Mara River Capital Management LP

Item 5 – Fees and Compensation

Management Fees

The fees and compensation payable to the Adviser are negotiable. From the Fund, the Adviser typically
receives, as to each Investor, a quarterly management fee (“Management Fee”) to be paid quarterly in
arrears, calculated at the annual rate of 1% to 1.50% of the value of each Investor’s capital account as of
the last day of each calendar quarter.

The Management Fee is paid quarterly, in arrears and together with other fees described below is
deducted from the Funds’ assets. In the event the Fund is not in existence for an entire calendar quarter,
the Management Fee for such calendar quarter will be prorated. The Management Fee will be adjusted
for any capital contributions or withdrawals occurring during the calendar quarter and will be prorated
for any period that is less than a full calendar quarter. Adviser, in its sole discretion, may waive or reduce
the Management Fee for Investors that are principals, employees of Adviser and/or its affiliates, relatives
of such persons, and for certain large or strategic investors. Certain clients (including employees, family
members, or early investors) may pay a lower management fee for similar services.

For SAA Clients that have engaged the Adviser, the SAA may pay the Adviser an annualized management
fee (the “SAA Management Fee”). The SAA Management Fee will be subject to negotiation with the Client
and a Client may therefore pay more or less than other Clients for the same or similar management
services. The current SAA Clients Management Fees are between 0.5% - 1% and are dependent on the
individual investment advisory agreement negotiated between the Client and Adviser (“SAA Agreement”).
Adviser may in its own discretion waive or reduce the SAA Management Fee. In the unlikely event that
an SAA Client invests in the Funds through an SAA Agreement, the SAA Management Fee would be waived
for the portion of assets invested in the Funds.

Performance Fees

With respect to certain Clients, Adviser may receive an incentive allocation or incentive fee based on net
profits. Details regarding any incentive allocation or other incentives are set forth in the next section
entitled, “Item 6. Performance-Base Fees and Side-By-Side Management.” If an SAA Client invests in the
Funds through an SAA Agreement, any performance fee or incentive allocation payable per the SAA
Agreement would be waived for the portion of assets invested in the Funds.

Expenses

Fees paid to the Adviser are exclusive of all custodial and transaction costs paid to the Client’s custodian,
brokers or other third-party consultants. Please see Item 12 – Brokerage Practices for additional
information. Fees paid to the Adviser are also separate and distinct from the fees and expenses charged
by mutual funds, exchange traded funds (“ETFs”) or other investment pools to their shareholders
(generally including a management fee and fund expenses, as described in each fund). Funds managed by
the Adviser will pay (or reimburse Adviser and/or its affiliates) for all applicable organizational and
operational expenses as detailed in each Fund’s offering documents and other governing documents
(collectively, “Governing Documents”). Expenses are generally shared by all of the Investors in the
applicable Fund. Each SAA will pay (or reimburse Adviser/or its affiliates) for such expenses as detailed in

Mara River Capital Management, LP                                                              June 2026
Form ADV Part 2A

the applicable SAA Agreement, which may include, without limitation, research expenses incurred in
connection with such SAA’s investment program. Expenses that are incurred on behalf of more than one
Client are allocated on a pari passu basis among such Clients based on their net assets under the Adviser’s
management, unless Adviser, in its sole discretion, determines that a different allocation methodology
would be more appropriate or equitable. Should any SAA Agreement provide for an expense cap or if the
adviser has waived any expenses, then the adviser will pay the apportioned amount over such a cap or
any amount waived. Each Client (and each Investor) should review all fees charged by funds, brokers,
Adviser and others to fully understand the total amount of fees paid by the Client (and each Investor) for
investment and financial-related services. The Adviser may, at its discretion, make exceptions to the
foregoing or negotiate special fee arrangements where the Adviser deems it appropriate under the
circumstances.

The Client may terminate their investment advisory agreement at any time, subject to any terms and
written notice requirements in such agreement. In the event of termination in accordance with its terms,
any paid but unearned fees will be promptly refunded to the Client based on the number of days that the
account was managed, and any fees due to Adviser from the Client will generally be invoiced or deducted
from the Client’s account prior to termination.

In the event of a termination of an SAA investment advisory agreement, fees will be prorated subject to
the SAA Agreement. Any paid but unearned fees will be promptly refunded to the SAA, and any fees due
to Adviser from the SAA will be invoiced or deducted from the SAA prior to termination. Notwithstanding
the foregoing, Adviser may negotiate or set a management fee different from the foregoing with respect
to the Funds, SAAs or any other Client Adviser manages in the future.

Compensation for Sale of Securities or Other Investment Products

Adviser does not receive compensation for securities transactions or services related to any Client account
or any other fees other than the management fee and performance fees charged for its advisory services.

Mara River Capital Management, LP                                                                 June 2026
Form ADV Part 2A

Item 7 – Types of Clients

The Adviser and its affiliates serve as general partner and/or discretionary adviser to 4 private investment
funds including their private fund Mara River Special Opportunities Fund LP, a Delaware limited
partnership. Then three sub-advisory funds; Old Farm Partners LP and ECA Fund LP which are Delaware
limited partnerships, and an additional fund which is a Cayman Islands limited company (collectively, the
“Adviser Funds”).

Adviser’s Clients (and Investors therein) may include the Adviser Funds, institutional entities, high net
worth individuals, families, trusts, foundations, sovereign wealth funds, private or public pension plans
and endowments. Adviser’s minimum subscription in its private funds are:

        $500,000 for Mara River Special Opportunities Fund LP

Minimum account sizes for SAA Client accounts vary depending on the type of investment advisory
services to be performed and in certain circumstances may be negotiable.

The Adviser may waive these minimums in its sole discretion.

The Adviser may allow certain Investors to invest in a Fund on different business terms than other
Investors. For example, a Fund may agree to provide certain Investors additional information from the
information made available to the other Investors in a Fund. The Adviser also may agree to provide certain
Investors with a fee arrangement that differs in structure and amount from that generally available to
other Investors in the Fund. In determining whether to allow an Investor to participate in a Fund on
different business terms, the Adviser may consider a number of different factors including, but not limited
to, the Adviser’s belief about whether the different terms will adversely affect the other Investors in a
Fund considered as a group; such Investor’s objectives in requesting or accepting such terms; whether
such Investor is under legal, regulatory or “best practices” obligations to request such terms; and/or
whether granting such terms is in any respect inconsistent with representations made by a Fund or Adviser
to Investors. The Adviser’s overarching goal is to have the same level of transparency with any Investor
and not to favor the interests of one Investor over another.

Mara River Capital Management, LP                                                                 June 2026
Form ADV Part 2A