Elizabeth Park Capital Advisors Ltd

Item 5. Fees and Compensation
The fees and expenses that are applicable to an investment with the Adviser are set forth and agreed to
in each Client’s Governing Documents. Investors and prospective investors must carefully review the
Governing Documents of the Client in which they are invested or may invest, to review the specific fees
and expenses applicable to their investment.

Pursuant to the Governing Documents, Elizabeth Park is generally entitled to receive an asset-based
management fee of 1.5% annually for its long-short strategy, 1.0% annually for its bank consolidation
strategy, and a progressive management fee of up to 2% for their mission-driven strategy. Management
fees are payable quarterly in advance, and incentive fees or allocations are paid generally on an annual
basis. Impact awards are generally paid annually commencing upon the end of the 5th full fiscal year of the
mission driven strategy. Incentive fees or allocations for both strategies will generally equal 20% annually,
in each case based on the net capital appreciation in such Investor’s capital account(s) or shares, as
applicable, subject to a “high water mark,” as described in the Governing Documents. Management fees
and incentive fees or allocations are generally calculated and charged separately, in accordance with such
adjustments and pursuant to such process set forth in the Governing Documents. Such compensation is
determined at the time of the organization of a Client. Fees may be paid to Elizabeth Park or any of its

affiliates.

Management fees will be pro-rated when Elizabeth Park provides services for less than a full quarter and,
if paid in advance, will be automatically refunded and reflected in the net asset value of the Investor’s
capital account(s) or shares, as applicable. Elizabeth Park has, and may in the future continue to, waive,
reduce or require a different fee arrangement from its affiliates, owners, employees, their family
members and certain other investors.

Incentive fees or allocations will also be assessed as of the end of other accounting periods in accordance
with the Governing Documents, including upon withdrawal of capital by an Investor or liquidation of a
fund, if such withdrawal or liquidation occurs on a date other than the standard assessment date.

In addition to paying investment management fees and incurring performance-based fees, the Clients
will be subject to other investment expenses, including but not limited to commissions, money market
fund fees, research consultants’ fees and research fees and expenses (including subscription fees for
services such as Bloomberg), interest on margin accounts and other indebtedness; borrowing charges
related to short sales; custodial fees; government expenses; taxes; administrative expenses; legal
expenses; external accounting expenses; research and market data expenses; audit and tax preparation
expenses; corporate licensing; custodial fees; directors and officers insurance and any other expenses
reasonably related to the purchase, sale or transmittal of Client assets. Clients should carefully review

Item 7. Types of Clients
As described in Item 4, the Adviser’s clients are privately placed pooled investment vehicles and, from
time-to-time in the future may include, separately managed accounts suitable for institutional and other
sophisticated investors.

Any initial and additional subscription minimums for investors are disclosed in the Clients’ Governing
Documents.