Southpoint Capital Advisors LP

Item 5 FEES AND COMPENSATION

Southpoint generally receives a quarterly management fee (the “Management Fee”), calculated
and payable in advance at the annualized rate of 1.5% of the net asset value of an investor’s
investment in the Funds. Although the Management Fee is generally non-negotiable, Southpoint

has discretion to reduce, waive or calculate such fee in a different manner with respect to investors,
including affiliates, employees, partners, immediate family members of such persons, or trusts or
other entities established by or for the benefit of such persons. Capital contributed, withdrawn or
redeemed from the Funds during a quarter is charged a ratable portion of the Management Fee for
the period invested. The Management Fee is paid to Southpoint by the Master Fund.

Pursuant to the investment management agreement between Southpoint and the Funds, the Funds
(either directly or through the Master Fund) bear certain operating expenses, including, without
limitation, expenses related to proxies, underwriting, the purchase of and the sale of securities, and
private placements, brokerage commissions, interest on debt balances or borrowings, research and
research related expenses, custody fees, and any withholding or transfer taxes imposed on the
Funds. Each Fund also bears all out-of-pocket costs associated with the offering of limited partner
interests, including, without limitation, expenses associated with the administration, including,
without limitation, accounting, auditing and legal expenses, certain regulatory filings, costs of
liability insurance obtained on behalf of the Funds, as well as fees and reimbursable expenses of
the Funds’ administrator and the costs associated with reporting and providing information to
existing and prospective investors. The General Partner may, in its sole discretion, choose to
absorb any such expenses incurred on behalf of the Funds. Expenses of the Master Fund are
typically shared pro rata by the Feeder Funds.

Please see Item 6 (Performance-Based Fees and Side-By-Side Management), Item 10 (Other
Financial Industry Activities and Affiliations) and Item 12 (Brokerage Practices) as well as the
Funds’ offering memoranda for additional information.

Item 7   TYPES OF CLIENTS

Southpoint only advises the Funds, although it may provide investment advice to other clients in
the future, including other collective investment vehicles and separately managed accounts. The
minimum initial investment in a Fund is generally $1,000,000.00, though lesser amounts may be
accepted at the discretion of the General Partner or board of directors of the Fund, as applicable.

The Funds’ securities are offered to investors on a private placement basis pursuant to Section
3(c)(7) of the Investment Company Act of 1940, as amended (the “’40 Act”). As a result, all
investors in the Domestic Feeder Fund and U.S. person investors in the Offshore Feeder Fund are
generally “accredited investors” as defined in Rule 501(a) of Regulation D under Section 4(2) of
the Securities Act of 1933, as amended (“Securities Act”), or “knowledgeable employees” (as
defined under the ’40 Act), and “qualified purchasers” (or “knowledgeable employees”) as defined
under the ’40 Act. The board of directors or General Partner, as applicable, is permitted to accept
or reject any subscriptions for any reason and is not obligated to disclose the reasons for acceptance
or rejection.