Kelly Park Investment LLC

Item 5: Fees and Compensation

Kelly Park receives compensation in connection with its management of the KPC Funds in the form
of asset-based advisory fees (“platform fees”) and, in certain cases, performance-based
(incentive) fees. The applicable fees and terms are described in the governing documents of each
KPC Fund.
Platform Fees
The KPC Funds pay Kelly Park a platform fee, generally based on assets, which typically ranges
from 0.50% to 1.50% per annum. The platform fee is payable in arrears and may vary depending
on the applicable Underlying Fund and investor allocations, as described in the relevant offering
documents. Fees may be subject to negotiation, waiver, or modification in certain circumstances
at the discretion of Kelly Park. The platform fee compensates Kelly Park for services including
investment sourcing, due diligence, monitoring, reporting, operational support, and technology-
enabled services.
Performance-based (Incentive) Fees
Kelly Park may receive an incentive fee in connection with certain investments. Not all investments
or investors are subject to such fees. Where applicable, incentive fees are generally based on a
percentage of net profits and may be up to 20%, subject to applicable terms, including high-water

                                                                                 Kelly Park Investment LLC

marks, as set forth in the relevant fund documents.
The receipt of performance-based compensation creates an incentive for Kelly Park to favor
investments or allocations that are subject to such fees. Kelly Park has adopted policies and
procedures designed to address this conflict. Please see Item 6 for additional information
regarding Performance-based fees.

Underlying Investment Fees and Expenses
In addition to the platform and any incentive fees charged by Kelly Park, investments made by the
KPC Funds typically involve underlying investment managers that charge their own fees and
expenses, including management fees and performance-based compensation. Accordingly,
investors will indirectly bear a portion of such underlying fees and expenses in addition to the fees
charged by Kelly Park.
Kelly Park may seek to negotiate certain economic or other terms with underlying investment
managers. There can be no assurance that such terms will be obtained or that any such benefits
will be passed through to investors.
Fund Expenses
The KPC Funds bear their own organizational, operating, and investment-related expenses, as
described in the applicable fund documents. These expenses may include, but are not limited to,
legal, accounting, audit, administration, regulatory, and other operational costs.
General
The foregoing description is general in nature. The specific fees and expenses applicable to any
investor are set forth in the governing documents of the relevant KPC Fund. Prospective investors
should review such documents carefully.

Item 7: Types of Clients

The Firm provides advisory services solely to the KPC Funds and does not offer advisory services
that are primarily for personal, family or household purposes. Investors in the KPC Funds are
required to meet certain suitability thresholds, as stated in the offering materials, including the
requirements for (i) an “accredited investor”, as defined in Regulation D under the Securities Act
of 1933, and (ii) a “qualified client” within the meaning of SEC Rule 205-3 promulgated under the
Investment Advisers Act of 1940, as amended. Investors in the KPC Funds are subject to
acceptance by Kelly Park, investors must satisfy an initial minimum investment requirement of
between $100,000 and $250,000 and may also be subject to minimum allocations among
Underlying Funds of $100,000. Kelly Park may accept lower initial investments at their sole
discretion.