Walleye Capital LLC

Item 5: Fees and Compensation

A. Advisory Fees and Compensation

We do not have a standard management fee or performance fee schedule. The fees applicable to each Private
Fund are set forth in detail in the Fund Governing Documents.

In general, the Adviser charges a “Management Fee” ranging from 0.30% and 1.5% per annum and a
“Performance Allocation” ranging from 1% and 20%. Fund Investors in WOF do not pay a Management
Fee and instead are allocated the overhead expenses of the Adviser and its affiliates in a pass-through expense
arrangement (“PTE”). Management Fees and Performance Allocations will vary by Private Fund and by
share class, and the Adviser may charge different fees or allocations and may waive or rebate a portion
thereof.

In addition to the Management Fees and Performance Allocations described above, Private Fund expenses
also include the fees and performance-based compensation charged by or paid to Portfolio Managers who
manage or trade such Client assets. Internal Portfolio Managers receive performance-based compensation
(and in limited cases, salaries) and certain employees of the Adviser and its affiliates are compensated
(including through bonuses) based on the returns and/or performance of investment strategies, the cost of
which are borne by applicable Clients on a pro rata basis as set forth in the Fund Governing Documents.
Third-Party Managers (including though sub-advisory relationships or direct investments in vehicles advised
by such Third-Party Managers) also charge their own advisory fees and/or performance-based compensation,
which are indirectly or directly borne by Clients (and if invested therein, such investments will also be subject
to the expenses of such private investment funds managed by such Third-Party Managers). The Adviser
believes that the use of Third-Party Managers enables the Private Funds to enhance performance by
expanding the investment expertise available to the Private Funds, providing access to certain markets and
providing access to strategies not otherwise deployed by the Adviser and/or other opportunities. Although
various levels of discretion may be given to such Third-Party Managers, the Adviser remains responsible for
monitoring the Third-Party Managers performance in the Private Funds’ portfolio.

B. Payment of Fees

Fees and compensation paid to WC or its affiliates by the Funds are generally deducted from the assets of
such Clients, with the timing of the fee deduction in accordance with the Fund Governing Documents.
Management Fees and/or PTEs are generally calculated and payable monthly.

C. Additional Fees and Expenses

Additional expenses borne by the Private Funds will be pursuant to the Fund Governing Documents
including, but are not limited to:

Form ADV Part 2A Firm Brochure | Walleye Capital LLC

•       Offering Expenses: all costs and expenses incurred by or on behalf of a Private Fund in connection
        with the continuing offering of Private Fund interests, including but not limited to trading vehicles,
        funds or accounts the Fund is invested in directly or via the applicable Private Fund’s master fund
        (if any), legal fees and the cost of preparing and distributing the Private Fund’s offering materials.

•       Professional Expenses: fees of accountants, auditors, attorneys, recruiters (including fixed and/or
        variable fees based on bonus pay-outs) and other professional expenses of a Private Fund or WC for
        the benefit of the Private Fund or any trading entities.

•       Trading Expenses: expenses related to the Private Funds’ trading and investment activities,
        including but not limited to brokerage fees, exchange and clearinghouse fees, payment for-order
        flow costs, regulatory fees, financing costs including debit financing fees and short stock financing
        fees, lending fees, custodial fees, SIPC fees, PCAOB fees, short stock and dividend expenses and
        similar expenses. Certain qualifying costs and expenses may be provided for through soft dollars
        generated by the Private Funds. Additional information on the Adviser’s soft dollar practices can be
        found in Item 12: Brokerage Practices.

Master-Feeder Structure

Certain Private Funds managed by the Adviser utilize a master-feeder structure in which one fund invests
(as a “feeder” fund) substantially all of its assets in another fund, acting as a “master” fund. To the extent a
Private Fund’s capital is invested in a master fund, any or all of the fees and expenses payable by the Private
Fund are typically paid by the Private Fund or the corresponding master fund, but are not duplicated (other
than fees and expenses incurred by both the Private Fund and the master fund such as, without limitation,
administration fees and auditing fees).

Shared Expenses Allocated Among Clients

WC will allocate shared expenses incurred by multiple Clients in its discretion in a fair and equitable manner
and according to metrics that it determines to be reasonable. Expenses for more than one Client generally
will be allocated to the applicable Clients on a pro rata basis based on a good faith methodology including,
without limitation: (i) the total assets invested by each such Client and/or (ii) a percentage of shared
personnel’s time devoted to each entity. WC has a conflict of interest related to allocation of shared expenses
among Clients, in that allocation decisions may be impacted by Private Fund fee structures (such as when
one Client pays WC a performance fee that is higher than another Client’s fee). To mitigate this conflict, we
have organized an Expense Committee that meets on a regular basis to make fair and equitable decisions
regarding allocation of shared expenses among Clients.

Other Types of Direct and Indirect Fees or Client Expenses

    •   To the extent that a Client is invested in an exchange-traded fund or mutual fund, the Client will
...

Item 7: Types of Clients
We provide investment advice to the Private Funds, as described above in Item 4: Advisory Business.

Fund Investors may include high-net worth individuals, family offices, retirement plans, institutional
investors and employees and/or related persons of WC. Details concerning applicable investor suitability
criteria are set forth in the respective Fund Governing Documents and subscription materials. Each Fund

Form ADV Part 2A Firm Brochure | Walleye Capital LLC

Investor is required to meet certain suitability qualifications, such as being an “accredited investor” within
the meaning set forth in Regulation D promulgated under the Securities Act of 1933, as amended, a
“qualified purchaser” or “knowledgeable employee” as defined in the Investment Company Act, as
amended and, if charged a performance fee by WC, a “qualified client” as defined under the Investment
Advisers Act of 1940. Fund Investors must also complete an investor questionnaire and must be able to
represent that they do not fall into any of the categories outlined under Rule 506(d) of Regulation D.

As a general matter, the minimum initial investment in Private Funds advised by WC is $1,000,000, which
WC may waive in its discretion. Fund Investors are required to complete and execute a subscription
agreement that, among other things, requires the investor to represent that it meets applicable legal and
suitability requirements of the relevant fund.