Cruiser Capital Advisors LLC

Item 5 – Fees and Compensation

A.      Description

The Feeder and Master Funds are generally charged a performance-based incentive allocation for the
investment management services. The annual incentive allocation is allocated at the Master Fund level in
order to avoid any duplication of such allocation and is equal to 20% of the aggregate net increase
attributable to a Fund investor’s master account for the relevant fiscal period, subject to a customary high-
watermark.

In addition, a management fee is charged to the Funds, taken at the Master Fund level, which is payable to
us or to our affiliate, Cruiser Capital Advisors, LLC and is calculated and paid at the beginning of each
month, in advance, and is equal to 0.125% (1.5% annually) of each investor’s net asset value as of the first
day of each month.

The management fee charged to the SMAs ranges between 0% and 2% of the net asset value of the SMA’s
account. The incentive allocation payable to us ranges generally from 15% to 20% of the net increase
attributable to its account for the relevant fiscal period subject to high watermarks.

Management fees and performance allocations may be waived or reduced at any time, at the sole discretion
of the Advisor or its affiliates.

Fees and billing for consulting services to other investors, investment advisors or funds will be determined
with the client. These fees can be determined in a variety of ways, including predetermined amounts,
percentages of net asset values and percentages of profits.

B.      Fee Billing

We (or our affiliate) generally deduct fees from the SMA’s account and the investors’ assets in the Funds.
Our clients and the investors in the Funds do not have the ability to choose to be billed directly for fees
incurred.

Please refer to the relevant SMA or Fund governing documents (including the relevant Fund’s Offering
Documents) for a complete understanding of how fees are calculated and deducted. The information
contained herein is a summary only and is qualified in its entirety by the relevant Fund’s governing
documents.

C.      Other Fees and Expenses

In addition to the performance-based incentive allocation and management fees discussed above, each client
pays for all necessary expenses of its operation, including, without limitation, trading, brokerage, legal,
compliance, audit and accounting and other operating expenses such as, but not limited to, costs relating to
trading investment strategy implementation, clearing costs and fees, administrator fees and research fees.

Form ADV Part 2A Firm Brochure

In addition, the Funds will bear all operational expenses including, without limitation, brokerage
commissions, clearing and executing broker fees, data feed and market data costs, costs relating to trading,
investment strategy implementation, research and risk management, legal, auditing and tax expenses,
printing, client services, accounting and bookkeeping costs, costs incurred for fund administration and
investment related consultants and other service provider’s expenses, interest expenses, stock loan
expenses, custody fees and expenses, insurance premiums of the Funds and/or the Advisor (including
insurance premiums with respect to any of their principals, partners, directors and officers), extraordinary
expenses (including indemnification), other expenses, regulatory and self-regulatory fees, other
transactional charges, expenses relating to cash management, expenses relating to the continuing offering
of shares or interests in the Funds and Feeder Funds, compliance costs (including regulatory and compliance
expenses of Cruiser Capital or its affiliates incurred specifically in connection with the Funds, and if
registration of Cruiser Capital under the Investment Advisers Act of 1940 (the “Advisers Act”) is mandated,
which at the present time, is required, its pro rata share of Master Fund costs, expenses incurred with respect
to the preparation, duplication and distribution to members and prospective members of Fund offering
documents, annual reports and other financial information, marketing expenses, and similar ongoing
operational expenses.

Please refer to the relevant Fund’s governing documents (including the relevant Fund’s Offering
Documents and limited partnership agreements) for a complete understanding of each Fund’s fees and
expenses. The information contained herein is a summary only and is qualified in its entirety by the relevant
Fund’s governing documents.

D.      Advance Payment.

As previously disclosed, the monthly management fee is paid in advance either to Cruiser Capital Advisors,
LLC by Cruiser Capital L.L.C. and Cruiser Capital Ltd., the Feeder Funds. Upon an investor’s redemption
or withdrawal from the Feeder Funds, the un-accrued portion of the management fee that has been pre-paid
is refunded on a pro-rata basis.

E.      Participation or Interest in Client Transactions

Neither Cruiser Capital nor any of its supervised persons accepts compensation, whether in the form of a
commission or otherwise, for the sale of securities or other investment products to our clients.

Item 7 – Types of Clients

We currently provide advisory services to separately managed accounts and to pooled investment vehicles
operating as private investment funds.

We do not impose any minimum requirements on our private investment fund clients. Our private fund
clients, however, generally impose minimum investment commitments of $1,000,000 (unless otherwise
waived by us) on investors and require them to satisfy certain suitability standards.

We may impose minimum account requirements on separately managed accounts. Any such minimum
would be described in the written investment management agreement entered into by and between the client
and us. In the event that minimum requirements are imposed, we would expect that such requirements
would be based on, among other factors, the investment strategy, and the time and resources allocated to
the client. Any requirements and restrictions would be specified in detail in each client’s written investment
management agreement.