TYRO Capital Management LLC

Item 5 - Fees and Compensation

TCM’s fees are set forth in each Fund’s governing documents and are explained in detail in each Fund’s
private offering memorandum. TCM does not have a fee schedule and the fees that it charges to the Funds
are generally not negotiable.

Each Fund pays TCM a management fee (“Management Fee”) equal to a specified percentage of the
Fund’s net assets. The Management Fee is paid monthly in arrears based on the value of the Fund’s net
assets held in an investor’s account at the end of the month, generally at an annualized rate ranging from
1.25% to 1.5% of a Fund’s net assets, depending on the Fund and the investor. Generally, each Fund’s
administrator sends a monthly accounting statement, including a fee calculation, to TCM, which verifies
the amount of the fee and then notifies the administrator, which causes the Fund to pay it out

of each investor’s capital account or from the Fund’s assets, depending on the Fund, and transmits it by
wire to TCM’s bank account.

Certain investors in the Funds may pay Management Fees that vary from the rates described in the
previous paragraph and are negotiated between Tyro Partners and an investor on an individual basis. In
addition to the Management Fee, and the Performance Allocation discussed in Item 6, each Fund pays its
ordinary and any extraordinary expenses.

Each Fund pays brokerage commissions on its transactions at rates negotiated for it by TCM. Each Fund
pays all expenses incurred in connection with its trading and investment activities, including, but not
limited to, all execution, give-up, brokerage, floor, exchange, clearing and regulatory fees, option
premiums, other investment banking and transaction costs and expenses, delivery and custody expenses,
interest and borrowing charges on margin accounts, borrowed money and property, and other
indebtedness and related expenses and costs, bank, broker and dealer service fees and background check,
valuation or appraisal fees and expenses. Please see Item 12 for more information about TCM’s brokerage
practices. Certain interests in the Funds are subject to an early withdrawal fee of 3% for withdrawals made
within 12 months of investment and interests in the Funds acquired after March 1, 2024 are subject to a
“gate” in which the proceeds of a withdrawal are payable in four equal installments over the four calendar
quarters following the request for withdrawal, as described in more detail in the Funds’ governing
documents. Interests in the Funds acquired after March 1, 2024 may also be subject to an additional lock
up period and early withdrawal fee. We may modify the terms of the early withdrawal fee and the gate
from time to time; detailed descriptions of any early withdrawal fee and gate in effect at any particular time
appear in the Funds’ governing documents in effect from time to time.

Each Fund’s investment management agreement may be terminated by the Fund or by TCM without
penalty upon written notice. An investment management agreement may not be assigned by a party
without the prior written consent of the other party or parties.

Item 7 – Types of Clients

We provide investment advice to the Funds based on each Fund’s particular investment objectives and
policies as described in the Fund’s private offering documents. Investors in the Funds include family
offices, high net worth individuals, trusts, pension and profit sharing plans, charitable organizations,
corporations and other institutional investors. Investors in the private Funds must be “accredited
investors” as that term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933; (ii)
“qualified clients” as that term is defined in Rule 205-3(d)(1) under the Advisers Act; and (iii) for one of
our Funds, must also be “qualified purchasers” as that term is defined in Section 2(a)(51) under the
Investment Company Act of 1940, as amended.

The Funds also may impose qualification requirements with respect to non-U.S. investors. Investors in the
Funds will generally be required to meet certain conditions, including a minimum initial investment of
$250,000, minimum subsequent investments of $100,000, and other qualifications, such as net worth,
investment sophistication, and country of residence. The Funds may waive the minimum investment
requirements and may modify the minimum initial investment in effect as described in a Fund’s governing
documents from time to time in the sole discretion of Tyro Partners. Investors must submit a completed
subscription agreement and subscription funds must be credited to the Fund’s account prior to a closing in
order for a subscription to be accepted for the applicable closing date. Interests in certain Funds may not
be available to investors in certain markets.