Armadillo Capital Management LLC

Item 5:         Fees and Compensation
Armadillo provides investment advisory services to each Client pursuant to a separate written
investment management agreement. Each agreement, along with specific organizational documents
of the Funds, sets forth in detail the fee structure relevant to each Client. Armadillo receives
compensation from fees based on a percentage of assets under management and profit allocations.

        Separately Managed Accounts

For Armadillo’s only current SMA Client, the annual investment management fee is based on the
following schedule:

                             Time Period                                Annual Fee
               Engagement of Armadillo to three-year
                                                                           0.00%
                           anniversary

Form ADV Part 2 Brochure | Armadillo Capital Management, LLC                          July 15, 2021
                                                                          0.50%
                     After three-year anniversary

Fees are negotiable. Eligible SMA Clients may also negotiate fee structures that include performance
incentive fees up to 20% and/or hurdle rates.

Armadillo charges management fees quarterly in arrears based on the account value at the end of the
prior quarter. Clients may request that fees be deducted automatically from their brokerage accounts
or receive quarterly invoices to be paid by check. If a Client terminates the investment management
agreement with Armadillo in the middle of a billing period, Armadillo will invoice the Client for
the pro-rated amount due based on the number of days that the account was managed.

       Private Funds

Management fees for the SPV were permanently waived.

Performance allocation for the SPV was permanently waived.

Armadillo may waive or modify the performance allocation for Investors at its discretion, including
for Investors that are members, employees, or affiliates of Armadillo, relatives of such persons, and
for certain large or strategic Investors. Performance allocations received by Armadillo will be in
compliance with Rule 205-3 under the Investment Advisers Act of 1940 (the “Advisers Act”).

       Other Expenses

The SPV shall bear certain expenses, including, as applicable: (1) professional fees for
administration, accounting, compliance, and legal services; (2) organizational and formation
expenses; (3) investment expenses, such as commissions and research fees (including reasonable
research-related travel);
(4) interest on margin accounts and borrowing charges on securities sold short; (5) custodial and bank
service fees; (6) insurance and tax costs; and (7) any other expenses related to the purchase, sale, or
transmittal of Fund assets.

       The fees and expenses applicable to each Fund are set forth in detail in each of the
     Fund’s respective governing documents. Prospective Investors should review the Fund
                 governing documents carefully prior to making an investment.

SMA Clients pay relevant investment expenses, such as commissions and research fees, interest on
margin accounts, and custodial fees. SMA Clients should refer to their investment management
agreement for information about all applicable fees and expenses.

Item 7:        Types of Clients
Armadillo provides investment advisory services to pooled investment vehicles and separately
managed accounts. Investment advice is provided directly to the SPV and not individually to SPV
Investors. Investors in the SPV may include, but are not limited to, high net worth individuals, family
offices, funds of hedge funds, charitable organizations, pension plans, and corporate or business
entities.

The SPV does not accept new investors and was created to accept only the investors opting to not
receive the Securities in their own custody account. Each Investor in the Funds was required to meet
certain suitability qualifications when admitted, such as being an “accredited investor” within the
meaning set forth in Regulation D under the Securities Act of 1933, as amended. Complete details
concerning applicable Investor eligibility criteria are set forth in the Fund’s governing documents
and subscription materials.

While there is no absolute minimum value of assets for starting or maintaining a separately managed
account, Armadillo will use its discretion when accepting new separately managed account Clients.