Stevens Capital Management LP

Item 5 - Fees and Compensation

SCM receives a management fee (the “Management Fee”) equal to the annualized rate of 2.5% of
the net asset value (“NAV”) of each shareholders’ shares in the pertinent Fund as of the beginning
of each month, deducted monthly in arrears at the end of each month. SCM’s Management Fee is
not negotiable.

SCM is paid performance fees by TIF (the “Incentive Fee”) as of: (1) the end of each calendar
quarter; and (2) each other date on which a TIF shareholder redeems all or a portion of its shares.
The Incentive Fee is equal to 30% of any New Appreciation (described below) then attributable to
each tranche (described below) of shares in TIF. New Appreciation is calculated separately with
respect to each tranche. Incentive Fees are not negotiable.

For purposes of calculating the Incentive Fee, “New Appreciation” is the increase, if any, in the
cumulative “Appreciation” attributable to each tranche since the previous date on which Incentive
Fees were paid in respect of such tranche (the “High Water Mark” with respect to such tranche).
“Appreciation” includes all realized and unrealized profit earned by TIF from all sources, including
dividends and short interest rebates, as well as income and NAV growth in OTIP and other
investments. Interest income earned on TIF's assets invested directly in short-term, low-risk,
interest-bearing accounts, U.S. Treasury Bills and gains or losses from currency hedging
transactions are included in calculating Appreciation or New Appreciation.

Adams (or an affiliate) is entitled to an Incentive Allocation (the “Incentive Allocation”) as of: (1)
the end of each calendar quarter; and (2) each other date on which a shareholder redeems all or a
portion of its shares in TFF. The Incentive Allocation is equal to 30% of any “New Appreciation”
(described below) then attributable to each Series of Shares. New Appreciation is calculated
separately with respect to each Series.

For purposes of calculating the Incentive Allocation, “New Appreciation” is the increase, if any,
in the cumulative “Appreciation” attributable to each Series since the previous date on which an
Incentive Allocation was paid in respect of such Series (the “High Water Mark” with respect to
such Series). “Appreciation” includes all realized and unrealized profit earned by TFF from all
sources, including dividends and short interest rebates, as well as income and NAV growth in
OTIP and other investments. Interest income earned on TFF’s assets invested directly in short-
term, low-risk, interest-bearing accounts, U.S. Treasury Bills and gains or losses from currency
hedging transactions are included in calculating Appreciation or New Appreciation.

TFF will issue a separate class of non-voting shares (“Class M Non-Voting Shares”) to Adams
pursuant to which Adams will be credited an amount in satisfaction of the Incentive Allocation.

The Incentive Fee received by SCM and the Incentive Allocation received by Adams are together
referred to herein as the “Performance Payments”.

The Management Fee reduces “Appreciation” and “New Appreciation”. The Performance
Payments do not themselves reduce cumulative “Appreciation” or “New Appreciation”.

The possibility of receiving Performance Payments may create an incentive for SCM to trade and
invest a Fund's portfolio in a riskier or more speculative manner than would be the case in the
absence of such compensation. In addition, while SCM will endeavor to treat each of TIF and TFF
fairly in relation to one another and such entity’s objectives, there can be no assurance that SCM
is free from conflicts of interest in this regard. SCM is likely to have different direct and indirect
benefits resulting from trading profits in each of TIF and TFF, and SCM’s principals have, and
may continue to have, a greater investment in TIF (through HFL) than in TFF. In addition, the
profits of one Fund may differ significantly from the profits in another Fund, giving SCM an
incentive to favor the more profitable Fund or direct more internal resources to the more profitable
Fund so that it earns higher fees. SCM cannot be free from, and is not free from, inherent conflicts
of interest in managing the investments for the Funds and shall be free to manage each Fund as it
sees fit in its sole discretion and in accordance with its fiduciary duties and its trade allocation
policies as further described under this Item, Item 6, Item 8 and Item 10 below.

The Performance Payments are calculated on the basis of the unrealized, as well as the realized,
gains and losses. As a result, the Incentive Fee could be payable to SCM and/or the Incentive
Allocation could be allocated to Adams in respect of unrealized gains of TIF or TFF, respectively,
that may never be realized.

Since the Incentive Fee and the Incentive Allocation are calculated separately with respect to each
tranche of shares, a shareholder that makes multiple investments in TIF or TFF (either directly, or
indirectly by way of an investment in a Feeder Fund) could be subject to an Incentive Fee or an
Incentive Allocation even though such shareholder’s overall investment has declined in value.

SCM allocates significant assets to OTIP. The investors in TFFLP may choose to participate in
OTIP by subscribing for Series A limited partnership interests. TFFLP investors that choose not
to participate in OTIP may subscribe for Series C limited partnership interests. TFF issues Class
A non-voting shares or Class C non-voting shares to TFFLP, corresponding to the Series A and
Series C limited partnership interests, respectively. Investors in TIF and HFL cannot choose to
“opt-out” of OTIP. The fees of the OTIP managers vary widely, including management fees
currently ranging between 0%-3% per annum and Performance Payments currently ranging
between 0%-42%, calculated monthly, quarterly and/or annually. SCM analyzes a prospective
...

Item 7 - Types of Clients

SCM’s Clients are private investment vehicles. The Clients’ investors may include, but are not
limited to, high net worth individuals, employees or individuals affiliated with SCM, trusts,
partnerships, corporations and other business entities. The minimum initial subscription is U.S.
$1,000,000.00, which may be waived in the discretion of the Board of Directors of TIF, HFL or
TFF, or by Adams, as General Partner of TFFLP, as applicable. The minimum subscription amount
that may be purchased by employees or associates of SCM for investments in TIF or HFL is U.S.
$5,000.

TIF, in consultation with SCM, has entered into, and TIF and TFF may in the future enter into,
additional agreements (sometimes referred to as “side letters”) with certain shareholders whereby
such shareholders may be subject to terms and conditions that could be seen by other shareholders
as being more advantageous than and/or different than those set forth in this document. For
example, such terms and conditions may provide for the right to meet with or have access to key
employees of SCM for due diligence purposes, rights to reports generated by third party risk
aggregators (at such shareholder’s expense) in order to monitor their overall exposure to particular
industries, sectors and markets and for other risk assessment purposes and such other rights as may
be negotiated by the Funds, in consultation with SCM. The modifications are solely at the
discretion of each applicable Client, in consultation with SCM, and may, among other things, be

based on the size of the shareholder’s investment. The laws governing such side letters may vary
from side letter to side letter. The Funds will have no obligation to disclose such arrangements or
to offer such additional rights, terms or conditions to all of their respective shareholders.

The Funds will not enter into side letters that provide any shareholder with: special redemption
rights, relating to frequency or notice; or a reduction in or change to the frequency of calculation
of Management Fees or Performance Payments to be paid by the shareholder to SCM.