Seldon Capital LP

Item 5 – Fees and Compensation

The fees applicable to each Client are set forth in detail in the respective offering and organizational
documents in the case of the Funds (with respect to each Fund, the “Offering Documents”) and the
Advisor Agreement in the case of Separately Managed Accounts. A brief summary of Client fees is
provided below.

A.      Fee Schedule
Management Fee - Philosophe

The fees and compensation payable to Seldon are non-negotiable and may vary among its Clients. The
range of compensation is generally as follows:

Clients will typically pay Seldon a quarterly asset-based management fee, generally up to 1.5% (the
“Management Fee”). The Management Fee applicable to each Client is dependent on a number of factors,
including the amount of the Client’s assets under management with Seldon. The expenses of the Clients,
including the management fee, may constitute a higher percentage of average net assets than would be
found in other investment programs. Seldon may, in its sole discretion, reduce, waive or calculate
differently the management fee with respect to any Client.

Performance-based fee / Incentive Allocation - Philosophe

In addition to the management fees described above, each Fund is subject to a performance-based fee or
incentive allocation. At the end of each fiscal year, the General Partner Entity is entitled to a performance-
based profit allocation in the range of 15% to 20% of the net capital appreciation. Incentive Allocations
are made at fiscal year-end or if an investor withdraws capital. Incentive Allocations are made only to the
extent that the increase in that investor’s capital account for the relevant period exceeds the investor’s
“loss carryforward” amount, if any. Loss carryforwards will reflect historical depreciation in an investor’s
Capital Account that has not been “recovered” through subsequent appreciation.

The General Partner may reduce or waive the performance-based fee or incentive allocation with respect
to any Investor. In addition, certain founding investors are expected to be entitled to pay a reduced
Incentive Allocation.

B.      Payment of Fees
The Management Fee will be charged quarterly, or monthly, based on the value of each Client’s account
on the last day of the prior period. If the Client makes additional capital contributions to the account or
withdraws assets from the account, the Management Fee will be prorated accordingly for that quarter.
The Management Fee is deducted from Client assets and is withdrawn at the beginning of each quarter.
For the Funds, the Incentive Allocation is expected to be calculated on December 31 of each year, or on a
withdrawal from the fund.

                                                                                            Part 2A of ADV:
                                                                                 Seldon Capital LP Brochure

C.      Third-Party Fees
The Clients shall pay such costs and expenses as Seldon shall reasonably determine to be necessary,
appropriate, advisable or convenient to realize each Client’s investment objective, including but not
limited to: (i) management fees; (ii) all general investment expenses; (iii) all operating and administration
expenses, including but not limited to, all custodial fees, accounting, brokerage commissions, clearing
fees, borrowing charges, interest on margin and other borrowings, and withholding or transfer taxes
incurred in connection with the Client’s account; and (iv) such other expenses as may be set forth in each
Client’s Advisory Agreement.
Seldon’s fees are exclusive of brokerage commissions, transaction fees, and other related costs and
expenses which shall be incurred by the Clients. Such charges, fees and commissions are exclusive of and
in addition to Seldon’s management fee, and Seldon shall not receive any portion of these commissions,
fees, and costs.
Please see Item 12 of this Brochure regarding brokerage.
Fund-Specific Expenses
Additionally, the Funds shall pay such costs and expense for formation and organization, including, among
other things, government formation charges and legal, accounting, and other professional and consulting
fees in connection with the Funds’ formation and organization, including preparation of the limited
partnership agreement, organizational and governing documents, and amendments thereto, and all other
agreements and documents governing the Funds’ organization or operations. Those costs include fees
and expenses paid to counsel for the General Partner or its affiliates for services for the benefit of the
Funds.
Funds will also pay brokerage commissions and other transaction-related compensation and charges
arising out of transactions involving Fund assets, including costs associated with using service providers
unaffiliated with the General Partner to provide outsourced trading functions; interest, borrowing
charges, and other financing-related costs, including interest or charges on leverage used to acquire or
carry Investments, margin borrowing, and securities sold short; custodial and bank service fees; costs of
systems, facilities, and third-party services for Fund order placement, order management, clearance and
settlement, and risk management functions; costs directly related to researching, acquiring, and/or
otherwise managing and administering Investments and potential Investments, including costs of third-
party investigative, analytical, research, reporting, and/or consulting services; systems and services for
modeling, testing, and other analysis of portfolio construction, attributes, and/or risks (including portfolio
management systems); systems and services that facilitate conducting and managing investment
research, analysis, and investment decision-making; and attending or participating in research-related
symposia and conferences, membership on creditors’ or equity-holders’ committees (both formal and
...

Item 7 – Types of Clients

Seldon also provides discretionary investment management services to private, pooled investment
vehicles offered to accredited investors as defined under federal securities law, as described above in Item
4.

Seldon provides investment advice and portfolio management services to separate accounts, including
individuals, high net worth individuals (including their IRAs), pension and profit-sharing plans (including
401ks), small businesses, as well as business and institutional clients.

Seldon may provide investment advice to separately managed accounts for institutional and other
investors in the future.

                                                                                           Part 2A of ADV:
                                                                                Seldon Capital LP Brochure