Metacapital Management LP

Item 5: Fees and Compensation

The Funds pay the Adviser an asset based management fee calculated at a rate that currently ranges from
0% to 1.5% per annum of the investors’ capital balances (before deducting any performance fees or
allocations and including net unrealized appreciation of investments, cash, cash equivalents and accrued

interest), but such range could change in the future. Such fees are calculated quarterly and paid in advance
based on the applicable Fund’s net assets at the beginning of the applicable period but other terms may
apply to an investor and other vehicles or accounts could be established using alternative fee calculations.

In the event that a Fund is not in existence for an entire period, the fee for such Fund for such quarter
will be prorated for the number of days the Fund operated. If contributions are made to a Fund during a
quarter, the fee for such Fund will be prorated for the number of days remaining in the quarter and
charged as of the date of the contribution.

The Adviser is also paid a performance-based fee, which is compensation that is based on a share of the
capital gains on or capital appreciation of the Fund’s assets for a calendar year or other period specified
in the Fund’s documents (including the unrealized gains on investments for such period). This
compensation may be paid to the Adviser or to a related person of the Adviser and currently ranges from
0% to 20% of the gains or appreciation, but such range could change in the future. Receipt of performance-
based compensation may be subject to a hurdle rate such as one-month rolling LIBOR (or a successor
rate) and a high water mark and/or claw back mechanism. For certain Funds, the performance-based
compensation is structured as an allocation of Fund gains as opposed to a cash fee.

The Adviser may and has agreed to alternative management and performance fee arrangements with
certain investors in the Funds. Also, the Adviser does not charge management or performance fees on
investments in the Funds held by the Adviser or the Adviser’s principal or employees or their family
members or related vehicles. The Adviser deducts the investment management fees and the performance-
based fees from the Funds’ accounts by instructing the Funds’ administrator and custodians to effect such
payments or allocations from the Funds’ accounts to the Adviser. For a complete description of the
fees and compensation paid to the Adviser by a Fund and the risks of an investment in a
Fund, investors must review the Fund’s offering documents. The Funds will also incur brokerage
and other transaction related costs and expenses associated with the Adviser’s investment transactions
on behalf of the Funds. See Item 12 of this Brochure, which discusses the Adviser’s brokerage practices.

In addition to paying investment management fees and performance-based fees (if applicable) or other
compensation, Fund accounts will also be subject to other expenses such as fees paid to the Funds’
administrators; investment expenses (e.g., expenses which the Adviser reasonably determines to be
related to the investment of a Fund’s assets, such as brokerage commissions, expenses relating to short
sales, research expenses (which include the Adviser’s Bloomberg service fees), clearing and settlement
charges, custodial fees, bank service fees and interest and financing expenses); data and pricing service
fees; insurance premiums (including for professional liability, E&O and D&O insurance for members of the
Boards of Directors of the Funds and for the Adviser and its officers and employees); investment-related
travel expenses (including but not limited to travel to industry-related conferences); legal expenses;
professional fees (including, without limitation, expenses of consultants and experts) relating to
investments; expenses of regulatory compliance, filings and reporting (including Form PF) to the extent
they are in connection with, relate to or derive from the Funds or their investment activities; accounting
expenses (including the cost of accounting software packages); directors’ fees; auditing and tax preparation
expenses; organizational expenses; expenses incurred in connection with the offering and sale of the
interests in the Funds and other similar expenses related to the Funds; and any extraordinary expenses.

In cases where client assets are invested in other pooled investment vehicles, the clients will bear their
pro rata share of the underlying fund’s operating and other expenses described above. For Funds of the
Adviser that are feeder funds in a master-feeder structure, the feeder funds bear a pro rata share of the
expenses of the entire master-feeder fund structure, including the master fund and other related feeder
funds.

Each Fund bears its own expenses as set forth in its respective offering documents and investment
management or other agreement with the Adviser or the Adviser’s affiliates. Expenses borne by one Fund
may differ from the expenses born by another Fund. In certain instances, a Fund may bear expenses that
the Adviser has agreed to bear for one or more other Funds. Additionally, the Funds pay for research
and such research does not benefit all Funds equally. Research paid for by a Fund will, in some cases,
benefit other Funds that are not charged for such costs.

Common expenses are frequently incurred on behalf of all the Funds. The Adviser seeks to allocate those
common expenses among the Funds in a manner that is fair and reasonable over time. However, expense
allocation decisions involve conflicts of interest (e.g. an incentive to favor accounts that pay higher
incentive fees or conflicts relating to different expense arrangements with certain clients). Under its
current expense allocation policies, the Adviser seeks to allocate common expenses among the Funds pro
rata based on the ratio of the Funds’ net assets under management as of the first day of the calendar
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Item 7: Types of Clients

The Adviser’s current clients are the Funds. With respect to the Funds, any initial and additional
subscription minimums are disclosed in each Fund’s offering or operating documents. The Adviser is not
precluded from advising additional types of clients other than the Funds. See Item 4 in this Brochure
regarding the types of Funds that the Adviser currently manages and the Adviser’s ability to manage
separate or customized investment vehicles.