Verbena Value LP

Item 5: Fees and Compensation

Management Fee and Performance Fee

The calculation and payment of management and performance fees for each Client and any future
Client(s) advised by Verbena are governed by the IMA with the Client. Each Client (or the Client’s
administrator) will calculate the fees, which Verbena will then confirm. These fees are approved and
paid by the Client.

Verbena's fees are exclusive of brokerage commissions, transaction fees, custodial fees, and other
related costs and expenses, which are incurred by the Client Accounts. Each Client will be subject to
fees, allocations, and expenses as described in their IMA. For brokerage practices, see Item 12 of this
Brochure.

The performance allocations and performance fees are charged in compliance with Rule 205-3 of the
Investment Advisers Act of 1940, as amended (the “Advisers Act”), whereby each Client must be a
“Qualified Client”.

Verbena Value LP                                                            Form ADV Part 2A

Other Fees and Expenses

Clients generally bear investment expenses, which we reasonably determine to be related to the
investment of the Client Accounts. These expenses include, but are not limited to, brokerage
commissions, expenses related to short sales, clearing and settlement charges, custodial fees, bank
service fees, interest expenses, and the cost of investigating actual or potential investments. Additional
costs may include expenses related to trade execution and management systems, compliance, risk and
portfolio systems, integration and data transfer connectivity costs, research products and services,
professional fees, third-party research products and services, subscriptions, and publications regarding
investments. Clients also bear expenses related to registration and compliance obligations, legal
expenses, accounting expenses, auditing and tax preparation expenses, directors and officers
insurance, organizational expenses, and extraordinary expenses.

To the extent Verbena determine to use “soft dollars” generated by the Clients to pay for brokerage
and research products and services, such usage shall be within the “safe harbor” provisions of Section
28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and related
guidance. Use of “soft dollars” by Verbena as described herein shall not constitute a breach by them
of any fiduciary or other duty which Verbena may be deemed to owe to the Clients.

Item 7: Types of Clients

As described in Item 4, Verbena intends to provide discretionary investment advisory services to the
Clients.

Verbena will negotiate with each Client (and any future Client(s)) on a minimum asset under
management level.