Monashee Investment Management LLC

Item 5: Fees & Compensation

Monashee receives fees for investment advisory services and are payable as disclosed in
the Clients’ respective governing documents. Management fees are calculated by a third-
party administrator and deducted from each Client’s account or billed directly. Clients
who are billed in advance and withdraw at any time other than at the end of a calendar
quarter will be subject to a pro rata portion of the Management Fee paid for such quarter
based on the actual number of days remaining in such partial quarter.

The General Partner/Investment Manager also receives an annual performance-based
allocation as disclosed in the respective governing documents (refer to “Item 6 -
Performance Based Fees & Side-by-Side Management” below for additional information).

On behalf of the Feeder Funds, Monashee, in its sole discretion, may waive or modify the
Management Fee for Limited Partners, including, without limitation, those Limited
Partners that are members, principals, employees or affiliates of the Investment Manager
or the General Partner, relatives of such persons, and for certain large or strategic
investors.

Other Fees

In addition to the management fee and Performance Allocation (as defined below), each
Client bears its allocable share of expenses associated with the organization, ownership
and operations of their account and/or investment as outlined in the respective governing
documents.

These include, among others: brokerage and other transaction costs, clearing and
settlement charges, trade break fees, consulting expenses, research expenses, legal fees
and other expenses in connection with conducting due diligence and negotiating the
terms of certain investments, custodial fees, initial and variation margin, interest and
commitment fees on debit balances or borrowings, stock borrowing fees, legal expenses,
audit and tax preparation expenses, accounting fees, fees and expenses of an

administrator, fees and expenses for risk management services, insurance expenses
including costs of any liability insurance obtained, indemnification expenses, the
management fee, regulatory costs and expenses (including filing and license fees), any
issue or transfer taxes chargeable in connection with any securities transactions, any entity
level taxes and fees, costs of reporting and providing information to Clients, and costs of
litigation or investigation involving Client activities, and any extraordinary expenses.

Prospective Clients and investors should review the offering documents, limited
partnership agreement and/or investment management agreement for additional
disclosure regarding actual expenses that will be incurred as part of their investment.

Item 12 further describes the factors that Monashee considers in selecting or
recommending broker-dealers for transactions and determining the reasonableness of
their compensation (i.e., commissions).

     Item 6: Performance Fees & Side-by-Side Management

Monashee receives performance-based compensation in the form of a Performance
Allocation, as disclosed in the respective governing documents, limited partnership
agreements and investment management agreements.

The Performance Allocation may create an incentive for Monashee to make more
speculative investments than would otherwise be made or make decisions regarding the
timing and manner of realization of investments differently than if such allocations were
not received.

Monashee recognizes that a conflict of interest exists if, in any time period, one fee
structure would cause higher fees to Monashee than the other fee structure, which may
create an incentive to favor the account that would pay the higher fees. To address this
conflict, Monashee typically allocates investment opportunities within each strategy on a
pro rata basis, based on Clients’ notional value as detailed in the governing documents
and investment management agreements. In addition, Clients may impose additional
investment restrictions within the governing documents which impact allocation of
investment opportunities. Monashee has policies and procedures in place for allocating
investments to Clients in a fair and equitable manner.

Side Letters

Monashee may enter into side letters with one or more Clients which have established
different rights or privileges with respect to various items, including but not limited to,
liquidity, transparency, reporting, capacity and key man. Monashee may enter into such
side letters without approval from, or notice to, any Client.

Item 7: Types of Clients

Monashee provides investment advisory services to privately offered investment vehicles
and separately managed accounts. Clients are subject to the minimum investment
requirements as disclosed in the governing documents and/or investment management
agreements.

Generally, Clients must each be (i) an “accredited investor,” as that term is defined in Rule
501 of Regulation D promulgated under the Securities Act of 1933, as amended, and (ii)
a “qualified client,” as that term is defined in Rule 205-3 under the Advisers Act. Clients
may include, but are not limited to, high net worth individuals, family offices, funds of
hedge funds, endowments, foundations, trusts, estates, charitable organizations, pension
plans, limited partnerships, limited liability companies and similar entities.