Fir Tree Capital Management LP

Item 5.        Fees and Compensation

Compensation - Funds

With respect to the Funds, Fir Tree (or one of its affiliates) typically receives two types of
compensation from investors—an asset-based management fee and performance-based
compensation. Generally, each year, Fir Tree charges investors in the Funds a negotiable asset-based
management fee ranging from 0% to 2% of each investor’s assets that Fir Tree manages through the
Funds and performance-based compensation ranging from 0% to 30% of each investor’s share of the
profits of the Funds. Dependent on the structure of the specific Fund, Fir Tree’s performance-based
compensation is taken as either a carried interest, an annual allocation or annual fee. By way of
example, a summary description of performance-based compensation attributable to Fir Tree’s
“flagship” offering is set forth below; however, detailed descriptions of Fir Tree’s asset-based fees
and performance-based compensation are set forth in the offering and/or governing document for
each Fund.

Fir Tree’s performance-based compensation for certain of its Fund complexes is subject to a rolling
high water mark limitation. Thus, if losses occur that result in the capital account of an investor in
one of these Fund complexes being lower than the highest level of cumulative net profits achieved by
that investor through the close of any year since admission, then the performance-based compensation
applicable to that investor will be one-half of Fir Tree’s normal share of net profits, if any, until such
time as that investor’s capital account is equal to its previous high water mark plus an amount equal
to 150% of the losses incurred by that investor. Thereafter, the performance-based compensation
reverts back to the original percentage applicable to that investor.

Fir Tree’s performance-based compensation for certain Funds was calculated by (i) subtracting the
value of what an investor’s investment in the Fund would have been if the investor’s investment had
a rate of return equal to a percentage of the rate of return of a well-known index for the applicable
performance period from the actual value of the investor’s investment in the Fund for that
performance period and then (ii) multiplying the difference by 30%. The calculation of Fir Tree’s
performance-based compensation for that same Fund complex includes a mechanism whereby the
asset-based management fees paid by an investor are subtracted out of the final performance-based
compensation attributable to that investor.

Fir Tree’s performance-based compensation for certain of its various Funds are also subject to certain
restrictions in varying combinations, including standard high-water marks, hurdles and/or preferred
returns, as applicable, in each case as more completely described in the offering and/or governing
documents of each such Fund.

Fir Tree has the general discretion to waive or reduce all or a portion of the asset-based management
fee and/or the performance-based compensation for certain investors of the Funds, and has done so
on a limited basis for large investors or in exchange for longer lock-ups or other reduced liquidity.
Fir Tree has entered into and, subject to any limitations and requirements under applicable law, will
continue to enter into arrangements with certain investors in the Funds (including current and former
employees and principals of Fir Tree) that have the effect of altering or supplementing the terms of
such investors’ investment in the Funds, including, without limitation, arrangements with respect to
waivers or reductions relating to fees, increased or reduced liquidity, and additional transparency and
any other provisions of the Fund’s offering and/or governing documents with respect to such investor

or any other matter deemed appropriate by Fir Tree without obtaining the consent of any other
investor (other than an investor whose contractual rights as an investor would be materially and
adversely changed by such waiver, modification or creation of new terms) and without entitling any
other investor to such waiver, modification or new term(s). Such arrangements will generally be
based on such factors as the size of an investor’s investment, an investor’s existing relationships with
Fir Tree or any particular regulatory or legal considerations applicable to an investor, but Fir Tree
may enter such arrangements for any reason it deems necessary, advisable, desirable or convenient.
As a result, returns may vary from investor to investor depending on arrangements applicable to a
given investor’s investment and may result in adverse consequences to the Funds or other investors.
Investments in the Funds made by Fir Tree’s employees, principals, certain former employees and its
affiliates are not subject to any asset-based or performance-based compensation and will at times be
subject to comparatively favorable liquidity terms.

With respect to the Funds, Fir Tree’s asset-based management fee is generally calculated quarterly in
advance and deducted from the Funds’ accounts at the end of each month. If an investor withdraws
from a Fund prior to the end of a quarter, that investor pays a pro rata portion of the asset-based
management fee earned through the withdrawal date. Fir Tree’s performance-based annual allocation
and fee are generally deducted from the Funds’ accounts at the end of each year or when investors
make a withdrawal (but only with respect to the amount withdrawn). However, some of the Funds
are subject to a carried interest and, generally, Fir Tree accrues its performance-based carried interest
allocation on a yearly basis. Fir Tree is generally entitled to receive distributions of the carried interest
allocation from these Funds only after 100% of capital contributions have been distributed to investors
(and, in the case of certain Funds, after investors have also been distributed a particular “hurdle”
amount).

