Slate Path Capital LP

Item 5: Fees and Compensation
General Compensation

As explained more fully in each Fund’s respective Offering Documents, each Fund in which
Investors directly invest charges a management fee and is subject to an incentive allocation.
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Management Fees

A Fund’s management fee is based on a percentage of assets under management of fee-
paying Investors. The management fee with respect to assets under management invested
in each Master Fund is 1.5% per annum. The management fee for Funds invested in the
Master Funds is typically paid quarterly in advance, but will be amortized monthly over the
quarter for which such management fee is paid.

Incentive Allocations

At the end of each fiscal year, Slate Path Capital GP LLC, an affiliate of Slate Path (the
“Slate Path GP”), receives an annual incentive allocation with respect to Funds invested in
each Master Fund which is a percentage of the net capital appreciation (which is net of the
management fee and expenses) of each fee-paying Investor during a fiscal year. The
incentive allocation percentage is variable and determined based on trailing performance,
by Investor, with a maximum rate of 20%.

With respect to each of the Funds, the incentive allocation is based upon both realized and
unrealized gains during the relevant calculation period. While Slate Path earns a
management fee without regard to the overall success or income earned by any Fund, the
incentive allocation is subject to loss carry-forward provisions which stipulate that the
incentive allocation to the Slate Path GP shall be made only after any prior cumulative losses
are recovered.

Waivers and Reductions

Although the Funds pay the management fee directly to Slate Path and allocate the
incentive allocation to the Slate Path GP, these fees and allocations are ultimately borne
by the fee-paying Investors. Slate Path or the Slate Path GP, as applicable, may elect,
and previously has elected, in its sole discretion, to waive or reduce the management
fee and incentive allocation with respect to any Investor. Slate Path or the Slate Path GP,
as applicable, generally does waive the management fee and incentive allocation for
Investors that are current members, partners, affiliates or employees of the Slate Path GP or
Slate Path, members of the immediate families of such persons, or trusts for their benefit
and may waive all or a portion of the management fee and incentive allocation for Investors
that are former members, partners, affiliates or employees of the Slate Path GP or Slate Path,
members of the immediate families of such persons, or trusts for their benefit. Greater detail
regarding the fees and loss carry-forward provisions applicable to the Funds may be
found in the applicable Offering Documents.

Investors should consult the Offering Documents for the relevant Fund for more details on
the calculation of fees and expenses.

Fee Deductions; Timing

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As explained more fully in each Fund’s Offering Document, the management fee is
payable to Slate Path on the first business day of each fiscal quarter based on each fee-
paying Investor’s capital accounts or shares, including assets designated as special
investments. A pro rata amount of this management fee will be charged on any capital
contributions or subscriptions made by new or existing Investors on any date that does
not fall on the first calendar day of a fiscal quarter, based on the actual number of days
remaining in the partial fiscal quarter. Such fee will be payable upon contribution or
subscription by an Investor to each respective Fund. In the case of a withdrawal or
redemption by an Investor other than as of the last day of a fiscal quarter, a pro rata
portion of the fee will be repaid by Slate Path to the withdrawing or redeeming Investor.

For Funds invested in each Master Fund, the incentive allocation (if earned) is assessed
and deducted annually. If an Investor withdraws capital or redeems shares, in whole or in
part, other than at the end of a fiscal year, or at the end of the life of the Fund, as applicable,
an incentive allocation (if earned) will be calculated as of the date of the withdrawal or
redemption and will be assessed to the Investor.

Additional Expenses Borne by the Funds

In addition to the fees described above, each Fund bears all of its own (and a pro rata
share of its respective Master Fund’s) expenses (and each Investor in a Fund bears its
share of such expenses) as more fully described in each Fund’s Offering Document. The
expenses include, but are not limited to,

    •    Transaction and Investment Related Expenses, including brokerage commissions
         (including commissions incurred by trading firms acting on an agency basis),
         clearing and settlement charges, custodial fees, interest expenses, initial and
         variation margin, consulting, advisory, investment banking and other professional
         fees relating to particular investments or contemplated investments, research-
         related expenses, including, without limitation, news and quotation equipment and
         services (including Bloomberg), market data services, expenses related to obtaining,
         processing and analyzing “big data” or “alternative data”, conferences, periodicals
         and fees and expenses of third-party providers of research (including research
         consultants, but excluding research-related travel expenses) and portfolio risk
         management services (including, without limitation, the costs of risk management
         software and database packages).
    •    Fund Administration Expenses, including legal (including with respect to
         litigation, if any), accounting, the management fee, and the Fund administrator
         fees and expenses.
    •    Auditing and Tax Preparation Expenses, including, audit and tax advice and
         preparation fees and expenses.
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Item 7: Types of Clients
We provide investment advice on a discretionary basis to onshore and offshore Funds
that are offered to high net worth, financially sophisticated, individual and institutional
investors that may include investment companies, pension and profit sharing plans,
governmental plans, trusts, estates or other business entities.

The minimum initial capital contribution or subscription amount in a Fund that invests
in the Master Funds is $20,000,000.

The eligibility requirements and suitability requirements for each Fund are described in
the applicable Offering Documents. As described above, the Funds only admit
sophisticated Investors that are (i) both “accredited investors,” as defined in Rule 501(a)
of Regulation D under the Securities Act, and “qualified purchasers” (or “knowledgeable
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employees”), as defined in the Investment Company Act and the rules thereunder, or (ii)
non-U.S. persons. Other limitations may apply. Investors in the Funds are required to
complete and submit a subscription agreement binding them to the terms of the Funds’
governing documents. Interests in the investment vehicles managed by Slate Path are not
required to be registered under the Securities Act; accordingly, investment in the Funds is
not open to the general public.

The Funds, and in certain cases Slate Path, have the discretion to waive or modify the
application of, or grant special or more favorable rights with respect to, any provision of
the governing documents and offering documents relating to the Funds to the extent
permitted by applicable law. To effect such waivers or modifications or the grant of any
special or more favorable rights, the Funds may create additional classes of interests or
shares for certain Investors that provide for, among other things, (i) greater transparency
into the Funds’ portfolio, (ii) different or more favorable withdrawal/redemption rights,
such as more frequent withdrawals/redemptions or shorter withdrawal/redemption notice
periods, (iii) greater information than may be provided to other Investors, (iv) different
fee terms, (v) more favorable transfer rights and (vi) key-person notifications. Further, the
terms of an Investor’s investment in the Funds may be varied in order to address
regulatory considerations applicable to such Investor.              Certain such waivers,
modifications or grants of special or more favorable rights may also be effected by
the Funds, and, in certain cases, Slate Path, through side letters. Although certain
Investors may invest in a Fund with different material terms than other Investors in such
Fund, that Fund and Slate Path generally will only offer such terms only in compliance
with applicable law, rule and regulation, and generally if they believe other Investors in
that Fund will not be materially disadvantaged. Subject to applicable law, rule and
regulation, the Funds may create additional classes of interests or shares, and the Funds,
or in certain cases, Slate Path, may enter into side letters with Investors without notice to,
or consent of, other Investors; provided, that Slate Path will notify all Investors in such
Fund if the Fund enters into any side letter that grants an Investor (other than an
Investor that is a member, partner, affiliate or employee of Slate Path or Slate Path’s
affiliates, or a member of the immediate family of such persons, or a trust or other
entity for their benefit) fee or liquidity rights that are more favorable than those
applicable to other Investors in such Fund.