Castle Creek Arbitrage, LLC
                                Form ADV Part 2A (Brochure) March 7, 2023

When deemed appropriate for a large or strategic investor, Castle Creek may elect to establish an
advisory relationship with a Managed Account, which may include investment objectives tailored
to the underlying investor and/or be subject to different terms and fees than those of other Clients.
Such investment objectives, fee arrangements and terms will be individually negotiated, and such
Managed Account relationships generally are subject to significant account minimums at the
discretion of Castle Creek.