CenterStar Asset Management LLC

ITEM 5: FEES AND COMPENSATION

Asset-Based Compensation

CSAM does not have a general fee structure applicable to its clients or prospective clients. The specific
fees that it charges to each Fund are described in the Offering Documents of each relevant Fund. CSAM
charges its Funds an investment management fee of up to 1.0% per annum (though such rates could be
higher or lower) based on the value of the Fund’s assets under management in each Fund. The rate of the
management fee may vary from Fund to Fund.

Investors in the Funds are subject to this management fee indirectly through their investment in the Funds.
The investment management fees are generally not negotiable, however, CSAM may, in its sole discretion,
waive, reduce, or modify the investment management fee and/or the process for payment thereof, for the
Funds or investors in the Funds, including, but not limited to, members, employees or affiliates of the Firm,
relatives of such persons, and certain large or strategic investors. CSAM may assign or transfer to a
subadvisor, portfolio manager, member or affiliate all or a portion of the investment management fee on
such terms and conditions as CSAM may determine in its sole discretion.

Depending on the specific Fund, the investment management fee is typically payable either monthly or
quarterly, on the first day of each month or quarter, with the fee deducted by each Fund’s custodian from
the Fund’s respective account pursuant to instructions from CSAM.

Performance-Based Compensation

CSAM also receives a performance-based allocation that is based on a share of capital gains on, or capital
appreciation of, the assets of the Funds. This compensation may vary between the Funds, and may equal
up to 40% of trading profits, subject to a loss carryforward, with the actual percentage charged and
calculation of trading profits more fully explained in each Fund’s Offering Documents.

The performance-based fees are generally not negotiable, however, CSAM may, in its sole discretion,
waive, reduce, or modify the performance-based fee and/or the process for payment thereof, for the Funds

or investors in the Funds, including, but not limited to, members, employees or affiliates of the Firm,
relatives of such persons, and certain large or strategic investors. In addition, CSAM may assign or transfer
to a subadvisor, portfolio manager, member or affiliate, all or a portion of the performance-based allocation
on such terms and conditions as CSAM may determine in its sole discretion.

Other Expenses

In addition to paying investment management fees and performance-based compensation to CSAM, certain
other expenses may be paid by the Funds, which are more fully described in each Fund’s respective Offering
Documents. For the Funds, these expenses include (i) direct trading expenses, (ii) Fund-related
administrative expenses, and (iii) other program expenses. Direct trading expenses may include, but are not
necessarily limited to, trading technology, trading platforms, execution, clearing, regulatory, exchange,
brokerage, NFA fees, custodial fees, foreign exchange and settlement fees, fees associated with the lease,
acquisition, or assignment of exchange trading rights (i.e., exchange memberships), expenses related to
accepting or making delivery of a physical commodity, and interest expenses, all of which result directly
or indirectly from the trading and financing activity of the respective Fund. Fund-related administrative
expenses include, but are not necessarily limited to, certain administrative expenses, including taxes and
tax preparation fees, governmental fees, accounting, auditing, legal, and other organizational and
professional expenses of the Fund, and interest and fees on any borrowing by the Fund. Other program
expenses include, but are not necessarily limited to, rent and lease payments, salaries and payroll expenses
of the Funds’ portfolio managers, traders and developers, market data fees, vendor fees, computer software,
news services subscriptions fees, and expenses related to obtaining exchange trading rights.

As further described in Item 10 of this document, some of the expenses noted above may be paid by the
Funds to CSAM or directly or indirectly to an affiliate of CSAM, which may create a potential conflict of
interest with respect to that expense. Similarly, expenses related to obtaining exchange trading rights may
be paid to CSAM, its parent, and/or its affiliates, as reimbursement for the acquisitions of exchange seat
licenses and other exchange subscription fees. Finally, brokerage commission fees may be paid, directly or
indirectly, to a broker/dealer and introducing broker that is an affiliate of CSAM, pursuant to a commission
fee sharing agreement.

ITEM 7: TYPES OF CLIENTS

CSAM provides discretionary investment advisory services to three private investment funds, each of which
rely on certain exclusions from the definition of an “investment company” in the Investment Company Act
of 1940, as amended (the “Investment Company Act”). Accordingly, none of the Funds are registered as an
investment company with the SEC.

