Marek Capital Management LP

Fees and Compensation
Management Fees
Marek will deduct management fees (“Management Fees”) directly from the Client’s assets on a monthly
or quarterly basis. Marek invoices management fees to its Managed Account client pursuant to the terms
of the applicable investment management agreement. Additional Managed Accounts, if any, may be
invoiced pursuant to the terms of their respective agreements. The Adviser or its affiliates may also be
entitled to performance-based compensation based on a share of capital gains on, or capital appreciation
of, the net asset value of each Client’s account on an annual basis. Management fees are up to 2% (currently
anticipated in the range of 1.5% - 2%) per annum of the net assets or capital of each of the Funds or
Managed Accounts. Performance-based compensation is generally calculated at the end of each fiscal year
(other than an unrecovered loss year in which the “high water mark” is in effect), equal to up to 20%
(currently anticipated in the range of 15% - 20%) of the net realized and unrealized appreciation in the net
asset value of the applicable Marek Fund or Managed Account during each fiscal year (adjusted for any
redemptions made during the fiscal year) and will be reallocated from the net asset value of the capital
account or series of shares, as applicable, of Clients of Marek. Marek will also offer management class shares
which are only available to employees and partners. Management class will pay expenses but does not pay
management fees or performance allocation.

If a Client terminates the investment management agreement with Marek in the middle of a billing period
Marek will invoice the client for an amount that is pro-rated based on the number of days that the account
was managed. Clients that are invested in money market mutual funds, ETFs or other registered investment
companies will bear a proportionate share of the related fees and expenses in addition to the fees paid to
Marek. Clients will incur brokerage and other transaction costs. Please see “Brokerage Practices” for more
information.

Managed Account Fees

Managed Account fees are individually negotiated and set forth in each client’s investment management
agreement. The fee structure for Managed Accounts may differ from the fee structure applicable to Marek-
sponsored private funds.

For certain Managed Accounts, compensation may include:

•   A management fee calculated as a percentage of assets or notional risk allocation;
•   A performance-based fee calculated as a percentage of net appreciation, subject to a high-water mark;
    and
•   Reimbursement of certain agreed-upon expenses, including data, technology, and other business-
    related expenses.

Fee arrangements may vary by client based on factors including size of mandate, strategy, capacity rights,
and other commercial considerations.

Expenses, General
Please see each respective offering documents for additional information related to expenses. Any
description of the expenses that a Client may bear (including those listed herein) is not exhaustive. Marek
determines, in its sole discretion, whether an expense is to be categorized as an expense of one Client or

another or an expense of the Adviser. This analytical process is inherently subjective and Marek may be
viewed as biased in making such determinations. The allocation of expenses presents an inherent conflict
of interest, as different allocations would result in Clients and the Adviser bearing more (or less) expenses.
Marek will adopt and implement written compliance policies and procedures designed to address this
conflict and ensure that Marek abides by its duty to act in the interests of Clients. Marek makes these
determinations in accordance with provisions in the applicable governing documents and the Adviser’s
written expense allocation policies and procedures.

The current Managed Account bears expenses pursuant to the terms of its investment management
agreement. Future Managed Accounts may bear expenses similar to those disclosed above, subject to
individually negotiated terms. At its discretion or pursuant to the terms of an investment advisory
agreement, the Adviser may pay expenses that would otherwise be allocated to a Client. The Adviser and
Clients that do not pay expenses benefit from services paid for by other Clients or the Adviser, as applicable.

In addition to Marek’s investment management fees, Clients bear trading costs and custodial fees.
See the section titled “Brokerage Practices”, for more information.

Fund Expenses
The Fund will bear its own expenses and its pro rata share of the Master Fund’s expenses and, indirectly,
any trading vehicle’s expenses, including the following: (i) expenses related to the investment and
divestment of the Fund’s assets, research, due diligence and monitoring of actual and prospective
investments (whether or not consummated) and the consummation of such investments, including the
following: third-party investment sourcing fees; fees and expenses related to obtaining research and market
data (including investment research, corporate access fees, corporate service provider fees including expert
networks and consultants, any computer hardware and connectivity hardware (e.g., telephone and fiber
optic lines) and expenses related to obtaining, processing and analyzing “big data” or “alternative data”);
due diligence expenses including consulting and appraisal fees; valuation and portfolio pricing costs;
investment-related legal expenses; investment-related travel expenses; brokerage, prime brokerage and
futures commission merchant fees, commissions and expenses; expenses relating to reorganizations,
restructurings and workouts; expenses relating to short sales; clearing and settlement charges; custodial
fees and expenses; bank service fees; interest expenses and fees related to financings or refinancings; fees
and expenses of proxy research and voting services; and fees and expenses of third-party professionals,
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Types of Clients
Marek currently provides discretionary investment advisory services to an institutional client through a
separately managed account. Marek expects to provide advisory services in the future to private investment
funds and other institutional clients, including fund of funds, high net worth individuals, family offices,
sovereign wealth funds, endowments, foundations, public and corporate pensions and insurance
companies. Fund investors are required to meet certain eligibility and suitability standards as set forth in
each Fund's governing documents and subscription materials. In general, the minimum investment in a
Fund is $5,000,000; however, the Funds may accept lesser amounts. There is no minimum investment for
the Managed Accounts.

