Lancaster Investment Management LLP

Item 5 - Fees and Compensation

Management fees

Lancaster charges the Funds a “Management Fees” on the terms set forth below, subject
to possible negotiation by individual investors in the Feeder Funds and the more detailed
provisions of the Offering Memoranda of the respective Feeder Funds.

Fees are charged at an annual rate, as outlined in Table 2 below.

The fee is calculated monthly and is based on one twelfth of applicable fee rate of the net
asset value of the shares (or equivalent partnership interests) calculated before deduction
of that month’s management fee (and before deduction for any accrued performance fees)
as at the end of each month. The management fee is payable monthly in arrears. Complete
details are included in the relevant Offering Memoranda of the respective Feeder Funds.

June 2026

Lancaster Investment Management LLP                                           Form ADV Part 2A

Table 2 - Management Fees

 Feeder fund                           Fees               Comments
 Lancaster European LS Equity          1.25% or 1%        Fee level depends on liquidity and
 Limited                                                  performance fee structure.
 Lancaster European Equity             1%, 0.75% or       Fee level depends on performance fee
 Limited                               0.50%              structure.
 Lancaster Brands and Retail           1%                 Fee level depends on liquidity and
 Equity Fund Limited                                      performance fee structure.
 Lancaster European LS Equity LP       1.25% or 1%        Fee level depends on liquidity and
                                                          performance fee structure.
 Lancaster European Equity LP          1% or 0.75%        Fee level depends on performance fee
                                                          structure.
 Lancaster Absolute Return Focus       1.25%, 1% or       Fee level depends on liquidity and
 Feeders Fund                          0.75%              performance fee structure.

For all Feeder Funds, fees are deducted from the Investors’ accounts by the Fund
Administrator.

Lancaster and its partners, members, directors and employees do not accept compensation,
including sales charges or service fees, from any person for the sale of securities or other
investment products.

Other fees

Administrator

The Fund Administrator receives from the Master Funds a fee of up to 0.12% per annum,
calculated monthly, of the Net Asset Value of the Master Funds, subject to a minimum
monthly administration fee of US$10,000 for each Master Fund. The Fund Administrator will
also be reimbursed for any reasonable out-of-pocket expenses necessarily incurred in the
performance of its duties.

Prime Broker/Custodians and Custodians

Each of the Prime Broker/Custodians and receives such fees as may be agreed with the
Master Funds from time to time which will be paid at normal commercial rates. The Prime
Broker/Custodians receive prime brokerage fees, which are based upon a combination of
transactions charges, safekeeping fees and interest costs. The Prime Broker/Custodians
charge interest on debit balances at rates agreed with Lancaster and the Master Funds from
time to time.

Other Fees and Expenses

Other fees and expenses that may be charged relate to brokerage commissions, expenses
relating to clearing and settlement charges; external research costs; professional fees
(including expenses of consultants, investment bankers, attorneys, accountants and other
experts) relating to investments; legal expenses; external accounting and valuation
expenses (including the cost of accounting software packages); audit and tax preparation
expenses; fees of the Directors; costs relating to directors' and officers' liability insurance;
costs of printing and mailing reports and notices; entity-level taxes; corporate licensing;
regulatory expenses (including filing fees); listing fees; organisational expenses; expenses

June 2026

Lancaster Investment Management LLP                                          Form ADV Part 2A

incurred in connection with the offering and sale of the Shares and other similar expenses
related to the Fund; indemnification expenses; and extraordinary expenses.

Item 7 - Types of Clients

Investors in the Funds may include high net worth individuals and a variety of institutional
investors. Such investors must meet the requirements for an “accredited investor” as
defined under Regulation D of the Securities Act of 1933, as amended (the “1933 Act”) and
a “qualified purchaser”, as defined in Section 2(a)(51) of the Investment Company Act of
1940, as amended (the “Investment Company Act”).

Investments may be made in different share classes or subclasses (or partnership interests),
depending on the redemption rights granted. Investors may also select share classes (or
partnership interests) which are eligible to participate in the profits and losses of “new
issue” securities.

Minimum subscription amounts for the share classes or subclasses (or partnership interests)
to the Funds range from $1,000,000 to $5,000,000 (or currency equivalent). Redemption
terms vary between the Funds and the share classes or subclasses (or partnership interests)
of those Funds. For more detail please see the Offering Memoranda of the relevant Funds.

In each case there is a minimum additional investment, as outlined in the relevant Offering
Memoranda.

The above requirements do not apply to direct or indirect investments by Lancaster, its
affiliates or any of their respective partners, directors, employees or connected persons, as
the case may be.

Further information is provided to prospective investors in the relevant Offering
Memoranda.