March Altus Capital Management LP

Item 5: Fees and Compensation
As explained more fully in each Fund’s respective Offering Document, each Investor in a Fund
advised by March Altus will generally be charged a management fee as well as an annual
incentive allocation.
Management Fee
The Investment Manager receives a management fee for its investment management services each
quarter based on a percentage of the net asset value of each applicable Investor. The management
fee is calculated prior to any accrual of the incentive allocation (discussed below). The
management fee rate ranges between 1.50% and 1.75% per annum and is paid to March Altus
quarterly in advance on the first day of each calendar quarter. The management fee is prorated for
partial periods. Management fees charged reduce the net asset value of each applicable Investor’s

Form ADV Part 2 Brochure | March Altus Capital Management LP

account. Management fees are not negotiable, but each of the Investment Manager and the
General Partner, as applicable, may, in its sole discretion, elect to reduce, waive or calculate
differently the management fee with respect to any Investor, including Investors that are affiliates
or employees of March Altus.

Incentive Allocation
The General Partner receives an incentive allocation generally at the end of each fiscal year
ranging from 15% to 20% of the net realized and unrealized appreciation in the net asset value of
each Investor. The incentive allocation is subject to a high water mark such that no reallocation to
the General Partner may be made until certain losses, if any, are recovered. If an Investor
withdraws all or any portion of the balance of its account at any time other than December 31, any
incentive allocation that has been accrued in respect of such withdrawn amounts will be allocated
to the General Partner at that time. The incentive allocation reduces the net asset value of the
Investor’s account. The incentive allocation is not negotiable but the General Partner may, in its
sole discretion, elect to reduce, waive or calculate differently the incentive allocation with respect
to any Investor’s account, including accounts held by Investors that are affiliates or employees of
March Altus.

Expenses
The Funds bear their own operating and other expenses (including, without limitation, the Feeder
Funds’ attributable share of the operating and other expenses of the Master Fund). The Funds’
direct and indirect expenses may include, without limitation, the following expenses: investment
and trading-related expenses (i.e., expenses directly related to the investment program including,
e.g., brokerage commissions, ticket charges, expenses related to short sales, clearing, and
settlement charges, custodial fees, financing charges, including interest on margin indebtedness,
consulting and any other professional fees or compensation relating to particular investments or
contemplated investments, appraisal fees and expenses, and research-related expenses); third-
party trading-related expenses; risk and research-related software expenses; legal and regulatory
expenses (including those incurred in connection with portfolio holdings, investments, investment
activities, expenses relating to the preparation and filing of the SEC’s Form PF and other similar
U.S. and non-U.S. regulatory and tax filings) and expenses relating to the offer and sale of
interests in the Funds and other vehicles investing in the Master Fund; expenses relating to
communications with Investors; accounting, audit and tax preparation and consulting expenses;
entity-level taxes; organizational expenses; fees and expenses borne directly by any vehicle
through which assets of the Master Fund may be invested; premiums for professional liability
insurance (including insurance obtained to reduce the Funds’ indemnification obligations);
administrative expenses; fees relating to valuing assets; expenses relating to the maintenance of
registered offices; Fund licensing expenses; indemnification expenses; and other similar expenses
(e.g., reasonable commercial travel and lodging expenses related to the foregoing but excluding
marketing-related travel expenses) and extraordinary expenses. Expenses borne by any Fund may
be paid by the Master Fund.

Except as provided above, the Investment Manager and the General Partner bear their own
overhead and administrative expenses, including compensation of employees, employee benefits
and rent.

Form ADV Part 2 Brochure | March Altus Capital Management LP

Investors should refer to each Fund’s Offering Documents for a complete understanding of the
applicable fees and expenses. The information contained herein is a summary only and is
qualified in its entirety by such Offering Documents.

Item 7: Types of Clients
March Altus provides investment advisory services to the Funds. Investment advice is provided
directly to the Funds by the Investment Manager, subject to the direction and control of the
General Partner (in the case of the Domestic Fund and the Master Fund) and the Board of
Directors (in the case of the Offshore Fund) and not individually to the Investors. As described
above, the Investment Manager’s clients are the Funds, each of which is a private investment fund
exempt from registration as an investment company under Section 3(c)(7) of the U.S. Investment
Company Act of 1940.
Investors in the Funds may include, but are not limited to, high net worth individuals, trusts,
estates, charitable organizations, endowments, foundations, insurance companies, funds of funds,
family offices, public and corporate pension plans and other corporate and business entities.
The Funds require Investors to meet certain minimum investment criteria and suitability
requirements as detailed in each Fund’s Offering Documents. In order to invest in any of the
Funds, an Investor is required to complete and execute a subscription agreement that, among other
things, requires the Investor to represent that it meets the suitability requirements of the applicable
Fund. Investors are required to make an initial minimum subscription of $1,000,000, subject to a
determination by the General Partner or the Board of Directors, as applicable, to accept initial
subscriptions of a lesser amount. Investors may make additional subscriptions at such times as the
General Partner or Investment Manager may determine in their sole discretion. The minimum
additional subscription is $500,000, subject to a determination by the General Partner or the Board

Form ADV Part 2 Brochure | March Altus Capital Management LP

of Directors as applicable, in their sole discretion, to accept additional subscriptions of a lesser
amount.

The Funds have the authority to, as applicable, issue additional interests or shares, create new
classes, sub-classes, tranches, series, sub-series or lots of interests and enter into letter agreements
or other similar agreements (collectively, “Side Letters”) with certain Investors that modify, alter
or amend the terms related to those Investors or provide such Investors with additional and/or
different terms than the terms described in the Offering Documents. Such differences may
include, but are not limited to, differing offering terms, rights, privileges, portfolios, higher or
lower fees, and different incentive allocation and management fee rates, denomination of
currencies, informational rights and/or more or less frequent withdrawal rights associated with
them. The Funds are not required to notify or receive consent from any or all of the other
Investors regarding the Side Letters or any of the rights and/or terms or provisions thereof, nor
will the Funds be required to offer such additional and/or different rights and/or terms to any or all
of the other Investors.