Interval Partners LP

Item 5 - Fees and Compensation

Our fees and compensation are described in the governing documents (e.g., offering memorandum,
investment management agreements, limited partnership agreements) of each Client. Investors in our

Interval Partners, LP Form ADV: Part 2A                                                        Page 5

pooled investment vehicles are “qualified purchasers” (as defined in Section 2(a)(51) of the Investment
Company Act of 1940, as amended (the “1940 Act”).

With respect to certain Funds that we manage, management fees are generally calculated based on the net
asset value before incentive allocation of the Client’s account quarterly in advance, and such fees are
generally deducted by us from such accounts. If a new Client account is established during a quarter or a
Client makes an addition to its account during a quarter, the investment management fee will be charged as
of the effective date of the contribution based on the value of the assets as of the applicable date and will be
prorated for the number of months remaining in the quarter. Management fees may be waived, reduced or
discounted in our discretion with respect to one or more investors without consent of the other investors.
Generally, management fees are not refundable.

The calculation and payment of management fees for other private investment funds which are separately
managed accounts that we manage are governed by the investment management agreements with the
owners of such accounts. Depending on the arrangement with the separately managed account Client, we
may send a calculation to the Client with the projected management fees for the Client’s approval, or the
Client (e.g. Client’s custodian or administrator) calculates the management fees, which we then confirm.
Such fees are approved and paid by the owners of the applicable accounts.

With respect to certain Funds that we manage, performance-based allocations are generally based on a
percentage of the capital appreciation of Client assets and upon withdrawals/redemptions by investors and
such fees are generally deducted from such accounts. Performance-based fees may be waived, reduced or
discounted in our discretion with respect to one or more investors without consent of the other investors.

The calculation and payment of performance fees for other private investment funds, which are separately
managed accounts that we manage, are governed by the investment management agreements with the
owners of such accounts. Depending on the arrangement with the Client, either we send a calculation to
the Client with the projected performance fees for the Client’s approval or the Client (e.g. Client’s custodian
or administrator) calculates the performance fees, which we then confirm. Such fees are approved and paid
by the owners of the applicable accounts.

Clients that are private investment funds, which are pooled investment vehicles that we manage, generally
bear their operating and other expenses, including, but not limited to, management fees; fees of their
administrators; director’s fees and fees payable to the members of any applicable advisory committee;
investment expenses (e.g., expenses which we reasonably determine to be related to the investment of the
private investment fund’s assets, including, without limitation, brokerage commissions, expenses relating
to short sales, clearing and settlement charges, custodial fees, bank service fees and interest expense and the
cost of investigating actual or potential investments); the cost (including, but not limited to, any related
consulting, hardware and maintenance expenses) of: trade execution and management systems,
compliance, risk and portfolio systems and reports, integration and data transfer connectivity costs to and
from third party systems, products and services relating to research concerning the private investment
fund’s investments or potential investments; including, without limitation, the following: (a) professional
fees (including, without limitation, advisory fees) relating to investments, (b) the costs of obtaining third-
party research products and services (including, without limitation, the cost of research reports relating to
securities, issuers, market segments or geographic regions, the costs of portfolio modeling and analyses,
the costs of computerized financial databases (e.g., Bloomberg), pricing and quotation services), and (c)
the costs of subscriptions or publications regarding investments; expenses related to registration and
compliance obligations (including filings) by Interval as required by regulatory authorities; legal expenses;
accounting expenses; auditing and tax preparation expenses; directors and officers insurance for Interval;

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organizational expenses and expenses relating to the initial offer and sale of the interests in private
investment fund; other similar expenses related to the private investment funds; and extraordinary expenses.
In certain circumstances, some of the expenses borne by a Client account may also benefit other accounts
managed by us. However, in such circumstances, the Client account bearing such expenses will not incur
any additional expenses in excess of the expenses that it would have otherwise paid if the Investment
Manager did not manage such other accounts. (See Item 12 “Brokerage Practices” below.)

Interval encourages Clients, and prospective Clients to review the applicable Private Offering
Memorandum (including, without limitation, the “Risk Factors” section), as applicable, for additional
disclosure regarding the fees and expenses, rights of withdrawal or other matters pertaining to the Funds.

The fees that are charged to separately managed accounts are determined on a case-by-case basis and are
governed by the investment management agreement with the owners of such accounts. Interval may invest
...

Item 7 - Types of Clients

As noted in Item 4 above, Interval and its affiliates provide services to private investment vehicles through
the Funds and separately managed accounts. Certain Funds require a minimum initial investment, which
may generally be waived in our sole discretion. In order to invest in the Funds, an investor must meet
additional requirements set by the SEC. These requirements are discussed fully in the Funds offering
documents.

Interval Partners, LP Form ADV: Part 2A                                                      Page 7

Redemption provisions for the advisory contracts generally are as follows: (1) Investors in the Funds
typically may request to redeem their investment on either a quarterly basis after providing the requisite
advanced notice or on a quarterly basis after providing the requisite advanced notice following the first
anniversary of that investment, unless such notice or redemption period is waived in whole or in part by the
General Partner in its discretion; and (2) termination provisions for advisory contracts for separately
managed accounts will vary based on each Client’s agreement.

The beneficial owners of separately managed accounts generally receive additional information (including
portfolio composition information) and have more favorable liquidity rights than investors in the Funds or
other Client accounts. Fees charged to the separately managed accounts may be more favorable than the
fees for comparable Fund investments. The opportunity to open a separately managed account is not
available to all prospective clients and is generally subject to minimum asset levels, amongst other factors
as determined by Interval.