Farmstead Capital Management LLC

ITEM 5 – FEES AND COMPENSATION

Item 5.A   Describe how you are compensated for your advisory services. Provide your
           fee schedule. Disclose whether the fees are negotiable.

           The Funds offer interests or shares (as applicable) only to certain qualified
           Investors and admission in the Funds is not open to the general public. Interests
           or shares (as applicable) are sold only to qualified Investors who are (i)
           “accredited investors” under Rule 501 of Regulation D of the Securities Act of
           1933, as amended, and “qualified purchasers” as such term is defined in Section
           2(a)(51) of the Investment Company Act of 1940, as amended or (ii) non-US
           investors, in the case of the Funds that are established in the Cayman Islands.
           Each Fund’s offering documents contain a detailed description of the applicable
           Fund’s fee schedule.

           It is critical that Investors refer to the relevant Fund’s governing documents
           for a complete understanding of how Farmstead is compensated for its
           advisory services.

Item 5.B   Describe whether you deduct fees from clients’ assets or bill clients for fees
           incurred. If clients may select either method, disclose this fact. Explain how
           often you bill clients or deduct your fees.

           Farmstead deducts fees from each Fund’s assets. The fees applicable to each
           Fund are set forth in detail in its offering documents. A brief summary of the fees
           are set forth below.

           With respect to the Master Fund, Domestic Fund, Offshore Fund, the Farm TR
           Fund and certain investors in the Farm Master Holdings Fund, Farmstead
           generally deducts a management fee based on the net assets of each Fund,
           quarterly in advance (the “Management Fee”), subject to adjustment for any
           subsequent intra-quarter additions or distributions.

           For the Master Fund and the Farm TR Fund, Farmstead will also deduct an annual
           incentive allocation of net profits, if any, subject to a loss carryforward (the
           “Incentive Allocation”), payable to the General Partner and certain strategic
           Investors, if applicable. It should be noted that the Management Fee and
           Incentive Allocation may be calculated differently with respect to the type of
           interests held by Investors. When calculating the Incentive Allocation at the

           Master Fund level and Farm TR Fund level, net profits are reduced by the
           Management Fee, and all items of income, loss and expense incurred at the Fund
           level will be taken into account. Since the General Partner and certain strategic
           Investor(s) receive the Incentive Allocation at the Master Fund level and the Farm
           TR Fund level, no incentive fee will be paid at the Domestic Fund or Offshore
           Fund level.

           For the OC Fund and the Burgundy Fund, Farmstead generally deducts a
           Management Fee based on the net assets of the respective fund, as applicable,
           monthly in advance, subject to adjustment for any subsequent additions or
           distributions. Farmstead also deducts an annual incentive fee on the net profits,
           if any, subject to a loss carryforward, which will be paid from the OC Fund and
           the Burgundy Fund, as applicable, to Farmstead (the “Incentive Fee”). When
           calculating this Incentive Fee, the net profits will be reduced by the Management
           Fee, and all items of income, loss and expense incurred will be taken into account.

           All or a portion of the Management Fee and/or the Incentive Allocation/Incentive
           Fee may be waived, reduced or rebated with respect to the capital accounts of
           certain Investors, including affiliates of the General Partner or Farmstead.

           It is critical that Investors refer to their respective Fund’s governing
           documents for a complete understanding of how fees are deducted from their
           assets. The information contained herein is a summary only and is qualified
           in its entirety by the relevant Fund’s governing documents.

Item 5.C   Describe any other types of fees or expenses clients may pay in connection
           with your advisory services, such as custodian fees or mutual fund expenses.
           Disclose that clients will incur brokerage and other transaction costs, and
           direct clients to the section(s) of your brochure that discuss brokerage.

           The Funds pays all costs and expenses related to investments and operations,
           which may include:

               •   the Management Fee;
               •   Fund legal, compliance, audit and accounting expenses (including third
                   party accounting services);
               •   portfolio accounting software;
               •   order management system expenses;
               •   legal fees and expenses related to sourcing, evaluating, consummating,
                   monitoring and enforcing specific investments;
               •   fees and expenses of the Fund’s administrator (including, but not limited
                   to, software necessary for trade capture and portfolio management);
               •   fees and expenses related to various filings (or portions thereof) made in
                   connection with managing the Fund’s portfolio (including, but not
                   limited to, Section 13 filings, Section 16 filings and Form PF and similar
                   expenses (if applicable));
               •   shareholder proxy voting services;
               •   organizational expenses;
               •   investment expenses such as commissions, research fees and expenses
                   (including research subscriptions, research-related travel and research
...

ITEM 7 – TYPES OF CLIENTS

Describe the types of clients to whom you generally provide investment advice, such as individuals,
trusts, investment companies, or pension plans. If you have any requirements for opening or
maintaining an account, such as a minimum account size, disclose the requirements.

Farmstead provides investment advisory services to pooled investment vehicles operating as private
investment funds. Each Investor in the private funds must meet the eligibility provisions outlined in Item
5.A above. The minimum initial subscription of each Investor for the Master Fund, the Domestic Fund, the
Offshore Fund and the Farm TR Fund is $5,000,000 (U.S.), subject to change at the sole discretion of the
Directors of the respective private fund, Farmstead or the General Partner, but not below $100,000 (U.S.),
in the case of the Cayman Islands pooled investment vehicles, or such other amount as may be specified
under the applicable law from time to time. The minimum initial subscription of each Investor for the OC
Fund and the Burgundy Fund is $1,000,000 (U.S.), subject to change at the sole discretion of the Directors
of the respective private fund, but not below $100,000 (U.S.) or such other amount as may be specified
under the applicable law from time to time.

Managed Accounts may be set up for certain large or strategic Investors at the sole discretion of Farmstead
and are subject to individually negotiated terms.