Flatiron Fund Management LP

Item 5          Fees and Compensation
A. Fees for Advisory Services

SMA Clients

Flatiron does not currently charge a Management Fee for its SMAs. However, Flatiron reserves the right to
and may in the future charge a management fee for advisory services, subject to agreement with each Client
in its respective IMA. Flatiron typically does charge a performance fee of 15% that is further described in
Item 6 below. We generally require a minimum aggregate account value of $10 million. This minimum can
be waived at the sole discretion of Flatiron. Flatiron may, from time to time, recommend SMA Clients to
invest in a Fund managed by Flatiron. In such instances, the SMA fee related to the amount invested in the
Fund will be waived such that Clients will only pay the Fund fees described below with respect to the
amount invested in the Fund.

Private Funds

The Funds’ Management Fees are disclosed in the Funds’ respective Offering Documents. Generally, the
Investment Manager charges the Funds an asset-based management fee (the “Management Fee”) for the
investment management services provided, at an annual rate of 2.0% (.167% per month or .05% per quarter,
as applicable) of the net asset value of such Fund or the capital commitments of the underlying investors as
defined in the Offering documents. The Management Fee is paid in advance, monthly or quarterly as defined
in the Offering Documents.

Please Note: Flatiron, in its sole discretion, may charge a lower management fee or performance fee based
upon certain criteria (i.e. anticipated future earning capacity, anticipated future additional assets, dollar
amount of assets to be managed, related accounts, account composition, prior fee schedules, competition,
negotiations with Clients, etc.). As result of the above, similarly situated Clients could pay different fees.
In addition, similar advisory services may be available from other investment advisers for similar or lower
fees.

B. Fee Billing

    1. Management Fee

SMA Clients

No Management Fee is currently collected for SMA Clients. See Item 6 regarding performance fees. If
Flatiron charges a management fee in the future it will be outlined in the respective Client’s IMA.

Private Fund Advisor Services

The Management Fee is paid monthly or quarterly in advance in accordance with the applicable Fund
Offering Documents. See Item 6 regarding performance fees.

    2. Performance Fee

SMA Clients

Flatiron generally receives a performance fee from the SMA Client equal to a percentage of the net realized
profits allocated to each Client’s account for the calendar month (the “Performance Fee”). With respect to
the SMA Client accounts, and subject to the terms and limitations set forth in the respective Client IMA,
the Performance Fee charged to SMA Clients is 15% of the net income allocated for the calendar month to
each such Investor, paid to Flatiron in arrears.

Flatiron will only charge a Performance Fee in accordance with all applicable laws and regulatory
requirements, and only to those Clients who qualify as “Qualified Clients” as defined in Rule 205-3 under
the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”).

Private Funds

Flatiron or an affiliate of Flatiron generally receives a performance allocation from each Fund equal to a
percentage of the net profits allocated to each Investor in the Fund for the fiscal year (the “Performance
Fee”). The Performance Fee is subject to a “high water mark” procedure such that the Performance Fee is
taken only to the extent net profits allocated to that Investor exceeds any cumulative losses that were
allocated to that Investor for earlier periods and that have not been recovered. With respect to the Funds,
and subject to the terms and limitations set forth in the applicable Offering Documents, the Performance
Fee charged to Investors is 20% of the net income allocated for the year to each such Investor.

Flatiron will only charge a Performance Fee in accordance with all applicable laws and regulatory
requirements, and only to those Investors who qualify as “Qualified Clients” as defined in Rule 205-3 under
the Investment Advisers Act.

C. Other Fees and Expenses

As discussed below, unless the Client directs otherwise or an individual Client’s circumstances require,
Flatiron will generally recommend that Interactive Brokers serve as the broker-dealer and qualified
custodian for Clients’ investment management assets. Broker-dealers such as Interactive Brokers charge
brokerage commissions and/or transaction fees for effecting certain securities transactions in accordance
with their respective brokerage commission and transaction fee schedules. These transaction fees are
separate from our fees.

In addition to Flatiron’s investment advisory fees, brokerage commissions and/or transaction fees, Clients
may also incur fees charged directly by mutual funds, exchange-traded funds, index funds, or private
investments. Each such third-party fund has its own internal expenses which generally include a fund
management fee and other fund expenses. In addition, some funds charge a redemption fee on shares bought
and sold within a short period. Funds describe their expenses in their prospectuses, summary prospectuses,
or product descriptions. Clients are advised that these fees are separate and additional expenses incurred by
the Client. Clients are also encouraged to review the prospectus for any third-party funds in which Flatiron
recommends an investment.

Clients are also responsible for all applicable charges including, but not limited to, account administrative
fees, account closure fees, and all trading costs due to the termination of an account. Upon request, we will
provide a good faith estimate of these fees. Clients are also responsible for attorney, accountant, tax, or
other third-party professional fees charged as a result of services provided by Flatiron.
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Item 7           Types of Clients
Flatiron Clients may include, without limitation, trusts, estates, charitable organizations, businesses, and
pooled investment vehicles (Funds). We generally require a minimum aggregate account value of $10
million for SMA Clients. The minimum for each private Fund is described in the respective Offering
Documents, but is generally $250,000.

These minimums can be waived at the sole discretion of Flatiron.