Jackson Hill Advisors LLC

Item 5 - Fees and Compensation

Below is a discussion of how Jackson Hill is compensated in connection with providing advisory
services to the Fund. Jackson Hill may enter into different fee arrangements on a client-by-client basis.
It is critical that all Investors refer to the Fund’s Governing Documents for a complete understanding
of how Jackson Hill is compensated for providing advisory services to the Fund. The information
contained herein is a summary only and is qualified in its entirety by the Fund’s Governing Documents.
Management Fees

Jackson Hill receives management fees (the “Management Fees”) from the Fund between 1% to 1.5%
per annum of net asset value of the balance of each Investor’s capital account depending on the class
of partnership interests. The Management Fee is payable monthly and in advance, as described in each
Fund’s respective governing documents.

Performance Allocation

Additionally, the general partner of the Fund, or other affiliate of Jackson Hill, (the “General Partner”)
may be eligible to receive a performance allocation from the Fund based on a percentage of net capital
appreciation (both realized and unrealized) during each yearly measurement period (the “Performance
Allocation”), subject to a high water mark. The Performance Allocation is generally 10% of net profits
allocated each year to a limited partner’s capital account, subject to a high-water mark.

The compensation described above is Jackson Hill’s typical compensation rates. However,
Management Fee and Performance Allocation rates may be negotiable. Jackson Hill has the right to
enter into agreements with one or more Investors to waive or modify certain terms of the offering of a
Fund’s interests, or certain rights and obligations of Investors, including compensation, otherwise
applicable to such interest(s), in each case without notice to the other Investors.

The Management Fee and the Performance Allocation are proportionally adjusted for capital
contributions or directly deducted from the capital account balances of fee-paying Investors.

The Fund bears other fees and expenses as detailed in the Governing Documents. Summarized below,
these include, but are not limited to:
    -   Organizational Expenses. The Fund bears the expenses of the organization of the Fund and the
        offering of its interests (including legal and accounting fees, printing costs, travel, “blue sky”
        filing fees and expenses and out-of-pocket expenses).
    -   Investment and Operational Expenses. The Fund bears all costs and expenses directly related
        to its investment program, including expenses related to research, due diligence, proxies,
        underwriting and private placements, brokerage commissions, interest on debt balances or
        borrowings, and other trading-related costs and expenses (including trade errors resulting in a
        loss that are determined not to be the result of the Firm’s willful misconduct, bad faith or gross
        negligence or as otherwise required by law), fees and expenses of any third-party providers of
        “back office” and “middle office” services relating to trade settlement, investment related travel
        expenses, custody fees, the costs, fees and expenses of any attorneys, appraisers, accountants
        or other experts engaged by the Firm as well as other expenses directly related to the Fund’s
        investments and any withholding or transfer taxes imposed on the Fund.
    -   The Fund also bears all out-of-pocket costs of the operation and administration of the Fund

Jackson Hill collects fees monthly and in advance. If the advisory contract is terminated before the end
of the billing period, Jackson Hill will issue a pro-rated refund.

Other than as described above, neither Jackson Hill nor any of its supervised persons receive any
compensation from the sale of securities or other investment products.

Item 7 - Types of Clients

We currently only provide investment advisory services to our sponsored private pooled investment
vehicle, Ezra Fund, LP. Investors in the Fund include but are not limited to qualified high net worth
individuals and family offices.

Jackson Hill intends to restrict the number of Investors accepted into the Fund and will offer its
interests only through non-public transactions in order to maintain their exclusion from “investment
company” status under the Investment Company Act of 1940, as amended (the “Investment
Company Act”).

Investors must meet eligibility criteria and are subject to certain withdrawal requirements and
limitations. Investors are encouraged to thoroughly review the Fund’s Governing Documents, which
set forth all of the terms in detail.

Each Investor generally must be an “accredited investor” (as defined in Regulation D under the
Securities Act of 1933) and must meet other criteria as specified in the Governing Documents. The
minimum initial capital commitment generally required for an Investor is $500,000 (subject to
Jackson Hill’s discretion to accept a lesser amount).