Room40 Capital LLC

Item 5: Fees and Compensation

Item 5.A.

Room40 is compensated for its advisory services through a management fee. Generally, the management
fees across the Funds range from 1.8% - 2.5% annualized. However, the specific management fee
arrangements will vary for each Fund and the specific terms and conditions are set forth in such Funds’
governing documents.

In general, the fees for the Funds are not negotiable. However, the Firm has and may in the future enter
into, side letters or similar arrangements with certain investors that grant different terms (including lower
fees) to such investors than the terms generally applicable to other investors in the Fund.

Details regarding Room40’s management fees are set forth in each Fund’s relevant offering memorandum
or limited partnership agreement (“LPA”).

The Funds are offered only to “accredited investors,” as defined in Rule 501(a) of Regulation D under the
Securities Act of 1933, and to “qualified purchasers,” as defined in Section 2(a)(51)(A) of the Investment
Company Act of 1940, as amended (the “Investment Company Act”).

Item 5.B.

Room40 is generally authorized to deduct management fees on a quarterly basis. For Funds managed by
Room40 Capital, the management fee percentage is typically charged in arrears based on each limited
partner’s account balance as of the last business day of each calendar quarter. For Funds managed by
Room40 Management, the management fee is typically charged quarterly in advance and is calculated
pursuant to each Fund’s governing documents, but is generally based on each limited partner’s committed
capital. Any payment covering less than a full calendar quarter is prorated based on the actual number of
days in such period.

Item 5.C.

In addition to any management fees and performance-based compensation paid to the Firm, each Room40
Fund is responsible for its own organizational, investment, and operating expenses (“Fund Expenses”).
These Fund Expenses may be paid directly by the Fund or may be reimbursed to the Firm or its affiliates
for expenses incurred on the Fund’s behalf.

Fund Expenses are described more fully in each Fund’s governing documents, but generally include,
without limitation: organizational and offering expenses; legal, accounting, audit, tax preparation, and
compliance expenses; fees and expenses of administrators, custodians, prime brokers, and other service
providers; research and data expenses; brokerage commissions and trading-related costs (including platform
or order management system (“OMS”) costs, as further discussed in Item 10: Other Financial Industry
Activities and Affiliations); borrowing and interest expenses; technology and risk management systems;
costs related to custody and security of Digital Assets; governmental, regulatory, and tax-related fees;
insurance premiums; expenses related to investor communications; travel and due diligence costs; expenses
associated with the formation and operation of special purpose vehicles; and costs of litigation,
investigations, or extraordinary events.

As noted above, the Funds will incur brokerage and other transaction costs. For additional information
regarding brokerage and trading activities, please see Item 12: Brokerage Practices.

This list is not intended to be exhaustive. Prospective and existing investors are advised to carefully review
the applicable Fund’s governing documents and agreements for a complete description of Fund Expenses.

Fund Expenses are typically allocated among all limited partners on a pro rata basis unless otherwise
determined by the Fund’s general partner to be appropriate. Expenses shared between multiple Funds are
allocated among such Funds as determined in good faith by the general partner(s). General and
administrative expenses may be allocated based on various reasonable methods including effort expended,
benefit received, total commitments, assets under management, or other appropriate factors, and such
methods may vary across expense types and over time.

Item 5.D.

As detailed above, certain Funds pay Room40 a management fee in advance according to the governing
documents of the specific Fund.

Item 5.E.

Neither Room40 nor any of its supervised persons accept compensation for the sale of securities or other
investment products.

Item 7: Types of Clients

Room40 provides investment advisory and management services to its affiliated Funds. The minimum
investment amount for the Funds is generally $1,000,000 for Funds managed by Room40 Capital and
$50,000 for Funds managed by Room40 Management. This amount may vary depending on the terms set
forth in each Fund’s governing documents and the Firm’s discretion. The relevant general partner also
retains the right to waive the stated minimum investment amount.

Room40’s Funds rely on certain exclusions and exceptions from the definition of “investment company” in

the Investment Company Act. Accordingly, none of Room40’s Funds are registered as investment
companies with the SEC.

Investors in the Room40 Funds generally include individuals, trusts, limited partnerships, and limited
liability companies. These investors qualify as “accredited investors,” “qualified clients,” and, where
required by the applicable exemption, “qualified purchasers” under the Securities Act of 1933, the Advisers
Act, and the Investment Company Act.