Felis Advantage LP

Item 5: Fees and Compensation

Felis Advantage is entitled to receive asset-based management fees from the Master Fund. In addition, the
General Partner is entitled to receive performance-based compensation (if any) with respect to the Funds.

The fees applicable to each Feeder Fund are set forth in detail in each Feeder Fund’s Offering Documents.

Felis Advantage may also receive compensation for its provision of investment advisory services to the
SMAs, as further provided in each SMA.

A brief summary of such fees, expenses and compensation (all of which is qualified by and subject to the
language of each Feeder Fund’s Offering Document) is provided below.

The Master Fund will pay Felis Advantage a management fee, from the applicable capital accounts of the
Feeder Funds attributable to each class of interest, quarterly in advance on the first day of each calendar
quarter, equal to the applicable management fee percentage of the net asset value of each capital account
of each Investor as of such date.

Management fees are generally pro-rated for partial periods (i.e., less than a quarter). Capital contributions
made on dates other than the first day of a calendar quarter will be assessed a pro rata management fee
at the time such capital contributions are made. Once paid, the management fee is non-refundable
(notwithstanding, for the avoidance of doubt, a subsequent withdrawal). Notwithstanding the foregoing,
in the case of a mid-quarter compulsory withdrawal or a mid-quarter liquidation of the Funds, Felis
Advantage will refund a pro rata portion of the management fee at the time of such compulsory withdrawal
or liquidation, as applicable.

Felis Advantage or the General Partner may reduce, waive or calculate differently the management fee for
certain Investors, including but not limited to, employees, and/or designated persons that are affiliates of
Felis Advantage, without notice to, or consent from, the other Investors.

Other Fees and Expenses

The Master Fund will bear, or reimburse Felis Advantage and/or the General Partner for advancing, the
Funds’ expenses, including, without limitation, the following: (i) expenses related to the research,
execution and monitoring of actual and prospective investments (whether or not consummated) and the

Felis Advantage, LP                                                          Form ADV Part 2A

consummation of investments, including, without limitation, the following: third-party investment sourcing
fees; consulting fees; expert fees, including fees for expert networks; fees and expenses of and related to
obtaining research, analytics and market data (including, without limitation, third-party data sources and
any information technology hardware, software and data subscriptions (such as Bloomberg and FactSet)
or other technology incorporated into the cost of obtaining such research and market data); due diligence
expenses including, without limitation, consulting and appraisal fees; investment- and research-related
travel expenses (consistent with Felis Advantage’s travel policy, which may include first and business class
fares in certain circumstances); any outsourced trading provider fees; brokerage and prime brokerage
fees, commissions and expenses (including the costs of negotiating, documenting and/or amending
agreements with prime brokers, ISDAs and other agreements with trading and financing counterparties);
expenses relating to borrowing securities to be sold short; clearing and settlement charges; custodial fees
and expenses; bank service fees; interest expenses and other borrowing costs; fees and expenses of proxy
research and voting services; broken deal expenses; fees and expenses of third-party professionals,
including, without limitation, consultants, investment bankers, attorneys, accountants and service
providers who, in each case, provide services to the Funds or provide services to Felis Advantage, the
General Partner or the Principal (on matters that would not have arisen but for their respective advisory
relationships with the Funds); and expenses relating to engagement with a company irrespective of the
outcome of such engagement, such as shareholder and management communication, soliciting proxies,
hiring proxy advisory consultants, hosting shareholder forums, hiring public relations consultants and
proposing or nominating directors or executives, including sourcing, recruiting, standby and
indemnification and other expenses, regardless of whether the nomination is successful; (ii) organizational
fees and expenses and fees and expenses incurred in connection with the offering and sale of the Interests,
including, without limitation, the following: the preparation and amendment of the Offering Documents;
and fees and expenses of Felis Advantage incurred in connection with “world sky” matters and private
placement regimes, including the European Alternative Investment Fund Managers Directive, and Form D
and blue sky and similar fees and expenses; (iii) operational expenses, including, without limitation, the
following: fees and expenses relating to information technology hardware, software or other technology
(including, without limitation, costs of software licensing, implementation, data management and recovery
services and custom development) used to research investments, evaluate and manage risk, facilitate
valuations, facilitate accounting functions, facilitate compliance with the rules of any self-regulatory
organization or applicable law (including, without limitation, reporting obligations) in connection with the
activities of the Funds, and facilitate and manage the order execution of securities or otherwise manage
the Funds (such as portfolio management systems and order management systems); fees and expenses of
third-party risk management products, models and services; third-party administrative fees and expenses,
...

Item 7: Types of Clients

Felis Advantage intends to provide investment advice to the Funds and to SMAs. The Offering Documents
of the Feeder Funds sets forth the eligibility criteria and minimum investment requirements for Investors.
Initial and additional subscription minimums are disclosed in the Offering Documents for the Feeder Funds,
which may be waived at the discretion of Felis Advantage.

Each Investor in the Feeder Funds generally must be (i) an “accredited investor”, as defined in Regulation
D under the U.S. Securities Act of 1933 (the “Securities Act”), and (ii) a “qualified purchaser”, as defined
in Section 2(a)(51) of the Investment Company Act. The subscription agreement contains representations
and questionnaires relating to these qualifications.

The minimum investment for an Investor in the Feeder Funds is US $1,000,000. The minimum may be
waived by Felis Advantage in its sole discretion.