Teewinot Capital Advisers LLC

Item 5 – Fees and Compensation

Teewinot is compensated for its services through an asset-based management fee and performance-
based compensation, subject to the terms of the investment management agreement between
Teewinot and each Client. Management fees are typically billed quarterly at annual rates of up to
2.00%. In the event Teewinot does not manage Client assets for the entire period, the management fee
will be prorated so that Teewinot only receives a fee for the portion of the period that it managed the
assets.

As more fully described in each Fund’s offering documents, Teewinot and/or the General Partner can
also receive annual performance-based compensation from Clients. The performance-based
compensation, where applicable, generally ranges between 10% and 20% of the net profits, including
unrealized gains, and is payable at the end of each fiscal year. In certain cases, the performance based
fee is only earned on net profits above a certain hurdle rate. Performance-based compensation is
subject to a loss carryforward provision. If an investor withdraws or is required to withdraw (in whole or
in part) at any time other than at the end of a fiscal year, the performance-based compensation will be
charged, if earned, with respect to such withdrawal. Performance-based compensation is automatically
deducted from each relevant investor’s account when charged. Additional information regarding
performance-based fees is provided in Item 6, below.

Teewinot has entered into side letters or other similar agreements with certain investors in the Funds,
and may do so again in the future, whereby such investors have been granted terms and conditions that
are more favorable than other Fund investors, including, but not limited to, lower fees. Teewinot may
waive or reduce the management fee and/or performance-based compensation for investors that are
members, principals, or employees or affiliates of Teewinot or relatives of such persons and for certain
large or strategic investors.

Teewinot is responsible for and pays, or causes to be paid, all office overhead expenses, which for a
fiscal year include overhead expenses of an ordinarily recurring nature such as rent, supplies, secretarial
expenses, stationery, charges for furniture and fixtures, employee insurance, payroll taxes and
compensation of analysts and certain other personnel. As more fully described in each Client’s
respective offering documents or investment management agreement, all other expenses involving the
management and operation of Client accounts are borne by each Client. Other Client expenses include,
but are not limited to, legal, audit, accounting, administration and trading expenses, certain professional
research expenses (including consultants' fees, research service fees, research-related travel expenses),
investment expenses such as commissions, interest on margin accounts, custodial fees, bank service
fees and other expenses related to the purchase, sale or transmittal of Client assets. To the extent
expenses only relate to a specific Client account, the expense will be borne entirely by the specific
Client. In the case of expenses which relate to more than one Client account, each client will bear their
pro rata share of the expense. The Feeder Funds shall also bear their pro rata share of their Master
Funds’ expenses.

Where certain expenses are eligible to be reimbursed to Teewinot, to the extent those expenses are
eligible for consideration as a soft dollar product or service, Teewinot may use Client brokerage (“soft
dollar” commissions) to pay such expenses. See Item 12, Brokerage Practices for a detailed discussion of
Teewinot’s brokerage practices and use of soft dollars.

Certain SMA clients have prohibited Teewinot from paying a commission rate that also generates a soft
dollar credit or reimbursing certain research expenses. As a result, those Clients that do not pay the
additional commission rate or expense reimbursement nevertheless do benefit from that research
obtained through the soft dollar credits and reimbursements paid by other clients. Please see Item 12
for additional information regarding Teewinot’s brokerage and soft dollar practices.

Investors are encouraged to refer to each Fund’s offering documents for a more detailed discussion of
the various fees and expenses associated with each Fund.

Item 7 – Types of Clients

As noted in Item 4, Advisory Business, Teewinot provides investment advisory services to the Funds and
to separately managed accounts established for institutional clients, including other investment advisers
via a sub-advisory relationship. While the SMAs, including sub-advised accounts, have the right to
contribute and withdraw capital on any day, subject to certain notice provisions, investors in the Funds
are bound by the terms of each Fund’s respective limited partnership agreement, which generally

provides for monthly contributions and quarterly redemptions upon 60 days’ notice. While the SMAs
have concentrated portfolios, many of the SMA holdings are also held by the Funds. In addition, the
SMAs’ assets under management are significantly greater than the Funds. The SMAs also have the
ability to make contribution and redemption decisions quickly, unlike investors in the Funds. As such, in
certain market conditions, investors in the Funds may be at a disadvantage to the SMAs in terms of
liquidity rights. In addition, a conflict of interest may exist as Teewinot may have an incentive to favor
the larger SMA clients. However, Teewinot has adopted policies and procedures to mitigate this conflict
that require Teewinot to act in the best interest of each Client regardless of their size and the advisory
fees earned from each client.

The minimum investment in the Funds is $1,000,000, subject to a waiver at the discretion of Teewinot.
Interests in the Funds are offered on a private placement basis, and in reliance on Section 3(c)7 or 3(c)1
of The Investment Company Act of 1940 (“Company Act”) to persons who generally are “accredited
investors” as defined under The Securities Act of 1933 and “qualified purchasers” as defined under the
Company Act, and who are subject to certain other conditions, which are fully set forth in its offering
documents.

The General Partner may, from time to time, enter into agreements with one or more prospective
investors whereby, in consideration for agreeing to invest certain amounts in the Funds or other
consideration deemed material by the General Partner, may be granted favorable rights not afforded to
other limited partners. The Funds and the General Partner may enter into such agreements without the
consent of, or notice to, existing investors. The General Partner shall have no obligation to offer any
special arrangement to any other investor.