Scoggin Management LP

Item 5 – FEES AND COMPENSATION

In connection with Scoggin’s management of the Flagship Funds, Scoggin receives a management
fee calculated as a percentage of assets under management and charged quarterly in advance as
compensation for performing its investment and trading services with respect to the Flagship
Funds. The percentage of assets payable ranges between 1.5% and 2% and will vary depending
on amounts invested by the particular investor and performance hurdles. Investors redeeming
intra-quarter will be charged management fees only for the portion of the quarter that they were
invested in a Flagship Fund.

An affiliate of Scoggin receives performance-based compensation from investors in certain of the
Scoggin Funds that generally is equal to a percentage of new net capital appreciation achieved by
the relevant Scoggin Fund. Such compensation generally is charged at the end of each calendar
year or at the time of an intra-year redemption by an investor in such funds. For the Flagship
Funds, the percentage of assets payable as performance-based compensation ranges from 10% to
20% and will vary depending on amounts invested by the particular investor and performance
hurdles. For purposes of calculating the performance-based compensation, net profit includes both
realized and unrealized gains. Losses must be recouped before performance-based compensation
will be charged.

In addition to the foregoing fees, the Flagship Funds separately pay a single portfolio manager (the
“Portfolio Manager”) who joined Scoggin in September 2022. The Portfolio Manager invests a
portion of the assets of Scoggin International Fund Ltd. (the “PM Portfolio”) according to a short-
term investment strategy (the “PM Trading Strategy”). As compensation for the investment
management services it performs, the Portfolio Manager receives (x) an annual base salary (the
“Annual Salary”); and (y) performance-based compensation equal to 20% of the annual
cumulative net profits attributable to the PM Portfolio (the “PM Performance Compensation”).

The Annual Salary will be paid by the Flagship Funds provided that the Portfolio Manager has not
been terminated. The PM Performance Compensation to the Portfolio Manager will be borne by
the Flagship funds and based solely on the basis of the performance of the PM Trading Strategy.
The Flagship Funds therefore could have periods in which they are charged for the Portfolio
Manager’s compensation even though the Flagship Funds as a whole sustains losses for the period.

All performance-based compensation is paid in conformity with Rule 205-3 under the Advisers
Act. Additional information about the management fees and performance-based compensation is
found in the applicable fund’s Memorandum.

The Flagship Funds’ administrator calculates the management fee and once approved by Scoggin,
instructs the management fee to be sent to Scoggin. The Flagship Funds’ administrator also
calculates the performance-based compensation. Once Scoggin approves the administrator’s
performance-based compensation calculation, the administrator allocates the performance
compensation to an account of Scoggin or its affiliate.

Each Flagship Fund is also responsible for its (i) ongoing expenses, including, without limitation,
legal, accounting, auditing, tax preparation (if applicable), and related charges, insurance costs,
and filing and other regulatory fees; (ii) directors fees and expenses (if applicable);
(iii) administrators’ fees and expenses; (iv) expenses associated with the offering of interests
and/or shares, including, but not limited to, regulatory filing fees, legal, printing, solicitation and
other related expenses; (v) operational expenses, including, but not limited to, photocopying,
postage, telephone and facsimile expenses; and (vi) extraordinary expenses (including litigation
costs and indemnification obligations), if any. In addition, each Flagship Fund is also responsible
for all transaction costs and investment related expenses incurred directly or indirectly in
connection with its trading activities, including, without limitation, (i) execution and clearing
charges including but not limited to compensation paid to Scoggin traders and the costs of order
execution related software; (ii) custodial charges; (iii) dealer markups; (iv) interest; (v) consulting
fees and compensation paid to sub advisors or portfolio managers that may be retained to manage
a portion of the Flagship Fund’s portfolio; (vi) other investment related expenses; (vii) legal
charges directly related to investment activities; (viii) its proportionate share of the expenses of
any entity in which it invests; and (ix) other expenses routinely incurred by investment managers
engaged in investment activities similar to those of such Flagship Fund or otherwise determined
by Scoggin or its affiliate to be beneficial to the proper performance of its investment activities for
such Flagship Fund.

When more than one Affiliated Fund incurs a shared expense, Scoggin or an affiliated entity
allocates such shared expense among the applicable Affiliated Funds (i) in proportion to the net
asset value of each applicable Affiliated Fund; (ii) in proportion to the size of the investment made
by each Affiliated Fund to which the expense relates; or (iii) in such other manner as Scoggin or
its affiliated entity considers fair and reasonable. At any time, Scoggin or its affiliates can elect to
bear certain Affiliated Fund expenses, but have no obligation to do so.

When a particular product or service has a mixed-use such that only a portion of its costs
constitutes allowable Affiliated Fund expenses, Scoggin or its affiliate makes a good faith effort
to reasonably allocate the costs of such product or service according to its use and only allocates
to each applicable Affiliated Fund the portion of such costs that constitutes allowable expenses for
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Item 7 – TYPES OF CLIENTS

Scoggin provides investment management services to U.S. and non-U.S. Funds. Each Flagship
Fund has a minimum investment requirement for investors as set forth in the Flagship Fund’s
Memorandum, which is waivable in Scoggin’s discretion, in the case of U.S. Funds, or the board
of directors’ discretion in the case of non-U.S. Funds. Investors also are required to meet certain
eligibility standards as set forth in each Flagship Fund’s Memorandum.

Scoggin may also from time to time provide investment management services to Pooled
Investment Vehicles and a limited number of Separate Account Clients, which generally are
expected to be institutions. Any such Clients will be accepted on a case-by-case basis.