Masters Capital Management LLC

Item 5. Fees and Compensation

The Funds pay the Adviser investment management fees each quarter in advance in amounts of 2.0% per
annum, as of January 1, 2026, based on the value of the net assets of the respective Fund on the first day
of the quarter (the "Management Fee"). The Management Fee will be prorated and charged at the time of
contribution if investments are made to a Fund during a quarter. Pre-paid fees will be refunded based on
the number of days remaining in the quarter if a withdrawal or redemption is made before the end of a
quarter. The Adviser receives the Management Fee each quarter by instructing the Funds' administrator to
deduct the Management Fee from the Funds' accounts.

The Adviser will also be paid or allocated performance-based compensation, which is compensation that is
based on a share of capital gains on or capital appreciation of the assets of a Fund. The compensation rate
ranges from 0% to 30% depending on the extent to which the performance of the assets exceeds the SOFR
return and is subject to a loss carryforward provision.

The Adviser may waive or reduce the Management Fees and/or performance-based compensation for
certain Investors of certain Funds.

Funds are also subject to other expenses such as legal, compliance, administrator, audit and accounting
expenses (including third party accounting services); investment expenses such as commissions, research
fees and expenses (including research-related travel); interest on margin accounts and other indebtedness;
borrowing charges on securities sold short; custodial fees; bank service fees; Fund-related insurance costs;
and any other expenses related to the purchase, sale or transmittal of assets. Fund assets may be invested
in other pooled investment vehicles. In these cases, the Funds will bear their pro rata share of the underlying
fund’s operating and other expenses including, in addition to those listed above: sales expenses, legal
expenses; internal and external accounting, audit and tax preparation expenses; and organizational
expenses. Fund assets will also be invested in money market mutual funds, ETFs or other registered
investment companies. In these cases, the Funds will bear their pro rata share of the investment
management fee and other fees of the underlying fund, which are in addition to the Management Fee paid
to the Adviser. In addition, the Funds will incur brokerage and other transaction costs. Please refer to Item

Item 7. Types of Clients

The Adviser’s clients are the Funds. The initial and additional subscription minimums for Investors are
disclosed in each Fund's offering memorandum.