Birnam Wood Capital LLC

Item 5: Fees & Compensation

Compensation for Our Advisory Services

Comprehensive Portfolio Management:

The maximum annual fee charged for this service will not exceed 1.25%. 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 last day of the previous quarter.
Fees are negotiable and will be deducted from client account(s). Adjustments will be made for
deposits and withdrawals during the quarter. It is also important to note that our firm may bill on cash
and cash equivalents held in client accounts. In rare cases, our firm will agree to directly invoice.

It is important to note that for alternative investment where the valuation of the assets is not
available on the last day of the previous quarter, our firm will use the most recent valuation available
at time of billing.

For the sub-advisory services rendered to our clients, our firm compensates third-party investment
advisory firms or individual advisors a percentage of the overall investment advisory fee charged by
our firm. The advisory fee paid shall not exceed the fee published for this service.

As part of this process, Clients understand the following:

    a) The client’s independent custodian sends statements at least quarterly showing the market
       values for each security included in the Assets and all account disbursements, including the
       amount of the advisory fees paid to our firm;
    b) Clients will provide authorization permitting our firm to be directly paid by these terms. Our
       firm will send an invoice directly to the custodian; and
    c) If our 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 Forms of Compensation

Standalone, LLC

Birnam Wood Capital, or Bill Durham, may be reimbursed for certain out-of-pocket expenses
incurred on the Fund’s behalf directly out of the Fund’s assets. In addition, as described in Item 10
below, DTO Charlie, LLC, an entity 50% owned by Bill Durham and therefore is entitled to receive, in
accordance with the priority of distribution schedule listed in section 5.2 of the Stand Alone LLC
Limited Liability Company Agreement, compensation equal to 20% of profits after unit holders
receive their principal back and a 25% cumulative annual preferred return paid to Unit Holder’s of
Stand Alone LLC.

BWC 3100, LLC

As described in Item 10 below, Durham Resources, LLC, an entity wholly owned by Bill Durham acts
as a manager to BWC 3100, LLC and received an administrative fee of up to 2% of the limited partners
initial contribution to companies to cover tax preparation, custody audits and other administrative
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fees. Mr. Durham also acts as a limited partner to this entity and will receive compensation in
accordance with the benefits received by all limited partners to these entities.

Iron Horse Capital, LLC

As described in item 10 below, Durham Resources, LLC an entity wholly owned by Bill Durham, acts
as the manager of Iron Horse Capital, LLC. As the manager Durham Resources, LLC is entitled receives
a onetime administrative fee of 1% of the Class A members initial contribution to Iron Horse Capital,
LLC. Furthermore, through his majority ownership of Iron Horse Special Member, LLC Bill Durham
will be the majority class C member of Iron Horse Capital, LLC and as such, will be entitled to
additional compensation, in accordance with the distribution schedule outlined in the Capital
Structure and Distribution section of the Iron Horse Capital, LLC Private Placement Memorandum.

Iron Horse Preferred, LLC

As described in item 10 below, Durham Resources, LLC an entity wholly owned by Bill Durham, acts
as the manager of Iron Horse Preferred, LLC. As the manager of the vehicle, Durham Resources, LLC
is entitled to a 1% management fee based on total capital contribution to the vehicle. Furthermore,
Mr. Durham is personally invested alongside the vehicle participants as a class B member and will be
entitled to a 10% annual fixed return based on his personal contribution to the vehicle as defined in
the Private Placement Memorandum.

BWC Bloom, LLC

As described in Item 10 below, Durham Resources, LLC, an entity wholly owned by Bill Durham, acts
as a manager to BWM Bloom, LLC and receives an administrative fee of 1.5% of the limited partners
initial contribution to company to cover administrative costs associated with the company. Mr.
Durham also acts as a limited partner to this entity and will receive compensation in accordance with
the benefits received by all limited partners to these entities.

BWC Comfrt, LLC.

As described in Item 10 below, Durham Resources, LLC, an entity wholly owned by Bill Durham, acts
as a manager to BWM Comfrt, LLC and receives an administrative fee of 2% of the limited partners
initial contribution to company to cover administrative costs associated with the company.

Other Types of Fees & Expenses

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 chosen custodians, Charles Schwab & Co. Inc. (“Schwab”) and Inspira Financial.
Schwab does not charge transaction fees for U.S. listed equities and exchange traded funds.

Clients may also pay holdings charges imposed by the chosen custodian for certain investments,
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,
...

Item 7: Types of Clients & Account Requirements

Our firm has the following types of clients:
   • Individuals and High Net Worth Individuals;
   • Trusts, Estates or Charitable Organizations;

Our requirements for opening and maintaining accounts or otherwise engaging us:
   • Our firm generally requires a minimum account balance of $1,000,000.00 for our
       Comprehensive Portfolio Management. Generally, this minimum account balance
       requirement is negotiable and could be waived.
   • Related accounts could be aggregated to meet the minimum requirement guidelines.

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