Quona Capital Management LLC

Item 5. Fees and Compensation

Management Fees

Partnerships

The Offering Documents disclose the fee structure for the Partnerships. The Partnerships are offered only
to “accredited investors” as defined in Regulation D the Securities Act of 1933, as amended as stated in
Item 4 above. The Firm, as outlined in the Offering Documents, generally charges a 1.0 – 2.5% management
fee based on the aggregate commitments during the investment period, and a 1.0 – 2.5% management fee
based on the invested and reserved capital thereafter. The Firm may, at its discretion, waive or reduce such
fees for certain investors as permitted in the Offering Documents.

SMA

Fees, if any, charged to the SMA may vary, and payment terms would be detailed in an investment
management agreement or equivalent governing documents entered into with each Client. However, such
Clients would be charged a management fee in a manner similar to that of the Funds.

The Firm deducts the management fee from Client accounts quarterly in advance. The Firm may reduce or
waive the management fee with respect to any Client or investor.

SPVs

Commencing on the Initial Contribution Date through the end of the investment period, certain SPVs are
charged 1.5% annually based on the aggregate capital commitments of the investors. After the investment
period, the management fee is reduced to 0.75% per annum. The detailed terms of the management fee
along with the details of the SPV’s expenses are described in the SPV Agreements.

Other Fees and Expenses

The Funds

In addition to the management fees described above, each Fund is responsible for certain of its operating
expenses as disclosed in the Offering Documents and SPV Agreements. These expenses include but are not
limited to: (i) organizational expenses of the Fund (including the out-of-pocked expenses of the Firm and
the Partnership’s General Partners (“General Partners”) and or Managing Member (“Managing
Member”) incurred in connection with the formation of the Fund, up to certain amounts as detailed in the
Offering Documents and Fund Agreements); (ii) all ongoing accounting, auditing, legal, custodial,
administrative, reporting and tax return preparation fees and expenses (including reimbursable expenses of
members of the LP advisory committee); (iii) costs of insurance and other expenses associated with the
evaluation, making, holding and disposition of actual or prospective portfolio investments (including

broken deal costs and certain travel costs); and (iv) all extraordinary expenses of the Fund (such as any
indemnity or litigation expense).

The Funds incur brokerage costs if applicable; however, due to the nature of the Firm’s business, broker-
dealers are not generally used. See Item 12 – Brokerage Practices.

At the General Partners and Managing Members’ discretion and with the consent of the Firm, operating
expenses may be paid either out of amounts otherwise available for distribution to investors or by
drawdowns of the investors’ unfunded commitments. Please refer to the relevant Fund’s Offering
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’s Offering Documents.

Fees charged to the SMA may vary and would be detailed in such Client’s investment management
agreement or equivalent governing documents.

Management fees are paid by the Firm’s Clients, including the SPVs, in advance on a quarterly or semi-
annual basis. In the unlikely event the Firm does not provide services for a full period, accounts initiated or
terminated during the relevant periods will be charged a pro-rated fee.

Neither the Firm nor any of the Firm’s supervised persons accept compensation for the sale of securities or
other investment products.

Item 7. Types of Clients

The Firm provides investment advisory services to pooled investment vehicles which generally operate as
exempt investment companies under the Investment Company Act of 1940, as amended. The minimum
investment in these Funds is typically $500,000 although the Firm maintains discretion to individually
waive, increase or reduce the minimum investment required.

The Firm also provides investment advisory services to institutional investors through an SMA. The Firm
may impose minimum account requirements on the SMA. Any such minimum would be described in the
written investment management agreement entered into by and between the Firm and the Client.

The Firm also provides investment advisory services to pooled investment vehicles which generally operate
as Special Purpose Vehicles that have no minimum investment.