General Industrial Partners LLP

Item 5: Fees and Compensation

Fees

The fee scale generally includes performance fees paid to GIP. Fees are deducted from client
assets and are not generally negotiable. Specific fee details are contained in the prospectus
for each client.

With respect to the Fund, a standard performance fee is charged equal to 30% for net
performance under 40% and 40% for net performance over 40% by the Manager of the net
profits of a client paid annually in arrears. The calculation of this fee is subject to a high-water
mark. Should an investor redeem all or part of their investment during a year any performance
fee due on the investment will become due upon the redemption date.

Certain share classes in the Fund may charge performance fees which may be higher or lower
than the stated range or subject to hurdle rates, and these are disclosed fully in the Fund’s
offering documentation.

The Special Ops Fund charges performance fees to each series as established. The standard
performance fee on each series is equal to 30% for net performance under 40% and 40% for
net performance over 40% paid on redemption of interest in the structure. Certain series may
be subject to higher or lower performance fees, full details are disclosed in the individual
series appendix to the offering memorandum when established.

Other Expenses

As described in more detail in their respective offering documentation, the Fund bears its
organizational and initial offering expenses, and its operating and other expenses, which may
include (but are not limited to):
    i)      investment and custodial expenses;
    ii)     administrative expenses;
    iii)    administrator and depositary fees;
    iv)     interest on borrowings, including borrowings from Prime Brokers;
    v)      broker commissions, borrowing charges on securities sold short, clearing and
            settlement charges and any issue or transfer taxes or stamp duties chargeable in
            connection with securities transactions;
    vi)     sell-side broker and other independent research and corporate access;
    vii)    research related travel
    viii)   consulting, advisory, investment banking and other professional fees relating to
            investments or contemplated investments paid to unrelated third parties;
    ix)     all taxes and regulatory and/or corporate fees payable to governments or
            agencies;
    x)      directors’ and administrator’s fees and expenses, including reasonable travel
            expenses;
    xi)     the charges and expenses of external legal advisers and auditors;
    xii)    communication expenses with respect to investor services and all expenses of
            meetings of Shareholders and of preparing, printing and distributing financial and
            other reports, proxy forms, offering and similar documents;
    xiii)   subject to the requirements of ERISA Section 410(b) (as applicable), the cost of
            insurance, for the benefit of the directors and officers of the Fund and the officers
            of the Investment Manager;

General Industrial Partners LLP                                                 Form ADV Part 2A

    xiv)       litigation and indemnification expenses and extraordinary expenses not incurred
               in the ordinary course of business;
    xv)        jurisdictional registration costs and costs related to the maintenance of such
               registrations, including state security filings(“Blue Sky” filings and fees); xvii) all
               expenses related to compliance with Automatic Exchange of Information (“AEOI”)
               Regulations; and
    xvi)       valuation specific services (i.e., third-party valuation agents).

Operating Expenses

As described in more detail in their respective offering documentation; the Fund bears the
operating expenses incurred by GIP on behalf of behalf of the Master Fund, the Partnership
and the Cayman Feeder Fund together with, subject to the limitations described in the offering
documentation. Expenses include, but are not limited to:

    •      expenses, salaries and equivalent compensation, fringe benefits, bonuses and
           performance-based compensation paid or reimbursed to all employees and officers
           of the Investment Manager and its delegates, with the exception of Messrs de Weck
           and Yu;

    •      expenses related to computers, equipment and technology (including, without
           limitation, information technology hardware and software and third-party software
           licensing, implementation, data management and recovery services and custom
           development costs);

    •      expenses related to maintaining offices, including leases, fixtures and leasehold
           improvements;

    •      insurance premiums, including, without limitation, for general partner liability
           insurance, directors and officers/errors and omissions insurance, casualty and
           property, cyber liability and other risk-specific insurance and “key-man” life insurance on
           certain personnel;

    •      financing costs, exchange fees and expenses, brokerage fees and expenses, expenses
           relating to short sales, clearing and settlement charges, custodial fees, bank service
           fees and interest expenses, research- and market data-related fees and expenses,
           telecommunications, travel expenses, and other expenses related to the investment
           activities of the Master Fund;

    •      accounting and valuation expenses, tax (including withholding tax) expenses, legal
           expenses, fees and expenses of other advisors, expenses related to preparing and
           making regulatory and compliance filings associated with the Master Fund, the
           Partnership, the Investment Manager and its delegates and their respective
           investment and other activities, such as filing fees and costs of software and systems
...

Item 7: Types of Clients

The Firm’s clients are the Funds.

The minimum initial investment for the master-feeder structure is $1,000,000 payable in full
(net of any bank charges), unless waived by the Directors.

Further applications by existing shareholders can be made for any amount subject to a
minimum of $100,000.

There is no minimum initial investment for the Special Ops Fund.

General Industrial Partners LLP                                               Form ADV Part 2A