Maze Investments LLC

ITEM 5: FEES AND COMPENSATION
Below is a description of the fees charged, and compensation earned by MAZE. Pursuant to CCR Section
260.238(j), it should be noted that lower fees for comparable services may be available from other sources.

Blue Opportunity Fund, LP
Blue Opportunity Fund, LP offers two series of interests: Class A and Class B. The differences between the
classes are the asset-based fee and performance allocation charged; further, Class A interests are subject to a
higher investment minimum and capacity restrictions. Please see the Fund’s offering documents for complete
details.

Qualified Investors: For managing Blue Opportunity, we receive both an asset-based fee and an incentive
allocation. The asset-based fee is 1.25% per year for Class A interests, and 2% per year for Class B
interests, each deducted from limited partner capital accounts, monthly in advance, based on the value of the
assets under management as of the beginning of the first day of each month. The incentive allocation is
calculated as of December 31 each year. When profits for the current period exceed the unrecouped net
losses for prior periods, if any, we will receive an incentive allocation of 15% of profits generated for
Class A interests, and 20% of profits generated for Class B interests. For the purpose of computing this
allocation, net profits and net losses include unrealized gains and losses. Further, if an investor withdraws
capital from Blue Opportunity the incentive allocation for the amount withdrawn will be calculated as of the
withdrawal date.

Non-Qualified Investors: For investors who do not meet the minimum requirements to pay an
incentive allocation, we may charge an asset-based fee greater than 2%, with no incentive allocation. This
asset-based fee will be billed on the same schedule as disclosed above.

Investors who make a withdrawal from Blue Opportunity within the first year after their initial
contribution will pay an early redemption fee of 3%, although this fee may be waived in our sole discretion.
After the first year, investors may make withdrawals as of the last day of any calendar quarter by
providing 65 days advance written notice. Investors do not have the ability to choose to be billed directly
for fees incurred.

MAZE Focus Fund, LP
Qualified Investors: For managing the Focus Fund, we receive both an asset-based fee and an
incentive allocation. The asset-based fee is 2% per year, deducted from limited partner capital accounts,
monthly in advance, based on the value of the assets under management as of the beginning of the first day of
each month.

The incentive allocation is calculated as of December 31 each year. When profits for the current period
exceed the unrecouped net losses for prior periods, if any, we will receive an incentive allocation of 20% of
the profits generated. For the purpose of computing this allocation, net profits and net losses include
unrealized gains and losses. If an investor withdraws capital from the Focus Fund the incentive allocation for
the amount withdrawn will be calculated as of the withdrawal date.

Non-Qualified Investors: For investors who do not meet the minimum requirements to pay an
incentive allocation, we may charge an asset-based fee greater than 2%, with no incentive allocation. This
asset-based fee will be billed on the same schedule as disclosed above.

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Investors who make a withdrawal from the Fund within the first year after their initial contribution will pay
an early redemption fee of 3%, although this fee may be waived in our sole discretion. After the first year,
investors may make withdrawals as of the last day of any month by providing 45 days advance written
notice. Investors do not have the ability to choose to be billed directly for fees incurred.

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Sub-Advisory Services
The sub-advisory fees paid by a client to MAZE will be detailed in the sub-advisory agreement with that
particular client and will be subject to negotiation with the client. A client may therefore pay more or less than
other clients for the same or similar sub-advisory services. MAZE may receive an asset-based fee, incentive
fee, or combination of the two. MAZE does not provide a fee schedule for these services, since each sub-
advisory relationship is individually negotiated with and customized for a particular client. Methods and
frequency of billing are also individually negotiated with each client. This means that MAZE may deduct
fees from clients’ assets or bill clients for fees incurred, and it also means clients may pay fees quarterly,
semi-annually, or some other frequency, as negotiated.

For passive asset allocation only strategies, the fee is typically an asset-based fee only, ranging from 1% to 2%
per year.

For sub-advisory relationships we manage on directed platforms (i.e., the client chooses the custodian and
trading firm), the client determines the fee structure, which we have negotiated. Fees will be negotiated with
each client based on the size of the account, and the scope and complexity of the services to be provided.
Currently, all sub-advisory relationships on a non-MAZE directed platform are incentive fee based only and
follow the same or similar strategy as Blue Opportunity. Historically, incentive fee only accounts have had
fees ranging from 15% to 40%.

All asset-based fees are based on the net market value of the account as of the last day of the month and payable
on a quarterly basis in arrears. The incentive fee is calculated as of December 31 each year. We receive an
incentive fee when profits for the current period exceed the unrecouped net losses for prior periods. For
purposes of computing this fee, net profits and net losses include unrealized gains and losses. If a client
withdraws capital from a sub-advised account, the incentive fee for the amount withdrawn will be calculated
as of the withdrawal date.
...

ITEM 7: TYPES OF CLIENTS
MAZE provides investment advisory services to pooled investment vehicles operating as private investment
funds. Currently, the Funds have the following minimum initial investment levels:

        Fund Name                        Class            Minimum Investment
        Blue Opportunity Fund, LP        Class A          $2,000,000
                                         Class B          $1,000,000

        MAZE Focus Fund, LP                               $250,000

In addition to these minimum investment levels, investors need to meet additional qualifications as outlined in
the offering documents for each Fund.

The above minimums may be waived at our sole discretion.

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