Situational Awareness LP

Item 5: Fees and Compensation

Fee Schedule

SALP delivers this brochure to prospective investors that are qualified purchasers as defined in section
2(a)(51)(A) of the Investment Company Act of 1940, as amended. Therefore, information on how SALP is
compensated for its advisory services and its fee schedule with respect to the Funds are not included here.

Payment of Fees

SALP deducts management fees directly from the applicable Funds and receives performance-based
allocations and distributions from the Funds. Management fees typically are deducted from the Funds
quarterly in advance. Investors who withdraw from a Fund on a date other than the last day of a quarter do
not receive a refund of the management fee previously paid from the Fund with respect to their investment.
For a complete description of specific compensation arrangements and timing of calculations and payments,
Fund investors should carefully review the Fund’s offering materials and governing documents.

Third-Party Expenses

Each Fund is responsible for its own organizational and operational costs and expenses, including trading
costs and expenses (such as brokerage commissions, expenses related to short sales, and clearing and
settlement charges), ongoing legal, accounting and bookkeeping fees and expenses, and the fees and
expenses charged by any Fund administrator for its accounting, bookkeeping and other services. SALP will

Situational Awareness LP                                                         Form ADV Part 2A Brochure

allocate shared expenses among the Funds in a manner that is based on actual use, a pro rata allocation or
another method that SALP determines is fair and equitable to all Funds. For a complete description of
expenses that a Fund will bear, please see the relevant governing documents.

Funds that invest in mutual funds or exchange-traded funds also pay, indirectly, investment advisory fees to
the managers of those funds.

Item 7: Types of Clients

SALP provides investment advice only to private funds that are offered to qualified purchasers. Investors in
the Master Fund and the Offshore Fund are required to invest a minimum of $5 million, but SALP may
waive this minimum, and SALP may establish different minimum investments for other Funds in the future.
Investors in the Funds are expected to be high net worth individuals, other investment firms, sovereign
wealth funds, endowments, pension plans and other institutional investors.