Polpo Capital Management LLC

Item 5: Fees and Compensation

Polpo’s fees and compensation are fully described in the Fund’s Offering Documents. Pursuant
to the Offering Documents, Polpo receives a management fee during the investment period
payable at the maximum rate of 2% per annum on the balance of each limited partner’s capital
account, pro-rated for partial quarters. Generally, Polpo deducts management fees directly
from the Fund’s assets, quarterly in advance. In general, the proration of management fees is
calculated based on the number of days remaining in the applicable quarter, and it would be
Polpo’s policy to refund management fees on a prorated basis upon the termination of Polpo’s
investment management agreement with the Fund. In its sole discretion, Polpo may waive,
reduce, or calculate the management fee differently for any limited partner.

Polpo renders its services to the Fund at its own expense, including its overhead expenses
such as salaries and fringe benefits of its personnel, rent, utilities of any office space maintained,
office supplies, secretarial services, and any other overhead-type expenses.

All other expenses are borne by the Fund, including operating expenses such as organizational
expenses, liquidation expenses, sales or other taxes, fees or government charges which may
be assessed against the Fund, property taxes on investments, recording, stamp, or transfer
taxes, legal, audit, consulting, administrative and other fees and expenses, broken deal
expenses, expenses of members of the advisory committee, expenses for software,
subscriptions, and other databases for purposes of sourcing and monitoring expenses, the
costs and expenses of hosting annual and special meetings for the Fund, attending conferences,
and marketing expenses for trade associations, all expenses incurred in connection with the
securing of lending and other financing, principal and interest on all permitted borrowings
made by the Fund, and expenses related to the negotiation and documentation of agreements
with one or more lenders, litigation expenses, information technology hardware, software or
other technology, costs of preparing and distributing reports and notices, fees and expenses

Polpo Capital Management LLC                                                 Form ADV Part 2A

related to compliance with self‑regulatory organizations or applicable law, partnership
information meetings and other types of expenses as outlined in the Fund’s governing
documents.

Item 7: Types of Clients

Polpo provides discretionary investment advice to the Fund. Polpo may advise additional
private funds in the future. Investors in the Fund are generally institutional investors and high
net worth individuals that qualify as “accredited investors” (as defined in Rule 501 under the
Securities Act) and “qualified purchasers” (as defined under the 1940 Act). The minimum initial
investment in the Fund is generally $100,000, subject to the Firm’s discretion to accept lesser
amounts.