Firethorn Partners LLC

Fees and Compensation
Firethorn Partners charges a single fee based on the value of the Client’s assets under
management. The single fee includes portfolio management. Fees are calculated based on the
net asset value of each Client’s account as of the end of each month and deducted on a quarterly
basis in arrears. All fees are set by agreement. Firethorn Partners’ fees are exclusive of brokerage
commissions, transaction fees and other related costs and expenses which shall be incurred by
the Client. Clients may incur certain charges imposed by custodians, brokers, third-party
investments and other third parties, such as fees charged by managers, custodial fees, odd lot
differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on
brokerage accounts and securities transactions.

Clients are required to establish brokerage accounts at a qualified custodian (“Broker” or
“Brokers”) identified by Firethorn Partners, which currently include: National Bank Independent
Network, Fidelity Brokerage Services LLC, and Millennium Trust Company. See Item 12 below
for more information on the Brokers.

All Client assets are held in custody at the above listed Brokers. None of the above
custodians/brokers are affiliated with Firethorn Partners.

Each Client authorizes Firethorn Partners to debit the advisory fee directly from their investment
account held by the qualified custodian. If insufficient cash is available to pay such fees, securities
in an amount equal to the balance of unpaid fees are liquidated to pay for the unpaid advisory fee
balance.

All fees paid to Firethorn Partners for advisory services are separate and distinct from the fees
and expenses charged by exchange traded funds, mutual funds, closed-end investment
companies or other managed investments to their shareholders. The specific fees and expenses
are described in each fund's prospectus and will be in addition to the fees described in Item 5
herein.

In addition to the aforementioned, there may be other costs assessed, which are not included in
the advisory services fees, such as charges for transactions not executed through Firethorn
Partners’ designated Broker, costs associated with exchanging currencies, wire transfer fees, or
other fees required by law.

Clients may purchase the products recommended by Firethorn Partners through other investment
advisers.

The Fund

The Fund’s management fees are billed at an annual rate of one and two-tenths percent (1.2%)
of the capital account balance of each Limited Partner. Management fees will be calculated and
are payable quarterly in advance. Capital contributions accepted after the commencement of a
calendar quarter are subject to a pro-rated management fee reflecting the time remaining in the
quarter. In the event that a Limited Partner withdraws from the Partnership prior to the end of a
calendar quarter, such Limited Partner will not receive a refund for the amount of management
fees paid for the remainder of such calendar quarter. The Investment Manager may reduce or
eliminate the management fees with respect to any Limited Partner in its sole discretion.

                                                                                          6|Page

In addition, the Fund charges an incentive allocation if net profits allocated to the Fund’s capital
account exceed net losses allocated to that account, subject to a loss carryforward provision. The
incentive allocation is 15% of net profits. The performance fee, in our sole discretion, may be
waived, reduced or calculated differently with respect to certain investors.

It is critical that investors refer to the relevant offering documents for a complete understanding
of how fee and expenses are charged to the Fund. The information contained in Item 5 is a
summary only and is qualified in its entirety by the relevant offering documents.

Types of Clients
Firethorn Partners provides portfolio management services to individuals, high net worth
individuals, pooled investment vehicles, specific trusts, and businesses. There are no minimum
requirements for our separate account Clients. The Fund’s minimum investment is $250,000 but
may be waived at our discretion.