Fee Disclosure Statement

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The Blacksmith Fund LP

1. Introduction

This Fee Disclosure Statement outlines the anticipated fee structure of The Blacksmith Fund LP. The fund is structured as a private investment partnership intended solely for qualified purchasers and accredited investors. Final terms will be set forth exclusively in the fund’s governing and offering documents.

2. Management Fee

• 1.75% annual management fee, calculated based on assets under management.

• Management fees are generally charged quarterly in advance and are intended to cover operational, administrative, and research-related expenses of the fund.

3. Performance Allocation

• 25% performance allocation on net profits, subject to a 6% annual hurdle rate.

• Performance allocation is assessed only on returns in excess of the hurdle rate and is subject to a high-water mark, such that no performance allocation is charged on losses until prior losses are recovered.

4. Alignment & Structure

• The performance allocation structure is designed to align the interests of the fund manager with those of investors by emphasizing long-term capital appreciation and disciplined risk management.

• No front-end sales loads or placement fees are charged by the fund.

5. Disclosure & Reporting

• Investors will receive periodic account statements and performance reporting in accordance with the fund’s governing documents.

• All fees, expenses, and allocations will be fully disclosed in the fund’s offering materials.

6. Important Notes

• Fee terms are subject to change and may vary by investor class, side letter, or negotiated arrangement, as permitted by law.

• This summary does not replace or supersede the fund’s limited partnership agreement or private placement memorandum.