Nuverse Advisors LLC

Item 5: Fees and Compensation
NuVerse’s basic fee schedule provides for discretionary account management fees at annual rates
ranging from 1% to 2% and incentive fees (charged to Managed Accounts and the Funds) or
incentive allocations (charged only to the Funds), based on annual rate of return on the assets in
the Managed Accounts or the Funds, as applicable (collectively, the “Accounts”), of up to 20%,
depending on the size and complexity of the portfolio, on an annual basis without regard to any
“high-water mark”. NuVerse has discretion to modify fees for its Accounts on a case-by-case basis.

The management fee charged to the Funds is payable quarterly in advance (and is calculated as a
percentage of each Fund’s net asset value). The quarterly management fee will be reimbursed on
a pro rata basis if the advisory contract with the Fund is terminated before the end of the billing
period. The management fee charged to Managed Account clients is accrued monthly and is paid
at the end of each quarterly period in arrears (and such fee is deducted from the client’s
assets). The incentive fee (or incentive allocation), if earned, is paid annually (and deducted from
the assets of the Managed Account or the relevant Fund, as applicable). Each Managed Account
may terminate NuVerse as investment adviser after one year, upon 90 days’ advance written notice.

Managed Account clients may be subject to commission and or processing fees and custodian fees
by the brokerage firm maintaining their account. Fund clients are subject to the following
expenses: (i) transaction costs and investment related expenses incurred in connection with the S3
Master Fund’s trading activities, including brokerage, research and research-related (e.g.
consulting), clearing, margin interest (if any), and custodial expenses and settlement charges; (ii)
routine legal, accounting, auditing, tax preparation, and related fees and expenses; (iii) expenses
associated with the continued offering of Interests/Shares (other than Finders fees); (iv) the
Administrator’s fees and related expenses (e.g. , clerical, courier, mailing, telephone, facsimile,
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duplication and other expenses); (v) all other operational and overhead expenses, such as the cost
of professional liability insurance, and investment and operational due diligence expenses incurred
by NuVerse and its professional consultants (such as architects, appraisers, etc.) (including,
without limitation, related travel and transportation costs including related business class airfare
and/or train fare, lodging, meals and/or per diem allowances), as well as fees and expenses of (a)
any sub-adviser engaged by NuVerse or to advise NuVerse on investment opportunities, or (b)
any other service provider (such as an operational system or property manager); (vi) extraordinary
expenses (e.g., litigation costs and indemnification obligations), if any; and (vii) the Management
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Fees.

Neither NuVerse nor any of its supervised people accept compensation for the sale of securities or
other investment products, including asset-based sales charges or service fees from the sale of
mutual funds.

The Managing Members and related parties have substantial investments of more than 10% of the
Aggregate Value of the Feeder Funds (S3 LLC and S3 Ltd.) combined. These investments closely
align the interests of the Managing Members and the related parties with the investors in the Funds,
as well as reflect the Managing Members’ confidence in their ability to pursue successfully the
Funds’ investment strategies. Neither the Managing Members nor their related parties are subject

to management fees or performance charges on their investment(s) nor are they required to pay
their pro rata portion of the Funds’ ongoing expenses (e.g., Fund audit, tax, SS&C administration,
legal, etc.).

Item 7: Types of Clients
NuVerse’s Fund and Managed Account clients consist primarily of high-net-worth individuals and
their related trusts and to a lesser extent financial and other institutions.

NuVerse requires that prospective Fund and Managed Account clients provide certain information
to satisfy NuVerse that the types of investments in which NuVerse invests will be suitable for the
client and so that it may charge the prospective client a performance fee.

Accounts are managed in accordance with investment objectives and restrictions selected by the
client or in accordance with disclosures provided to clients.

Separately Managed Accounts

NuVerse requires that each Managed Account client commit a minimum of US$1,000,000 to
NuVerse’s management. NuVerse reserves the right to manage a Managed Account below our
stated minimum account size under certain circumstances.

Funds

The stated minimum investment in each Fund is US$1,000,000 (or €1,000,000) as stated in
the respective Fund’s offering documents. NuVerse has the right, in its discretion, to waive
such minimum requirements.