Aristides Capital LLC

Item 5. Fees and Compensation Private

Fund Advisory Compensation

The Funds pay a quarterly, non-negotiable management fee to Aristides Capital, which is payable quarterly
in advance, equal to 0.375% (1.5% annually) of each Fund’s net asset value and is deducted from each
limited partner’s capital account on a monthly basis. Aristides Capital retains the right to waive or reduce
management fees for certain investors, including employees, family members, and consultants, or at any
time for existing, fee-paying limited partners.

At the close of each fiscal year (or other relevant period as described in each Fund’s offering documents),
the Firm is entitled to receive a performance fee equal to 20% of each Fund’s net income, after deducting the
management fee and other expenses, attributable to each limited partner. Subscriptions to the Aristides
Funds are subject to an early withdrawal fee of 3% of the amount withdrawn within the initial 12 months
after the interests were purchased. The early withdrawal fee is payable to the Fund from which the interest
was withdrawn.

The Funds pay (or reimburse Aristides Capital) for expenses relating to their ongoing operation, including,
but not limited to: (i) all expenses incurred in connection with the ongoing offer and sale of interests,
documentation of performance, and the admission of limited partners, (ii) tax preparation fees,
governmental fees and taxes, fees to the Administrator, costs of communications with limited partners, and
ongoing legal, accounting, auditing, bookkeeping, consulting, and other professional fees and expenses,
(iii) investment research, trading and investment related costs and expenses (e.g., research reports, due
diligence on portfolio companies, brokerage commissions, margin interest, expenses related to short sales,
custodial fees, and clearing and settlement charges), and (iv) all fees and other expenses incurred in
connection with the investigation, prosecution or defense of any claims, assertion of rights or pursuit of
remedies, by or against the Firm, including, without limitation, professional and other advisory and
consulting expenses and travel expenses, and whether or not pursuant to bankruptcy or other legal
proceedings, or participation in informal committees of creditors or other security holders of an issuer.

Aristides Capital pays for expenses in connection with providing services to the Aristides Funds, which
may include: expenses incurred by the Firm in providing for its normal operating overhead, including, but
not limited to, the cost of providing relevant support and administrative services (e.g., employee
compensation and benefits, rent, office equipment, insurance, utilities, telephone, secretarial, clerical and
bookkeeping services, etc.), but not including any Fund operating expenses described above.

Asset Management Compensation

The maximum annual fee charged to retail/individual Clients for Asset Management Services will not
exceed 1%. Fees to be assessed will be outlined in the advisory agreement to be signed by the Client.
Annualized fees are billed on a pro-rata basis, quarterly in advance, based on the value of the account(s)
on the first day of each quarter. Fees are negotiable and will be deducted from Client account(s).
Adjustments will be made for deposits and withdrawals during the quarter. Aristides Capital does not offer
direct invoicing. As part of this process, Clients understand the following:
    a) The Client’s independent custodian sends statements at least quarterly showing the market value
         for each security included in the advisory account(s) and all account disbursements, including the
         amount of the advisory fees paid to the Firm;

    b) Clients will provide authorization permitting our Firm to be directly paid by these terms.
       Aristides Capital will send an invoice directly to the custodian; and
    c) If the Firm sends a copy of our invoice to the Client, a legend urging the comparison of information
       provided in our statement with those from the qualified custodian will be included.

Other Types of Fees & Expenses

Asset Management Clients will incur transaction fees for trades executed by their chosen custodian via
individual transaction charges. These transaction fees are separate from our Firm’s advisory fees and will
be disclosed by the Client’s chosen custodian. Clients may also pay holdings charges imposed by the chosen
custodian for certain investments, including charges imposed directly by a mutual fund, index fund, or
exchange-traded fund, which shall be disclosed in the fund’s prospectus (i.e., fund management fees, initial
or deferred sales charges, mutual fund sales loads, 12b-1 fees, surrender charges, variable annuity fees, IRA
and qualified retirement plan fees, and other fund expenses), markups and markdowns, spreads paid to
market makers, fees for trades executed away from the custodian, wire transfer fees, and other fees and
taxes on brokerage accounts and securities transactions. Aristides Capital does not receive a portion of these
fees.

Termination & Refunds

Either party may terminate the advisory agreement signed with Aristides Capital for Asset Management
Services in writing at any time. Upon notice of termination, the Firm will process a pro-rata refund of the
unearned portion of the advisory fees charged in advance.

Commissionable Securities Sales

Neither Aristides Capital nor any of its employees accepts compensation for the sale of securities or other
investment products.

Item 7. Types of Clients

Aristides Capital provides investment advice to the following Private Funds: Aristides Fund LP, Aristides
Fund QP, LP, Louisburg Square, LP, and Louisburg Square II, LP. References to Aristides Fund LP in Item
7 also refer to Aristides Fund Cayman, Ltd. Aristides Capital further provides Asset Management Services
to Individuals and High Net Worth Individuals.

The limited partners in the Funds must meet certain eligibility requirements as outlined in federal securities
laws. For Aristides Fund LP, investment is limited to Accredited Investors (as such term is defined in Rule
501 of Regulation D promulgated under the Securities Act of 1933, as amended) to maintain exemption
from registration as an investment company under section 3(c)1 of the Investment Company Act of 1940. For
Aristides Fund QP, LP, Louisburg Square, LP, and Louisburg Square II, LP, investment is limited to those
who are both Accredited Investors and Qualified Purchasers (as defined in Section 2(a)(51) of the Investment
Company Act of 1940, as amended) to maintain exemption from registration under section 3(c)7 of the
Investment Company Act of 1940.

The minimum investment for Aristides Fund LP is $500,000. The minimum investment for Aristides Fund
QP, LP is $1,000,000. The minimum investment for Louisburg Square, LP is $1,000,000. The minimum
investment for Louisburg Square II, LP is $1,000,000. The minimum investment for Aristides Fund Cayman
Ltd. is $500,000. The minimum requirement for Asset Management Services is
$1,000,000. These minimums may be waived at the discretion of Aristides Capital.