Islet Management LP

Item 5: Fees and Compensation

The fees applicable to each Client are set forth in detail in each Client’s offering documents and
investment management agreements. The below summarizes terms applicable to Islet’s current
Clients.

The Funds

The Funds will not incur either a management fee or a performance-based fee or performance
allocation payable to the Investment Manager, the General Partner or their affiliates. The
Investment Manager may enter into different fee arrangements charging a Management Fee
and/or a Performance Allocation Fee in the future.

The Funds will bear all expenses and obligations related to their operations (and their pro rata
share of the Funds) including, but not limited to, organizational and reorganizational expenses
(including, without limitation, related travel, lodging and meal expenses), investment related
fees and expenses incurred in connection with the disposition of investments and related
strategic investment options (whether or not consummated), including, without limitation,
trading related expenses (including commissions and brokerage charges, clearing expenses,
interest expense, stock borrowing fees, and related items) and related software expenses; fees
and expenses of any external consultants and administrators; SEC and other reporting and
filing expenses and costs incurred by the Investment Manager in connection with its investment
activities for the Funds, including Form PF expenses; due diligence and investment-related travel
expenses; government expenses; taxes (other than taxes that are attributable to Investors);
administrative expenses, legal expenses and external accounting expenses, including the fees of
a third party administrator; research and market data expenses; audit and tax preparation
expenses (including any expenses relating to compliance with AEOI and CRS); costs of valuing
the Funds’ portfolio, including the use of third-party pricing services or valuation agents; costs
of reports and other communications to Investors; corporate licensing; custodial fees; directors’
and officers’ liability insurance; expenses incurred in negotiating and complying with side letters;
fees and expenses of directors; liquidation costs; indemnification expenses and other
extraordinary expenses; and other expenses associated with the operation of the Funds.
However, the Investment Manager may choose to absorb any such expenses incurred on behalf
of the Funds. Given that each class of interests of the Funds will participate in a separate
portfolio of assets, the Funds may allocate investment-related expenses to the particular class
that participates in such investment. The Funds will bear its own organizational expenses.
Organizational expenses will not be amortized.

The Sub-advised Accounts

The Adviser does not receive a management fee and is entitled to receive a performance fee in
accordance with the applicable investment management agreement. Furthermore, the Sub-
advised Accounts will be responsible for any additional fees and expenses pursuant to their
investment management agreement.

The Clients may also incur brokerage fees and other transaction costs. Please see the disclosures
in Item 12 as it relates to Islet’s brokerage activities. A complete list of fees and expenses a Client
could be responsible for would be listed in the Client’s respective offering documents or
investment management agreement.

Islet Management, LP                                                       Form ADV Part 2A

Item 7: Types of Clients

Our Clients are the Funds and Sub-advised Accounts as described above.

Currently, no new Investors are being admitted to the Funds. Islet has no established
minimum account size for client accounts.

Islet Management, LP                                                         Form ADV Part 2A