QSO Capital Management LLC

ITEM 5 – FEES AND COMPENSATION
   A. Advisory Fees
The SEC requires that an adviser, as a fiduciary, make full and fair disclosure to Clients about the
fees it charges. QSO Capital receives an annual asset-based management fee (the “Management
Fee”) up to 2% of committed capital or custodian values. The Management Fees are detailed in the
offering documents provided to each investors/limited partnerships in the fund. Depending on the
fund, these fees are charged in advance or in arrears and either monthly or quarterly.

Privately placed and illiquid securities and other investments are designated by the Investment
Manager to be held in a Side Pocket Account and shall be valued, for purposes of determining the
Management Fees that are payable in respect of the Side Pocket Account related thereto, at cost or
at fair value, as determined in good faith by the Investment Manager.
   B. Payment of Fees:
Management Fees are calculated with the assitance of the Investment Manager’s Fund
Administrator. The Fund Administrator instructs the funds to remit payment to QSO Capital the
management fees when earned in accordance with the Investment Management Agreement
(“IMA”). A full description of the entire fee arrangement, and calculation, will be disclosed to the
Client in the relevant IMA.
   C. Other Types of Fees and Expenses:
The Fund will also pay legal, accounting, and other expenses related to the organization and
operation of the Fund and the offering of Interests. The Funds will be responsible for all costs and
expenses in connection with their operation, other than the costs and expenses that will be the
responsibility of the General Partner or the Investment Manager. The Fund will be reliant on the
determinations of the Investment Manager in this regard, and also in regard to the allocation of
investment expenses and any common operating expenses as between the Funds and the other
funds managed by the Investment Manager and/or affiliates of the Investment Manager.
   D. Fees Paid in Advance:
QSO Capital does receive fees in advance as well as in arrears. For funds that pay their fees in
advance, the Investment Manager does not require that fees be paid in excess of six months in
advance.

QSO Capital Form ADV Part 2A                                                Page 5 of 13

Termination of Services:
A Client terminates its agreements with the Investment Manager in accordance with the terms
agreed upon in the relevant IMA. The Management Fee will be prorated for any period of less than
a full calendar quarter, if applicable.
   E. Additional Compensation of Supervised Persons:
Neither the Investment Manager nor any of its supervised persons accept compensation for the sale
of securities or other investment products. Due to common ownership structure with the General
Partners (“GP”) of the funds in which the Investment Manager manages, the owners of the
Investment Managers do receive additional performance-based fees also known as carried interest
from the GP.

ITEM 7 - TYPES OF CLIENTS
The Investment Manager offers professional advisory services to private funds which involve
discretionary advice. The Investment Manager does not have any requirements for its private fund
clients related to the opening or maintenance of a fund, such as minimum size. QSO Capital will
seek to obtain from its private fund clients a full, clear and complete understanding of the Client’s
objectives and risk tolerance as well as investments strategies dictated in the fund offering
documents.