Methods of Analysis, Investment Strategies and Risk of Loss
Methods of Analysis and Investment Strategies

The following is a summary of the methods of analysis and investment strategies generally employed by
Marek as well as the material risks associated with investing in such strategies. Prospective and existing
Clients are advised to review the offering materials and other constituent documents for full details on each
applicable Fund’s investment, operational and other actual and potential risks.

Marek actively manages its portfolios toward earning absolute returns rather than establishing its
performance objectives in terms of outperforming any given financial benchmark. This may result in
incurred losses which are less than a decline in a benchmark. While Marek focuses on strategies it considers
thematic and relative value, there are no limitations on the strategies and/or instruments that the Adviser
may employ in seeking to achieve its investment objective.

Marek employs thematic and relative value strategies investing across mortgages, rates, structured credit,
corporate credit and related equities. The Adviser invests, both long and short, utilizing cash instruments
and related derivatives, primarily in developed markets in the United States followed by Europe and Asia.

Marek employs a multi-layered investment approach that integrates
   (1) top-down macroeconomic analysis including a focus on the inner workings of the global financial
   system, banking infrastructure, and consumer behavior, and
   (2) fundamental bottom-up security and credit research, analysis, and selection to identify
   opportunities, and optimize trade and portfolio construction.

Marek emphasizes probable market-based, political, and regulatory responses to key factors, focusing on
their impact on the current and projected prices of relevant securities. This analysis informs the
identification of fundamental, thematic, directional, and relative-value investment opportunities. Each
opportunity is evaluated for market liquidity, with the ultimate implementation based on risk/reward
profiles, and overall portfolio alignment.

Marek applies a data-driven approach to fundamental analysis to uncover mispricings between market
prices and intrinsic values or instances where markets, asset classes, or securities are relatively under- or
over-valued.

While from time-to-time technical factors (i.e., factors intrinsic to the market such as price trends or
patterns) are used in an attempt to identify pricing anomalies as well as to confirm or question Marek’s
fundamental analysis, Marek’s strategy is predominately fundamental.

Over time, the strategies implemented on behalf of the Fund can be expected to expand, evolve and change,
perhaps materially.

Risks of Investing and Loss
The following is a non-exhaustive summary of risk factors associated with the Adviser’s investment
strategy and may be relevant to investment management clients and mandates. It does not constitute a

complete description of all risks, including general business, regulatory, operational, market, credit, and
liquidity risks. Prospective investors should consult the applicable offering materials for a more
comprehensive discussion and may request additional information from the Adviser.

The Adviser’s investment strategy is speculative and involves substantial risks. Market risks are inherent in
all securities investments, and there is no assurance that the Adviser’s investment objectives, diversification
strategies, or risk monitoring efforts will be successful. Certain investment practices may, under specific
circumstances, increase the potential for adverse impacts on managed portfolios. Investment results can
vary significantly over time, and there is no guarantee of achieving profits or avoiding substantial or
complete losses.

General Investment Management Risks

Investment, Business, and Market Risks
Investments managed by the Adviser including but not limited to structured and specialty credit
strategies—whether through separate accounts or Private Funds—entail significant risks, including price
volatility, illiquidity, and exposure to adverse business, legal, financial, or economic conditions that may
affect interest and principal payments. These strategies are intended for sophisticated investors capable of
understanding and bearing the risk of partial or total capital loss. While the Adviser actively monitors
market conditions, portfolio liquidity, and asset performance, there is no assurance that investment
objectives will be achieved, and actual results may vary significantly. Additionally, investments may be
impacted by broader business and financial risks, including changes in issuer fundamentals,
macroeconomic shifts, regulatory developments, and geopolitical events such as war, terrorism, natural
disasters, and pandemics. Such disruptions can increase market volatility, reduce liquidity, widen credit
spreads, and elevate default rates, all of which may materially impair investment performance and hinder
the Advisor’s ability to execute its strategies effectively.

Structured Finance Securities
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