Walnut Level Capital LLC

Item 5: Fees and Compensation

The following is a general description of the fees, compensation, and other expenses regarding advisory
services for the Funds. Each Fund’s Governing Documents describe fees, compensation, and expenses in
greater detail. Investors should refer to such governing documents of the applicable Fund for a complete
understanding of how Walnut Level is compensated for its advisory services.

Management Fees
The Funds will pay Walnut Level a fee (the “Management Fee”) in accordance with the terms set forth in
each fund’s governing documents. The Master Fund will pay the Management Fee for each month equal

to a twelfth of the result of the applicable Management Fee Rate (1.5% per annum) multiplied by the
balance of each Capital Account of a Limited Partner as of the beginning of such month. The Master Fund
will calculate and pay the Management Fee in advance and on a monthly basis. The portion of the
Management Fee applicable to a Capital Account will be debited from its corresponding Series Capital
Account.

In the case of the termination or dissolution of any Fund, the Management Fee will cease to accrue upon
the termination date or the date of the earlier dissolution, and for all periods thereafter through the date
of the Fund’s final liquidating distribution, the Fund will pay Walnut Level or Affiliate thereof, as
applicable, reasonable compensation for its services in connection with the liquidation of the Fund’s
assets.

In the sole discretion of the Investment Manager, the Management Fee may be waived, reduced or
calculated differently with respect to any Feeder Fund Investor or Limited Partner.

Item 7: Types of Clients

Walnut Level primarily provides investment advisory advice to pooled investment vehicles that operate
as private investment funds following a “master-feeder” structure. Walnut Level is also a sub-advisor to
other pooled investment vehicles. The securities issued by the Funds to their investors are not registered
under the Securities Act because such securities are sold in transactions not involving a public offering
(i.e., a private placement). Each prospective investor in a fund is required to represent, among other
things, that they are (i) an “accredited fund Investor,” as such term is defined under Regulation D of the
Securities Act of 1933 (as amended, the “1933 Act”); (ii) a “qualified client” as such term is defined under
Rule 205-3 under the Advisers Act; or (iii) a “qualified purchaser” as such term is defined in Section 2(a)(51)
of the Investment Firm Act of 1940, as amended.

Each Fund’s minimum capital and investor qualification requirements are set forth in the Fund’s offering
documents and each Investor is furnished with a copy of the partnership agreement (or equivalent - e.g.,
operating agreement) and other governing documents which detail the terms, conditions, and risks
regarding the investment.

Walnut Level typically imposes a minimum investment in connection with investing in the Funds, often in
the range of $1,000,000 to $2,000,000, although such minimums may be waived at the discretion of the
Investment Manager.