Aravalli Capital Management LP

Item 5: Fees and Compensation

Management Fee

The Funds pays an asset-based management fee to Aravalli and performance-based
compensation (i.e., a performance allocation) to the General Partner. The Domestic Fund
offers several series of interests, and the management fee varies among the series. The
management fee is generally 1.25% - 1.75% of assets under management and is payable monthly
in advance (or arrears, as applicable), as set forth in the Governing Documents

Details regarding the performance-based compensation are set forth in Item 6.

The Fund’s management fee is generally not negotiable; however, the General Partner has
(and may continue to) exercise its sole discretion to reduce the management fee with respect
to particular investors in the Fund. The General Partner, in its sole discretion, may also waive
or modify the management fee with respect to particular investors in the Fund.

Other Types of Fees or Expenses

The Funds may pay the organizational costs and expenses of the Domestic Fund, Master Fund,
and the Loan Funds, and the costs incurred in connection with the initial issuance of the Fund’s
interests including legal and accounting fees, document production, and printing costs, federal
and state filing fees, clearing and settlement fees, brokerage fees, custodial fees, audit fees,
tax fees, insurance fees, regulatory fees, systems fees, data fees, model fees, fund
administration fees, interest expenses, and other fund related expenses subject to a cap as
set forth in the Fund’s Governing Documents. Organizational costs in excess of this cap will be
paid by Aravalli. The Fund will also pay all expenses and costs related to its business,
investment activity and operations as described in the Fund’s Governing Documents, including
without limitation, brokerage and other transaction costs, pricing and valuation expenses such
as third party valuation expenses, research, regulatory costs and expenses including any
regulatory filings, bank and custody fees, indemnification expenses and fees and expenses of
the Fund’s service providers such as legal counsel, auditors, accountants and administrators
and the independent members of the Fund’s Governance Committee. Aravalli or the General
Partner will pay for certain of these expenses out of their own assets and will receive
reimbursement from the Fund for such expenses.

Neither the Firm nor its employees accept compensation, including sales charges or service
fees, from any person for the sale of securities or other investment products.

Aravalli Capital Management LP                                     Form ADV Part 2A Brochure

Item 7: Types of Clients

Aravalli currently provides investment advice to private funds (i.e., the Fund, as described in
Item 4 above), although it may accept other types of Clients in the future. An investment in
the Fund is generally open to, among others, institutions, pension plans, endowments, high
net-worth individuals, financially sophisticated individuals, and other sophisticated investors.

Generally, the minimum initial investment in the Fund is $1 million for certain series of
interests of the Fund and $50 million for other series of interests. However, the General
Partner may, in its sole discretion, accept lower initial investments from time to time.