Episteme Capital Partners UK LLP

ITEM 5. FEES AND COMPENSATION

As compensation for investment advisory services, the Funds and the Managed Accounts are subject to
fees, including Advisory Fees (as defined below), at a fixed rate and/or performance compensation, based
upon the performance of the respective Funds and Managed Accounts. Pursuant to the terms of the relevant
Advisory Agreement and/or Fund constituent documents, the compensation may be payable to Adviser or
one of its affiliates. In the event the Advisory Fee and/or performance compensation is payable to an affiliate
of Adviser, such payment is in lieu of direct payment to Adviser.

The Advisory Fees and Performance Compensations (as defined below) charged to the Funds are described
further below. Adviser may negotiate alternative fees or allocations on a client-by-client basis with other
Funds. Further, the Funds offer different series or tranches of interests as detailed in the Offering Documents
which may not pay fees under specified circumstances.

With respect to Managed Accounts, the Adviser has established a minimum Managed Account size of $50
million and such accounts are subject to fee schedule starting at a 1% Advisory Fee, charged monthly and
a 20% performance fee set annually. The actual fees charged for the Managed Accounts are individually
negotiated with each Managed Account. Different client facts and circumstances will be considered in
determining such fees or allocations, including the client’s investment strategy, assets under management,
account composition, reporting requirements, economies of scale, if any, and any other factors Adviser
deems relevant. Actual Advisory Fees range up to 1% and may be dependent upon the trading level or net
asset value of the Managed Account as well as the terms of performance compensation. Performance fees
(“Performance Fees”) range up to 40% and may be dependent upon the Advisory Fees charged as well
other adjustments (for example, adjustments relating to highwater marks) which may reduce the actual
compensation earned by the Advisor. Further, the calculation methodologies and the timing of payment of
such fees may vary among accounts and are set forth in the Advisory Agreements with the Managed
Accounts. The Adviser reserves the right to waive the minimum account size depending upon the strategy
and other specific client facts and circumstances, including the likelihood size of such Managed Account
will meet the minimum within a reasonable period of time following the initiation of the account. Any such
smaller Managed Account may be subject to a different fee schedule.

Advisory Fee for the Funds

As of the beginning of each calendar month, the Advisory Fee (the “Advisory Fee”), an aggregate fixed fee
calculated and payable monthly and calculated directly or indirectly on the net asset value of each investor’s
capital account in the Funds (each a “Capital Account”). The Advisory Fee is currently set at the following
annual rates:

        Tranche A and C:          1.0%
        Tranche F:                2.0%

The Advisory Fee is debited directly or indirectly against the investors’ Capital Accounts and paid to
Adviser or ECP (Cayman) pursuant to the terms of each of the Funds’ organizational documents and the
relevant investment management agreement. For the purpose of calculating the Advisory Fee, net asset
value includes net realized and unrealized profits and losses. The Advisory Fee may be waived or reduced
with respect to any investor. the Advisory Fees are generally waived for investments by employees of
Adviser, the general partner or managing member of a Fund (as defined below), Adviser, the Principals, or
their related persons, including estate planning vehicles of such persons and certain other persons or entities
associated with such persons (collectively, the “Related Persons”). If a Fund’s investment advisory
agreement is terminated before the end of the billing period, Adviser refunds a pro rata portion of the pre-
paid fee to the Funds’ accounts.

Performance Compensation for the Funds

As further detailed below, the Adviser (through its affiliates) may receive an allocation or fee related to the
performance depending on the underlying tranche. Currently performance compensation is payable at the
following rates:

        Tranche A and C:          20.0% crystalized annually
        Tranche F:                0.0%

In accordance with the terms of the relevant Offering Documents, the Tranche F Interests and Tranche F
Shares are available until such time as the Net Asset Value of SQP is equal to or greater than $300 million
or the total Tranche F interests are equal to or greater than $50 million. The Net Asset Value of SQP as of
December 31, 2025 was approximately $ 67 million. After the Net Asset Value of SQP is equal to or
greater than $300 million or the Tranche F interests are equal to or greater than $50 million, Tranche F will
no longer be offered, and the Onshore Fund and Offshore Fund will respectively only issue to external
investors Tranche A Interests and Tranche C. As further described in the Offering Documents, under the
Tranche A Interests and the Tranche C Shares, in each calendar year, the Adviser (through its affiliates)
will be entitled to a performance allocation with respect to the Tranche A Interests or a performance fee
with respect to the Tranche C Shares (hereinafter such performance allocation or such performance fee
referred to as the “Performance Compensation”) equal in the aggregate to 20% of any net profit allocable
to each investor for such calendar year in excess of any loss recovery with respect to such investor’s Capital
Account adjusted for contributions, withdrawals and distributions. For tracking purposes, the Onshore
Fund has issued one series of Tranche A Interests to an affiliated investor.

Adviser, ECP (US), in its capacity as the managing member of the Onshore Fund, or the Board of Directors
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ITEM 7. TYPES OF CLIENTS

Adviser currently provides investment advisory services to the Funds and the Managed Accounts. With
respect to the Funds, investment advice is provided directly to the Funds, subject to the discretion and
control of the managing member, the board of directors or general partner of the applicable Fund, and not
individually to the investors in the Funds.

Interests in the Funds are offered pursuant to applicable exemptions from registration under the 1940 Act
and the Securities Act. Investors in the Funds may include high net worth individuals, trusts, estates,
charitable organizations, pension plans, corporations, limited partnerships, limited liability companies, and
similar entities.

The minimum initial investment in each Fund available for external investment is $1,000,000, which may
be reduced, but in no event less than $100,000, as disclosed in the relevant Offering Document.

Adviser also provides discretionary sub-advisory services to various Managed Accounts each of which, as
of the date of this Brochure, are solely composed of futures portfolios (consisting of futures contracts and
foreign exchange forwards) and have either claimed an exemption under the rules and regulations of the
CFTC or are not otherwise required to be registered as a commodity pool under such rules and regulations.
All such clients meet the definition of a “qualified eligible person” as defined in Regulation 4.7 under the
Commodity Exchange Act and consent to being treated as an exempt account under CFTC Regulation
4.7(c) if a Section 4.7 exemption has not been made. Further all Managed Accounts which incur a
performance fee are “qualified clients” under Rule 205-3 of the Investment Advisers Act. As of the date
of this Brochure, the Managed Accounts exclusively trade futures and foreign exchange forwards. The
minimum size for such Managed Accounts is $50 million and subject to further negotiation dependent on
several factors, including, but not limited to, the strategy to be deployed by the Managed Account and
whether the Managed Account requires middle or back-office services to support it.

Adviser may in the future provide advisory services to other funds and separately managed accounts for
high-net-worth individuals, trusts, estates, charitable organizations, pension plans, corporations, limited
partnerships, limited liability companies, and similar entities.