Thurston Advisors LLC

Item 5.        Fees and Compensation

 Fees with respect to the Funds

 In general, the Adviser earns management fees, and the affiliated general partners have the
 potential to earn performance-based compensation, from the Funds. The Adviser or its affiliates
 or employees may also receive Transaction Fees (as defined below).

 The management fee is typically paid quarterly in advance. Thurston may waive or reduce the
 management fee in its sole discretion, and there may be variances in fees, including management
 fees, charged to certain Clients and/or Investors.

Item 7.        Types of Clients

 Thurston is organized and serves as the discretionary investment adviser to the Thurston Funds.
 The Adviser does not provide investment advisory services individually to the Investors in the
 Funds. Thurston may decide in the future to provide advice to SMAs and to other private funds.

 The Adviser may impose a minimum investment commitment requirement for each Client it
 advises. Thurston generally requires Investors in the Funds to make a minimum initial investment
 of at least $500,000.

 The minimum contribution and investor requirements can be waived by Thurston or its affiliates
 at its sole discretion.

 Investors generally must be “accredited investors” under Regulation D, who are also “qualified
 clients,” as that term is defined under the U.S. Investment Advisers Act of 1940. Thurston generally
 requires investors to make representations concerning their financial sophistication and ability to
 bear the risk of loss of their entire investment in the Fund.

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