Freshford Capital Management LLC

Item 5. Fees and Compensation

The Funds pay the Adviser an investment management fee ranging from 0% to 1.5% per annum. The
investment management fees are calculated and paid monthly in advance based on the value of the
assets of each Fund as of the first business day of each month. Investment management fees will be
adjusted for contributions/subscriptions and withdrawals/redemptions made during the month. Investment
management fees are deducted from each Fund monthly by instructing the administrator of the Funds to
deduct the applicable fee.

The Adviser (or its affiliate) will also be paid or allocated annual performance-based compensation, which
is compensation that is based on a share of capital appreciation of the assets of a Fund. This
compensation rate ranges from 16% to 50% and is subject to a loss carryforward provision and, in certain
cases, to a hurdle. This compensation will also be adjusted for early withdrawals/redemptions.

The Adviser (or its affiliate) may waive or modify the investment management fee or performance-based
compensation for Investors that are members, employees or affiliates of the Adviser, relatives of such
persons, and for certain large or strategic investors.

Each Fund will pay its own expenses, including the fees paid to the Adviser, Fund legal, compliance,
administrator (including NAV calculation agent expenses, if any), audit and accounting expenses
(including third party accounting services); proxy voting services, if any; investment expenses such as
commissions, research fees and expenses; interest on margin accounts and other indebtedness;
borrowing charges on securities sold short; custodial fees; bank services fees; Fund-related insurance
costs; directors’ fees and expenses, if any; and any other expenses reasonably related to the purchase,
sale or transmittal of Fund assets. In addition, Funds will incur brokerage and other transaction costs.
Please refer to Item 12 for a discussion of the Adviser's brokerage practices.

The allocation of expenses by the Adviser between it and any Fund and among Funds represents a
conflict of interest for the Adviser. To address this conflict, the Adviser has adopted and implemented

policies and procedures for the allocation of expenses. The Adviser allocates expenses to each Fund in
accordance with the particular Fund’s arrangements with the Adviser (including applicable Fund
disclosures). Accordingly, expenses borne by each of the Funds may differ. The Adviser seeks to
allocate applicable common Fund expenses among multiple Funds on a pro rata basis based on assets
under management. The Adviser may deviate from this standard allocation method if it determines that
an expense disproportionately benefits a particular Fund or group of Funds. Further, the Funds managed
on a sub-advisory basis may have different expense arrangements based on the applicable agreement.

Item 7. Types of Clients

The Adviser’s clients consist of the Funds. The initial and additional subscription minimums are disclosed
in the Funds' offering memoranda.