Muddy Waters Capital LLC

ITEM 5 – FEES AND COMPENSATION

Muddy Waters receives a management fee and is eligible to receive performance-based
compensation in the form of an incentive fee or allocation in connection with its advisory services.
It is critical that investors refer to the relevant Offering Documents for a complete
understanding of how Muddy Waters is compensated for its advisory services. The
information contained herein is a summary only and is qualified in its entirety by such
documents.

Management Fee

The Short Activist Funds pay Muddy Waters a management fee equal to 2.5% of the net asset value
of each investor’s capital account or common shares (as applicable). The Resources Fund pays
Muddy Waters a management fee equal to 1.0% of the net asset value of each investor’s capital
account. The management fee is paid monthly in advance as of the first day each month and is
adjusted for subscriptions and redemptions made during the month. With respect to the Short
Activist Funds, to the extent the management fee is paid at the master fund level, no management
fee will be paid at the feeder fund level. The Global Opportunities Funds also offer an “activist”
class of interests or shares that are not subject to a management fee.

Muddy Waters may, in its sole discretion, waive or modify the management fee for any investor in
its Funds.

SPV III, the Vietnam Fund and the SMA Clients are not charged a management fee.

Incentive Compensation

With respect to the Funds (other than SPV III), at the end of each fiscal year, the respective General
Partner is entitled to receive an annual incentive allocation equal to 30% of the net profits
attributable to each investor’s capital account or shares (as applicable) (including unrealized gains
and losses), if any, in each case subject to a loss carryforward provision. In the event that an
investor withdraws from its capital account or redeems shares at any time other than at the end of
a fiscal year, the allocation of the incentive allocation will be made with respect to such withdrawn
capital account or redeemed shares as though it were being made at the end of a fiscal year. The
“activist” class of interests or shares in the Global Opportunities Funds are not subject to an
incentive allocation or fee, as applicable.

Muddy Waters may, in its sole discretion, waive or modify incentive fee or allocation (as
applicable) for any investor in its Funds.

With respect to SPV III, MWCP3 will receive a 25% carried interest following the 100% return
of each limited partner’s respective capital contribution to the limited partnership.

With respect to the SMA Clients, at the end of each calendar year, Muddy Waters Capital is
entitled to receive an annual performance fee equal to 20% of the net profits, if any, subject
to a loss carryforward provision.

Additional Information and Expenses

With respect to the Global Opportunities Funds, investors may upon at least 30 days’ prior written
notice redeem all or any portion of their shares or capital account as of the last business day of
each calendar month occurring on or after the two-year anniversary of the applicable subscription
date for such investment; provided, however that an investor may redeem a number of its shares
or withdraw from its capital account balance with a value less than or equal to “appreciation
amount” (as set forth in the Global Opportunities Funds’ Offering Documents) as of the last
business day of each calendar month upon at least 30 days’ prior written notice. In addition, the
activist class of interests or shares may upon at least 30 days’ prior written notice redeem all or
any portion of their shares or capital account as of the last business day of each calendar month.

With respect to the Domino Funds, investors may upon at least 30 days’ prior written notice redeem
all or any portion of their shares or capital account as of the last business day of each calendar
quarter occurring on or after the two-year anniversary of the applicable subscription date for such
investment; provided, however that an investor may redeem a number of its shares or withdraw
from its capital account balance with a value less than or equal to “appreciation amount” (as set
forth in the Domino Funds’ Offering Documents) as of the last business day of each calendar
quarter upon at least 30 days’ prior written notice. With respect to the Domino Funds, an investor
that has made a capital contribution to a Domino Fund may, upon at least 30 days’ prior written
notice redeem all or any portion of its shares or withdraw all or a portion of its capital account as
of the last business day of each calendar quarter occurring prior to the two-year anniversary of the
applicable capital contribution, but on or after the one-year anniversary of the applicable capital
contribution subject to an early withdrawal fee equal to 5% of the value of such withdrawal. Any
such early withdrawal fee shall be deducted from the amount withdrawn, for the benefit of the
applicable Domino Fund.

With respect to the Vietnam Fund, investors may upon at least 90 days’ prior written notice redeem
all or any portion of their shares or capital account as of the last business day of each calendar
month occurring on or after the one-year anniversary of the applicable subscription date for such
investment. With respect to the Short-Activist Funds and the Vietnam Fund, a partially withdrawing
Limited Partner will generally be paid within 30 days.

With respect to the Resources Fund, investors may upon at least 90 days’ prior written notice
redeem all or any portion of their shares or capital account as of the last business day of each
calendar month occurring on or after the three-year anniversary of the applicable subscription date
for such investment. If the requested withdrawal amount represents greater than 75% of an
investor’s capital account balance, the amount of such withdrawal will be apportioned as follows:
...

ITEM 7 – TYPES OF CLIENTS

Muddy Waters currently provides investment advisory services solely to private investment funds
and institutional clients through SMAs, which are all pooled investment vehicles. Each investor in
the Funds or an SMA must meet certain eligibility provisions.

The offering of the Funds is designed to be exempt from registration under the Securities Act of
1933, as amended (the “Securities Act”) pursuant to Regulation D thereunder. The Global
Opportunities Funds, the Domino Funds and SPV III are offered pursuant to Rule 506(b) of
Regulation D, and the Vietnam Fund and the Resources Fund are offered pursuant to Rule 506(c)
of Regulation D. In addition, each Fund is designed to rely on exemptions from registration as an
investment company under the Investment Company Act of 1940, as amended (the “Company
Act”) pursuant to either Section 3(c)(1) or Section 3(c)(7) of the Company Act.

Admission to the Funds is not open to the general public. Generally, investors in the Funds must
be “accredited investors” under Regulation D of the Securities Act and “qualified purchasers” as
defined in the Company Act. Investors in the GOF Offshore Feeder and the Domino Offshore
Feeder are typically either (i) non-U.S. Persons; or (ii) U.S. persons who are exempt from federal
income tax and generally also qualify as both “accredited investors” under Regulation D of the
Securities Act and “qualified purchasers” as defined in the Company Act. Fund investors may
include corporations, endowments, foundations, trusts, estates, individuals and pension and profit-
sharing plans.

The minimum investment amount for the Global Opportunities Funds and the Domino Funds is
$10,000,000. The minimum investment amount for the Resources Fund is $5,000,000. The
minimum investment amount for the Vietnam Fund is $250,000. The minimum initial capital
contribution for SPV III is $50,000. Muddy Waters may, in its sole discretion, waive, reduce,
increase, or alter these minimum amounts.

The SMA Clients are subject to different terms and fees than the Funds. Such fee arrangements
and terms are individually negotiated. Any SMA Client relationships are generally subject to
significant account minimums.