Tolis Advisors LP

Item 5: Fees and Compensation
Typically, each client pays Tolis fixed asset-based management fees and performance-based compensation.

The basic fees charged to investors in the Funds are fixed annual “Asset-based Charges” equal to a
percentage of net assets, accruing monthly in arrears and generally payable at the end of each calendar
quarter, and an annual performance allocation typically equal to a percentage of the amount by which the
net value of each investor’s investment as of the end of each calendar year exceeds the net value of the
account as of the beginning of the year. Tolis may agree to reduce, modify, or waive its fees charged to
certain accounts in its sole discretion.

The Asset-based Charges are usually deducted directly from the assets of each Fund as such fees become
payable, which is generally quarterly. The performance allocation is payable annually in arrears, or upon
termination of the advisory relationship with the Funds or withdrawal of capital from the Funds. Upon
termination of Tolis’s advisory relationship with the Funds, all management fees accrued as of the date of
termination will be payable.

Investors and prospective investors in each Fund should refer to the confidential private placement
memorandum, limited liability company agreement and other governing documents for each Fund for
complete information on the fees charged by Tolis.

Fees for Separate Accounts managed by Tolis are calculated and billed in accordance with the terms of any
applicable account management agreement as negotiated between the parties.

While Tolis believes that its compensation is competitive with compensation charged by other investment
advisers for comparable services, clients and investors in the Funds should note that similar advisory services
may (or may not) be available from other investment advisers for similar or lower fees.

Client accounts bear all expenses associated with their investment activities, including, without limitation,
brokerage commissions; interest on margin accounts and other indebtedness; borrowing charges on securities
sold short; custodial fees; bank service fees; clearing and settlement charges; costs of any outside appraisers,
accountants, attorneys or other experts or consultants engaged by Tolis; expenses in connection with
proposed transactions (including transactions that fail to close); expenses related to the direct ownership of
real estate, including real estate taxes, borrowing costs, and fees and expenses payable to property managers,
leasing agents, brokerage agents and other service providers; research and data service costs; any legal fees
and costs (including settlement costs) arising in connection with any litigation or regulatory investigation;
withholding and transfer taxes; and any other expenses related to the purchase, sale or holding of
investments. In addition, the Funds bear all costs of their operations (including each feeder fund bearing its
proportionate share of the expenses of the Master Fund), including legal, accounting, auditing and tax
services and fees; fees of the Funds’ administrator; fees of the Fund’s directors (if applicable); insurance
costs; costs of preparing required regulatory filings of or relating to the Funds; and costs of communication
with or holding meetings with investors in the Funds. Any expenses incurred on behalf of more than one
client account will be allocated among such accounts in proportion to their respective participation in the
relevant investment, in proportion to their respective net asset values, or in any other manner determined by

Tolis to be appropriate.

Notwithstanding the foregoing, Tolis, and not the Funds, will bear (i) all legal fees and costs arising in
connection with any litigation or regulatory investigation instituted against Tolis that relates solely to Tolis
and that do not relate solely or primarily to the Funds and/or their portfolio investments; and (ii) all legal
fees and costs arising in connection with any litigation or regulatory investigation instituted against Tolis
and/or the Funds, including those that relate solely or primarily to the Funds and/or their portfolio
investments, that are the result of Tolis’s willful misconduct, gross negligence or fraud.

With respect to each feeder fund, if Reimbursable Expenses (as defined below) in any fiscal year exceed
1.0% of the average month end Net Asset Value of such feeder fund during such fiscal year, then the amount
of the Asset-based Charges payable to Tolis will be reduced by the amount of the excess (the “Expense
Reimbursement”). In the event that the Expense Reimbursement in any fiscal year exceeds the amount of
the Asset-based Charges payable with respect to such fiscal year for any feeder fund, then Tolis will pay
such feeder fund the amount of such excess. For this purpose, “Reimbursable Expenses” means, with respect
to any fiscal year, all ordinary operating expenses of a feeder fund, including the amortized portion of
organizational expenses attributable to such fiscal year and such feeder fund’s allocable share of the ordinary
operating expenses of the Master Fund, but excluding Asset-based Charges, the Performance Allocation
(described in Item 6: Performance-Based Compensation and Side-By-Side Management), all investment and
trading expenses (including without limitation brokerage commissions, interest and taxes), and any
extraordinary expenses. If the Reimbursable Expenses in any subsequent fiscal year are less than 1.0% of
the feeder fund’s Net Asset Value, subject to such limit in such subsequent fiscal year, the Asset-based
Charges to be paid to Tolis will be increased by an amount not to exceed the aggregate amount of the Expense
Reimbursements previously paid by Tolis (whether directly or through an offset to the Asset-based Charges)
in the three fiscal years immediately preceding such subsequent fiscal year, to the extent such Expense
...

Item 7: Types of Clients
Tolis provides investment advice to its clients, including the Separate Accounts and the Funds. The Separate
Account clients and investors in the Funds may include pension funds, endowments, foundations, funds of
funds, high net worth individuals, multi-family offices, and single-family offices. The Funds are offered
exclusively to non-U.S. persons as defined under Regulation S under the Securities Act of 1933, as amended
(the “Securities Act”), and United States persons who are accredited investors as defined under Regulation
D under the Securities Act and qualified purchasers as defined under Section 2(a)(51) of the Investment
Company Act of 1940, as amended (the “Investment Company Act”). Therefore, the Funds are not required
to register as investment companies under the Investment Company Act in reliance upon the exemption
under Section 3(c)(7) for funds whose securities are not publicly offered.

Tolis may also provide investment management and supervisory services to Separate Account clients.
Tolis’s Separate Account clients may invest in existing or future funds advised by Tolis.

Generally, investors must invest a minimum dollar amount of $1,000,000 to invest in each Fund, subject to
such minimum investment amount being waived by Tolis or the directors of the Fund (if applicable).

Tolis does not maintain written minimum initial investment criteria for its Separate Accounts. However,
such services are directed towards institutional investors and high net worth individuals who are able to
commit substantial sums of capital for longer durations, typically in excess of $10 million per Separate
Account.

Tolis is under no obligation to accept any client or any investor into the Funds and may decline acceptance
of a client or investor in its sole discretion.