KSA Capital Management LLC

Item 5. Fees and Compensation

Asset-Based Compensation

Each Private Fund client pays to the Adviser a quarterly management fee. The management fee is a
fixed percentage of the Private Fund client’s assets under management. The management fees charged
range from 1% to 2% per annum.

Investment management fees are charged each quarter in advance based on the total market value of
the assets in the client account (including net unrealized appreciation or depreciation of investments and
cash, cash equivalents and accrued interest) on the first day of the quarter. If a new client account is
established during a quarter or a client makes an addition to its account during a quarter the investment
management fee will be charged as of the effective date of the investment management agreement or the
date of the additional contribution based on the value of the assets as of the applicable date and will be
prorated for the number of days remaining in the quarter.

The Adviser may waive or modify the investment management fees for certain investors in the Private
Funds.

Performance-Based Compensation

The Adviser is paid performance-based compensation, which is compensation that is based on a share of
capital gains on or capital appreciation of the assets of a Private Fund client. This compensation may be
paid to the Adviser or to a related person of the Adviser and is charged at a rate of 20%.

The Adviser may waive or modify the performance-based compensation for certain investors in the
Private Funds.

The Adviser deducts the investment management fee, and if applicable, the performance-based fee from
client accounts by instructing the client’s custodian. The Adviser deducts client accounts for investment
management fees and performance-based fees monthly.

In addition to paying investment management fees and, if applicable, performance-based fees or other
compensation, client accounts will also be subject to other investment expenses including: legal, audit
and accounting expenses (including third party accounting services); organizational expenses; investment
expenses such as commissions, research fees and expenses (including research-related travel); interest on
margin accounts and other indebtedness; borrowing charges on securities sold short; custodial fees;
administration expenses and any other expenses related to the purchase, sale or transmittal of client assets.
Client assets may be invested in money market mutual funds, ETFs or other registered investment
companies. In these cases, the client will bear its pro rata share of the investment management fee and
other fees of the fund, which are in addition to the investment management fee paid to the Adviser.
Please refer to Item 12 of this Firm Brochure for a discussion of the Adviser’s brokerage practices.

The clients are required to pay the Adviser’s fees in advance.

The client may obtain a refund of a pre-paid fee in the following manner if the advisory contract is
terminated before the end of a billing period.

The Adviser will determine the amount of the relevant refund based on the number of days remaining the
quarter in which the advisory contract is terminated.

Item 7. Types of Clients

The Adviser’s clients consist of Private Funds.

With respect to the Private Funds, any initial and additional subscription minimums are disclosed in the
offering memorandum for the Private Fund.