Prytania Asset Management LLC

Item 5: Fees and Compensation

All fees are assessed to the Funds by PAM or an affiliate, as detailed in the Funds Governing
Documents.

Governing Documents confirm that fees are subject to annual review and cannot be
increased without investor consent.

Neither PAM nor any of PAM’s supervised persons accept compensation (e.g., asset-based
sales charges or services fees) for the sale of securities or other investment products.

Other fees
Other fees that may be charged to the Funds are set out below, please see the Offering
Documents for further details:

Redemption fees
Funds or Managed Accounts may assess redemption fees as described in Governing
Documents.

Other fees and expenses
Other fees and expenses charged to the Funds may include but are not limited to the
following:

        (a) anti-dilution levy;
        (b) establishment and operating expenses;
        (c) charges and expenses of legal advisers, accountants and independent auditors;
        (d) brokers’ commissions, broker funding costs;
        (e) all taxes or stamp duties and corporate fees payable to governments or agencies;
        (f) Fund Directors’ fees (if any) and expenses;
        (g) interest on borrowings if applicable, including borrowings from the;
        (h) communication expenses with respect to investor services and all expenses of
        meetings of investors and of preparing, printing and distributing financial and other
        reports, proxy forms, prospectuses and similar documents;
        (i) the cost of insurance for the benefit of the Fund Directors;
        (j) litigation and indemnification expenses and extraordinary expenses not incurred
        in the ordinary course of business;
        (k) administration fees;
        (l) custodian fees;
        (m) the cost of obtaining and maintaining the listing of shares on a stock exchange (if
        applicable); and
        (n) other organisational and operating expenses.

Please refer to the relevant Fund Governing Documents for a complete understanding of
each Fund’s fees and expenses. The information contained herein is a summary only and is
qualified in its entirety by the relevant Fund Governing Documents.

Please see” Item 12: Brokerage Practices” for a description of other brokerage charges.

 For separately Managed Accounts, only additional custody fees are applicable which are paid
directly to the applicable custodian under the contract signed directly between the investor
and the custodian.

Prytania Asset Management LLC                                             Form ADV Part 2A

Item 7: Types of Clients

The Funds managed by PAM are described above under “Advisory Business”.

PAM provides investment advice to the Funds, which are private fund investment vehicles
that are exempt from registration under the Investment Company Act. In general, each
investor in the Funds must be an “accredited investor” as defined in Regulation D under the
Securities Act of 1933, as amended, and a “qualified purchaser” as defined in Section 2(a)(51)
of the Investment Company Act of 1940, as amended.

Prospective investors to the Funds and prospective investors via Managed Accounts should
refer to the Governing Documents for each Fund or Managed Account, respectively, for
information on minimum investment requirements or other such requirements for opening
or maintaining an account.

The Governing Documents also specify minimum subscription limits.

Prytania Asset Management LLC                                               Form ADV Part 2A