Emerging Variant Capital Management LP

Item 5: Fees and Compensation

The fees applicable to each Fund or the Managed Account are set forth in detail in each Fund’s
offering documents or relevant investment management agreement for the Managed Account.

Management Fee

Emerging Variant is paid a management fee, payable in advance of each quarterly period, as
compensation for the services to be performed by the Investment Manager (the “Management
Fee”).

The Management Fee will range between .25% (1.0% per annum) to .375% (1.50% per annum)
pursuant to the type of Class Interest for Emerging Variant Latin American Opportunities Master
Fund LP and Emerging Variant Partners A, and 0.50% (2.0% per annum) for Emerging Variant
Directional Master Fund. Under certain circumstances, such as the Net Asset Value of specific
share classes, the management fee may be a nominal amount.

In Emerging Variant’s sole discretion, the Management or Performance Fee may be waived,
reduced or calculated differently with respect to certain investors, including the General Partner.

The Investment Manager is responsible for and will pay all overhead expenses of an ordinary and
recurring nature such as rent, supplies, secretarial expenses, its compliance expenses, stationery,
charges for furniture and fixtures, employee insurance, payroll taxes and compensation of
employees.

The Funds bear all expenses relating to its ongoing structure and operation (including direct
expenses of the Master and Feeders), including legal, accounting (including third-party
accounting services), administration, audit, and other professional fees and expenses, out-
sourced trading expenses, organizational expenses, research expenses (including research-
related travel), investment expenses such as commissions, interest, borrowing charges on
securities sold short, trading-related technology software costs deemed by the Investment
Manager to benefit the Funds or the Managed Account such as order and risk management
systems, expenses of third-party valuation agents (if any), compliance expenses of the Funds or
the Managed Account (including expenses related to various filings (or portions thereof) the
Investment Manager is required to make as a result of managing the portfolio of the Funds, such
as Form PF and expenses related to registration, filing, and/or reporting requirements in any
jurisdiction in which the Interests are offered or sold), insurance (including D&O and E&O
insurance premiums for the Investment Manager and the directors of the Offshore Fund),
custodial fees, bank service fees and other expenses related to the acquisition, workout,
disposition, preservation or transmittal of Fund or the Managed Account assets.

Item 7: Types of Clients

Our clients are the Funds and the Managed Account as described above in Item 4. Any initial and
additional investment minimums are disclosed in the offering memorandum for the relevant
Fund or investment management agreement for the Managed Account.