Clearfield Capital Management LP

Item 5 - Fees and Compensation

Clearfield or its affiliates receive a management fee and performance-based compensation
(“Incentive Allocation”) from Clients. Such compensation arrangements are set forth in the
relevant Offering Document with each Client.

The management fees paid by the Funds are generally equal to an annual rate of 1.25% - 1.75%,
based on the respective values of the net assets of each particular share class. These
management fees are paid by the Fund quarterly in advance, are amortized monthly over the
fiscal quarter, and are prorated for any investment period that is less than a full calendar
quarter. The Firm or its affiliates may reduce, waive or calculate differently the management
fee for certain investors or Clients, including members, employees and affiliates of the Firm.

Clearfield Capital Management LP                                              Form ADV Part 2A

The Funds will bear their own expenses including, but not limited to, the management fee;
investment expenses, whether or not such investments are consummated (such as brokerage
commissions, expenses relating to short sales, clearing and settlement charges, custodial fees,
bank service fees and interest expenses); investment-related travel expenses incurred by the
Firm related to the purchase or sale of, or due diligence regarding, the Funds’ investments,
whether or not such investments are consummated; third-party professional fees (including,
without limitation, expenses of consultants, investment bankers, attorneys, accountants and
other experts) relating to investments; fees and expenses relating to software tools, programs
or other technology utilized in managing the Funds; research and market data (including,
without limitation, any computer hardware and connectivity hardware incorporated into the
cost of obtaining such research and market data); administrative expenses (including, without
limitation, fees and expenses of the administrator); third-party legal expenses; third-party
accounting and valuation expenses (including, without limitation, the cost of accounting
software packages); audit and tax preparation expenses; premiums for liability insurance
(including, without limitation, D&O and/or E&O insurance); costs of printing and mailing
reports and notices; entity-level taxes; corporate licensing; regulatory expenses (including
expenses related to preparing and making regulatory and compliance filings associated with
the Funds and their investment activities, such as filing fees and costs of software and systems
relating to such filings); organizational expenses; fees and expenses for directors and officers
of the Funds (including any AML officers); expenses incurred in connection with the offering
and sale of the interests and other similar expenses related to the Funds (excluding fees
payable to any placement agent); indemnification expenses; and extraordinary expenses.

To the extent that Clearfield allocates Clients’ capital to money market funds or exchange-
traded funds, Clients will indirectly incur similar fees and expenses as these funds in turn pay
similar fees and expenses to their investment managers and other service providers.

Item 6 - Performance Fees and Side-by-Side Management

Clearfield or its affiliates receive Incentive Allocation from Clients, generally equal to 10% -
20% of the net profits, depending on the net asset value of each particular share class of each
Client. Additional information regarding such compensation arrangements are set forth in the
relevant Offering Document with each Client. The Firm or its affiliates may reduce, waive or
calculate differently the Incentive Allocation for certain investors or Clients, including
members, employees and affiliates of the Firm.

The terms of the Incentive Allocation may differ among the Clients. This may result in a conflict
of interest when allocating opportunities among Clients, as Clearfield may have an incentive
to favor Clients that have higher Incentive Allocation. To avoid such a conflict of interest,
Clearfield has developed documented procedures for allocating opportunities among Clients
in a fair and equitable manner.

As management fees and Incentive Allocation are based directly on Clients’ net asset values,
Clearfield may have a conflict of interest in valuing the assets held in Client accounts. Clearfield
follows documented valuation policies and consults with each Client’s third-party
administrator, as applicable, in order to mitigate this risk.

Item 7 - Types of Clients

Clearfield provides investment advice to private funds. Each Fund’s Offering Documents
provide the eligibility criteria and minimum investment requirements.

Clearfield Capital Management LP                                             Form ADV Part 2A

In general, each Investor in the Funds must be an “accredited investor” as defined in Regulation
D under the Securities Act of 1933, as amended, and a “qualified purchaser” as defined in
Section 2(a)(51) of the Investment Company Act of 1940.