Summation Capital Management LP

Item 5: Fees and Compensation

The fees applicable to a Fund are set forth in detail in the Offering Documents. A general
summary of the fees and other compensation charged by the Adviser is provided below.
The Adviser, in its sole discretion, may waive, reduce or calculate differently certain fees
and compensation described below as provided in the Offering Documents.

Asset-Based Compensation paid by the Funds

The Funds pay the Adviser a management fee ranging from 0% to 1.00% per annum
calculated based on a Fund Investor’s capital commitment, or in some instances, the Fund’s
net asset value (the “Management Fee”) as specifically described in the Offering
Documents. The Management Fee will be paid quarterly in advance or at such other
frequency as provided in the Offering Documents.

Performance-Based Compensation paid by the Funds

At the end of a Fund’s fiscal year, the Adviser, or an affiliate of the Adviser (the “General
Partner”), with respect to certain Fund Investors, is entitled to an annual performance-based
compensation (the “Incentive Allocation”) of 10% of capital appreciation in excess of a
public equity benchmark attributable to each Fund Investor’s capital account. The Incentive
allocation is subject to a high water mark.

Expenses

Expenses attributable to and borne by a Fund are described in the respective Fund’s Offering
Documents. Generally, the Funds bear all reasonable fees and expenses as follows: (i) direct
costs and expenses incurred in the sourcing, investigation, evaluation, research, structuring
(including expenses of tracking software), holding, monitoring, operating, hedging,
restructuring, purchasing, selling, exchanging, trading, taking public or private, valuing,

winding up, liquidating, dissolving or otherwise disposing of, as applicable, a Funds’ actual
and potential investments (whether or not ultimately consummated) or seeking to do any of
the foregoing, including, but not by way of limitation, finder’s fees, interest on borrowed
money and fees and expenses incurred in connection with such borrowings, legal,
accounting, investment banking and other professional services fees, filing or other similar
fees and expenses incurred on behalf of a Fund, brokerage and other fees, commissions and
discounts incurred in connection with the purchase or sale of investments, costs and
expenses incurred for research services (including legal fees for investment related
research), filing or similar fees paid on behalf of a Fund, travel, meal and lodging costs and
expenses, and technology, equipment, software and third party services for due diligence,
portfolio risk and investment management; (ii) taxes applicable to a Fund and not
attributable to specific Fund Investors, including real property or personal property taxes on
investments, expenses incurred in connection with tax compliance (including FATCA
compliance), and expenses incurred in connection with the investigation, prosecution or
defense of any claims by or against a Fund, including claims by or against a governmental
authority; (iii) cost, fees and expenses of any bank, custodian, depository, valuation agent
or other similar provider; (iv) audit, accounting, tax preparation, legal, bookkeeping, and
other similar third party fees, costs and expenses (including amounts paid to any primary,
secondary or “shadow” third-party administrative service provider, and technology,
equipment, software and third party services for maintaining the books and records of the
Fund); (v) all expenses incurred in connection with the registration of a Fund’s Securities
under applicable securities laws or regulations; (vi) expenses incurred by the General
Partner in serving as the “partnership representative”; (vii) the cost of premiums for any
insurance policies covering any person individually against all claims and liabilities of every
nature arising by reason of such person being, or having been, or agreed to be an indemnified
person, including in situations in which indemnification may not apply; (viii) all out-of-
pocket expenses (including third party services and software) of preparing and distributing
reports to the Partners; (ix) out-of-pocket costs associated with Fund meetings and annual
investor meetings (including travel, lodging, meals, rentals and other expenses of the
General Partner or its affiliates); (x) all legal fees and expenses relating to a Fund and its
activities; (xi) all costs and expenses arising out of litigation and a Fund’s indemnification
obligations pursuant to a Fund’s limited partnership agreement; (xii) all Management Fees;
(xiii) costs and expenses that are classified as extraordinary expenses under GAAP
(including litigation, indemnification, judgements and settlements, if any); (xiv) expenses
incurred in connection with distributions to the Fund Investor and expenses incurred in
connection with preparing and distributing any investor communications; (xv) all
liquidation costs, fees, and expenses in connection with a Fund’s liquidation at the end of
the Fund’s term, specifically including legal and accounting fees and expenses related
thereto; (xvi) expenses incurred in connection with compliance with side letters; (xvii) all
expenses that are not normal operating expenses; (xviii) any and all legal, accounting or
other specialized consulting or professional services that the General Partner (or the
Adviser) would not normally be expected to render with its own professional staff;
(xix) expenses incurred in connection with any restructuring or amendments to a Fund’s
governing documents; (xx) all fees, costs and expenses incurred in connection with the
organization, management, operation, dissolution, liquidation and final winding up of any
alternative investment vehicle or feeder fund; (xxi) other out-of-pocket expenses relating to
a Fund’s research or research-related fees and expenses, brokerage fees, appraisal fees,
...

Item 7: Types of Clients

The Adviser provides advisory services to Funds and Funds of One. Any initial and
additional subscription minimums with respect to investment in a Fund or Fund of One are
disclosed in the governing documents of the Fund or Fund of One.