Kane Street Capital Management LLC

Item 5: Fees and Compensation

 Items 5.A, 5.B, 5.C and 5.D

Asset-Based Compensation

         Kane Street charges each Fund an investment management fee based on the value of the Fund’s
 assets under management (collectively, the “Management Fees”). The Management Fees range from
 1.5% to 2.0% (per annum) of the net assets of the Funds and are charged monthly in advance on the first
 day of each month. If a Fund is established during a month or a Fund makes an addition to its account
 during a month, the Management Fee will be charged as of the effective date of the investment
 management agreement or the date of the additional contribution based on the value of the assets as of
 the applicable date and will be prorated for the number of days remaining in the month. The
 Management Fees are not negotiable. However, Kane Street may, in its sole discretion, waive or reduce
 the Management Fees for certain Investors. The Management Fees are generally deducted from each
 Fund account by the Funds’ administrator upon Kane Street’s proper instructions.

Performance-Based Compensation

          Kane Street (or an affiliate) may be paid performance-compensation by the Funds, which is
 compensation that is based on a share of capital gains on or capital appreciation of the assets of a Fund.
 This compensation may be paid to Kane Street (or an affiliate) and is equal to 20% of the net profits
 (including net unrealized gains) allocated to an Investor, subject to a loss carryforward provision. In
 respect of the Long Fund, receipt of performance-compensation is subject to a hurdle. For more
 detailed information and a complete description of the performance-based compensation, if any, paid
 to Kane Street (or an affiliate) by Investors in a particular Fund, refer to the relevant Fund’s offering
 documents. The amount of performance-based compensation paid to Kane Street (or an affiliate) is not
 negotiable. However, Kane Street (or an affiliate) may, in its sole discretion, waive or reduce the
 amount of performance-based compensation for certain Investors.

Expenses

         In addition to paying Management Fees and, if applicable, performance-based compensation,
 each Fund is required to bear certain other expenses, including, without limitation, Fund legal,
 accounting (including third-party accounting services), auditing and other professional fees and
 expenses, organizational expenses, administration fees and expenses, research expenses, investment
 expenses such as commissions, custodial fees, Fund-related insurance costs, bank service fees, directors’
 fees and expenses (as applicable), shareholder proxy voting services (as applicable), and other expenses
 related to the purchase, sale or transmittal of the Fund’s assets. Further, certain Funds are invested in a
 master-feeder structure and such feeder funds bear a pro rata share of the expenses associated with the
 master fund.

        It is critical that Investors refer to the relevant Fund’s offering documents for a complete
 understanding of fees and expenses to which they are subject. The information contained herein is
 provided in summarized form and is qualified in its entirety by such documents.

 Item 5.E

         This Item is inapplicable.

Item 7: Types of Clients

         As previously described in Item 4, Kane Street’s clients consist of private investment funds. With
respect to the Funds, any initial and additional subscription minimums are disclosed in the relevant
offering documents for each Fund. Minimum investment amounts have been, and may in the future be,
reduced in the sole discretion of Kane Street (or by such Fund, as applicable).

         As mentioned in Item 4.C, Kane Street can, but does not currently provide discretionary
investment advisory services to managed accounts. Managed accounts may, in Kane Street’s sole
discretion, be set up in the future for certain large or strategic investors, and such accounts will be
subject to individually negotiated terms.