Cuadrilla Capital LLC

Item 5.        Fees and Compensation

 Fees with respect to the Funds

 In general, the Adviser earns management fees, and the affiliated general partners have the
 potential to earn performance-based compensation, from the Funds. The Adviser or its affiliates
 or employees may also receive Transaction Fees (as defined below). A specified percentage of
 Transaction Fees (as set forth in the relevant governing documents of the applicable Fund) are
 applied to reduce the management fee payable to the Adviser.

 The management fee is typically paid quarterly in advance. Cuadrilla may waive or reduce the
 management fee in its sole discretion, and there may be variances in fees, including management
 fees, charged to certain Clients and/or Investors.

Item 7.        Types of Clients

 Cuadrilla is organized and serves as the discretionary investment adviser to the Cuadrilla Funds .
 The Adviser does not provide investment advisory services individually to the Investors in the
 Cuadrilla Fund. Cuadrilla may decide in the future to provide advice to SMAs.

 The Adviser may impose a minimum investment commitment requirement for each Client it
 advises. Cuadrilla generally requires Investors in the Cuadrilla Fund to make a minimum initial
 investment of at least $6,000,000.

 The minimum contribution and investor requirements can be waived by Cuadrilla or its affiliates at
 its sole discretion.

 Investors generally must be “accredited investors” under Regulation D, who are also “qualified
 clients,” as that term is defined under the U.S. Investment Advisers Act of 1940. Unless waived in
 the discretion of the General Partner, investors must also be “qualified purchasers,” as that term
 is defined under the U.S. Investment Company Act of 1940. Cuadrilla generally requires investors
 to make representations concerning their financial sophistication and ability to bear the risk of loss
 of their entire investment in the Fund.

Cuadrilla Capital LLC – ADV Part 2A                                                          Page 9