Chicago Capital Management LLC

Item 5 – Fees and Compensation

Chicago Capital is compensated for its services by Clients in the form of management fees (based on
assets) and/or performance fees (based on net trading profits). Details of the relevant fee structures for
Fund Investors are outlined in the private offering documents of each respective fund. Compensation paid
by Sub-Advised Funds are negotiated on a client-by-client basis as specified in their respective sub-
advisory agreements.

Chicago Capital receives performance fees and management fees, which may differ based on investment
class and initial investment amount, from Fund Investors. Chicago Capital receives a quarterly
performance fee based on net trading profits, if any, which are subject to the high-water marks of each
Fund Investor. To the extent applicable with respect to a Fund Investor, Chicago Capital receives a
management fee of one percent per annum, paid quarterly in arrears based on a Fund Investor’s net asset
value at the beginning of the quarter adjusted for any subsequent subscriptions and redemptions. Chicago
Capital may, in its sole discretion, reduce, waive or rebate the performance fee and management fee with
respect to any Fund Investor, including, without limitation, affiliates of Chicago Capital, in such case
without entitling any other Fund Investor to the same or similar or identical reduction, waiver or rebate.

Investors of Hydra are assessed a management fee of one percent per annum, paid quarterly. Performance
and other fees may be assessed by Hydra’s underlying investments. All fees are subject to negotiation.

The Fund pays all of its ordinary and extraordinary expenses, which may include, without limitation,
legal, bookkeeping, accounting, auditing, recordkeeping, administration, and clerical expenses (including
expenses incurred in preparing reports and tax information for Fund Investors and regulatory authorities
and expenses for specialized administrative services); printing and duplication expenses; investment
related travel expenses, investment research expenses, market data, newswire and data processing
expenses; brokerage commissions, bank charges, custody fees and borrowing costs; the expenses of the
offering of interests and filing fees; annual registration fees; directors’ fees; directors’ and officers’
liability insurance; investment and operating expenses; and such other reasonable expenses necessary to
perform the operation of the Fund as determined by the Fund in its sole discretion.

The Fund will also pay any extraordinary expenses incurred (including taxes, indemnification costs,
litigation costs, trade errors or damages). All expenses noted above incurred by Chicago Capital in
connection with the exercise of its duties to the Fund are paid or reimbursed by the Fund. Certain
expenses relating to investment research, market data, newswire and data processing expenses that are
borne by the Fund may also benefit other Clients, to the extent that Chicago Capital utilizes such research
or data in connection with the services it provides to such other Clients. Chicago Capital does not intend
to seek pro rata reimbursement of or contribution toward any such expenses on the Fund’s behalf from
any such other Clients (if applicable).

The Sub-Advised Funds may bear similar ordinary and extraordinary expenses as determined by their
respective advisers.

Item 7 – Types of Clients

Generally, Chicago Capital’s Clients include pooled investment vehicles and investment companies. The
Fund is a pooled investment vehicle and considered a ‘qualified client’ under Rule 205-3 of the Advisers
Act, as amended. It is comprised of private funds that are not regulated under the 1940 Act, as amended
because of Sections 3(c)(1) and 3(c)(7). The Fund imposes minimum investor qualification standards and
minimum investment requirements. Except as may be permitted by Chicago Capital, the minimum
required initial investment in the Fund is $250,000 by qualified clients as defined by the Advisers Act.
Prospects should refer to the Fund’s private offering documents and subscription documents for
additional qualifications and requirements.

Hydra and Prelude are pooled investment vehicles for qualified clients. They are managed and privately
offered by their respective advisers. Chicago Capital did not have any investment company clients in
2025.