Tano Capital LLC

Item 5 – Fees and Compensation

Management Fee
The compensation payable to Tano Capital is negotiable and varies among its Clients. From
the Funds, Tano Capital (or a subsidiary) typically receives a monthly asset-based
management fee calculated as a percentage of the assets under management. Typically, the
annual management fee ranges between 1.5% and 2.5% of the assets under management.
Generally, the management fee is payable in installments in advance, either monthly or
quarterly. Investors should consult the appropriate Fund’s constituent documents for
information regarding the management fee applicable to an investment. Separate Accounts
are generally charged a management fee as well but the exact terms may vary; such Clients
should consult their agreement with Tano regarding fee terms.

Item 7 – Types of Clients

Tano Capital provides investment advice and management to the Clients. The Firm may in
the future provide the same or similar services to other privately placed investment funds
and/or separately managed accounts.

Prospective Investors in the Funds must meet eligibility criteria as set forth below and are
subject to certain withdrawal requirements and limitations. Prospective Investors are
encouraged to thoroughly review the Funds’ offering documents and any other materials
provided by Tano Capital (or its subsidiaries), which set forth all of the terms in detail.
Though the Clients generally pursue the same strategy, offering terms may differ.

Generally, interests in the Funds are offered to (i) “accredited investors” (as that term is or
may in the future be defined in defined in Regulation D under the Securities Act of 1933); (ii)
“qualified clients” (as that term is or may in the future be defined in Rule 205-3 of the
Investment Advisers Act of 1940); and (iii) “qualified purchasers” (as that term is or may in
the future be defined in Section 2(a)(51) of the Investment Company Act of 1940) or entities
beneficially owned exclusively by one or more qualified purchasers of knowledgeable
employees. The minimum initial investment varies by fund, but generally ranges between $1
million and $10 million, subject to waiver.

Separate Accounts may also be subject to account minimums and eligibility criteria (e.g., to be
a qualified client, if they will be charged performance-based fees), depending on their
particular arrangement with the Firm.