Thames Capital Management LLC

Item 5- Fees and Compensation
Generally, TCM’s compensation for the discretionary investment advisory services it provides to
the Funds is comprised of an asset-based management fee and an incentive allocation that is based
on the performance achieved for the account of each Limited Partner. The fees and expenses
applicable to each Fund are set forth in detail in each Fund’s respective Offering Documents. A
brief summary of fees and expenses is provided below.

Management Fee

On an annual basis, the Master Fund pays TCM a management fee of a maximum of 1.5% of the
net asset value of each Limited Partner’s capital account (the “Management Fee”). The
Management Fee will be paid quarterly in advance, based on the value of each capital account as of
the first business day of each calendar quarter. The Management Fee will be adjusted for
subscriptions and redemptions made during a quarter and calculated without accrual of the
Incentive Allocation (as defined below), if any. The General Partner may waive or modify the
Management Fee for certain Limited Partners, including members, employees, or affiliates of
TCM, relatives of such persons, and for certain strategic Limited Partners.

Incentive Allocation

At the conclusion of each fiscal year, the General Partner receives an annual incentive allocation
of a maximum of 20% of the net profits attributable to each Limited Partner’s capital account
(including realized and unrealized gains and losses), if any, subject to a loss carry forward (the
“Incentive Allocation”). When calculating the Incentive Allocation, net profits are reduced by the
Management Fee and all other expenses of the Funds as described below. The Incentive
Allocation is paid at the Master Fund level and not directly by the Feeder Funds.

The General Partner may waive or modify the Incentive Allocation for Limited Partners that are
members, employees, or affiliates of TCM, relatives of such persons, and for certain early stage,
large or strategic Limited Partners. Incentive Allocations received by TCM are in compliance
with Rule 205-3 under the Advisers Act.

Upon admission as a Limited Partner, or at such other times as determined by the General Partner,
a Limited Partner may be designated as a special Limited Partner (each a "Special Limited
Partner"). A Special Limited Partner may share in the Management Fee and/or the Incentive
Allocation. References herein to Limited Partners shall include those Limited Partners designated
as Special Limited Partners unless specifically indicated to the contrary.

Fund Expenses

As further described in the Offering Documents of the Funds, certain expenses are paid by the
Funds (or by the Master Fund and allocated to the Feeder Funds), including, but not limited to,
legal, accounting (including third-party accounting services), administration, audit, and other
professional fees and expenses, out-sourced trading expenses, organizational expenses, research
expenses, investment expenses such as commissions and trading and support services (including
payments to assisting brokers), trading-related technology software costs deemed by TCM to
benefit the Funds such as portfolio, order and risk management systems, compliance expenses of
the Funds (including expenses related to various filings (or portions thereof) TCM is required to
make as a result of managing the Funds’ portfolios, such as Form PF and expenses related to
registration, filing, and/or reporting requirements in any jurisdiction in which interests in the
Funds are offered or sold), custodial fees, bank service fees and other expenses related to the
purchase, sale, preservation or transmittal of Fund assets.

As noted above, the Funds invest their assets through a “master-feeder” fund structure in the
Master Fund. The Feeder Funds, which invest exclusively in the Master Fund, indirectly bear the
expenses of the Master Fund pro rata based on their interest in the Master Fund. As a result,
virtually all expenses are incurred at the Master Fund level and therefore expenses incurred
directly by the Feeder Funds are relatively small and typically include legal, audit, and
administrative expenses.

Item 7- Types of Clients
TCM provides investment advisory services to the Funds. Investment advice is provided directly
to the Funds, subject to the direction and control of the General Partner and/or directors of each
Fund and not individually to Fund Limited Partners. Limited Partners in the Funds may include,
but are not limited to, high net worth individuals, trusts, family offices, institutional investors,

and current or former TCM employees. The minimum investment requirement to invest in the
Funds is generally $1 million for the Standard Share Class and generally $15 million for both the
Institutional Share Class and the Founders Share Class; however, at its discretion, TCM may
accept a lesser amount for each aforementioned share class.

TCM, the General Partner, and the Funds have entered into an agreement with a strategic investor
in the Funds (such investor collectively with its affiliates, the “Strategic Investor”). The Strategic
Investor has made a significant and early investment in the Funds, which is subject to an initial
lock- up period. In consideration for such investment, the Strategic Investor has been designated
a Special Limited Partner and is entitled to be allocated a portion of the Incentive Allocation
otherwise allocable to the General Partner (as described above). The Strategic Investor has no
ownership or interest in TCM or the General Partner, and has no obligations or responsibilities
to, and will not be involved in the management of, the Funds. The agreement with the Strategic
Investor will terminate if the Strategic Investor ceases to maintain a significant investment in the
Funds.

Each Limited Partner is required to meet certain suitability qualifications, such as being an
“accredited investor” within the meaning set forth in Regulation D under the Securities Act of
1933, as amended, or a “qualified purchaser” as defined in Section 2(a)(51) of the Investment
Company Act of 1940, as amended. Complete details concerning applicable Limited Partner
eligibility criteria are set forth in each Fund’s Offering Documents and subscription materials.