FNY Investment Advisers LLC

Item 5 – Fees and Compensation
The Funds and Accounts managed by the Firm are generally charged a management fee and
performance fee. The amount and manner in which management fees are assessed by the Firm is
based on contractually specified percentages set forth in each Advisory Agreement.

The management fee paid by each Fund and/or Account will vary between 0.00% and 2.00% per
annum of the net asset value of the Fund or Account. In addition, a Fund may have more than one
class of interests, each of which may pay a different management fee. Generally, the management
fees are payable monthly in arrears and calculated as of the last day of each month or on the
withdraw date. The Firm deducts the management fee from certain client accounts.

The management fee paid by FNYPF to FNYIA is 1.50% per annum of the net asset value of
FNYPF. In addition, the management fee paid by FNYPF to ICM is 0.50% per annum of the net
asset value of FNYPF. The foregoing management fees are payable monthly in arrears and
calculated as of the last day of each month.

   Determined in accordance with the Form ADV Instructions, Amended Form ADV, Part 1A, Schedule D,
Item 5.K.(2).

The Firm believes that its fees, charged to third party Funds and Accounts, are competitive with
those charged generally by other investment advisers for comparable services. However, some
investment advisers may provide comparable services for lower or different fee structures.
Performance fees, as discussed in Item 6, are only charged in accordance with applicable rules and
regulations, including Rule 205-3 under the Advisers Act and the Employee Retirement Income
Security Act (“ERISA”) as applicable.

        Additional Fees and Expenses

The Firm’s fees are charged separately, net of any brokerage commissions, transaction fees, Fund
fees or other Fund or Account related costs and expenses (which are incurred by the Fund or
Account and may include legal and accounting costs).

The Advisory Agreement of each Fund or Account provides a description of any additional fees
and expenses for which Fund or Account client may be responsible in addition to the management
fees and any performance‐based allocations or fees. Generally, each client is responsible for all
costs and expenses relating to the organization and operation of such Fund or Account, including,
without limitation, (i) administration fees and expenses, whether such services are performed by a
third party or an affiliate thereof; (ii) audit fees; (iii) brokerage commissions, clearing and
settlement charges; (iv) prime brokerage fees, custodial fees, other bank service fees; (v) interest
and other expenses incurred in respect of borrowings, if any; (vi) due diligence-related expenses,
including, without limitation, third-party consultants and related travel; (vii) expenses associated
with information, communication and periodic reporting; (viii) expenses incurred in connection
with legal and regulatory compliance with U.S. federal, state, local and non-U.S. or other laws or
regulations; (ix) financial statements, tax returns and Schedules K‐1 (if applicable); (x) insurance
premiums; (xi) legal fees, including costs of litigation involving the Funds or Accounts and the
amount of any judgments or settlements paid in connection therewith; and (xii) marketing expenses
incurred in connection with fundraising activities.

The Funds (other than FNYPF) do not pay the operating and overhead expenses of the Firm.

Currently, FNYPF pays or reimburses the Firm or its affiliates for (a) all expenses incurred in
connection with the ongoing offer and sale of interests; (b) all operating expenses of FNYPF,
including the management fees, any fees payable to Third Party Managers, compensation to the
Portfolio Managers and personnel of the Firm and its affiliates (such as salaries, bonuses, benefits,
payroll taxes and insurance), tax preparation fees, governmental fees and taxes, dividends and
taxes, insurance (including liability insurance and other coverages for the benefit of FNYPF, the
Firm, their affiliates and their personnel), office overhead expenses (e.g., rent, furniture and
equipment, supplies), depreciation, travel and entertainment, ongoing legal, accounting, auditing,
bookkeeping, technology and other professional fees and expenses; (c) all fees to protect or
preserve any investment held by FNYPF, as determined in good faith by the Firm, including all
fees and expenses in connection with the enforcement of the FNYPF’s rights and remedies with
respect to any asset; (d) all direct and indirect FNYPF trading costs and expenses (e.g., brokerage
commissions, margin interest, expenses related to short sales, custodial fees and clearing and
settlement charges) and expenses associated with trading systems, research and market data
services and communication systems and any risk management systems employed by the Firm to
monitor and/or oversee the activities of the Portfolio Managers and Third Party Managers; (e) all
fees in connection with proxy contests or to protect or preserve any investment held by FNYPF, as
determined in good faith by the Firm; (f) any governmental, regulatory, licensing, filing or
registration fees incurred in compliance with the rules of any self-regulatory organization or any
federal, state or local laws; and (g) all fees and other expenses incurred in connection with the

investigation, prosecution or defense of any claims by or against the Firm, FNYPF and its affiliates,
processors and successors. All such operating expenses of the Firm and FNYPF shall be paid from
the assets of FNYPF. The Firm in its sole discretion, may from time to time pay for any of the
foregoing FNYPF operating expenses or waive their right to reimbursement for any such expenses,
as well as terminate any such voluntary payment or waiver of reimbursement. The Firm causes
FNYPF to allocate certain direct and indirect expenses to the Firm to the extent that services are
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Item 7 – Types of Clients
The Firm provides investment advisory services to the Funds and Accounts as defined in Item 4.

The suitability requirements for the Funds are set forth in the private placement memorandum of
such vehicles. Generally, investors in the Funds are required to meet certain suitability and net
worth requirements, and thus the investor must qualify as either (I) a “qualified client” within the
meaning of Rule 205-3 under the Advisers Act, as amended, (ii) an “accredited investor,” as defined
in Regulation D under the Securities Act of 1933, and, where applicable, (iii) a “qualified
purchaser” within the meaning of Sections 2(a)(51) and 3(c)(7) of the Investment Company Act of
1940, as amended, as stated in the offering materials. Investors in the Funds must meet a minimum
initial investment requirement ranging from $50,000 to $250,000. The investment manager or
general partner (or analogous party) of the Funds may accept lower initial investments in its sole
discretion.

Account clients may consist of financial institutions, operating companies and other institutional
clients, and high net worth individuals, and their affiliated family entities. The minimum initial
investment amount for Accounts is $1,000,000, subject to the Firm’s right to accept lower
investment amounts in its sole discretion.