Telsey Consumer Fund Management LP

Item 5 – Fees and Compensation

Fees charged to clients include asset-based management fees and performance fees that may
vary for clients.

The Company charges each client account an investment management fee based on the value
of the client account’s assets under management that range from 1% to 2%. The management
fee is calculated as of the first calendar day of each calendar month.

Investment management fees are charged each month in advance based on the total market
value of the assets in the client account (including net unrealized appreciation or depreciation
of investments and cash, cash equivalents and accrued interest) on the first day of the month.
If a new client account is established during a month or a client makes an addition to its
account during a month the investment management fee will be charged as of the effective
date of the investment management agreement or the date of the additional contribution
based on the value of the assets as of the applicable date and will be prorated for the number
of days remaining in the month.

Performance based fees are paid in arrears. Please see Item 6 below.

Fees for consulting services, one-off research projects and speaking engagements are subject to
negotiation. Payment for these services is determined by a fixed fee contract, based on the
scope of work, in advance of the project. Any Company speaking engagements are also
negotiated as a fixed fee in advance of the engagement. The Company does not have a wrap
fee program. In certain cases, clients may also be billed for fees earned by the Company.

Fees are negotiable.

Clients may incur other fees and expenses in connection with the Company’s advisory services,
such as custodian, administrative and brokerage expenses.

In addition to paying investment management fees and performance-based compensation,
client accounts will also be subject to other investment expenses in accordance with the client’s
investment management agreement or fund governing documents such as custodial charges,
brokerage fees, commissions and related costs; interest expenses; taxes, duties and other
governmental charges; transfer and registration fees or similar expenses; costs associated with
foreign exchange transactions; other portfolio expenses; and costs, expenses and fees

(including, investment advisory and other fees charged by investment advisers with, or funds in,
which the client’s account invests) associated with products or services that may be necessary
or incidental to such investments or accounts. Client account assets are and may be invested in
pooled investment vehicles. In these cases, client accounts will bear their pro rata share of the
underlying pooled investment vehicle’s operating and other expenses including, in addition to
those listed above: sales expenses, legal expenses; internal and external accounting, audit and
tax preparation expenses; and organizational expenses. Client accounts will also bear their pro
rata share of the investment management fee and other fees of the underlying pooled
investment vehicle, which are in addition to any fees or other compensation paid to the
Company.

Client account assets are and may be invested in a master-feeder structure. Feeder funds bear
a pro rata share of the expenses associated with the related master fund. In addition, client
accounts will incur brokerage and other transaction costs. Please refer to Item 12 of this Firm
Brochure for a discussion of the Adviser’s brokerage practices.

The allocation of expenses by the Company between it and any client and among clients
represents a conflict of interest for the Company. To address this conflict, the Company has
adopted and implemented policies and procedures for the allocation of expenses. The
Company allocates expenses to each client in accordance with the client's arrangements with
the Company (including applicable client disclosures). The Company seeks to allocate shared
expenses for products and services benefitting the Company and the client and not covered in
the client's arrangements in a fair and reasonable manner. The Company allocates common
client expenses among multiple clients [pro rata based on gross assets under management as of
the beginning of each semi-annual period in which the expenses are paid. The Company may
deviate from this standard allocation method if it determines that an expense
disproportionately benefits a particular client or group of clients.

There may be a conflict of interest for clients who elect to trade through Telsey Advisory Group
LLC (“TAG”), the Company’s broker and dealer affiliate. The Company addresses this potential
conflict by not using TAG for the Funds’ trading and execution services.

Item 7 – Types of Clients

The Company provides advisory services to private pooled investment vehicles and qualified
investors.

With respect to any client that is a pooled investment vehicle, any initial and additional
subscription minimums are disclosed in the offering memorandum for the pooled investment
vehicle.