T2 Partners Management LP

Item 5 – Fees and Compensation

5. A.   Adviser Compensation

Kase’s fees are described generally below and detailed in the applicable offering documents.
Management Fees may be waived or reduced with respect to certain investors in the Private
Funds.

Fee Schedule

The Private Funds: Private Funds refers to one or more of the three value-driven private
investment funds (Kase Fund, Kase Qualified Fund and Tilson Offshore Fund Ltd.). In
consideration for the provision of investment management services, Kase generally receives
a management or advisory fee equal to 1.5% annually.

An affiliate of Kase shall receive an annual incentive allocation (the “Incentive Allocation”)
at the close of each year equal to twenty percent (20%) of the portion of the Private Fund’s
annual net income (including realized and unrealized gains and net of the management Fee)
attributable to each investor as of the close of such fiscal year in excess of the total
Management Fees charged to such investor for such year. The Incentive Allocation shall be
subject to a high water mark or loss carry forward provision. Investors in the Private Funds
who reside in the United States and whose assets in the Private Funds are subject to
performance fees are required to meet the definition of a “qualified client.”

Kase, in its discretion, may waive or reduce the management fee or the incentive allocation
with respect to certain investors.

5. B.   Direct Billing of Advisory Fees

Management fees are debited from each Private Fund custodial account on a quarterly basis.

5. C.   Other Non-Advisory Fees

Kase’s fees are exclusive of brokerage commissions, transaction fees, and other related costs
and expenses which shall be incurred by the Private Funds. The Private Funds may incur
certain charges imposed by custodians, brokers, third party investment and other third
parties such as fees charged by managers, custodial fees, deferred sales charges, odd-lot
differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes
on brokerage accounts and securities transactions.

The Private Funds do not typically invest in mutual funds, ETF’s or other private funds.
However, if they did, the expected charges by those investment companies would be borne
by the Private Fund.

Item 12 further describes the factors that Kase considers in selecting or recommending
broker-dealers for client transactions and determining the reasonableness of their
compensation (e.g., commissions).

5. D.   Advance Payment of Fees

As a general matter, estimated advisory fees for the Private Funds are payable quarterly in
advance and equal to 0.375% (approximately 1.5% annually) of the net asset value of the
fund. At the end of the quarter, the actual advisory fee due for the quarter is calculated based
on each of the month end net asset values for that quarter, adjusted for investor
contributions and withdrawals. The estimated fee for the subsequent quarter is adjusted for
the over or underpayment from the prior quarter.

5. E.   No Compensation of Sale of Securities or Other Investment Products

Kase’s supervised persons do not accept compensation for the sale of securities or other
investment products, including asset-based sales charges or service fees from the sale of
mutual funds.

Item 7 – Types of Clients

Kase serves as a discretionary investment adviser to private investment funds.

Each Private Fund managed by Kase is organized as a limited partnership or limited liability
company under the laws of the State of Delaware or another appropriate jurisdiction or as
an offshore entity. Kase expects each Private Fund to qualify for exemption from the
definition of “investment company” under the Investment Company Act of 1940 (“1940 Act”)

under either Section 3(c)(1) or Section 3(c)(7) and to offer interests to Investors pursuant
to Regulation D under the Securities Act of 1933, as amended (“1933 Act”) and/or Regulation
S under the 1933 Act. As a result, this disclosure brochure (“Brochure”) may discuss
information relevant to such Investors, as necessary or appropriate. The minimum
investment amounts for the private funds range from $100,000 to $1,000,000. Nonetheless,
this Brochure is designed solely to provide information about Kase and should not be
considered to be an offer of interests in any Private Fund advised by Kase.

Private Fund Investors (“Investor”) are expected to include high net worth individuals and
institutional investors (meeting the qualifications of those exceptions and exemptions under
which the Private Fund operates) or non-U.S. Persons within the meaning of Regulation S,
wishing to invest in accordance with the Private Fund’s investment objective. Investors may
be required to meet the requirements for “accredited investors” under the 1933 Act and
“qualified clients” under the Advisers Act and in some cases will also be required to be
“qualified purchasers” under the 1940 Act and/or “qualified eligible persons” under
regulations of the Commodity Futures Trading Commission. Specific procedures and
restrictions apply to withdrawals from, and terminations of, an Investor’s position in a
Private Fund, as described in each Private Fund’s PPM. Minimum redemption amounts and
minimum capital account size may apply in the event of a partial withdrawal. An Investor
also may be required to redeem all or part of its interest in a Private Fund upon provision of
reasonable notice, or without such notice if necessary to ensure that the Private Fund
remains in compliance with applicable law. Private Funds may impose additional eligibility
restrictions on potential Investors.