Honte Advisors LLC

Item 5: Fees and Compensation

The fees, expenses, and withdrawal terms applicable to each Client are set forth in detail in the respective Client’s
Governing Documents. A brief summary of fees and expenses is provided below:

Management Fee
HonTe Advisors is paid an aggregate fixed management fee (the “Management Fee”) for its services, calculated and
payable in advance at a rate equal to a percentage of net asset values. The precise amount of, and the manner and
calculation of, the Management Fee for each Client is disclosed in the respective Governing Documents of such Client.
The Investment Manager may reduce, waive or calculate differently the Management Fee with respect to any
investor. The Investment Manager generally intends to waive the Management Fee for employees of the Investment
Manager and certain affiliates and estate-planning vehicles thereof.

Performance Allocation
For each fiscal year, the General Partner, in its capacity as the general partner of the Master Fund will be entitled to
a performance allocation (the “Performance Allocation”) that is a percentage of any net profit (including realized
and unrealized gains) allocable to each investor’s capital account for such fiscal year in excess of any loss recovery

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Form ADV Part 2A: Firm Brochure ‖ HonTe Advisors LLC

with respect to such investor’s capital account, adjusted for subscriptions, redemptions and distributions as
described in the respective Funds’ Governing Documents.

Performance Allocations generally will be allocated from investors’ capital accounts as of the close of each fiscal year
(and as of each other date in accordance with the relevant Fund’s Governing Documents it is appropriate or necessary
to make a determination of the Performance Allocation with respect to an investor, including a date on which an
investor withdraws all or a portion of its capital account). For certain investors, the initial allocation period is two or
three years.

The General Partner may reduce, waive or calculate differently the Performance Allocation with respect to any Fund
investor.

Other Types of Fees or Expenses
Each Fund bears the expenses of the organization of such Funds and the offering of such Fund’s Interests (including
legal and accounting fees, reporting and providing information and reports to existing and prospective investors,
travel fees and expenses related to the Funds’ offering, filing fees (including any “blue sky” filing fees) and other out-
of-pocket expenses and compliance with any applicable federal and state laws).

The Funds also bear their pro rata share of all costs and expenses directly related to its investment program, including,
but not limited to (i) all costs, fees and expenses directly related to investments or prospective investments (whether
or not consummated), including research costs related to an investment; brokerage commissions, exchange fees,
NFA costs, dealer spreads, give up fees and other execution and transaction costs (including trade errors that are not
the result of the HonTe Advisors’ willful misconduct, recklessness or gross negligence or as otherwise required by
applicable law), interest on, and commitment fees and expenses arising out of, debit balances or borrowings;
exchange, clearing and settlement charges; data costs and expenses, including Bloomberg and other information
sources; computational expenses; the costs of trade infrastructure and execution services; fees and expenses of any
third-party providers of “back office” and “middle office” services; travel expenses; appraisal fees; borrowing charges
on investments sold short and dividends payable with respect to securities sold short; custody fees; and fees of
consultants and finders relating to investments or prospective investments; the costs, fees and expenses of any
appraisers, accountants, outsourced financial officers or other experts engaged by the General Partner or the
Investment Manager as well as other expenses directly related to the investments; (ii) any withholding, transfer or
other taxes imposed on the Funds; (iii) third party fees, costs and expenses (including legal fees and expenses)
incurred by on behalf of the Funds to comply with any applicable law, rule or regulation applicable to the Funds
(including regulatory filings or other expenses of the Funds); (iv) the costs, fees and expenses for financial and tax
accounting, bookkeeping and reporting services, and administrative services performed by any person on behalf of
the Funds (e.g., the Administrator), including the cost of any audit of the Funds’ financial statements and the
preparation of its tax returns; (v) Management Fees; (vi) the costs, fees and expenses of legal counsel and any other
litigation or investigation involving the Funds’ activities; (vii) specific expenses incurred in obtaining, maintaining or
performing systems, research and other information, including information service subscriptions, utilized with
respect to the investments including without limitation for portfolio management, valuations and accounting
purposes, including the costs of statistics and pricing services, service contracts for quotation equipment and related
hardware, software, phone and internet charges; (viii) the costs and expenses associated with meetings of investors
and the Funds’ Directors; (ix) the costs associated with maintaining “directors and officers” or similar liability
insurance for the benefit of the Funds, the General Partner, the Investment Manager, or any other indemnified
person; any costs or expenses of winding up and liquidating the Funds; and (x) all costs, fees and expenses associated
with the ongoing offering of Interests.

The General Partner or the Investment Manager may, in its sole discretion, choose to absorb any expenses incurred
...

Item 7: Types of Clients

HonTe Advisors currently provides investment advisory services to the Funds (and not individually to Fund investors) .
Significant suitability requirements apply to prospective investors, including, in certain cases, requirements that they
be “accredited investors” as defined in Securities Act and “qualified purchasers” as defined in the Investment
Company Act, and the regulations promulgated thereunder. Clients do not have a minimum size, but minimum
subscription amounts are generally established for investors in the Funds. The Investment Manager or the General
Partner, as applicable, has sole discretion to permit investments below the minimum amounts set forth in the
Governing                       Documents                       of                       such                    Client.