Merritt Point Partners LLC

Item 5.     Fees and Compensation

Private Funds

The Funds are separate investment vehicles, each of which has written offering documents that are provided to
prospective investors before any investment is made and which detail the funds’ fees and charges, services, and
rights. A summary of the fees is as follows:

The Funds charge an annual management fee which ranges from 1.5% to 2%, and is paid quarterly in advance.
Investments in these funds are also subject to an additional performance-based fee of 20%, subject to a “high
water mark provision", as further detailed in the respective Fund’s Governing Documents.

Fees are generally non-negotiable; however, the General Partners and the Board, as applicable, have discretion
to waive or reduce any fee with respect to the capital account of any investor during any period. The General
Partners and/or Merritt Point have the right to enter into a “side letter” with any investor(s), which provides for
terms that are different, and may be more advantageous, than those set forth in the Governing Documents. The
terms and conditions set forth in any such side letter will be agreed to solely at the discretion of the Funds, the
General Partners and/or Merritt Point.

Merritt Point deducts management fees, profit allocations, and exit fees, if any, directly from investors’ capital
accounts.

Expenses

Private Funds

Each of the Funds bear and shall be responsible for their own expenses, including, but not limited to: (i)
Management Fees; (ii) all general investment expenses (i.e., exchange commissions and expenses, brokerage
commissions, research expenses, data processing costs and expenses, bank service fees, interest expenses,
borrowing charges, custodial expenses, investment-related consultants and travel costs that are research-related
and other investment expenses); (iii) all administrative, legal, accounting, auditing, record-keeping, tax form
                                                                             Merritt Point Partners LLC
                                                                             Part 2A of Form ADV - Page 6

preparation, compliance, and consulting costs and expenses; (iv) fees, costs, and expenses of third-party service
providers that provide such services; (v) costs and expenses associated with preparing investor communications,
printing, and mailing costs; (vi) insurance costs and expenses (e.g., for the assets of the Fund); (vii) taxes and
other governmental charges; (viii) governmental licensing, filing, and exemption fees (including Blue Sky filing
fees); (ix) indemnification obligations; (x) all expenses (including reasonable attorneys’ fees) incurred in
connection with any threatened, pending, or anticipated litigation, U.S. Internal Revenue Service (“IRS”)
examination or audit, or similar audit or examination by any state or local taxing authority, or other legal
proceeding; (xi) costs of Foreign Account Tax Compliance Act (“FATCA”) and other tax related compliance
including, without limitation, the OECD Standard for Automatic Exchange of Financial Account Information
– Common Reporting Standard (the “CRS”); (xii) expenses incurred with respect to the preparation, duplication
and distribution to Limited Partners and prospective Limited Partners of Fund offering documents, annual
reports and other financial information, any other services or service provider expenses deemed necessary by
the General Partner or the Board on behalf of the Fund; (xiii) Organizational Expenses (as defined herein); and
(xiv) any extraordinary expenses.

In addition to the foregoing expenses, the Fund will pay its pro rata portion of the Reimbursable Expenses (as
defined below).

Where applicable, any expense that relates specifically to a particular Class of Interest or Shares will be charged
solely to the respective Limited Partners or Shareholders, as applicable, holding such Class of Interest or Shares.
The determination as to whether an expense related specifically to a particular Class of Interest or Shares will
be made by the General Partner or the Board, as applicable, in its sole discretion.

Reimbursable Expenses. To the extent not paid by the Fund directly, at the end of each calendar month the
Fund will pay its pro rata share, calculated on the basis of the assets held by each fee-paying client of Merritt
Point as of the end of such calendar month, of Reimbursable Expenses incurred by Merritt Point during such
calendar month and related to its services on behalf of the Fund, not to exceed 0.125% of the net asset value of
the Commodity Fund or Environmental Opportunities Fund Class A Limited Partners’ Capital Accounts as of
the last day of the immediately previous calendar year (the “Expense Reimbursement”). The Expense
Reimbursement will be paid by the Fund to Merritt Point (or an affiliate thereof, as determined by Merritt Point)
quarterly, within 10 business days after the end of each calendar quarter. For the avoidance of doubt, the
Expense Reimbursement is in addition to, and does not in any way offset, the Management Fee. The following
expenses will be subject to the Expense Reimbursement but not limited to (except to the extent they are covered
by the Fund directly) (collectively, the “Reimbursable Expenses”): (i) market data, third party research tools
and/or publications; (ii) insurance costs (including proportionate D&O and E&O insurance costs); and (iii)
programs, examinations, regulatory inquiries and regulatory filings (including Forms 13D, 13G and 13F, PF,
and other regulatory and reporting forms) directly relating to the Fund’s trading and investing.

Organizational Expenses. Expenses incurred with respect to the following Fund matters will be paid by the
Fund (collectively, the “Organizational Expenses”): (i) the offering and sale of the Interests, the Shares, and
interests in any Feeder Fund Limited Partner, and (ii) the negotiation, execution, and delivery of the Partnership
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Item 7.          Types of Clients

Currently, Merritt Point provides investment advisory services with respect to its Clients, which are privately
offered pooled investment vehicles. These vehicles are generally open to, among others, institutions, family
offices, high net worth individuals, financially sophisticated individuals, and other sophisticated investors. Such
investors are required to meet applicable eligibility requirements as provided in the relevant Governing
Documents. Investors in each Fund must invest a minimum of $5,000,000 on an initial basis, and $1,000,000
on a follow-on basis. Merritt Point may waive the minimum for any investor in any Fund, subject only to
applicable law. Merritt Point does not have a minimum opening amount for separately managed or sub-advised
accounts. The minimum would be as Merritt Point and the client agree.