Lodge Hill Capital LLC

ITEM 5 – FEES AND COMPENSATION

Item 5.A   Describe how you are compensated for your advisory services. Provide your
           fee schedule. Disclose whether the fees are negotiable.

           The Funds offer interests or shares (as applicable) only to certain qualified
           investors and admission in the Funds is not open to the general public. Interests
           or shares (as applicable) are sold only to qualified investors who are “accredited
           investors” under Rule 501 of Regulation D of the Securities Act of 1933, as
           amended, and “qualified purchasers” as such term is defined under the Investment
           Advisers Act of 1940, as amended. Each Fund’s offering documents contain a
           detailed description of the applicable Fund’s fee schedule.

           A management fee based on net assets is payable quarterly in arrears (the
           “Management Fee”) to Lodge Hill, subject to adjustment for any subsequent
           intra-quarter additions or distributions, at an annual rate that will generally range
           from 1.25% to 1.75%. It should be noted that the Management Fee may be
           calculated differently with respect to each Client and the type of interests held by
           Investors in each Fund.

           In addition, Lodge Hill or the General Partner is entitled to receive performance-
           based compensation in the form of an annual performance allocation or fee (the
           “Performance Compensation”), that will generally range from 15% to 20%.
           The Performance Compensation is generally calculated and charged as of the last
           day of each fiscal year. The Performance Compensation is subject to a high
           water-mark provision, such that generally the Investor in a Fund or Client will not
           be charged Performance Compensation until any net loss previously allocated to
           such Investor or Client has been offset by subsequent net profits. It should be
           noted that the Performance Compensation may be calculated differently with
           respect to each Client and the type of interests held by Investors in each Fund.

           Lodge Hill and/or the General Partner may, in effect, waive, reduce or rebate the
           Management Fee or Performance Compensation for certain Investors or Clients.
           In addition, it should be noted that the fees charged to each class of Interests
           offered may vary from one another. It should also be noted that principals,
           employees and certain affiliates of Lodge Hill currently invested in the Funds are
           not charged such asset-based or performance fees.

           As noted in Item 4.A above, Lodge Hill may provide investment advisory services
           to Managed Accounts. Fee arrangements for any such Managed Accounts will be
           individually negotiated.

           It is critical that Investors refer to the relevant Fund’s governing documents

           for a complete understanding of how Lodge Hill and its affiliates are
           compensated for their advisory services.

Item 5.B   Describe whether you deduct fees from clients’ assets or bill clients for fees
           incurred. If clients may select either method, disclose this fact. Explain how
           often you bill clients or deduct your fees.

           Lodge Hill (or an affiliate) deducts its fees from the Fund’s assets. Investors in
           the Funds do not have the ability to choose to be billed directly for fees incurred.

           As noted in Item 4.A above, Lodge Hill may provide investment advisory services
           to Managed Accounts. Fee arrangements for any such Managed Accounts are and
           will be individually negotiated.

           It is critical that Clients refer to the relevant governing documents for a
           complete understanding of how fees are deducted from their assets. This is
           particularly true with respect to the description of the performance-based
           compensation above. The information contained herein is a summary only
           and is qualified in its entirety by the relevant governing documents.

Item 5.C   Describe any other types of fees or expenses clients may pay in connection
           with your advisory services, such as custodian fees or mutual fund expenses.
           Disclose that clients will incur brokerage and other transaction costs, and
           direct clients to the section(s) of your brochure that discuss brokerage.

           In addition to fees payable to Lodge Hill and its affiliates, Investors in the Funds
           will incur certain expenses including the following:

               •   Organizational and offering costs;
               •   Expenses in connection with investment activities, including brokerage,
                   margin interest, banking, clearing and custody charges, research and
                   research related costs, interest, taxes, filing and reporting;
               •   Legal, bookkeeping, accounting, auditing, consulting, tax preparation and
                   related charges;
               •   Expenses associated with the continued offering of Interests;
               •   Operational expenses of the Funds or Client (including insurance
                   premiums);
               •   Extraordinary (including indemnification) expenses, if any, involving the
                   Funds or Client; and
               •   Fees of the directors of the Offshore Fund and the administrator.
               •   Cayman Islands government fees and related expenses.

           Please note that Clients will indirectly incur brokerage and other transaction costs
           related to their investment. Please see Item 12 of this brochure for a more detailed
           discussion of Lodge Hill’s brokerage practices.

           As noted in Item 4.A above, Lodge Hill may provide investment advisory services
...

ITEM 7 – TYPES OF CLIENTS
Describe the types of clients to whom you generally provide investment advice, such as individuals,
trusts, investment companies, or pension plans. If you have any requirements for opening or
maintaining an account, such as a minimum account size, disclose the requirements.

Lodge Hill provides investment advisory services to pooled investment vehicles and separately managed
accounts which may or may not operate as private investment funds. Each Investor in the Funds must
meet the eligibility provisions outlined in Item 5.A. Generally, the minimum initial investment for the
Domestic and Offshore Funds are $1,000,000 for individuals and $5,000,000 for Institutional Investors.
Additional subscriptions must be in $250,000 increments for individuals and $1,000,000 increments for
Institutional Investors. These minimums are subject to waiver at the discretion of the General Partner, but
in the case of the Master Fund, the initial subscription amount may not be less than the applicable
statutory minimum which is $100,000.

Additional Managed Accounts may be set up for certain large or strategic investors, at Lodge Hill’s sole
discretion and may be subject to individually negotiated terms.

Lodge Hill may in the future provide investment advisory services to additional clients including, but not
limited to, other pooled investment vehicles, corporations, trusts, institutions, high net worth individuals,
investment companies, pension plans, sovereign wealth funds, family offices, foundations and
endowments.