Investors in the Funds must be “accredited investors” under Regulation D of the Securities Act of 1933, as
amended (the “Securities Act”), and “qualified clients” or “knowledgeable employees” as such terms are
defined in the Investment Company Act. As the Funds charge a performance fee or incentive allocation,
Fund investors must also be eligible to enter into a performance arrangement under the Advisers Act.

Investors in the Funds may include, but are not limited to, institutions, funds of funds, businesses, pensions,
trusts, government entities and individuals meeting certain net worth requirements. The minimum
investment required by an investor in any of the Funds is $500,000, though the amount could be more or
less. Investment minimums are generally subject to waiver by CSAM. Fund investors should review the
Fund’s respective Offering Documents for further information with respect to minimum requirements for
investment.

    ITEM 8: METHOD OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

All references to the Funds in this brochure, including but not limited to their investments and the strategies
used in managing the Funds, are qualified in their entirety by reference to each Fund’s Offering Documents.
The following is a general discussion of the methods of analysis, investment strategies and the risk of loss
associated with CSAM’s overall investment strategies. Additional risk factors unique to each Fund are set
forth in each Fund’s respective Offering Documents and those risk factors, as well as the investment risks
detailed below, may change over time.

The following is not a substitute for the Funds’ Offering Documents. Potential investors in a Fund must
review that Fund’s Offering Documents in their entirety before investing.

Methods of Analysis and Investment Strategy

The Funds each have distinct methods of analysis and investment strategies that are set forth in their
respective Offering Documents. Generally, the collective investment objective of the Funds is to seek
higher than average rates of returns, relative to the level of risks assumed. To accomplish this, the Funds
may trade in securities on domestic and foreign exchanges that are publicly traded, such as stocks (common
and preferred), mutual funds, convertible securities, rights and warrants on stocks, bonds, debentures and
other forms of debt securities, options (including securities options and index options), non-public
securities, and, subject to all regulatory requirements, commodity interests, including futures contracts,
options on futures, commodity swaps and any other products hereafter approved by CSAM (hereafter
collectively referred to as the “Products”). The specific products traded by each Fund are detailed in their
respective Offering Documents.

General Risk Factors

Investments in Funds are only suitable for experienced and sophisticated persons who are able to bear the
risk of substantial impairment or total loss of investment. The Funds are relying on the discretionary market
judgment of CSAM, and each Fund’s portfolio managers.

The following is a general summary of some of the material risk factors associated with investments in the

Funds. The information below does not attempt to describe all of the risks associated with an investment in
Funds, but instead presents a brief summary of the risks involved. For a complete explanation of all relevant
risks, especially with respect to the unique trading strategy of each Fund, investors and potential investors
should review the respective Fund’s Offering Documents, which contain a more detailed discussion of the
risks associated with investing in each Fund.

No Guarantee of Profit
The investment performance and the success of any investment strategy or particular investment can never
be predicted or guaranteed, and the value of an investment in the Funds will fluctuate due to market
conditions and other factors. The investment decisions made and the actions taken for the Funds will be
subject to various market, liquidity, currency, economic, political and other risks, and will not necessarily
be profitable and may lose value. Past performance of the Funds is not indicative of future
performance. In addition to the risks listed here, there may be additional material risks associated with the
types of products in which the Funds invest. Investors in the Funds should refer to each Fund’s respective
Offering Documents for a discussion of applicable risk factors for that particular investment.

Risk of Loss
Investors in the Funds should understand that all investment strategies and the investments made pursuant
to such strategies involve risk of loss, including the potential loss of the entire investment in the Funds,
which they should be prepared to bear. Past performance of the Funds is not indicative of their future
performance and an investment in the Funds is speculative and involves a substantial risk of loss.

Limited Operating History
CSAM and the Funds have operated for a limited period of time and are, therefore, subject to the risks
incidental to the creation of a new business, including a lack of operating history upon which prospective
investors may base an evaluation of the likely performance of the Funds. Investors should not rely upon the
Funds’ operating results for its limited life as being indicative of the Funds’ future performance, because
past results are never indicative of future performance.

Dependence upon Key Individuals and CSAM
CSAM is dependent on the expertise of certain key personnel that are otherwise described in each Fund’s
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