Navigator Asset Management LLC

Item 5 - Fees and Compensation
In consideration for the investment management services provided by Navigator Asset
Management, the Funds pay Navigator Asset Management a quarterly asset-based management
fee (the “Management Fee”). The Management Fee is payable in advance and is deducted from
the applicable Fund. The limited partners of each Fund will bear its share of the Management Fee,
which will be generally equal to 0.375% (approximately one and one half percent (1.5%)
annualized) of each limited partner’s capital account as of the beginning of the then-current
calendar quarter, computed prior to the payment or accrual of any performance allocation. For
performance reporting purposes, the Management Fee paid in advance will be amortized in three
(3) monthly installments each quarter.

Any limited partner admitted to a Fund other than on the first day of a calendar quarter (and a
limited partner that makes an additional capital contribution on a day other than the first day of a
calendar quarter) will be subject to a pro rata portion of the Management Fee for such calendar
quarter based upon the portion of the calendar quarter for which it is a limited partner. Such pro
rata portion of the Management Fee will be payable to Navigator Asset Management as of the date
of such capital contribution. A limited partner who withdraws at any time other than at the end of
a calendar quarter shall not be reimbursed a pro rata portion of the Management Fee.

Navigator Asset Management may, in its discretion, waive, reduce, or rebate the Management Fee
with respect to the capital accounts of certain limited partners, including, but not limited to,
affiliates and employees of Navigator Asset Management and/or Clark Capital.

Navigator Asset Management will bear all of its own normal and recurring operating expenses and
overhead costs incurred in connection with the investment and other management services that it
provides to the Funds (other than fund expenses which if paid by Navigator Asset Management,
are reimbursable by the Fund). Investors should refer to the Governing Documents of each Fund
for additional information regarding the particular expenses associated with each Fund. The
Management Fee may exceed the expenses borne by Navigator Asset Management on behalf of
the Funds.

Clark Capital Management Group GP LLC (the “General Partner”), as the general partner of each
Fund, will receive an annual performance fee, depending on the performance of each Fund.
Investors should refer to the Governing Documents of each Fund for additional information
regarding the General Partner’s performance fee.

Item 7 –Types of Clients
Navigator Asset Management is a private fund manager that presently provides investment
advisory services only to the Funds, which are private investment funds. The Funds’ limited
partnership interests are only offered to individuals and institutional investors who are, at a
minimum, “qualified clients,” as that term is defined in Rule 205-3 under the Advisers Act and
“accredited investors,” as that term is defined in Regulation D under the Securities Act of 1933, or
“knowledgeable employees,” as that term is defined in Rule 3c-5 under the Investment Company
Act. Investments in limited partnership interests of each Fund require a minimum initial
investment of $500,000 and minimum subsequent investments of $100,000.