Center Lake Capital Management LLC

Item 5: Fees and Compensation

A. For its services to its Clients, Center Lake receives investment management fees and, with
respect to certain Clients, incentive fees. In addition, an affiliate of Center Lake, Center Lake
Capital GP, LP, the general partner to the Master Fund (the “General Partner”) is entitled to
receive performance-based compensation (if any) with respect to the Master Fund and the
Offshore Fund as discussed more fully in Item 6 below.
The fees applicable to each Client are set forth in detail in each Client’s offering and related
documents or managed account agreement (as the case may be). A brief summary of such fees,
expenses and compensation (all of which is qualified by and subject to the language of the
applicable Client’s offering and related documents or managed account agreements) is provided
below.

Master Fund and Offshore Fund: There are four classes of interests in the Master Fund and the
Offshore Fund each of which are subject to differing management fees. In particular, the Master
Fund and the Offshore Fund offer Class A, Class B and Class C Interests which are subject to an
annual management fee at a rate of 1.5%, 1.0% and 2.0% of the net asset value per Interest,

Center Lake Capital Management, LLC                                              Form ADV Part 2A

respectively. The Master Fund and the Offshore Fund previously offered Class X Interests, and
are currently only available to investors with Class X Interests, which are subject to an annual
management fee at a rate of 1.0% of the net asset value per Interest. Management fees might be
negotiable in certain instances as determined by Center Lake from time to time.

B. Center Lake deducts its management fees from the Funds directly on a monthly basis. Center
Lake receives management fees from certain SMA Clients on a quarterly basis. Center Lake will
prorate management fees with respect to any partial period.

C. The Funds pay for all of their own expenses as detailed in the offering and related document
of each such Fund which includes, but is not limited to, (a) all Fund costs, expenses and charges
incurred in connection with the investment and trading activities of such Fund (e.g., brokerage
commissions, mark-ups, margin interest, expenses related to short sales, custodial fees, clearing
and settlement charges and other transaction costs to brokers), (b) professional and other advisory
and consulting expenses and travel expenses incurred in connection with investment due diligence,
monitoring or the assertion of rights or pursuit of remedies (including, without limitation, pursuant
to bankruptcy or other legal proceedings, or participation in informal committees of creditors or
other security holders of an issuer), (c) interest on, and fees and expenses arising out of, all
borrowings made by such Fund and (d) expenses related to third party research, publications, data
and data services, including real time pricing and market information (such as Bloomberg and
Reuters services) and historical pricing and other data.

The Firm will reimburse the Funds for the portion of expenses attributable to the SMA Clients.

D. All management fees chargeable by Center Lake with respect to the Funds are generally taken
in advance. In the event of a withdrawal by an investor in such Fund other than as of the last day
of a calendar month, a pro rata portion of the management fee, based upon the actual number of
days remaining in such month, will be repaid by Center Lake to such Fund for the benefit of such
withdrawing investor to the extent such management fee was taken in advance. Management fees
chargeable to Certain SMA Clients are paid quarterly in arrears, based on the Client’s ending net
account value.

E. Neither Center Lake nor any of its supervised persons accepts compensation for the sale of
securities or other investment products, including asset-based sales charges or service fees from
the sale of mutual funds.

Item 7: Types of Clients

As set forth above in Item 4 of this brochure, Center Lake’s Clients are currently comprised of
private investment funds. With respect to the Funds, there is a required minimum capital
subscription of at least $1,000,000 which amount could be waived or reduced in the discretion of
Center Lake and/or its affiliates, the General Partner (as the case may be). The Firm may also
advise individual clients via SMAs as noted. Fund investors and SMA Clients are typically
“Accredited investors” as defined in Regulation D under the Securities Act of 1933, as amended
and investors in the Funds must also be “qualified purchasers” as defined in Section 2(a)(51)(A)
of the Investment Advisers Act of 1940, as amended. Separately managed account clients are also
required to meet certain sophistication requirements and, at a minimum, to the extent
performance-based compensation is charged, to be “qualified clients” as defined in Rule 205-3 of
the Investment Advisers Act of 1940, as amended.