Shrewsbury River Capital LP

Item 5. Fees and Compensation

SRC charges the Master-Feeder Funds an investment management fee of 1.5% per annum based on the
value of each Fund’s assets under management. Investment management fees are charged each quarter
in advance based on the total market value of the assets in each Fund (including net unrealized appreciation
or depreciation of investments and cash, cash equivalents, and accrued interest) on the first calendar day
of each calendar quarter. SRC, in its sole discretion, can and does waive or modify the management fee
for investors that are current or past members, principals, employees, or affiliates of SRC, relatives of such
persons, and for certain large or strategic investors.

SRC or an affiliate will also be paid performance-based compensation, which is compensation that is based
on a share of capital gains on or capital appreciation of the assets of each Fund. The performance-based
fee is 20% per annum for the Master-Feeder Funds and 10% per annum for the MALT Fund. It is charged
at the end of each fiscal year, although it may be charged on withdrawal or redemption amounts that are
not withdrawn or redeemed at the end of a fiscal year. SRC, or an affiliate, in its sole discretion, can and
does waive or modify the performance-based fee for investors that are current or past members, principals,
employees, or affiliates of SRC, relatives of such persons, and for certain large or strategic investors.

The management fees are paid at the Onshore Feeder Fund level or the Offshore Feeder Fund level. SRC
deducts the investment management fee from Fund accounts quarterly in advance by instructing payment
from each of the Fund’s custodians.

SRC will refund the unearned portion of any prepaid management fees if a withdrawal or redemption is
made before the end of the applicable period, and such refund will be calculated based on the value of the
assets on the first day of the applicable period and prorated based upon the portion of the relevant period
during which Shrewsbury provided its services.

In addition to paying investment management fees and performance-based compensation, as applicable,
the Funds will also pay other investment expenses, such as legal, regulatory compliance (including
consulting fees and AIFMD), filings and reporting (including Section 13, Section 16, and Form PF), risk
management (including software licensing and consultants’ fees), administrator, audit, and accounting
expenses (including third party accounting services); organizational expenses; investment expenses such
as commissions, research fees, and expenses (including Bloomberg and similar subscriptions and data
services and third party consultants and research-related travel); interest on margin accounts and other
indebtedness; borrowing charges on securities sold short; custodial fees; bank service fees; independent
Review Committee members’ and Independent Directors’ fees and expenses; and any other expenses
related to the purchase, sale, or transmittal of Fund assets. Fund-related insurance costs (including D&O
and E&O insurance for SRC, the General Partner, and members of the Board of Directors and Review
Committee), and portfolio management systems (including software), are borne 80% by the Fund and
20% by SRC. Master-Feeder Fund assets are invested in a master-feeder structure; Feeder Funds bear a
pro rata share of the Master Fund's expenses. In addition, Fund accounts will incur brokerage and other
transaction costs. Please refer to Item 12 of this brochure for a discussion of SRC’s brokerage practices.

SRC’s allocation of expenses between it and any Fund and among Funds represents a conflict of interest.
SRC has adopted an expense allocation policy to address this conflict. SRC allocates expenses to each
Fund in accordance with the Fund's arrangements with SRC (including applicable Fund disclosures). To
the extent not covered by the Fund's arrangements, SRC will allocate shared expenses for products and
services that benefit SRC and the Fund fairly and reasonably. SRC may use various methods to allocate
expenses among the Funds, depending on the circumstances (e.g., pro rata based on assets under
management, relative participation in the transaction, the overall level of trading activity, etc.). The
determination as to the method or methods used may be based on the relative use of the product or service,
the nature or source of the product or service, the relative benefits derived by the Funds from the product
or service, or other relevant factors.

Item 7. Types of Clients

SRC’s clients are private investment funds for high-net-worth individuals and institutional investors. Any
initial or additional subscription minimums are disclosed in the offering memorandum for each Fund.