Mudita Advisors LLP

ITEM 5 – FEES AND COMPENSATION

This Brochure is delivered only to qualified purchasers as defined in section 2(a)(51)(A) of the
Investment Company Act of 1940. Mudita Advisors’ compensation structure is described below. Both
the Management Fee and Incentive Allocation provisions described below retain the same meanings as
within the relevant Fund Governing Documents.

Management Fee

Mudita Advisors receives a quarterly Management Fee payable on the first day of each fiscal quarter
generally in advance that is based on a percentage of the aggregate Investor capital balance as
applicable. Management fees are charged quarterly in advance and are generally not returned if an
Investor relationship ends prior to the end of the quarter. The structure of the Management Fee payments
may differ between the Funds and the SMAs.

Incentive Allocation

Mudita Advisors also receives an Incentive Allocation based on a percentage of net profits in excess of
a hurdle return, with a catch up provision, and subject to a loss carryforward provision. The Governing
Documents provide the definitive terms of such allocation.

The General Partner may waive or reduce the Incentive Allocation with respect to any limited partner,
included affiliated Investors, without notice to any other limited partner. All Investors that bear the cost
of the Incentive Allocation meet the definition of “qualified clients” under Advisers Act Rule 205-3.

Expenses

Generally, Clients will proportionally bear all costs and expenses related to its investment activity and
operations as described in the Governing Documents including (but not limited to):

    •   Brokerage, commission, broken deal, transfer taxes and other transaction costs associated
        with securities transactions (see Item 12, Brokerage Practices, below)
    •   Third-party research costs
    •   Fund administration costs
    •   Professional fees (legal, audit, tax, regulatory, directors’ fees)
    •   Organizational and initial offering costs
    •   Related Insurance premiums, indemnifications and litigation
    •   Out-of-pocket travel expenses incurred by the general partner in investigating, evaluating or
        monitoring investments or investment opportunities
    •   In-house legal and tax professionals’ cost to the extent the service provided would otherwise
        be provided by third-party attorneys and accountants
    •   Consulting fees for services to Clients that could not have been rendered by the general
        partner in the ordinary course of its activities
    •   Banking, broken-deal, registration, qualification, finders, depositary fees and commissions
    •   Cost of financial statements and other reports to Investors as well as costs of all governmental
        returns, reports and filings

    •   Investor meetings including travel and out of pocket costs of the general partner to attend
        such meetings
    •   Interest expense
    •   Advertising and public notice costs
    •   Clients taxes and governmental charges including tax return preparation and determination
    •   Compliance with applicable securities laws
    •   Organization and maintenance of holding vehicles or other investment conduits
    •   Taxes and other governmental charges imposed on the Clients as an entity (rather than solely
        as a withholding agent)

It is critical that Investors refer to the relevant Governing Documents for a complete understanding
of how Mudita Advisors is compensated for its advisory services and the associated fees and expenses.
The information contained in this Brochure is a summary only and is qualified in its entirety by those
documents.

ITEM 7 – TYPES OF CLIENTS

Mudita Advisors provides investment advisory services to Clients, which are the Funds and the SMAs,
as described in Item 4. In regard to the Funds, investment advice is provided directly to the Funds and
not individually to its Investors, who include high net worth individuals, family offices, banks, thrift
institutions, pension and profit-sharing plans, trusts, estates, charitable organizations, university
endowments, corporations, limited partnerships, limited liability companies and pooled investment
vehicles. The Funds may include investment partnerships or other investment entities formed under

foreign laws and operated as qualifying private funds under the Investment Company Act of 1940. With
respect to US Investors, Fund interest will be offered and sold solely to US Investors who are “qualified
purchasers” as defined under Section 2(a)(51) of the Investment Company Act of 1940 and
“accredited investors” as defined under Rule 501(a) of Regulation D under the Securities Act of 1933.

The minimum initial investment amount is stated in the relevant Clients’ Governing Documents and is
subject to waiver by the Investment Manager in its sole and absolute discretion.