Cook & Bynum Capital Management LLC

Fees and Compensation

CBCM receives management fees from each of the CBCM Funds equal to a percentage of assets
under management. It also receives a performance-based fee from Cook & Bynum Emerging
Markets Ex China, LP and from certain Separate Accounts, and such fees are explained in each
respective governing Operating or Account Agreement.

The management fees charged to Cook & Bynum Capital, LLC, and Cook & Bynum Capital QP,
LLC are at an annual rate of 1.50% of assets under management. For Cook & Bynum Capital,
LLC, and Cook & Bynum Capital QP, LLC, the management fees are payable quarterly in
advance and are calculated as of the first day of each calendar quarter after accounting for all
capital contributions and withdrawals for that quarter. Any capital contributions during a calendar
quarter will be assessed the management fee pro rata only with respect to that portion of the
calendar quarter after the contribution date. Management fees are refundable pro rata to the extent
of a withdrawal during a quarter.

The fee charged to the CB Fund is at an annual rate of 1.49% of assets under management. For
the Registered Fund, the management fee paid to CBCM is computed and paid monthly in arrears
based on the Registered Fund’s average daily net asset value. Such average daily net asset value
of the CB Fund shall be determined by taking an average of all of the determinations of such net
asset value during such month. Further information related to the calculation of management fees
and other expenses for the Registered Fund can be found in the CB Fund’s prospectus.

There are also certain Separate Accounts for Qualified Clients which pay a negotiated
performance-based fee.

The management fees charged to Cook & Bynum Emerging Markets Ex China, LP are charged
quarterly in an amount equal to 0.9% per annum on the first $500 million invested in the Fund
and 0.45% per annum above $500 million. An illustration of the blended Management Fee and
how it may decrease over time as assets under management increase is provided below:

                         Fund Assets                  Management Fee
                               <$500 million                0.90%
                               $600 million                 0.83%
                               $700 million                 0.77%
                               $800 million                 0.73%
                               $900 million                 0.70%

                               $1,000 million              0.68%
                               $1,500 million              0.60%
                               $2,000 million              0.56%

Management Fees are payable in arrears and are calculated as of the last day of each calendar
quarter after giving effect to all capital contributions and withdrawals for that quarter. Any
capital contributions during a calendar quarter will be assessed the Management Fee pro rata only
with respect to that portion of the calendar quarter after the contribution date. Management Fees
are refundable to the extent of a withdrawal during a quarter. The Management Fee is non-
negotiable, however, the general partner, in its sole discretion, may elect to reduce, waive or
calculate differently the Management Fee with respect to any limited partner or reallocate any of
its Management Fee to any limited partner; provided, however that no such reduction waiver, or
calculation shall increase the amount therefore to be borne by any other limited partner.

For purposes of determining the Management Fee, Special Investments, in Cook & Bynum
Emerging Markets Ex China, LP will be assigned such value as the General Partner may
reasonably determine until realized (or deemed realized). If a Limited Partner has completely
withdrawn from the Fund except for his/her interest in one or more Special Investment Accounts,
the Management Fee payable with respect to such Limited Partner's interest in the Special
Investment will accrue and be paid from the proceeds realized upon a sale of the Special
Investment on a priority basis once such proceeds have been allocated to such Partner’s Capital
Account and prior to any distribution being made.

In addition, CBCM may be compensated through an incentive allocation that is based on the
amount that Cook & Bynum Emerging Markets Ex China, LP exceeds a certain hurdle rate or
high-water mark, depending on the class of interests held by an investor. For more details on the
calculation of the performance-based fee, please refer to the Fund’s Limited Partnership
Agreement. Expenses of Cook & Bynum Emerging Markets Ex China, LP will be paid by the LP
and allocated among all limited partners.

CBCM has the right in certain circumstances to waive, in its discretion, all or part of the
management fees charged with respect to the Unregistered Funds, and does waive such
management fees for certain investors, including investors who may be affiliates or employees of
CBCM. The assets attributable to any such investors for whom the management fee is waived
are deducted from the total assets of the applicable Unregistered Fund before the management
fee is billed to such Unregistered Fund. Accordingly, the reduction or elimination of the
management fee for any such investor will not increase the management fee for any other
investor. CBCM has contractually agreed to reduce fees and/or reimburse the expenses for the
CB Fund to the extent that total fund operating expenses exceed 1.49%. This agreement is in

effect through February 1, 2027, and thereafter is reevaluated on an annual basis. The expense
reimbursement arrangement for the CB Fund relates to aggregate expenses of every character
incurred by the CB Fund, except for interest, taxes, brokerage commissions, and extraordinary
expenses not incurred in the ordinary course of the CB Fund’s business. Without this agreement,
total and per share expenses of the CB Fund would be higher. In order to discourage behavior
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Types of Clients

As described previously, CBCM provides portfolio management services to unregistered
privately-offered funds, a registered investment company, and one or more separately managed
investment accounts.

