Trend Capital Management LP

ITEM 5 – FEES AND COMPENSATION

Item 5.A    Describe how you are compensated for your advisory services. Provide your
            fee schedule. Disclose whether the fees are negotiable.

            The Funds offer interests or shares, as applicable, only to certain qualified
            investors and admission in the Funds is not open to the general public.
            Interests/Shares are sold only to qualified investors who are “accredited
            investors” under Rule 501 of Regulation D of the Securities Act of 1933, as
            amended, and “qualified purchasers” as such term is defined in Section 2(a)(51)
            of the Investment Company Act of 1940, as amended. Each Fund’s offering
            documents contain a detailed description of the applicable Fund’s fee schedule.

            Management Fee

            Trend Macro Funds and ERISA Funds:

            Trend Capital is paid by the respective master fund a monthly management fee
            computed on the value of the Partnership’s capital accounts/net asset value of
            the Fund. For Trend Macro Fund and the ERISA Fund, the management fee is
            computed at the annual rate of 2.0% of each capital account or share class
            established in connection with Class A Interests/Shares. The management fee
            for Class C and Class D Interests/Shares is at the annual rate of 1.5%, provided
            the aggregate subscription amount (less any withdrawals/redemptions other
            than withdrawals/redemptions of aggregate net profits, which, for this purpose,
            any amounts withdrawn or redeemed will be first applied against aggregate net
            profits, if any) meets or exceeds a threshold amount set forth in the applicable
            offering documents.

            The respective general partner may, in its sole discretion, waive, reduce or
            calculate differently the management fee with respect to certain investors.

            Opportunities Funds:

            The Opportunities Funds pay a monthly management fee with respect to each
            particular SP, equal to the product of the applicable management fee rate and
            each investor’s capital account balance or shares, as applicable. Trend Capital
            is paid a 1.25% annualized management fee for the Enhanced Return SP,
            subject to an initial minimum subscription amount.

            The respective general partner (or other Trend Capital affiliate) may, in its sole
            discretion, waive, reduce or calculate differently the incentive allocation with
            respect to certain investors.

            Managed Account:

            As described in Item 4.A above, Trend Capital also provides advisory services
            to a Managed Account, the fees for which are separately negotiated with the
            advisory client.

           Incentive Allocation

           In addition, the applicable Fund’s general partner (or other Trend Capital
           affiliate) receives an incentive allocation if net profits allocated to the
           respective master fund’s capital account exceed net losses allocated to that
           account, subject to a loss carryforward provision. The incentive allocation
           ranges from 15% to 22.5% of net profits per annum, depending on the Fund
           and the Class of Interests/Shares or SP in which an investor subscribes.

           The respective general partner (or other Trend Capital affiliate) may, in its sole
           discretion, waive, reduce or calculate differently the incentive allocation with
           respect to certain investors.

           An incentive fee is also received from the Managed Account and is payable to
           Trend Capital annually, subject to a loss carryforward provision.

           The relevant offering documents contain a detailed description of applicable
           fees. The fees related to the Managed Account are individually negotiated.

Item 5.B   Describe whether you deduct fees from clients’ assets or bill clients for fees
           incurred. If clients may select either method, disclose this fact. Explain how
           often you bill clients or deduct your fees.

           Trend Capital deducts fees from Fund assets. In general, Trend Capital receives
           a monthly management fee in advance based on the net asset value of the Trend
           Macro Fund, ERISA Master or applicable SP of the Opportunities feeder funds,
           payable as of the first day of each month (adjusted for contributions made
           during the month). Management fees from the Managed Account are payable
           monthly in arrears.

           The incentive allocation, if any, will be determined as of each fiscal year end
           and, with respect to capital withdrawn/redeemed other than as of a fiscal year
           end, as of the time of such withdrawal/redemption with respect to the
           withdrawn/redeemed amount. As noted above, an incentive fee is also received
           from the Managed Account and is payable annually, in arrears, subject to a loss
           carryforward provision.

           It is critical that investors refer to the relevant offering documents for a
           complete understanding of how Trend Capital is compensated for its
           advisory services. The information contained in this Item 5 is a summary
           only and is qualified in its entirety by the relevant offering documents for
           each Advisory Client.
Item 5.C   Describe any other types of fees or expenses clients may pay in connection with
           your advisory services, such as custodian fees or mutual fund expenses.
           Disclose that clients will incur brokerage and other transaction costs and direct
           clients to the section(s) of your brochure that discuss brokerage.
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ITEM 7 – TYPES OF CLIENTS

 Describe the types of clients to whom you generally provide investment advice, such as individuals, trusts,
 investment companies, or pension plans. If you have any requirements for opening or maintaining an
 account, such as a minimum account size, disclose the requirements.

Trend Capital provides investment advisory services to the Funds, which are private investment vehicles.
Generally speaking, the minimum initial investment for each investor in the Funds (with the exception of the
Opportunities Funds) is $1,000,000 or $25,000,000 (depending on the Fund and Class of Interests/Shares in
which an investor subscribes), subject, in each case, to waiver, reduction or change at the discretion of Trend
Capital, the Board of Directors and/or Advisory Board, as applicable. The minimum and additional
subscription amounts are reduced for each investor introduced to one of the Trend Macro Funds by Merrill
Lynch. With respect to the Opportunities Funds, the minimum initial and additional investment amounts
depend on the particular SP in which an investor subscribes. The minimum initial investment amount for the
Enhanced Return SPs is $25,000,000 and the minimum additional investment amount is $100,000, in each
case subject to waiver, reduction or change at the discretion of Trend Capital, the respective general partner
or the Board of Directors, as applicable.

Notwithstanding the foregoing, in Trend Macro Offshore, ERISA Offshore or Opportunities Offshore, the
minimum initial investment may never be less than the then-current minimum as prescribed by the Mutual
Funds Law (as amended) of the Cayman Islands (currently $100,000USD).

It should be noted that Managed Account relationships are individually negotiated, but generally subject to
significant account minimums. Historically, Managed Accounts were generally managed pari passu, subject
to applicable legal, regulatory or investment restrictions, with the Trend Macro Fund, but future Managed
Accounts may have different mandates. As of the date of this Brochure, there is a Managed Account
relationship for an Irish UCITS.