Abrams Bison Investments LLC

ITEM 5: FEES AND COMPENSATION

A. Advisory Fees and Compensation - The Funds pay Abrams Bison a quarterly management
fee in advance in an amount equal to 0.2125% (i.e., 0.85% per annum) of the net assets of the
Funds, plus an annual reallocation to Abrams Bison of 20% of the net profits (including net
unrealized gains) as of the end of a fiscal year (after deducting all expenses) allocated to an
investor, subject to a loss carryforward provision and a 8% annualized soft hurdle.

Abrams Bison has waived fees for Fund investors that are principals, employees, and certain of
their family members and their trusts or family partnerships.

B. Payment of Fees – For the Funds, fees and allocations charged are deducted from the Funds’
assets. Management fees are paid quarterly in advance. Performance fees and allocations are
calculated and payable or allocable annually.

C. Other Fees and Expenses – The management fee and all investment expenses, such as
commissions, interest on margin accounts and other indebtedness, borrowing charges on

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                                                                       Abrams Bison Investments, LLC
                                                              Form ADV: Part 2 – SEC File No 801-65657

securities sold short, custodial fees and any other expenses reasonably related to the purchase,
sale or transmittal of the Fund’s assets will be borne by the Fund. While Abrams Bison currently
does not anticipate doing so, it reserves the right to charge all other expenses to the Fund
including auditing, legal and research expenses. Client assets may be invested in money market
mutual funds, ETFs or other registered investment companies. In these cases, the client will
bear its pro rata share of the investment management fee and other fees of the fund, which are
in addition to the management fee paid to Abrams Bison.

D. Prepayment of Fees - As noted in Item 5(B) above, the management fee charged to the
Funds is paid quarterly in advance. The management fee is prorated for any period that is less
than a full quarter and refunded upon withdrawal from a Fund prior to the quarter-end.

E. Additional Compensation and Conflicts of Interest - Neither Abrams Bison nor any of its
supervised persons accept any form of compensation for the sale of securities or other
investment products.

ITEM 7: TYPES OF CLIENTS

Abrams Bison clients consist of private funds.

With respect to each Fund, any initial investment minimums are disclosed in the offering
documents for the Fund.