Cavalry Management Group LLC

ITEM 5 – FEES AND COMPENSATION

 It is critical that Investors and Advisory Clients refer to the relevant Governing Documents for a
 complete understanding of fees and expenses they pay to Cavalry. The information contained
 herein is a summary only and is qualified in its entirety by such documents.
 A.        Advisory Fees and Compensation
 Cavalry generally charges an annual management fee of up to 1.5% of net assets under
 management payable in quarterly in advance (“Management Fee”). Cavalry may charge some
 Advisory Clients a Management Fee greater than 1.5% of net assets under management as per
 agreement with such clients.
 Cavalry or the General Partner, will generally be entitled to receive a special profit allocation or
 performance fee (the “Performance-Based Compensation”) of 20% of the net profits (including
 both realized and unrealized gains and losses) otherwise allocable to the limited partners in a Fund.
 Performance-Based Compensation is typically assessed in arrears on an annual basis, and is only
 applied to the portion of profits that exceed the cumulative losses previously allocated or
 incurred by the respective client. Performance-Based Compensation is described in more detail in

ITEM 7 – TYPES OF CLIENTS

 Cavalry provides investment advisory services to the Funds, the Proprietary Account, and the Sub
 Advisory Clients.
 Cavalry requires that the Investors in each Fund meet certain suitability qualifications, such as
 being “accredited investors” within the meaning set forth in Rule 501(a) of Regulation D under
 the Securities Act and “qualified purchasers” as defined in section 2(a)(51)(A) of the Investment
 Company Act.
 The Funds offer interests/shares only to certain qualified investors and admission to the Funds is
 not open to the general public. The minimum initial contribution for Investors is generally
 $5,000,000. However, the minimum initial contribution is subject to reduction or waiver at the
 discretion of the Fund’s general partner or directors, as applicable (though not below applicable
 Cayman Islands minimums, for offshore funds). Minimum contributions for the Proprietary
 Account and Sub Advisory Clients are negotiated on a case by case basis.

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