Compensation - SMAs
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Item 7.        Types of Clients

Fir Tree primarily provides advice to the Funds, separately-managed accounts, trade advisory clients,
and sub-advisory clients. The Funds are generally private pooled and single-investor investment
vehicles sponsored by Fir Tree, whereas separately-managed accounts are accounts managed for
endowments, pension funds, institutional investors, family offices or high net worth individuals.
Trade advisory clients and sub-advisory clients are typically third-party investment managers, and/or
the investment vehicles sponsored by such third-party managers.

Item 8.        Method of Analysis, Investment Strategies and Risk of Loss

As noted in Item 4 of this Brochure, in late January 2025, Fir Tree announced its intention to return
investor capital and begin the process of winding down its advisory business. Therefore, the
investments and investment strategies noted below may no longer be executed for Client portfolios
that are being liquidated and Funds that are being wound down.

Please refer to the Clients’ offering and/or governing documents for a more detailed discussion
of our investment strategy and related risks. A sampling of Client investment strategies and
related risks is provided below for reference.

For certain Clients, Fir Tree uses a value-oriented, multi-strategy approach to investing, across asset
classes and geographies. Fir Tree’s value approach to investing, whether long-oriented or short-
oriented, focuses on mispriced or dislocated investments that we believe are offered at compelling
prices, as well as “arbitrage” investments. We generally will employ one or more of the following
strategies in an effort to achieve long-term capital appreciation on behalf of Clients: (1) investments
in undervalued, dislocated or distressed assets; (2) investments having a credit and/or capital structure
arbitrage component; (3) investments in real estate or real-estate related assets; and (4) sovereign
investments that we believe are mispriced.

For other Clients, Fir Tree employs a variety of investment strategies, including global credit
investing, investments related to special purpose acquisition companies, Digital Assets and “co-
investment” opportunities alongside other vehicles and parties.

Unless otherwise specified in the relevant offering and/or governing documents, Clients’ investments
are generally not constrained by geography, industry, or security type. If permitted under the relevant
offering and/or governing documents, we generally attempt to enhance a Client’s performance or
hedge a Client’s portfolio by the use of leverage, short sales, options, futures and other derivative
instruments.

Despite Fir Tree’s research and analysis and investment strategies, investing in any security involves
a risk of loss that Clients and all of the investors in the Funds must be prepared to bear. There can be
no assurance that Fir Tree’s investment objective will be achieved.

All investors in the Funds and SMA clients should consult their own legal, tax and financial advisors
prior to investing with Fir Tree. Certain risks associated with an investment in any Client that Fir Tree
advises include:

          General Investment Risks. All investments risk the loss of capital. The profitability of a
           significant portion of the Clients’ investment programs depends to a great extent upon
           correctly assessing the future course of the price movements of securities and other
           investments. There can be no assurance that Fir Tree will be able to predict accurately
           these price movements. With respect to the investment strategies utilized by Clients, there
           is always some, and occasionally a significant, degree of market risk. No guarantee or
           representation is made that Clients’ investment programs will be successful.

          Business and Regulatory Risk. Legal, tax and regulatory changes could occur that may
           adversely affect Clients. The regulatory environment for Clients is evolving, and changes
           in the regulation of Clients may adversely affect the value of investments held by Clients
           and the ability of Clients to obtain the leverage they might otherwise obtain or to pursue
           their trading strategies. The Securities and Exchange Commission and other regulators
           and self-regulatory organizations and exchanges are authorized to take extraordinary
           actions in the event of market emergencies. The regulation of derivatives transactions and
           funds that engage in such transactions is an evolving area of law and is subject to
           modification by government and judicial action. The effect of any future regulatory
           change on Fir Tree, the Clients or Fir Tree’s affiliates could be substantial and adverse.
           There can be no assurance that Clients, Fir Tree or any of Fir Tree’s affiliates will avoid
           regulatory examination or enforcement actions. Even if an investigation or proceeding
           does not result in a sanction being imposed against Fir Tree, the Clients or Fir Tree’s
           affiliates, or such sanction is small in monetary amount, Fir Tree, the Clients or Fir Tree
           affiliates may be subject to adverse publicity relating to the investigation, proceeding or
           imposition of such sanctions.

          Risks Related to Natural Disasters, Epidemics and Terrorist Attacks. Countries and
           regions in which Fir Tree invests, where Fir Tree has its offices or where Fir Tree or Clients
           otherwise do business, are susceptible to natural disasters (e.g., fire, flood, earthquake,
           storm and hurricane) and epidemics, pandemics or other outbreaks of serious contagious
           diseases, including COVID-19. The occurrence of a natural disaster or an epidemic,
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