Newfoundland Capital Management US LLC

Item 5:         Fees and Compensation
Newfoundland’s compensation for the advisory services it provides to the Funds is comprised of an
asset-based management fee (“Management Fee”) and a performance allocation that is based on the
performance achieved for the account of each Investor (“Performance Allocation”). SMA clients
generally pay fees similar to those charged to the Master Fund but are negotiated on a client by
client basis. A brief summary of Fund fees and expenses is provided below.

        Management Fees

Management Fees for the Master Fund range from an annual rate of 1.25% to 2.0% of the net asset
value of the Fund, depending on the share class, and are paid monthly in arrears. The Management
Fee for the Master Fund is adjusted on a pro rata basis for any contributions or withdrawals made
during the month.

Management Fees for the Long Only Fund is 1% of the net asset value of the Fund, depending on
the share class, and are paid quarterly in arrears. The Management Fee for the Long Only Fund is
adjusted on a pro rata basis for any contributions or withdrawals made during the month.

Management Fees for the Credit Opportunities Fund is 0.75% of the net asset value of the Fund,
depending on the share class, and are paid quarterly in arrears. The Management Fee for the Credit
Opportunities Fund is adjusted on a pro rata basis for any contributions or withdrawals made during
the month.

Management Fees for the Korn Fund is 1% of the net asset value of the Fund, depending on the
share class, and are paid quarterly in arrears. The Management Fee for the Korn Fund is adjusted
on a pro rata basis for any contributions or withdrawals made during the month.

Management Fees for the Pan LatAm Fund is 1.2% of the net asset value of the Fund, depending
on the share class, and are paid quarterly in arrears. The Management Fee for the Pan LatAm Fund
is adjusted on a pro rata basis for any contributions or withdrawals made during the month.

Management Fees for the Teyma Fund is 0% of the net asset value of the Fund, depending on the
share class, and are paid quarterly in arrears. The Management Fee for the Teyma Fund is adjusted
on a pro rata basis for any contributions or withdrawals made during the month.

Newfoundland may waive or modify the Management Fee for Investors at its discretion, including
for Investors that are members, employees, or affiliates of Newfoundland, relatives of such persons,
and for certain large or strategic Investors.

        Performance Allocation

Form ADV Part 2A Brochure | Newfoundland Capital Management US, LLC                     March 30, 2026
Most Clients will pay a performance-based fee. Specifically, at the end of each fiscal year or upon
redemption by an Investor part way through the year, Newfoundland will receive an annual
Performance Allocation of up to 20% of the net profits attributable to each Client or Investor’s
capital account (including unrealized gains and losses), if any, subject to a loss carry forward. For
more information about the fees paid by each Client, please refer to each Fund’s Governing
Documents or the SMA’s advisory agreement.

Newfoundland may waive or modify the Performance Allocation for Investors at its discretion,
including for Investors that are members, employees, or affiliates of Newfoundland, relatives of
such persons, and for certain large or strategic Investors. Performance Allocations received by
Newfoundland will be in compliance with Rule 205-3 under the Investment Advisers Act of 1940
(the “Advisers Act”).

        Other Expenses

In addition to the Management Fee and Performance Allocation, each Fund shall bear certain
expenses, including, as applicable: (1) professional fees for administration, accounting, compliance,
and legal services; (2) organizational and formation expenses; (3) investment expenses, such as
commissions and research fees (including reasonable research-related travel); (4) interest on margin
accounts and borrowing charges on securities sold short; (5) custodial and bank service fees; (6)
insurance and tax costs; and (7) any other expenses related to the purchase, sale, or transmittal of
Fund assets.

       The fees and expenses applicable to each Fund are set forth in detail in each of the
     Fund’s respecƟve Governing Documents. ProspecƟve Investors should review the Fund
                 Governing Documents carefully prior to making an investment.

SMA Clients will pay relevant investment expenses, such as commissions and research fees, interest
on margin accounts, and custodial fees. SMA Clients should refer to their investment management
agreement for information about all applicable fees and expenses.

Item 7:         Types of Clients
Newfoundland provides investment advisory services to pooled investment vehicles and separately
managed accounts. Investment advice is provided directly to the Funds and not individually to Fund
Investors. Investors in the Funds may include, but are not limited to, high net worth individuals,
family offices, funds of hedge funds, charitable organizations, pension plans, and corporate, or
business entities.

The minimum investment requirement to invest in a Fund ranges from $50,000 to $250,000,
depending on the Fund and share class. However, Newfoundland may accept a lesser amount at its
discretion. Each Investor is required to meet certain suitability qualifications, such as being an
“accredited investor” within the meaning set forth in Regulation D under the Securities Act of
1933, as amended. Complete details concerning applicable Investor eligibility criteria are set forth
in each Fund’s Governing Documents and subscription materials.

SMA Clients are generally required to have a minimum opening account size of $25 million;
however, accounts of smaller size may be accepted at the Company’s discretion.