KWK Management LLC

Item 5 - Fees and Compensation

A. Types of Fees

Adviser charges an annual management fee to each Fund of 1% to 1.5% of each Fund
investor’s capital account, paid monthly in arrears. Adviser, in its discretion, will waive or
reduce the management fee for all or any of the investors in a Fund (including a feeder
fund) or agree with an investor to waive or reduce the management fee for that investor.

The General Partner generally receives from each Fund a monthly performance-based fee
or allocation (“Performance Allocation”) of 10% to 20% of the net capital appreciation (i.e.,
capital appreciation less capital depreciation and any accumulated net capital
depreciation) of each investor’s capital account subject to a traditional “high-water mark.”
Adviser, in its discretion, can waive all or a portion of an investor’s Performance Allocation,
or can agree to other changes in an investor’s Performance Allocation. Investors in a feeder
fund will not be charged an additional Performance Allocation.

NOTE: Investors should refer to each Fund’s Offering Memorandum, Subscription
Agreement and other offering-related documents for additional/supplementary
information regarding the Funds as well as the fees and expenses paid by the Funds.
KWK Management LLC reserves the right to negotiate fees and investment minimums.

B. Payment Method

The management fee will be paid by each Fund by deduction from each investor’s account
in the Fund on the last business day of the month. The Performance Allocation is made by
reallocation from each investor in a Fund on the last business day of the month for each
month in which Performance Allocation is earned.

C. Costs and Expenses

The Funds bear all operation expenses, including management fees, expenses incurred in
the purchase and sale of investments (including all fees and commissions of brokers and
custodians, all fees and expenses relating to the registration and qualification for sale of
such securities and all transfer taxes), legal expenses, and accounting fees, as determined
by the General Partner. For additional information regarding brokerage and execution fees,
see Item 12 below.

D. Refunds

Not applicable.

 REV. 2026-06-18                                                                                 2

E. Sales Compensation

Adviser will not receive sales commissions in connection with sales of interests in a Fund.

Item 7 - Types of Clients & Investors

Adviser’s clients are private Investment Funds organized by the General Partner. Investors
in the Funds include a wide variety of persons and entities such as:

       Qualified individuals
       Trusts and estates
       Family offices
       Pension and profit-sharing plans
       Foundations, endowments, and charitable organizations
       Corporations and business entities other than those listed

Adviser restricts the number of investors and offers the interests in the Funds only through
non-public transactions in order to maintain the Fund’s exclusion from “investment
company” status under the Investment Company Act of 1940, as amended.

Subscriptions for Fund interests will generally be accepted only from “accredited
investors” (as defined in Regulation D under the Securities Act of 1933, as amended) and
“qualified clients” (as defined in Rule 205-3 under the Investment Advisers Act) who are
eligible to enter into a performance fee arrangement under the Investment Advisers Act, as
applicable. In addition, investors must provide their level of sophistication as investors and
ability to bear the risk of loss of their entire investment. The Adviser has the authority to
waive all or part of any admission standard within its sole discretion. The minimum
subscription varies by fund but is generally at least $500,000. However, Adviser, in its sole
discretion, can waive or increase the minimum subscription requirement for any investor.
Qualified prospective investors should carefully read the Fund’s Offering Memorandum
and related documents. Prospective investors should consult with their own counsel or
advisors to determine if an investment in the Funds is suitable.