50 South Capital Advisors LLC

Item 5 - Fees and Compensation

Item 5A-5D – Fee Schedule, Billing of Fees, Other Types of Fees or Expenses and Billing Method

50 South Hedge Funds: 50 South investment advisory fees range from 0.25% to 1.25% per annum and are
paid by the 50 South Hedge Funds. The investment advisory fee for single investor 50 South Hedge Funds
vary and are generally negotiable.

Investors in the 50 South Hedge Funds will be assessed an investment advisory fee on a pro rata basis in
proportion to their investment. The fees are calculated as of the last business day of each calendar quarter.
Certain 50 South Hedge Funds have a carried interest fee, ranging from 5% to 10%, as further set forth in the
Memorandum for each such 50 South Hedge Fund. The fees are calculated as of the last business day of
each calendar quarter.

The 50 South Hedge Funds are expected to be subject to additional fees including, but not limited to, transfer
agent, organizational, line of credit, risk management, custody, audit expenses, tax preparation, brokerage
and other transaction costs, administrative fees and expenses of service providers and other expenses. The
fees and expenses of the 50 South Hedge Funds (including those payable to affiliates) are disclosed in the
Memorandum of each 50 South Hedge Fund. The 50 South Hedge Funds also incur Sub-Fund fees, which
generally include investment advisory fees and performance fees.

The Governing Documents of the 50 South Hedge Funds permit certain investors (including, without
limitation, employees of 50 South and other investors in certain funds who have an existing advisory
relationship with 50 South or an affiliate) to pay a reduced or no management fee and/or carried interest,
which will be determined by, among other criteria as determined by 50 South in its sole discretion, the extent
of investment advisory fees such investor already pays to 50 South or an affiliate for private equity
investments.

Certain unregistered 50 South Hedge Funds’ fees can be negotiated in accordance with the relevant fund’s
Memorandum. Any such modification will cause some investors to pay fees that are different from the fees
disclosed in the Memorandum of the fund.

With respect to 50 South Hedge Funds that are Custom Funds, 50 South negotiates investment advisory fees
directly with a client on a case-by-case basis.

50 South Private Equity Funds: 50 South Private Equity Funds’ investment advisory fees range from 0.00%
to 1.35% per annum and are paid by the respective 50 South Private Equity Fund. Specific investment advisory
fee terms differ among the 50 South Private Equity Funds, and any descriptions included herein are intended
as a general summary that is subject to the Governing Documents applicable for each 50 South Private Equity
Fund. The investment advisory fee for single investor 50 South Private Equity Funds vary and are generally
negotiable.

The fees are calculated quarterly in advance for services provided by the general partner and/or investment
manager, as applicable, which includes investment advisory services. 50 South generally receives the fee as
an annual management fee (payable quarterly in advance) from and including the effective date through the
final distribution of the assets of the 50 South Private Equity Funds (though this will vary by fund as disclosed

                                                                                     FORM ADV PART 2A

in the respective Governing Documents). The management fee for each 50 South Private Equity Fund is
generally equal to the aggregate sum of the products of (1) each investor’s investment in such 50 South Private
Equity Fund (referred to as its commitment), multiplied by (2) the applicable management fee percentage then
in effect for the investor. The applicable management fees for certain 50 South Private Equity Funds depends
on the size of an investor’s commitment. The 50 South Private Equity Funds are required to pay annual
management fees to 50 South based upon the entire amount of their commitments whether or not the 50 South
Private Equity Funds are fully invested; provided that, in certain 50 South Private Equity Funds, following
the expiration of such 50 South Private Equity Fund’s investment period (the “Stepdown Date”), the
management fee is reduced to an amount equal to the aggregate sum of the products of (A) each investor’s
invested capital in such 50 South Private Equity Fund (as described in the respective fund documents) and (B)
the applicable management fee percentage then in effect for the investor.

The Governing Documents provide that a 50 South Private Equity Fund’s management fees will be calculated
and charged on a basis that generally is not tied to the 50 South Private Equity Fund’s then-current net asset
value. Under the Governing Documents for certain 50 South Private Equity Funds, after the Stepdown Date,
Management Fees generally will be charged and calculated based on a formula tied to the amount of
investment contributions made by the relevant 50 South Private Equity Fund that have not been disposed of
or completely written off for U.S. federal income tax purposes. Further, under the Governing Documents for
certain 50 South Private Equity Funds, where the fair market value of an investment exceeds the total amount
of investment contributions relating to such investment, post-Stepdown Date management fees will not be
calculated based upon such appreciated value, and will instead continue to be calculated based on the amount
of such investment contributions. However, for such 50 South Private Equity Funds, where there has been a
partial distribution, partial write down or partial sale of an investment and the fair market value of such
investment following such event exceeds the total amount of investment contributions relating to such
investment, the Governing Documents do not require management fees after the Stepdown Date to be reduced.
...

Item 7 - Types of Clients

50 South Funds:

The 50 South Hedge Funds are generally organized as U.S. limited liability companies, U.S. limited
partnerships or Cayman Islands exempted limited partnerships, exempted companies and unit series trusts.

The 50 South Private Equity Funds are generally organized as U.S. limited partnerships or Cayman Islands
exempted limited partnerships.

Investors in the 50 South Funds must be accredited investors, qualified clients and/or qualified purchasers,
as applicable, and include foreign or U.S. persons, institutions, corporations, unincorporated entities,
foundations, endowments, public funds, Keoghs or pension plan or retirement investors. The initial minimum
investment is generally from $50,000 to $5,000,000 in the 50 South Hedge Funds and $250,000 to $500,000
in the 50 South Private Equity Funds. The minimum investment amounts can be waived or reduced at the
discretion of 50 South.

The relevant general partner of 50 South Funds also generally is permitted from time to time to establish
funds that are alternative investment vehicles in order to permit certain investors to participate in one or more
particular investment opportunities in a manner desirable for tax, regulatory or other reasons. Alternative
investment vehicle sponsors generally have limited discretion to invest the assets of these vehicles
independent of limitations or other procedures set forth in the organizational documents of such vehicles and
the Governing Documents of the related 50 South Fund.

50 South also manages various private equity employee co-investment vehicles that invest in the 50 South
Private Equity Funds.

Advisory Accounts:

50 South's non-discretionary Advisory Accounts are generally set up for accredited investors and/or qualified
purchasers and include U.S. or non-U.S. persons, institutions, corporations, unincorporated entities,
foundations, endowments, public funds, Keoghs or pension or retirement plan investors. The minimum
account size is generally $25 million. The minimum account size can be waived or reduced at the discretion
of 50 South.