ADW Capital Management LLC

Item 5: Fees and Compensation
       The offering documents for the Funds set forth the specific fees and other material terms
regarding an investment in the Funds.

        In consideration of its investment management services, the Master Fund pays ADW a
management fee at the beginning of each calendar quarter, or the first day after a closing with
respect to a new investor, equal to two percent (per annum) of the capital account balance of
each investor, subject to proportionate reimbursement for any withdrawals during such calendar
quarter. The management fee is debited against the capital account of such investor provided
that to the extent the applicable period is less than an entire calendar quarter, the management
fee for such as period is reduced proportionally.

     Details regarding ADW’s management fees are set forth in the Funds’ offering
memorandum (“Offering Memorandum”) or Limited Partnership Agreement (“LPA”).

        On an annual basis, the Firm is reallocated a performance allocation (“Performance
Allocation”) from the capital account of each investor in the Funds to the capital account of an
entity affiliated with the Firm. The Performance Allocation is 20% of each investor’s allocable
share of net profits for the applicable fiscal year, subject to a high-water mark.

       The Firm may, in its sole discretion, elect to reduce or waive the management fee with
respect to any investor.

       Pursuant to the terms of the Master Funds’ Offering Memorandum, the Firm is authorized
to deduct management fees from each investor’s capital account on a quarterly basis.

      The Funds’ Offering Memorandum and/or LPA contain information regarding the fees and
expenses of the Funds managed by the Firm.

        Through the Funds, each investor indirectly pays for its share of all costs and expenses
directly related to investment transactions, including: marketing and offering expenses; all
operating and administrative expenses related to the operation and business of the Funds such
as tax preparation fees, governmental fees and taxes, Funds administrator fees, custodial and
prime brokerage expenses and fees, communications with investors, and ongoing legal,
accounting, auditing, administration, appraisal, bookkeeping, consulting, and other professional
fees and expenses, including for litigation, and preparation of the Funds’ financial statements
and reports; all Funds costs, expenses, and charges incurred in connection with the investment
and trading activities of the Funds (e.g., brokerage commissions, mark-ups, margin interest,
expenses related to short sales, custodial fees, clearing and settlement charges, and other
transaction costs to brokers); professional and other advisory and consulting expenses incurred
in connection with investment due diligence, monitoring, or the assertion of rights or pursuit of
remedies; all fees and other expenses incurred in connection with the investigation, prosecution,
or defense of any claims by or against the Funds; interest on, fees, and expenses arising out of all
borrowings made by the Funds; organizational costs; expenses of any meetings of or reports to

the investor; the costs of any litigation and indemnification relating to the affairs of the Funds;
fees and expenses related to third-party research, publications, data, and data services (including
pricing services), including research provided by banks, brokerage firms, and other vendors,
expert matching services, news services, business and political analysis services, due diligence
and other investigative services, pricing feeds, and a wide range of other data, including data
about markets, financial instruments, issuers, and other inputs into models or systems; costs of
compliance with applicable laws and regulations of governmental and self-regulatory bodies,
including costs incurred by ADW and its affiliates in complying with applicable laws and
regulations that apply to any such entities as a result of their services to the Funds; the Funds’
expenses associated with forming and maintaining the legal existence of the Funds, including
directors’ fees, administrators’ fees, occupancy costs, and other operating costs of entities that
maintain their own offices in certain jurisdictions; travel expenses and other costs incurred in
connection with the business and investment activities of the Funds and the investment due
diligence process, meals, lodging, international data and roaming, business development, and
incidentals; and all other reasonable expenses related to the management and operation of the
Funds and/or the purchase, sale, or disposition of investor interests.

       The Firm generally bears all of its own overhead costs and expenses, including salaries,
supplies, utility costs, and office space.

       Not Applicable. Fees are not paid in advance. The Firm, in its sole discretion, may waive,
by rebate or otherwise, all or part of the management fee otherwise due with respect to any
Partner’s investment, including, without limitation, its affiliates, members, and/or employees.

        Not Applicable. Neither ADW nor any of its supervised persons are compensated for the
sale of securities or other investment products.

Item 7: Types of Clients
        ADW provides portfolio advisory and management services solely to the Funds based on
its investment objectives and not based on the criteria or investment objectives of any individual
investor of the Funds. The Funds require newly admitted investors to be “qualified purchasers”
under Regulation D of the Securities Act and “qualified clients” under the Advisers Act.

       Additionally, the Funds each have a minimum investment requirement of $2,000,000 for
investors, although this minimum may be waived or reduced as provided in the offering
documents of each Fund.