Malt Partners Management LLC

Item 5 – Fees and Compensation

The fees and compensation payable to MALT vary among the investment offerings or
institutional separately managed accounts (collectively, the “Clients”) to which it furnishes
advisory services. MALT currently offers investment management services to pooled
investment vehicles exempt from registration pursuant to section 3(c)(1) of the Investment
Company Act (“Company Act”), or private fund (as the SEC defines the term). Each private
fund (or “Fund” or “Fund Client”) is offered to eligible investors and subject to the terms and
conditions set forth in the private placement memorandum (“PPM”), limited partnership
agreement (“LPA”), subscription documents, and sides letters, as applicable (or “Fund
Governance Documents. In addition, MALT serves as investment adviser to separately
managed accounts (“SMA(s)”) under the terms and conditions set forth in investment
management agreements (“IMA(s)”). For its SMA offerings, MALT furnishes investment
management services solely to Institutional Investors.

Fund Management Services

MALT serves as the investment adviser to MALT Fund offerings (or “Fund” or “Fund Clients”)
which, are exempt from registration under both the Securities Act of 1933 (“Securities Act”)
and Investment Company Act of 1940 (“Company Act”). The Management Fee associated with
MALT Fund(s) is calculated at an annual rate of 1% (paid 0.25% per quarter, in advance)
based on each Limited Partner’s Capital Account (the “Management Fee”). MALT reserves the
discretion to elect to reduce, increase, or otherwise modify, or waive the Management Fee for
any Limited Partner.

MALT provides its advisory services related to Separately Managed Accounts (“SMAs”)
exclusively to Institutional Investors and pursuant to Investment Management Agreements

MALT Partners Management, LLC 2A Disclosure Brochure                                    Page 6

(“IMA”). MALT does not provide direct investment management services to Retail Investors
(as defined by the SEC). For services rendered to Institutional SMA Clients, the management
fees and performance fees, if applicable, vary depending on certain criteria inclusive of the
amount of investment with our Firm, the complexities of the investment strategy being
pursued, and the restrictions proposed by the investor and accepted by our CEO. As a general
standard, MALT imposes a Management Fee, to be deducted from the account of a SMA Client
quarterly as a percentage of the asset value of the account.

Additional Fees and Expenses

In addition to the Management Fee outlined above, and the Performance Fee (further
discussed in Item 6), the Fund (and by extension the Limited Partner investors) bears
applicable fees and expenses including but not limited to these areas of its operations:
investments, administrative, accounting, auditing, record-keeping, compliance, marketing,
syndication, licensing, filing, insurance, indemnification obligations, etc.

Custodian, Fund Administration, Prime Broker, Trading, and Other Costs

Unless otherwise provided for in the IMA or Fund Governance Documents, Institutional SMA
Clients and Fund Clients bear responsibility for fees charged by portfolio investments
involving third-party investment managers, prime brokers, counterparties, custodian and/or
administrator (e.g., operating expenses, custodial fees, commissions, etc.), margin and
financing costs, charges imposed directly by an ETF in the advisory account (as disclosed in
the prospectus), deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and
electronic fund fees, and other related costs. ETFs selected for Client portfolios may be
subject to a minimal distribution fee (or “12b-1” fee); however, MALT does not receive any
compensation from the fund sponsor including 12b-1 fees.

Termination of advisory services by SMA Clients is subject to terms in the IMA(s). Limited
Partners of Fund Client offerings shall be subject to the terms established under the Fund
Governance Documents which, in sum, require the Limited Partner to give notice of
withdrawals other than mandatory withdrawals. As MALT bills SMA Clients in arrears, it will
pro-rate the advisory fees owed during the billing cycle to ensure the Investor is not assessed
fees for the period subsequent to the termination notice. MALT, where applicable, will
provide refund for pre-payment of advisory fees for SMA Clients billed in advance for the
portion of the billing period subsequent to the date of termination of advisory services.

Important Additional Information

Cash balances in client accounts are invested in cash equivalents including money markets.
These cash balances are included in the account market value for the computation of the
investment management fee. MALT will maintain cash balances to meet foreseeable
short­term cash needs of Clients, such as, a temporary repository pending investment in
other securities, or as a defensive position when market conditions are considered adverse.

Item 7 – Types of Clients

MALT provides investment management services through written agreements on a
discretionary basis to pooled investment vehicles that are exempt from registration under
the Company Act, or “Private Funds, and to Institutional Investors directly and exclusive
through Separately Managed Accounts (or “SMAs”). To invest in Private Fund(s) under
management of MALT, investors must meet eligibility requirements to qualify as a “Qualified
Client” (as that term is defined in the Advisers Act) and are subject to a minimum initial
investment of $100,000 to become a Limited Partner in the offering. The General Partner
may raise or lower the minimum investment amounts at its sole discretion. Institutional
investors seeking to have MALT manage their SMA portfolios are subject to a minimum initial
investment subject to the Firm’s sole discretion.