Waystone Asset Management USA LLC

Item 5 – Fees and Compensation
Compensation to Waystone
The nature and structure of the compensation Waystone receives for serving as Fund Manager are individually
negotiated with each Fund client and, consequently, can differ, perhaps materially, from client to client. The
terms of the fees and compensation Waystone receives for services provided in its capacity as Fund Manager
are outlined in each Fund’s Governing Documents.
More specifically, Waystone is typically eligible to receive the following types of fees:

   Management Fee – Waystone generally is eligible to receive an asset-based management fee calculated
    as a percentage of a Fund’s net asset value (“NAV”) and typically charged at regular intervals in arrears
    (e.g., monthly, quarterly, or annually) as specified in the Fund’s Governing Documents. Tiered fee
    structures may apply, with rates decreasing as the NAV increases. The Management Fee is prorated for
    Funds launched or terminated during the relevant period, or for capital withdrawals effective other than the
    last day of the relevant period.

   Onboarding and Due Diligence Fees – Waystone generally is eligible to receive a one-time Establishment
    Fee when a Fund begins operations or appoints Waystone as its Fund Manager and a Due Diligence Fee when
    a new Trading Advisor is engaged and commences trading for a Fund. In some cases, a Minimum Set-Up Fee
    or similar charge may apply if a Fund’s relationship with Waystone is terminated within a specified period.

   Other Fees and Reimbursements – Waystone can also be entitled to additional fees or reimbursement
    of costs in connection with establishing the necessary infrastructure, systems and procedures to provide
    its services as Fund Manager.
Costs and Expenses Borne by the Funds
The fees and expenses payable to Waystone for its services performed as Fund Manager are paid out of the
assets of each Fund. As such, Investors indirectly bear their proportional share of these costs, along with other
Fund-related expenses.
In addition to the fees described above, the Funds also bear additional expenses as described more fully in
each Fund’s Governing Documents. Such expenses typically include:

   Operating and Administrative Expenses – Including costs associated with accounting, auditing, legal
    services, administration, tax preparation, regulatory filings, investor reporting, and Fund governance activities.

   Establishment and Organizational Expenses – Covering costs incurred in forming the Fund and
    establishing its structure, which may be amortized over time.

   Trading Advisor Fees – Fees paid to Trading Advisors are individually negotiated and generally include
    a management fee, which may be fixed or based on a percentage of the value of the assets managed by
    the Trading Advisor, and a performance fee based on a percentage of the net trading gain of the respective
    assets, if any. Such fees are typically set through individual negotiation between each Trading Advisor and
    the General Partner.

   Trading Commissions and Fees – Each Fund directly incurs brokerage and other transaction costs
    related to the deployment of their investment strategy.

   Third-Party Costs – Expenses incurred for the engagement of external professionals, experts, and
    consultants (e.g., ERISA independent fiduciaries, legal advisors, auditors, tax professionals, risk
    management service providers).

   Other Direct Costs – Including travel, due diligence, technology and infrastructure, and expenses arising
    from regulatory inquiries or examinations.
    It is very important that Investors refer to their respective Fund’s Governing Documents for a
    complete understanding of how fees are deducted from their assets. The information contained

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herein is a summary only and is qualified in its entirety by the relevant Fund’s Governing
Documents.

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Item 7 – Types of Clients
Waystone provides discretionary investment advisory, management, and operational oversight services
exclusively to private investment funds. Waystone does not offer direct portfolio management services or
separate advisory accounts to individual clients.
Each Fund is typically structured as a domestic or foreign limited partnership or an offshore investment
company (as applicable) and is governed by an affiliated or unaffiliated General Partner, which retains
ultimate authority over the respective Fund’s investment programs and operations in accordance with the
terms of the applicable Governing Documents. Trading Advisors who manage all or a discrete portion of the
respective Fund’s assets under separate Trading Advisory Agreements.

Client Eligibility
Waystone is generally not involved in any direct or indirect capital raising efforts for the Funds for which it
serves as Fund Manager. Admission to the Funds is not open to the general public. Direct or indirect
participation in the Funds is limited to Investors who meet the eligibility criteria established in the Governing
Documents. The Funds also generally impose a minimum initial investment subject to reduction at the
discretion of the General Partner and documented in each Fund’s respective Governing Documents.

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