Trellus Management Company LLC

Item 5: Fees and Compensation
   A. How We Are Compensated
Trellus is compensated for its investment advisory services through a combination of asset-based
management fees and performance-based incentive allocations.

   •   Trellus Partners, LP: As set forth in the Limited Partnership Agreement, the Asset-
       Based Fee Rate is generally determined by the date of admission. Partners admitted prior
       to January 1, 2005, generally pay 1.00% per annum (0.25% quarterly). Partners
       admitted after December 31, 2004, generally pay 1.50% per annum (0.375% quarterly).
   •   Trellus Small Cap Opportunity Fund, LP: Investors are generally charged an annual
       management fee of 1.50%.
   •   Affiliate Fee Election: The Investment Adviser has discretionary authority to waive or
       modify the Asset-Based Fee. Since January 1, 2015, the Firm’s principal, Adam Usdan,
       and certain affiliated family accounts have voluntarily elected to pay a 1.50% Asset-
       Based Fee. This arrangement (which excludes Mr. Usdan’s IRA) was established to
       provide a stable revenue stream to support the Firm’s operational, technology, and
       compliance infrastructure. This ensures the Firm remains adequately capitalized to
       maintain high-standard operations for the benefit of all Limited Partners, regardless of
       fluctuations in third-party assets under management
   •   Performance-Based Incentive Allocation: The General Partner of the Funds (Trellus
       Company, LLC) also receives a performance-based incentive allocation, typically equal
       to 20% of the net capital appreciation of each limited partner’s capital account. This
       allocation is subject to a "high-water mark," meaning the General Partner will not receive
       an incentive allocation until any prior net losses for that account have been recouped.
   B. Payment of Fees
Management fees for both Funds are calculated and payable monthly in arrears based on the
Net Asset Value (NAV) of the Fund as of the last business day of the month. Fees are generally
deducted directly from the Funds’ assets by the Fund’s independent administrator, Opus Fund
Services.
   C. Other Types of Fees and Expenses
In addition to the advisory fees paid to Trellus, the Funds bear all of their own operating and
transactional expenses. These include, but are not limited to:

   •   Brokerage commissions, mark-ups, and other transaction costs;
   •   Interest expense on margin or other borrowings;
   •   Professional fees including annual audit and tax preparation performed by EisnerAmper
       LLP;

   •   Custody fees and bank service charges;
   •   Independent administration fees paid to Opus Fund Services.
   D. Prepayment of Fees
Because all fees are collected in arrears after services have been rendered, Trellus does not
require the prepayment of any advisory fees.

   E. Compensation for the Sale of Securities
Neither Trellus nor any of its supervised persons accepts compensation for the sale of securities
or other investment products, such as asset-based sales charges or service fees from the sale of
mutual funds.

Item 7: Types of Clients
Trellus provides investment advisory services to private pooled investment vehicles. The
investors in these Funds are typically high-net-worth individuals, family offices, and trusts.

Minimum Investment Requirements: The stated minimum initial investment is as follows:

   •   Trellus Partners, LP: $5,000,000
   •   Trellus Small Cap Opportunity Fund, LP: $2,000,000
Trellus, in its sole discretion, may waive or reduce these requirements. In practice, the Adviser
frequently accepts initial subscriptions of $2,000,000 for Trellus Partners and $1,000,000 for
Trellus Small Cap. All investors must meet the definitions of "Accredited Investor" and
"Qualified Client" as required by federal securities laws.