Mountain Lake Investment Management LLC

Item 5:    Fees and Compensation

As of January 1, 2020, and until further notice, our annual management fee for both Class A and
Class B Limited Partners ‘ share of net assets (based on capital account balances) is 1%, billed on
a monthly basis.

Pursuant to a written agreement between MLIM and MLP (or its controlling entity), MLIM is
paid the monthly management fee in advance at the beginning of each month. This fee is
exclusive of other costs and expenses borne by the Fund, as highlighted in the following
paragraph. The management fee will be deducted from the Fund’s account by the custodian at
the direction of MLIM on a monthly basis.

The Fund is responsible for any and all operating expenses including those costs borne by the
purchase or sale of investments, and all brokerage and/or custodial fees. Other fees and expenses
payable by the Fund may include: legal, compliance, proxy, audit, accounting and organizational
expenses, investment expenses such as commissions, borrowing charges on securities or
currencies sold short and any other expenses related to the purchase, sale, registration,
liquidation or transmittal of portfolio assets as delineated in the Fund’s governing documents.
As of January 1, 2020, and until further notice, the performance-based fee that would normally
be applicable to Class B Limited Partners’ shares is waived.

For SMAs, MLIM receives a management fee paid quarterly in advance based on the account’s
closing value for the previous quarter, which is calculated by MLIM and deducted by the
account’s custodian. For example, the fee for Q2, which is payable on April 1, shall be based on
the closing value of the account on March 31. In the event that an SMA client withdraws or
deposits any funds into an account managed by Mountain Lake intraquarter, the fees for that
period shall be prorated and adjusted accordingly. Cash and cash equivalents held in an account
managed by MLIM are treated as an asset class and are included in the calculation of the
management fee. Positions in cash and cash equivalents may be maintained in the absence of
suitable investment opportunities. Upon termination of a relationship with MLIM, SMA clients
will receive a pro-rated refund of any unearned management fees paid in advance.

In addition to the fees described above, there are other fees and costs related to advisory services
and investments that SMA clients should expect to pay, including custodian and brokerage
(transaction) fees. Brokerage fees will usually incur when securities are bought or sold in an
account. Investments in certain types of securities (e.g., mutual funds, exchange-traded funds,
etc.) may incur additional fees (e.g., product-level fees, like expense ratios).

Item 12 of this brochure describes the factors that MLIM considers in selecting or recommending
broker-dealers for transactions and determining the reasonableness of their compensation (e.g.,
commissions).

Form ADV Part 2A/2B: Investment Adviser Brochure and Brochure Supplements                    Page 5
Mountain Lake Investment Management LLC

Advisory Services for Proprietary Accounts

MLIM provides investment management services for certain proprietary (in house) accounts. Those
services are discussed further under Item 11 of this brochure. MLIM does not receive any
management fees for the services it provides to these accounts.

Item 6:    Performance Fees and Side-by-Side Management

When MLIM provides investment management services to multiple clients, oversight and control
are exercised by MLIM’s members. A performance-based fee applicable to Class B Limited
Partners’ shares would generally be paid to the Fund’s general partner, Katahdin Group LLC.
However, as noted in Item 5, this performance-based fee has been waived until further notice.

Item 7:    Types of Clients

MLIM provides advisory services to the Fund and SMAs. Investors in the Fund must meet the
definition of an accredited investor as defined in Rule 501(a) of Regulation D under the Securities
Act of 1933. SMA clients may include individuals, businesses, and other entities. SMA clients
must meet the definition of a qualified client as defined in Rule 205-3 of the Investment Advisers
Act of 1940.