Windhorse Capital Management LLC

ITEM 5 — FEES AND COMPENSATION

Windhorse ceased charging management fees to it commingled funds (in wind-down) effective 1/1/18.

In addition to our advisory fees Clients are subject to fund-specific investment expenses such as legal,
brokerage, accounting, audit, organizational expenses, and fund administration. Further, because a
portion of each Client’s assets are invested in externally managed pooled investment vehicles, each Client
also bears its pro rata share of the expenses of those underlying investment vehicles, including fees paid
to external managers.

A more detailed description of fees and expenses are provided in each Partnership’s audited financial
statements as well as each Partnership’s confidential offering materials.

ITEM 7 — TYPES OF CLIENTS

Windhorse currently provides investment services to clients via commingled partnerships.

The limited partners of each Partnership are qualified high net worth individuals, families, and institutions.

Limited partners in the Partnerships must provide Windhorse with a reasonable basis to believe that such
limited partner qualifies as an “accredited investor” (as that term is defined in Regulation D under the
Securities Act of 1933, as amended) and is a “qualified purchaser” (as that term is defined in Section
2(a)(51)(A) of the Investment Company Act of 1940, as amended).

                                                                            ADV Part 2A — March 15, 2019