No Street GP LP

Item 5.     Fees and Compensation

Certain Funds pay us a management fee at the beginning of each calendar quarter. Those fees are
generally equal to a specified percentage (a “Quarterly Fee Rate”), multiplied by the net asset value of
investors’ holdings in the Fund. Our Quarterly Fee Rate is 0.50% per quarter (or 2.00% per year).
Certain other Funds do not charge a management fee.

In addition, No Street Capital (or an affiliated GP, as applicable) is entitled to receive incentive- or
performance based compensation from the Funds (“Incentive-Based Compensation”) in the form of an
incentive fee (in the case of the Company Funds) or an incentive allocation (in the case of the Pass-
Through Funds) that is calculated based upon a percentage of net profits (including both realized and
unrealized gains and losses) of each Fund.

Incentive-Based Compensation is generally equal to 20% of the increase in value of the outstanding
Fund shares (in the case of Company Funds) or 20% of the increase in limited partners’ capital account
balances (in the case of the Pass-Through Funds), in either case, to the extent such increases exceed
previous increases in value (a “High Watermark”) or other conditions to such payment. The High
Watermark and other conditions to payment are designed to prevent us from receiving Incentive-Based

Compensation with respect to profits that simply restore previous losses. The Funds generally pay
Incentive-Based Compensation semi-annually as of the end of the second and fourth calendar quarters
each fiscal year and at other times when Fund investors withdraw capital or redeem shares, but then
only in relation to the amount of capital withdrawn or shares redeemed.

Certain Funds have a separate class of interests in which Incentive-Based Compensation is equal to
30% of the increase in value above an Internal Rate of Return of 7% calculated as of the effective date
of distribution.

For each period and for each Fund, the foregoing fees are the aggregate of amounts calculated separately
for each investor or group of investors in each Fund. They are not generally negotiable, but our
agreements with the Funds give us the authority to vary them for particular investors. Once paid,
Incentive-Based Compensation will not be reduced by losses incurred in later periods.

Please refer to each Funds’ offering documents for additional details on High Water marks and Hurdle
Rates.

Other Expenses

Each Fund also pays all of the expenses of its administration and operation. These expenses generally
include, among other things:

    •   brokerage commissions;
    •   interest on margin and other borrowings;
    •   borrowing charges on securities sold short;
    •   investment transaction costs;
    •   bookkeeping, accounting and audit fees and expenses;
    •   legal fees;
    •   expenses that we incur for investment research and due diligence;
    •   tax preparation fees;
    •   other professional fees;
    •   governmental fees and taxes;
    •   travel and travel-related expenses that we incur in connection with investment activities
        (including attending professional investment and industry specific conferences);
    •   costs of reporting to investors;
    •   cost of governance activities (such as obtaining investor consents); and
    •   all other reasonable expenses related to the management and operation of the Fund or the
        purchase, sale or transmittal of Fund assets, all as we determine in our sole discretion.

Each Fund also bore certain costs in connection with its organization and the initial offering and sale
of ownership interests in it, and each Fund also continues to bear the costs of its ongoing offering of
those ownership interests.

We may advance costs described above for a Fund and the Fund must reimburse us. We provide office
personnel and space required for the performance of our services for the Funds. The Funds do not
reimburse us for doing so (except to the extent of our Incentive-Based Compensation as described
above). For a more detailed discussion of No Street Capital’s brokerage practices and transaction costs,
please refer to “Item 12: Brokerage Practices.”

Prepayment of Fees

As noted above, the Funds pay management fees to us quarterly in advance. Investors are generally
allowed to withdraw capital or redeem shares as of the end of a calendar quarter, at which time there
generally will be no prepaid fees. We are not required to refund any portion of our management fee if
a Fund allows an investor to withdraw or redeem as of a time other than a calendar quarter-end,
however. If we were to terminate our (or our affiliate’s) status as general partner or investment manager
of a Fund at a time other than as of the end of a quarter, we would refund to the Fund a portion of the
management fee that was paid at the beginning of the termination quarter, prorated based on the number
of days remaining in that quarter.

Item 7.     Types of Clients
No Street Capital provides investment advisory services to pooled investment vehicles operating as
private investment funds.

Generally, investors in the Funds are required to be “accredited investors” within the meaning set forth
in Rule 501(a) of Regulation D under the Securities Act and “qualified clients” as defined in Rule 205-
3 under the Advisers Act. In addition, investors in certain of the Funds are required to be “qualified
purchasers” as defined in section 2(a)(51)(A) of the Investment Company Act. Each Fund imposes
certain minimum investment requirements and investor eligibility criteria, which are detailed in each
Fund’s offering materials and other governing documents, which are furnished to each investor.