SRS Investment Management LLC

ITEM 5 – FEES AND COMPENSATION

It is critical that Investors refer to their respective Fund’s offering documents for a complete
understanding of how fees are determined and paid or deducted from their capital accounts. The
information contained herein is a summary only and is qualified in its entirety by the applicable
Fund’s offering documents.

Management Fees, Incentive Allocations and Other Compensation

The Hedge Funds

Management Fee. SRS Investment Management typically receives an annual management fee (the
“Hedge Management Fee”) equal to 1.5% of each Investor’s share of the applicable Fund’s net
asset value, payable quarterly in advance; provided, however, for Investors invested in the Hedge
Funds prior to April 1, 2014, SRS Investment Management may receive a Hedge Management Fee
equal to 1.25% on a portion of such Investor’s capital account balance. The Hedge Management
Fee is paid or deducted from each Investor’s capital account quarterly in advance. A pro rata
Hedge Management Fee will be charged to Investors on any amounts accepted by the Fund as
investments during a quarter. SRS Investment Management, in its sole discretion, may elect to
reduce, waive or calculate differently the Hedge Management Fee with respect to any Investor.

Incentive Allocation. At the end of each accounting period of the Hedge Master Fund, any net
capital appreciation or net capital depreciation will be initially allocated to all capital accounts,
including SRS Partners US GP, LLC’s (the “Hedge General Partner”) capital account, in
proportion to their balances as of the beginning of such accounting period. The Hedge Fund
Incentive Allocation will be allocated to the Hedge General Partner at the Hedge Master Fund
level with respect to each capital account. Generally, at the close of each fiscal year, the Hedge
General Partner will receive a performance-based allocation (the “Hedge Incentive Allocation”)
from each Investor’s capital account equal to 20% of the excess of (i) the net capital appreciation
(i.e., the increase in the value of the Hedge Fund’s net assets) allocated to such capital account for
the year over (ii) any profits, losses and expenses incurred at the Fund level attributable to such
capital account for the year, subject to a “loss carryforward” provision (as described below). The
Hedge General Partner, in its sole discretion, may (i) elect to reduce, waive or calculate differently
the Hedge Incentive Allocation with respect to any Investor or (ii) cause the Hedge Funds to
allocate a portion of the Hedge Incentive Allocation to certain Investors that may or may not be
affiliated with the Hedge General Partner.

The Hedge Incentive Allocation is subject to a “high water mark” procedure. If a capital account
has been allocated net capital depreciation (i.e., the decrease in the value of the Hedge Fund’s net
assets) for any fiscal year (or other applicable period), this loss will be carried forward as to such
capital account to future fiscal years (or other applicable periods) (a “loss carryforward”).
Whenever there is a loss carryforward for a capital account, the Hedge General Partner will receive
a reduced Hedge Incentive Allocation with respect to the capital account according to a calculation
as described in the applicable CPPM. The Hedge General Partner may agree with any Investor to
apply a different loss carryforward provision for such Investor.

Capital Contributions by SRS and Affiliates. Capital contributions by SRS, its personnel and its
affiliates will generally be on the same basis as capital contributions made by Investors, except
that, in the discretion of SRS and/or its affiliates, no Hedge Management Fee or Hedge Incentive
Allocation will be assessed to such parties and such parties may not be required to maintain any
minimum capital account balance.

The Long-Only Funds

Management Fee. SRS Investment Management typically receives, on the first day of each
calendar quarter, a fixed fee for management services (the “Long-Only Management Fee”) equal
to (i) 0.25% (1.0% annualized) in the case of Series A Shares of the net asset value of each tranche
of a sub-series of Series A Shares as of the beginning of such calendar quarter, (ii) 0.0625% (0.25%
annualized) in the case of Series C Shares of the net asset value of each tranche of a sub-series of
Series C Shares as of the beginning of such calendar quarter, and (iii) 0.25% (1.0% annualized) in
the case of Series D Shares of the net asset value of each tranche of a sub-series of Series D Shares
as of the beginning of such calendar quarter. No Long-Only Management Fee will be charged in
respect of Series B Shares.

SRS Investment Management may, in its sole discretion, elect to reduce, waive or calculate
differently the Long-Only Management Fee with respect to any shareholder. SRS Investment
Management, without the consent of the shareholders, may cause the Long-Only Management Fee
to be charged to and paid by the Long-Only Master Fund instead of a feeder Fund; provided that
in such circumstances the Long-Only Management Fee will not exceed that which would be
payable at the feeder Fund level.

Incentive Allocation. At the end of each accounting period of the Long-Only Master Fund, any net
capital appreciation or net capital depreciation will be initially allocated to all capital accounts,
including SRS Long Opportunities GP, LLC’s (the “Long-Only General Partner”) capital account,
in proportion to their balances as of the beginning of such accounting period.

Generally, at the end of each fiscal year of the Long-Only Master Fund, the Long-Only General
Partner is allocated a performance-based allocation (the “Long-Only Incentive Allocation”) with
respect to each capital account (and accordingly, indirectly with respect to each sub-series and
tranche of a sub-series) equal to: (i) 20% of the excess of the appreciation of each Series A capital
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ITEM 7 – TYPES OF CLIENTS

SRS provides investment advisory services to pooled investment vehicles operating as private
investment funds. Generally, only persons who are accredited investors and qualified purchasers
(as such terms are defined under federal securities laws) may purchase interests or shares in the
Advisory Clients.