Clutterbuck Capital Management LLC

ITEM 5 - FEES AND COMPENSATION
Fee Schedule and Billing Method

Clutterbuck Partnership

For the CF Special Situation Fund I, LP (the “CF Partnership”), Clutterbuck charges a management fee for
our services to investors. Clutterbuck‘s management fee is payable quarterly in arrears and will not
exceed 2% of the value of the account annually. Clutterbuck’s fees are paid directly from the CF
Partnership on a quarterly basis. The management fee will be pro-rated for any investor who makes a
mid-quarter withdrawal. In addition, we charge an annual performance-based fee; see below for further
information Item 6 – Performance-Based Fees and Side-by-Side Management. Generally, fees are not
negotiable.

At our discretion, we may reduce or eliminate the management fee to any investor or to our personnel
who invest in the CF Partnership. Management fees on separate accounts are subject to negotiation and
may be reduced or eliminated for our personnel. Clutterbuck may receive a negotiated percentage of the
client’s investments in lieu of any performance and management fees.

Sub-Advised Partnerships

In the case of a Partnership for which Clutterbuck provides sub-advisory services, Clutterbuck receives a
negotiated percentage of all performance and management fees received by the primary adviser for the
Partnership.

SPVs

For the SPVs, Clutterbuck charges a 1% management fee for our services to investors. Clutterbuck‘s
management fee is payable quarterly in arrears and is paid directly from the SPV on a quarterly basis. In
addition, we charge an annual performance-based fee; see below for further information Item 6 –
Performance-Based Fees and Side-by-Side Management. Generally, fees are not negotiable.

Other Fees and Expenses
Clutterbuck’s fees do not include costs and expenses related to evaluating, making, maintaining and
Clutterbuck Capital Management LLC                                                  Revised March 20, 2026
Brochure                                             6

disposing of portfolio investments or prospective investments. The Funds will pay such expenses, which
may include custody fees, brokerage commissions and other transaction costs, expenses related to
proxies, underwriting and private placements, interest and commitment fees on debit balances or
borrowings, and borrowing charges on securities sold short. In addition, the Funds also bear all out-of-
pocket costs of the administration of the Funds, including audit and legal expenses, costs of any litigation
involving the Fund’s activities, and costs associated with reporting, and providing information to existing
and prospective investors.

Termination
The terms of the CF Partnership do not allow investors to withdraw assets for the first 12 months after
their initial capital contribution. After this initial 12-month period, investors can make withdrawal(s) on
the close of the last business day of each quarter. In order to make such a withdrawal, investors must
provide Clutterbuck with written notice for any withdrawals at least 45 days in advance of the withdrawal.
The terms of sub-advised Partnerships and the SPVs are set forth in the applicable Fund documents.

ITEM 7 - TYPES OF CLIENTS
Clutterbuck manages the Funds on a discretionary basis, and individual separate accounts on a non-
discretionary basis. The investors in the Funds, and the owners of separate accounts, are generally
individuals, high net worth individuals, pooled investment vehicles, corporations, and businesses.

Clutterbuck Capital Management LLC                                                    Revised March 20, 2026
Brochure                                             7

Account Requirements
The CF Partnership and the SPVs require minimum initial subscriptions of $500,000 and $250,000,
respectively, although we may consider and accept investments of a lesser amount at our discretion.