Arena Capital Advisors LLC

Item 5: Fees and Compensation

Arena offers its services for compensation primarily based on a percentage of assets under management
and/or a performance allocation. Arena’s fee schedules are set forth below.

Funds

In consideration of the investment management services provided to a Fund, Arena generally receives
an annual management fee equal to a percentage of the account balance of each Fund investor.
Typically, the management fees are deducted from the capital account of each limited partner in the
Fund. Management fees will generally be paid monthly in advance on the first day of each calendar
month. For periods of less than a month, the management fee is prorated for the days remaining in that
calendar month. Such management fees generally range from 0.40% to 0.75% per annum.

Arena may also receive performance-based compensation in arrears equal to a percentage of the net
capital appreciation (i.e., realized and unrealized capital appreciation less realized and unrealized capital
depreciation) of each investor’s account in the Fund. The performance-based compensation is payable
only if, and to the extent that, the net capital appreciation of the investor’s account exceeds any net
capital depreciation accumulated in prior years (as adjusted for withdrawals of capital), and in some
cases may be conditioned upon achievement of a threshold return. Performance allocations are
generally made annually as of December 31, but may be made more frequently upon the earlier
withdrawal of an investor. Such fees are currently 10% per annum. Arena, in its discretion, may waive,
reduce, rebate, modify or otherwise calculate differently, all or a portion of the management fee and/or
performance allocation as to an investor, or may agree with an investor to changes in the management
fee or performance allocation. Arena may, in its discretion, offer different terms or fees that are not
otherwise available to other Fund clients. Performance based compensation arrangements have been
identified by regulators as having the potential to create an incentive to recommend investments which
may be riskier or more speculative than those which would be recommended under a different
compensation arrangement. Arena has controls in place that are designed to treat all clients fairly and
equitably.

Each Fund generally bears certain expenses, including, but not limited to: administrative, legal,
operating and other expenses (for example, brokerage commissions, borrowing or leverage related
expenses and audit and tax preparation costs).

Further information regarding the fees and expenses charged to a Fund may be found in the Fund’s
offering documents.

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Managed Accounts and Certain Funds

Arena’s fees for Managed Accounts (and certain Funds) are determined on a negotiated basis based on
several factors including, but not limited to, size of the account, servicing requirements and other
factors. Therefore, Managed Account fees paid by a particular client may vary from those set forth
herein.

In consideration of the investment management services provided to a Managed Account, Arena will
generally receive an annual management fee based upon the strategy selected. Arena’s standard fee
schedule generally ranges from 0.40% to 0.75% per annum. Management fees and expenses are
expressly set out in the investment management agreement or other similar documentation.

Management fees for Managed Accounts are typically paid quarterly in arrears by invoicing the client.
However, other arrangements may be negotiated with certain clients. If a client terminates its
investment management agreement (or other similar documentation) on a date other than the end of a
calendar quarter, any management fee will be prorated for assets held in the Managed Account for less
than a full quarter. In addition to the management fee, a Managed Account client may be responsible
for other fees and expenses or charges incurred by or on behalf of the Managed Account which may
relate, but are not limited to (i) custodial services provided for the Managed Account, (ii) transactions
effected for the Managed Account, including brokerage and execution charges, markups and
commissions, and (iii) any other service provided for the Managed Account by any person other than
Arena. Fees and other reimbursable expenses are specifically set forth in the investment management
agreement or other similar documentation.

Arena may also receive performance allocations from Managed Accounts on terms similar to those
described above for the Funds.

Registered Fund

The Registered Fund’s Management Fee and other fees are described in its prospectus, which may be
found on the SEC’s EDGAR database, or by contacting Arena at clientservices@arenaca.com .

Each Fund’s third-party administrator calculates the Funds’ net asset value under Arena’s supervision,
and the supervision of the Registered Fund’s Board of Trustees, as applicable. Arena and, as relevant,
the Registered Fund’s Board of Trustees, may in certain circumstances make a fair valuation
recommendation for an investment, subject to Arena’s Valuation Policy and Procedures, or the
Registered Fund’s Fair Valuation Policies and Procedures, as applicable.

Investment Funds

The fees and compensation paid to Arena by each Investment Fund are described in the Investment
Fund’s prospectus or offering documents. The fees and compensation paid to Arena will be paid in
accordance with Arena’s investment management agreement with each Investment Fund by deduction
from the account on the day on which such fees and compensation accrue and become payable.

In addition to the fees and compensation described above, an Investment Fund investor is responsible
...

Item 7: Types of Clients

Arena provides investment advisory services to US and non-US clients, including but not limited to:
public or private pension plans, Funds, high net worth individuals, foundations, trusts, charitable
organizations, Investment Funds and other investment funds.

Private Funds:

Arena serves as General Partner and investment manager to certain private funds. Arena generally
requires investors in a private fund to make a minimum initial investment of at least $2,000,000.
Details with respect to minimum investments are generally set forth in the private fund’s offering
documents. The minimum contribution may be waived or reduced by the General Partner in its sole
discretion.

Certain Other Funds and Investment Funds:

Arena may, or may in the future, provide investment management services to certain other types of
Funds and/or Investment Funds. The minimum investments (if any) for these Funds will be described in
the governing documentation.

Registered Funds:

Arena serves as investment adviser to a Registered Fund. The Registered Fund generally requires a
minimum initial investment of at least $100,000, and minimum additional investments of $5,000. Details
with respect to minimum investments are generally set forth in the Registered Fund’s prospectus.

Managed Accounts:

Arena generally requires a minimum of $75 million to open a Managed Account. The Managed Account
minimum and other requirements may be waived or reduced by Arena in its sole discretion.