Sirenia Capital Management LP

Item 5.     Fees and Compensation

The Firm collects fees, expenses and compensation, including management fees and performance-based
compensation, as applicable, as set forth in each Client’s Governing Documents. Clients and investors are
encouraged to carefully review the applicable Governing Documents for detailed information regarding
such items. The Firm or an affiliated entity generally will receive performance-based compensation from
Clients (the “Performance Fee”).

The Investor Dedicated Vehicle

The Investor Dedicated Vehicle pays the Firm a monthly management fee in arrears. The Firm or an
affiliate is entitled to receive a Performance Fee from the Investor Dedicated Vehicle, generally calculated
annually and upon certain reductions in the Investor Dedicated Vehicle’s buying power, as also described
in Item 6.

The Fund

The Fund does not pay any management fee or Performance Fees to the Firm or its affiliates.

The SMA

The SMA does not pay the Firm a management fee. The Firm or an affiliate is entitled to receive a
Performance Fee with respect to defined measurement periods, calculated based on net capital
appreciation of the SMA’s assets and, separately, a return component linked to a hypothetical co-
investment by the Firm, each payable upon the conclusion of such measurement periods and upon
termination of the account, as also described in Item 6.

The Non-Discretionary Account

The Non-Discretionary Account does not currently pay a management fee, but the Firm or an affiliate is
entitled to receive a Performance Fee upon realization of investments.

Expenses

Expenses borne by Clients are described in each Client’s Governing Documents. Below is a summary of
the expenses expected to be borne by the applicable Client, however Clients should refer to their
respective Governing Documents for a complete description of applicable expenses. If there is any
discrepancy between the summary below and the Governing Documents, the Governing Documents shall
control.

The Investor Dedicated Vehicle and the SMA bear their own organizational and operating expenses to the
extent set forth in their respective Governing Documents. These expenses may include, without limitation,
investment expenses (except for investment research expenses, which shall be borne by the Firm)
including, without limitation, transaction expenses including, but not limited to, brokerage commissions,
prime broker fees, initial and variation margin, interest and dividend expense, margins, option premiums,
brokerage, floor, exchange, and clearinghouse commissions, memberships and fees, custodial and related
services fees, bank fees, commitment fees or other finance charges, borrowing charges on securities sold
short, clearing and settlement charges, transmission costs and related expenses; expenses related to the
valuation of the Investor Dedicated Vehicle and the SMA, respectively, including, but not limited to,

Sirenia Capital Management LP                                                            Form ADV Part 2A

valuation, appraisal, analysis and accounting expenses (including costs associated with any third-party
independent valuation or risk analysis provider to the Investor Dedicated Vehicle, the SMA or the Firm),
and record keeping and administration fees and expenses (including costs associated with any third-party
administrator to the Investor Dedicated Vehicle or the SMA); professional fees and expenses and third-
party indemnification expenses, including, without limitation, legal and other professional fees and
expenses incurred in connection with investments (including in respect of due diligence, negotiation and
ongoing monitoring) and trading operations (including, without limitation, trading software and services),
legal, accounting (including, without limitation, accounting software, accounting service providers),
auditing and tax preparation expenses and D&O and E&O insurance; and taxes and fees including, without
limitation, investor-related taxes and any and all taxes and governmental fees or other charges payable
by or with respect to or levied against the Investor Dedicated Vehicle or the SMA or that arise in
connection with sourcing, making, holding, servicing or selling (or in connection with the proposed sale
of) its investments, payable to any federal, state or other governmental authority, domestic or foreign,
including any transfer taxes and expenses related to complying with FATCA, CRS or other information
sharing requirements or any withholding taxes, and other filing fees and related expenses, including
expenses relating to the maintenance of registered offices, blue sky and corporate filing fees and expenses
and corporate licensing expenses.

The Fund bears its own organizational and operating expenses, including but not limited to expenses
related to the research, due diligence and monitoring of actual and prospective investments (whether or
not consummated) and the consummation of investments, including the following: third-party investment
sourcing fees; fees and expenses related to obtaining research and market data (including any information
technology hardware, software or other technology incorporated into the cost of obtaining such research
and market data, and expenses related to obtaining, processing and analyzing “big data” or “alternative
data”); due diligence expenses including consulting and appraisal fees; travel expenses; brokerage, and
prime brokerage fees, commissions and expenses; expenses relating to reorganizations, restructurings
and workouts; expenses relating to short sales; clearing and settlement charges; custodial fees and
expenses; bank service fees; interest expenses and fees related to financings or refinancings; fees and
expenses of proxy research and voting services; and fees and expenses of third-party professionals,
including consultants, investment bankers, attorneys and accountants; organizational and
...

Item 7.     Types of Clients

The Firm’s clients are the Funds, the Non-Discretionary Account, and the SMA, as described in Item 4.

Investors in Clients must meet certain suitability requirements as set forth in each Client’s Governing
Documents. The Governing Documents for each Client set forth the required minimum amounts for
investment by investors in such Client. These minimum investment amounts do not apply to investors
who are Firm affiliates and may be waived or reduced for any investors in the Firm’s sole discretion.