36 South Capital Advisors LLP

5.A. Advisory Fees and Compensation

Shares in the Funds are not registered under the Securities Act of 1993 and the Funds are not
registered as investment companies under the Investment Company Act of 1940. Hence the
Funds are available for investment by accredited investors and qualified purchasers only.

Prospective investors may be provided with full information about fees and the Firm’s
compensation on request. Whilst each Fund has a fee schedule (as set out in its governing and
offering documents), fees are negotiable insofar as consideration will be given, for example,
to seed investors or large investors when considering the launch of a new fund.

The Firm ensures, however, that all clients are treated fairly. The opportunity to negotiate fees
is available to all investors equally. No investor shall be given preferential liquidity or
transparency terms.

5.B. Payment of Fees

In accordance with the governing documents of the Funds, the Firm’s advisory fees and
fund expenses are deducted from client assets. Management fees are deducted monthly,
and performance fees are deducted annually. The Funds’ independent administrator is
responsible for the calculation, processing and payment of the Firm’s fees.

Fees paid to the Firm for its management of any SMAs are calculated and paid in
accordance with the terms of the investment management agreement. The SMA client’s
independent administrator is responsible for the calculation, processing and payment of
the Firm’s fees.

5.C. Other Fees and Expenses

In addition to the payment of advisory fees, each Fund shall pay expenses reasonably
attributable to its establishment and operation. This includes, but is not limited to, trading and
execution costs, administrator fees, depositary (custodian) fees, fund directors’ remuneration,
legal expenses and out of pocket expenses incurred by the directors or managers in connection
with the business of the Funds and regulatory fees, including Annex IV reporting, Form PF,
Form D and CPO PQRs. Full details of fees and expenses are set out in the offering documents
for each Fund, which are available on request. Full details of actual fees and expenses incurred
are also included in the Funds’ audited financial statements. These are circulated to all
investors annually, and we are happy to share with prospective investors on request.

5.D. Prepayment of Fees

Fund fees and expenses are generally paid in arrears, although some (e.g. Directors’ fees and
registered office costs) may be paid in advance.

5.E. No Compensation for Sale of Securities or Other Investment Products

The Firm and its supervised persons do not receive any compensation for the purchase or sale
of securities or other investment products.

TYPES OF CLIENTS

36 South is an investment manager. The Firm provides its advisory services to pooled
investment vehicles and funds of one (together, the “Funds”). The Firm also offers SMAs to
institutional investors.

All of the Funds are private offerings. Shares in the Funds are not registered securities under
the Securities Act of 1933, as amended (the “Securities Act”), and the Funds are not registered
as investment companies under the Investment Company Act of 1940, as amended (the
“Investment Company Act”). Therefore, the Funds are only available to investors which are
both accredited investors under Regulation D of the Securities Act of 1933, and qualified
purchasers under Section 2(a)(51) of the Investment Company Act.

Shareholders and limited partners in the Funds are typically asset managers, pension plans
including ERISA plans, trusts, endowments, funds of funds and family offices.

It is possible for certain high net worth individuals to invest in our funds, provided that they
meet the relevant threshold criteria and have the requisite investment experience. However,
the Firm does not market its Funds to individual investors. Retail investors cannot invest in our
funds.

The objective of our strategies (broadly speaking) is to help an investor protect their wider
portfolio against market crises and periods of extreme market volatility. Some of our Funds are
expected to experience a decline in mark-to-market value in stable market conditions and
during periods of low volatility. In view of this, an investment with 36 South is not suitable for
retail investors, and would only be appropriate for highly sophisticated individuals with large
investment portfolios, significant investment experience and an understanding of option
strategies, long volatility and tail risk protection. Primarily, our funds are suited to institutional
investors.

The minimum initial investment is €100,000 (or its equivalent in USD) for our Irish domiciled
funds, or US$100,000 for our US domiciled fund. The minimum additional investment sizes are
€12,500.00 or USD$12,500, respectively.