ZENO Research LLC

Item 5 - Fees and Compensation

A. Below is a discussion of how the Adviser is compensated in connection with
    providing advisory services to its Client. The Adviser may enter into different fee
    arrangements on a Client by Client basis.

    Expense Payment. The fees and expenses associated with each Client account will
    be negotiated with each Client and are described in detail in each Client’s Offering
    Documents. Generally, the Adviser will not be entitled to a management fee, but an
    Expense Payment Amount will be allocated as provided to the Client in the
    respective investment management agreement.

    Performance Fee. The Adviser is entitled to a performance-based profit allocation
    at the end of each calendar year. The Performance Fee will be negotiated with each
    Client. (the “Performance Allocation”).

    Direct Client Expenses. Clients are responsible for all direct expenses related to
    their operations and activities, including all of the expenses associated with its
    investment portfolio, including brokerage commissions and other transaction costs.
    Clients bear the full cost of expenses related to proxies, underwriting and private
    placements, brokerage commissions, interest on debit balances or borrowings,
    custody fees and any withholding or transfer taxes imposed on the Fund.

B. The Expense Payment and Performance Fees from the Fund are deducted directly
    from the Client’s capital and payable monthly in advance.

C. Clients will incur brokerage and other transaction costs. Item 12 of this brochure
    discusses how the Adviser selects brokers and determines the reasonableness of
    their compensation. The direct expenses borne by each Client are described in more
    full detail in each Client’s Offering Documents.

D. Expense Payment Amounts are deducted directly from the Client’s capital and paid
    monthly in advance. The Expense Payment Amount is prorated for any period that is
    less than a full month for capital contributions made by new or existing investors and
    refunded on a prorated basis upon withdrawal or redemption from a Fund prior to the
    quarter-end.

E. Other than as described above, neither the Adviser nor any of its supervised persons
    receives any compensation from the sale of securities or other investment products.

Item 7 - Types of Clients

As mentioned in Item 4, the Adviser provides investment advisory services to private
investment funds for sophisticated, qualified investors.

Acceptance of Fund and sub-advisory account relationships is determined on a case-by-case
basis.