Hayman Capital Management LP

Item 5 - Fees and Compensation
Investors in the Funds and the owners of the Separate Accounts are subject to the fees
and expenses described below. Hayman has the authority to negotiate these fees and
expenses at its discretion. Hayman has waived or negotiated lower fees or expenses for
certain Clients and/or employees and their family members.

The management fee is prorated for investments made in the middle of a billing period.
In the event that the advisory services of the Adviser are terminated prior to the end of
any calendar quarter, a proportionate amount of the applicable management fee will be
refunded to such or investor, as applicable. As described below, certain investments may
be Client subject to withdrawals fees. The following is illustrative of fees that investors
can typically expect. Investors in the Funds should consult the offering documents for the
relevant Fund for a detailed description of the fees and expenses applicable to their
investment.

The Hayman Funds
Incentive Fees are assessed annually and subject to a high water mark.

Investors in the Hayman Onshore Fund and the Hayman Offshore Fund are subject to
the following fee schedule:

   •   Share Sub-Class A-1
         o Management Fee: 0.4625% quarterly, in advance (1.85% annualized)
         o Incentive Fee: 20%

   •   Share Sub-Class A-2
         o Management Fee: 0.25% quarterly, in advance (1.0% annualized)
         o Incentive Fee: 20%
         o Minimum: $20,000,000

       Early Withdrawal Fee:                    None

The Hong Kong Funds
Each share sub-class has the same rights and obligations. Incentive Fees are assessed
on distributions after the return of initial capital. Investors in the Hayman Hong Kong
Opportunities Onshore Fund and the Hayman Hong Kong Opportunities Offshore fund
are subject to the following fee schedule:

   •   Share Sub-Class A-1
          o Minimum: $1MM
          o Management fee: 0.1875% quarterly, in advance (0.75% annualized)
          o Incentive Fee: 15% of distributions after return of initial capital up to 100%
             net return on capital contributed, thereafter 20% of distributions.

   •   Share Sub-Class A-2
          o Minimum: $50MM (and all day one investors on January 1st 2017)
          o Management fee: 0.125% quarterly, in advance (0.50% annualized)
          o Incentive Fee: 15% of distributions after return of initial capital up to 100%
             net return on capital contributed, thereafter 20% of distributions.

   •   Share Sub-Class A-3
          o Minimum: $150MM
          o Management fee: 0.0625% quarterly, in advance (0.25% annualized)
          o Incentive Fee: 15% of distributions after return of initial capital up to 100%
             net return on capital contributed, thereafter 20% of distributions.

   •   Share Sub-Class B
          o Minimum: $100,000
          o Management fee: one-time 2% management fee
          o Incentive Fee: 15% of distributions after return of initial capital up to 100%
             net return on capital contributed, thereafter 20% of distributions.

       Early Withdrawal Fee:                    None

Covalent Funding Partners
Covalent Funding Partners LP is a private fund organized for the purpose of investing in
a single private security of a development stage start-up company. This fund is closed to
new investors.

Separate Accounts
Hayman does not maintain a fee schedule for Separate Accounts. Fees and expenses
applicable to each account are negotiated separately.

Expenses
Clients of Hayman, including the Funds, will generally bear costs associated with
management of their accounts, including (a) broker’s commissions, exchange fees,
interest expenses, withholding and other taxes, custodial fees, clearing fees and account
fees; (b) securities lending fees and expenses; (c) interest on margin accounts and other
indebtedness, (d) regulatory costs and expenses, (e) expenses related to third-party
research, publications, data and data services, including real-time pricing and market
information (such as Bloomberg and Reuters services and including but not limited to the
Order Management System and Bloomberg Terminals) and historical pricing and other
data; (f) outside professional fees and expenses, including those of attorneys,
accountants, consultants, administrators and independent advisors and board fees; (g)

travel expenses incurred in connection with evaluating, negotiating, managing, or
disposing of investments; and (h) indemnification payments, insurance costs and
extraordinary expenses (including, but not limited to, litigation expenses). Please see the
Brokerage Practices section of this brochure for further information regarding
commissions and other transaction costs incurred by Clients.

Side Letters
Hayman, the Managing General Partner, has previously and may, from time-to-time, enter
into letter agreements or other similar agreements (collectively, “Side Letters”) which may
amend, vary, waive, or modify terms of the Funds’ partnership agreements with respect
to a particular limited partner; provided, however, such a Side Letter may not be entered
into if it would reasonably be expected to have a material adverse effect upon any other
limited partner. Side Letters do not require consent of any other limited partner.

Item 7 - Types of Clients
Hayman provides investment management services to private pooled investment
vehicles and Separate Accounts. Investors in the Funds are typically institutions, funds-
of-funds, family offices, and high-net-worth individuals.

The minimum initial capital contributions for the various funds are:

              The Hayman Funds            $1 million.
              The Hong Kong Funds         $1 million. ($100,000 for Class B)

The general partner of the Funds has previously and may grant exceptions to these
minimums. Hayman shall determine from time to time the minimum investment for each
Separate Account.

Investors in each of the U.S. Funds and U.S. investors in the each of the offshore Funds
must each be (i) an “accredited investor” as defined in Regulation D under the U.S.
Securities Act of 1933, as amended (“Securities Act”), and (ii) a “qualified purchaser” as
that term is defined in Section 2(a)(51) of the U.S. Investment Company Act of 1940, as
amended.