Serafima Investments LP

Item 5. Fees and Compensation

The fees and expenses applicable to the Fund are set forth in detail in the Fund’s offering documents. A
brief summary of such fees and expenses is provided below.
Management Fee
The Adviser is generally entitled to receive a management fee for each quarter equal to 0.4375% (1.75%
per annum) of the net asset value of each investor’s investment in the Fund as of the beginning of such
quarter (prior to deduction of the management fee and accrual of any incentive allocation). The
management fee will be calculated and paid in advance by the Master Fund, and prorated for any period
that is less than a full calendar quarter.
In the sole discretion of the General Partner, the management fee may be waived, reduced or calculated
differently with respect to certain Fund investors, including, without limitation, the Founders Investors.

Item 7. Types of Clients

Serafima provides discretionary investment management services to the Master Fund. The Fund relies on
certain exclusions from the definition of “investment company” in the Investment Company Act of 1940,
as amended. Accordingly, the Fund is not registered as an investment company with the SEC. Serafima
may serve as investment manager to other client accounts in the future.
Investors will generally be required to make a minimum initial investment of $5,000,000, subject to the
discretion of the Adviser or the General Partner (if applicable) to accept lesser amounts or establish different
minimums in the future. Interests will be offered and sold exclusively to investors satisfying the applicable
eligibility and suitability requirements to comply with applicable federal securities laws and regulations.
Such investors are expected to include institutions, funds of hedge funds, family offices, high net worth
individuals, trusts, estates, corporate and public pension and profit sharing plans, endowments, charitable
organizations, and other entities.