Summit Street Capital Management LLC

Item 5: Fees and Compensation
Private Fund Compensation
As explained more fully in the Fund’s offering documents and investment management agreements,
Summit Street receives asset-based fees for investment management services. The Fund offering
documents describe the various annual fee and incentive fee options available. Summit Street offers
various share classes with annual fees ranging from 55 bps to 200 bps. Summit Street and/or an
affiliate, who is the Fund’s General Partner, Summit Street Partners, LLC, (the “General Partner”)
also receives annually an incentive allocation fee for some share classes, if certain incentive
requirements are achieved. Summit Street may, in its sole discretion, elect to waive, reduce, or
change the terms of the asset-based fee and the incentive allocation with respect to the capital
account of any Investor, including Investors who are affiliated with Summit Street, without notifying
or reducing the fees with respect to any other Investor. Summit Street has negotiated such fee
reductions.
Subadvisor and SMA Accounts
As explained more fully in the client’s investment management agreements, Summit Street receives
asset-based fees for investment management services. Subadvisor and SMA Account fees are
subject to negotiation and agreement between Summit Street and the client. Annual fees range from
55 bps to 150 bps. If agreed upon, fees can include performance-based incentive fees.

                               Summit Street Capital Management, LLC

Assessment of Compensation
As explained more fully in the Fund’s offering documents, the asset-based fees are payable monthly
in arrears and deducted from each Partner’s capital account. Management fees for Subadvisor and
SMA Accounts are paid and collected in accordance with the terms of the investment management
agreements. Summit Street offers other rights or privileges to certain Investors without notifying or
offering the same rights or privileges to any other Investor.
Expenses
Summit Street’s fees are exclusive of brokerage commissions, transaction fees, and other related
costs and expenses which are associated with certain other aspects of the management of the
Investment Portfolios and which are incurred by the Clients. These expenses include, for example,
custodian fees, brokerage fees and other transaction costs; sub-advisory fees (if any); accounting
expenses; regulatory expenses; the cost of third-party software and systems relating to trading, risk
management and operations infrastructure; insurance expenses; entity-level taxes; organizational
expenses; and fees paid to third-party service providers, such as prime brokers, administrators,
lawyers, accountants and consultants. Item 12 of this brochure describes the factors that Summit
Street considers in selecting or recommending broker-dealers for Client transactions and determining
the reasonableness of their compensation (e.g., commissions). Potential investors should review the
appropriate offering documents and investment management agreements for complete disclosure of
permissible expenses.