Central Square Management LLC

Item 5 – Fees and Compensation

In consideration for the investment management services provided to the Central Square Funds,
investors pay Central Square a management fee based on each investor’s investment in the
Central Square Funds. Generally, Central Square charges a management fee payable quarterly in
advance, in an amount equal to 0.375% of the balance in each Fund at the beginning of each calendar
quarter (1.5% annualized) without accrual of any unearned performance allocation.
Although calculated and paid in advance, the management fee will be amortized, for financial
reporting purposes, by the Funds over the quarter during which such management fee is paid. In its
discretion, Central Square may reduce or calculates differently the management fee with respect
to the capital accounts of certain investors, including affiliates of the general partners for the
Funds. There were no reduced management fees during 2017. The specific fees charged by Central
Square are described in the relevant confidential offering memorandum

The Managed Account pays a 0% management fee and a 50% performance fee or allocation. See
Item 6 below for further information on performance fees.

An investor of the Central Square Funds may withdraw all or part of the balance of its capital account
without incurring any withdrawal fees, at the end of the calendar quarter, or any subsequent calendar
quarter-end, following four full calendar quarters from the initial investment. Any withdrawal prior
to this time, or at any month end that is not a calendar quarter-end, is subject to an 8%
withdrawal fee. Investors who withdraw at any time other than at the end of a calendar quarter shall
not be reimbursed by the General Partner any portion of the management fee paid in advance.
Under special circumstances, such fees and expenses have been waived by Central Square in its sole
discretion.

The withdrawal/redemption terms of the Managed Account are described separately in the governing
documents of the Managed Account.

The investors will bear all costs and expenses related to the Central Square Fund’s
investments and operations, including, without limitation, brokerage and other transaction costs,
clearing and settlement charges, trade break fees, interest and commitment fees on debit
balances or borrowings, borrowing charges on securities sold short, costs of any liability
insurance obtained on behalf of a respective Fund, custody fees, costs of any litigation or
investigation involving Fund activities, indemnification expenses, the management fee,
consulting expenses, research expenses, legal and other expenses in connection with conducting
due diligence and negotiating the terms of certain investments, the fees and expenses of
professionals providing services to the Fund, including legal, audit, accounting, tax and
administration, any issue or transfer taxes chargeable in connection with any securities
transactions, any entity level taxes, regulatory costs, filing and license fees, the costs of
reporting and providing information to investors, and any extraordinary expenses.

The Managed Account also shares in certain trading and research expenses with the Central Square
Funds on an equitable basis. The Managed Account also pays its own transaction fees associated with
trades as well as audit, tax and administrative costs.

As owner of Fund I GP and Fund II GP, Kelly Cardwell shares in the profits and losses that can be
viewed as a conflict of interest. This conflict of interest and how Central Square addresses the
conflict is outlined in Item 10 below.

Item 7 – Types of Clients

Central Square provides discretionary investment advice to its Funds, which are all private
investment funds. The Funds’ investors are either “accredited investors” as defined under
Regulation D of the Securities Act of 1933, “qualified clients” ” as defined in the Investment
Advisers Act of 1940, or “qualified purchasers” as defined in the Investment Act of 1940.
Minimum contribution for investment with Fund I is $500,000 and $1,000,000 for investment with
Fund II, but commitments in excess or less than the required amounts have been accepted at the
sole discretion of the Fund’s general partner.

Investors in the Funds are all U.S. investors, including, among others, high net worth individuals,
other funds and institutions. In addition, employees and other persons associated with Central
Square and/or its affiliates have invested in the Central Square Funds have made capital
contributions to the Funds. Affiliates of Central Square are not assessed a management fee or
performance allocation.