Kennedy Lewis Management LP

Item 5.          Fees and Compensation

Advisory Fees and Compensation.

Kennedy Lewis charges a management fee and is entitled to performance-based compensation in
accordance with the respective Funds’ Governing Documents. The information provided in this brochure
regarding fees and expenses is not intended to be complete or final and is qualified in its entirety by the
Governing Documents. Limited partners and prospective investors should read and review the Governing
Documents of the respective Fund to fully understand the types of fees and expenses that are borne by the
Fund.

Except as noted below and with respect to the KLRES Fund and the Senior Loan Fund, the Funds, as to
each limited partner, pay Kennedy Lewis either (i) a quarterly management fee calculated at an annual rate
of 1.0%-2.0% based on the Commitments (as defined in the Governing Documents), and in some cases an
additional 0.50%-2.0% on Actively Invested Capital (as defined in the Governing Documents) as of the
first day of each calendar quarter, or (ii) a monthly management fee calculated at an annual rate of 0.9% on
Net Asset Value (as defined in the Governing Document) as of the first day of each calendar quarter. With
respect to the Credit Opportunity Funds, the terms of the specific tranche of limited partner interests
determines whether the management fee is calculated based on Commitments or Actively Invested Capital
and after the investment period, the management fee will be calculated based on Actively Invested Capital.

The management fee payable by the Credit Opportunity Funds and the Core Lending Funds in any quarterly
or monthly period, as applicable, is reduced by the sum of any transaction, management, investment
banking, monitoring, closing, topping, break-up or other similar fees received by Kennedy Lewis, the
general partner of the applicable Fund, or their affiliates (net of unrecouped partnership expenses that such
person has elected to pay on behalf of the applicable Fund). The quarterly management fee is also reduced
in an amount equal to the sum of all fees and expenses paid or reimbursed by the applicable Credit
Opportunity Fund to placement agents in connection with the offering and sale of limited partnership
interests in such Credit Opportunity Fund during the immediately preceding calendar quarter.

The KLRES Fund, as to each limited partner, pays Kennedy Lewis a monthly management fee calculated
at an annual rate of 1.25% based on the Net Asset Value (as defined in the Governing Documents of the
KLRES Fund) of such limited partner’s Interests on such date.

The Senior Loan Fund, as to each limited partner, pays Kennedy Lewis a monthly management fee
calculated at an annual rate generally of 1.0% based on the Net Asset Value (as defined in the Governing
Documents of the Senior Loan Fund) of such limited partner’s Interests on such date.

Except as noted below, the general partners of the Funds or their affiliates are also entitled to receive carried
interest or similar profit distributions (“Carried Interest”) from the Funds or an allocation equal to 10%-
12.5% of profits above the set hurdle amount (“Incentive Allocation”). Carried Interest is a performance-
based profit allocation based on a share of the income and gains of the assets in each applicable Fund.
Carried Interest distributions for the Credit Opportunity Funds are typically 20.0% of distributions after
investors have received a return of their capital contributions plus a preferred return. Carried Interest for
the Credit Opportunity Funds is not calculated on the basis of unrealized gains and losses while the
calculation of Incentive Allocation includes unrealized gains and losses. The calculation of Incentive
Allocation for the Senior Loan Fund is based on increases in net asset value. Any loss incurred by a limited
partner in the Senior Loan Fund is carried forward so that no Incentive Allocation is owed unless and until
losses incurred during a prior period or periods have been recouped, subject to certain adjustments (also
referred to as a “High Water Mark”).

Carried Interest distributions for the KLRES Fund are typically 12.5-15% of distributions above the set
hurdle amount. The specific tranche of limited partner interests determines the Carried Interest percentage
for such limited partner in the KLRES Fund. Carried Interest in the KLRES Fund is calculated on the basis

FORM ADV PART 2A                       KENNEDY LEWIS MANAGEMENT LP                              March 31, 2026
of unrealized gains and losses.

The Senior Loan Fund receives an annual Incentive Allocation that is typically 12.5% of each limited
partner’s share of profits, provided that at the time of calculation the limited partner’s net asset value
exceeds the High Water Mark and is above the set hurdle amount.

The Funds have multiple categories of interests or tranches, including a tranche for initial limited partners,
which may bear lower fees than those described above. Kennedy Lewis also reserves the right to vary the
fees as to particular limited partners by separate agreement and to reduce or waive any fees at any time.
Kennedy Lewis waives or reduces the management fees and Carried Interest for its own capital and that of
its constituent partners, affiliates, and employees, and family members of the foregoing.

Expenses.

In addition to paying management fees and Carried Interest or Incentive Allocation, the limited partners of
the Funds will also indirectly bear certain expenses charged to the Funds. The Funds were subject to certain
costs in connection with their organization, as more particularly described in the Governing Documents.

The Funds generally bear their own operating costs. Such fees and expenses will vary but generally include
fees, costs, and expenses incurred in connection with the following: (i) the developing, sourcing,
investigation, negotiation, structuring, evaluation, acquisition, or disposition of investments and
...

Item 7.         Types of Clients

As previously described, Kennedy Lewis provides investment advice to the Funds, which are pooled
investment vehicles, including “funds of one”. Underlying investors in the Funds may include, but are not
limited to, institutional investors such as trusts, endowments, foundations, corporates, sovereign wealth
funds, pension and profit-sharing plans, as well as high net worth investors.

The Firm may also choose to advise separately managed accounts, but is not managing any at this time.

The Funds impose minimum investment limits upon investors that can be waived in certain circumstances,
as set forth in the Governing Documents.

FORM ADV PART 2A                      KENNEDY LEWIS MANAGEMENT LP                             March 31, 2026