Methods of Analysis, Investment Strategies, and Risk of Loss

The investment objective of Cook & Bynum Capital, LLC, Cook & Bynum Capital QP, LLC,
Cook & Bynum Funds Trust, and Separate Accounts is long-term growth of capital, which
CBCM seeks to accomplish by investing in global public equities. Select Separate Accounts
may be offered may have a more concentrated strategy such as: a single security, group of
securities, single industry, or some other strategy which concentrates in smaller subset of
securities than other Separate Accounts or Private Funds. The investment objective of Cook &
Bynum Emerging Markets Ex China, LP is to make concentrated, long-term equity investments
with the goal of maximizing long-term returns, while only investing in businesses domiciled in
or deriving a significant amount of their profits from “Emerging” and “Frontier” markets as
defined by MSCI; Cook & Bynum Emerging Markets Ex China, LP will not invest in shares of
companies domiciled in the People’s Republic of China.

CBCM’s investment decisions are driven by the application of CBCM’s core investment criteria
and are informed by rigorous, immersive research. CBCM travels globally to learn about a
company’s customers, appraise its competitors, meet its managers, visit its facilities, and survey
its operations in action. These efforts are guided by the belief that first-person observations in the

field are critical to appropriately evaluate each investment opportunity.

CBCM’s investment process is built around four core criteria and is designed to challenge
assumptions, refine conclusions, and mitigate psychological biases:

          •   Circle of Competence: CBCM must be able to understand the core economics of a
              business and reliably predict its financial prospects. CBCM’s primary focus is
              avoiding mistakes that lead to permanent losses of capital, so CBCM believes its
              ability to recognize the limits of its knowledge is as important as its ability to
              execute its competencies when evaluating an idea.
          •   Business: CBCM evaluates whether a business has sustainable competitive
              advantages that produce predictable free cash flows and yield attractive returns on
              equity over an extended period of time. Without a “moat,” a company’s results are
              difficult to effectively forecast.
          •   People: CBCM seeks to invest alongside management teams who view
              shareholders as partners. Trustworthiness and intellectual honesty are required
              leadership traits for managers of qualifying businesses. Other important markers
              include energy, consistency, a thoughtful capital allocation framework, and
              conservative accounting practices.
          •   Price: CBCM invests in a company’s stock only if it is trading at a significant
              discount to CBCM’s conservative estimate of its intrinsic value.

The CBCM Funds’ and the Separate Accounts’ portfolios are deliberately concentrated in
CBCM’s best, most-informed ideas. This concentration means the CBCM Funds’ and the
Separate Accounts’ portfolios are markedly different from any benchmarks.

When making portfolio allocation decisions, CBCM compares its most appealing stock ideas
against cash alternatives and will hold cash and cash equivalents in the absence of attractive
investment opportunities that satisfy its core investment criteria and meet its minimum required
rate of return for putting capital at risk.

CBCM is a long-term investor. However, CBCM will generally sell a security whose price
approaches its estimated intrinsic value for the company — either because the price of the
security has substantially appreciated or because a material adverse change occurred in the
business that meaningfully lowered its estimated intrinsic value. Similarly, CBCM may sell a
security if some event or shift in the business or economics of a company materializes that
prevents a reliable appraisal of its intrinsic value. Lastly, based on opportunity cost considerations
and when and only if the CBCM Funds and the Separate Accounts are fully invested, CBCM will
generally sell relatively overpriced securities to buy relatively underpriced securities as these
specific opportunities arise.

The purchase of interests in any of the CBCM Funds, or an investment in a Separate Account
with CBCM, are speculative investments and are not intended as a complete investment program.
Investing in any of the CBCM Funds or a Separate Account involves risk of loss that clients
should be prepared to bear. There is no assurance that the CBCM Funds’ or the Separate
Accounts’ investment objectives will be achieved, and investment results may vary substantially
from year to year.

An investment in a CBCM Fund or a Separate Account involves significant risks, which should
be carefully evaluated before making an investment. These risks include:

   • General Risk: There is no assurance that the Clients will meet their investment objective;
     an Investor could lose money by investing in a CBCM Fund.
   • Market Risk: Prices of equity securities and the value of the CBCM Funds’ and the
     Separate Accounts’ investments will fluctuate and may decline significantly over short-
     term or long-term periods. Foreign and domestic economic growth and market conditions,
     interest rate levels, political events, terrorism, war, natural disasters, disease/virus
     epidemics, and other events are among the factors affecting the securities markets in
     which the CBCM Funds and the Separate Accounts invest. There is risk that these and
     other factors may adversely affect the CBCM Funds’ and the Separate Accounts’
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