QMS Capital Management LP

Item 5 – Fees and Compensation
Compensation for Advisory Services: The EMN Fund will pay us a management fee, based on the net asset
value of each investor’s interest in the EMN Fund, and a performance-based allocation. The EMN Fund is
available for investment only to qualified purchasers. The terms of the EMN Fund are set forth in the
relevant EMN Fund documents. We may enter into side letters with investors that provide, among other
things, a reduction or rebate of fees or performance-based allocations.

Method of Payment: We will direct the fund administrator of the EMN Fund to pay management fees and
performance-based allocations to us. Management fees are paid monthly in arrears, and performance-
based allocations are made annually.
Other Fees and Expenses: The EMN Fund has its own expenses, such as external legal, compliance, audit,
accounting, tax preparation expenses (including third party accounting and tax preparation services),
administrator fees and expenses, organizational expenses, custodial fees, bank service fees, corporate
filing fees and expenses, ongoing regulatory expenses, including, without limitation, the fees and expenses
associated with the preparation and filings related to Form PF and other regulatory filings which seek
information about the EMN Fund, registered-office expenses, fees and expenses of service providers
retained to comply with laws and rules related to the offering of interests of the EMN Fund, EMN Fund-
related insurance costs (including D&O insurance costs), Directors' fees and expenses, interest on
borrowing, investment expenses such as commissions, interest on margin accounts, and borrowing
charges on securities sold short. These expenses are described in the EMN Fund’s offering document.

Pre-Payment of Fees: We do not require our clients to pay any fees in advance for our services.
No Compensation for Sale of Securities: Neither we nor any of our supervised persons accept
compensation for the sale of securities or other investment products, such as asset-based sales charges or
service fees from the sale of mutual funds.

Item 7 – Types of Clients
Our only investment advisory (as opposed to commodities) client is the EMN Fund. Only qualified
purchasers are eligible to invest in the EMN Fund. EMN Fund investors may include funds of funds, family
offices, endowments, foundations, sovereign wealth funds, public pensions, and high net worth
individuals.
The minimum initial subscription to the EMN Fund is $2,000,000.