Oak Thistle LLC

Item 5. Fees & Compensation

Investment Management Fees

With respect to its private fund, OTR receives a management fee, payable monthly in advance, equal to 1/12th of
2.0% (i.e., 2.0% per annum) pursuant to the terms stated within the Offering Documents. OTR reserves the right to
waive in part, or in full, the management fee with respect to certain investors.

Fees for our investment management services to TPAs are based on the unlevered value of the assets under
management. Our maximum annual rate is 3.5%, paid monthly in arrears. Our fees are negotiable and the specific
terms and conditions are described in the TPA agreement. Our agreements with TPAs also specify that, if the TPA
intends to pay our fee from the TPA’s end-client assets, the TPA is authorized to do so. The actual impact of our fees
on those paid by TPA end-clients is determined by the TPA’s agreement with its own clients and is entirely separate

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from the TPA’s agreement with OTR. This means that some TPA end-clients may pay the TPA additional fees to cover
the costs of OTR’s services, and some may not.

We are also entitled to performance-based fees in connection with our sub-advisory services to private funds, as
described in Item 6.

Other Fees and Charges

All management fees paid to OTR are separate and distinct from the fees and expenses charged by third parties. The
separate fees and expenses include, but are not limited to custodial fees, execution costs, margin interest, borrowing
charges on securities sold short, or other fees and taxes on brokerage accounts and securities transactions.

TPAs are also responsible for their own operating and investment expenses including, but not limited to: fees, costs
and out-of-pocket expenses incurred in connection with the formation of a fund, fees and expenses of any advisers
and consultants to the client/fund; external legal, auditing, accounting, administration, registered office, trustee, tax
return preparation and other professional fees and expenses; fees and expenses of the client’s/fund’s directors,
where applicable, including the costs associated with meetings; fees and expenses of the fund’s administrator; out
of pocket costs of the clients reporting to regulatory authorities; taxes, fees and governmental charges or filing fees;
fees and expenses of prime brokers, futures commission merchants, dealers, custodians, transfer agents, brokerage
commissions, payments and expenses and other costs of trading, acquiring, monitoring or disposing of any
investments of the fund or separate account we sub-advise.

There may be other costs, such as data, research related platforms, and other agreed upon operating expenses that
we may incur and pass onto the TPA if previously agreed between OTR and the TPA. If applicable, these costs will be
detailed in the sub-advisory agreements. Otherwise, we are generally responsible for our own operating costs.

Item 7. Types of Clients & Account Requirements

Our clients are limited to other investment advisers (TPAs), for whom we act as sub-adviser to private funds and
investment companies. Clients in the OTR Funds are limited to qualified purchasers.

Our minimum account size is $50 million for sub-advised private funds and investment companies. The minimum
investment for the OTR Funds, which OTR advise, is $5 million, which may, in certain circumstances be waived,
reduced or increased by the Fund. We reserve the right manage accounts below the minimum account size in certain
situations.