Castle Hook Partners LP

Item 5: Fees and Compensation

The fees and expenses applicable to each Client are set forth in detail in the applicable offering
documents, or, with respect to the SMAs, in each SMA’s investment management agreement.
A brief summary of such fees and expenses is provided below.

Fund Management Fee

In Castle Hook’s sole discretion, the “Management Fee” may be waived, reduced or calculated
differently with respect to certain Fund Investors. The Master Fund will pay Castle Hook a
Management Fee for management services.

Generally, the Master Fund will pay the Management Fee for each month equal to between
0.083% to 0.1542% (1.0%-1.85% per annum) of the net asset value of the series of shares of the
Master Fund corresponding to each applicable Fund Investor’s capital account balance or series
of shares, as applicable, for such month. Payment of the Management Fee will generally be made
within ten days of the last day of each month, or as soon as reasonably practicable thereafter,
but in no event later than March 15th of the subsequent year in which the Management Fee was
earned. The precise Management Fee figure is determined in relation to each applicable Fund
Investor’s class of interests or series of shares, as applicable. For the avoidance of doubt, the Fund
General Partner will not be charged the Management Fee.

Castle Hook Partners LP                                                         Form ADV Part 2A
Fund Performance Compensation

Onshore Fund Incentive Allocation

Generally, at the end of each fiscal year of the Onshore Fund, the Fund General Partner is entitled
to an incentive allocation (the “Incentive Allocation”). The base Incentive Allocation rate (“Base
Incentive Allocation Rate”) is in an amount ranging from 15%-25% of the net capital appreciation
(“Net Appreciation”) (which includes both realized gains and losses and unrealized appreciation
and depreciation) allocated to an applicable Fund Investor’s capital account for such fiscal year,
subject to a loss carryforward mechanism. Castle Hook has also adopted an “Adjusted Incentive
Allocation Rate” whereby the Base Incentive Allocation Rate will be reduced if, as of the date the
Incentive Allocation is determined, the Net Appreciation in respect of a series of Interests for the
applicable period is greater than 0% but less than 5% per annum (the “Net Appreciation
Threshold”). In such situations, the Base Incentive Allocation Rate will be adjusted as follows: (Net
Appreciation / Net Appreciation Threshold) x Base Incentive Allocation Rate = Adjusted Incentive
Allocation Rate.

In the event that the Onshore Fund is terminated or an applicable Fund Investor withdraws
other than at the end of a fiscal year, then for purposes of determining the Incentive Allocation
allocable at such time to the Fund General Partner, net capital appreciation will be determined
as if such dates were the end of the fiscal year, subject to certain adjustments. In the sole
discretion of the Fund General Partner, the Incentive Allocation may be waived, reduced or
calculated differently with respect to certain Fund Investors.

Offshore Fund Incentive Allocation

Generally, at the end of each fiscal year of the Intermediate Fund, the Class M Shares of the
Intermediate Fund (which are held by the Fund General Partner in its capacity as manager of
the Intermediate Fund) are entitled to an Incentive Allocation. The Base Incentive Allocation
Rate is in an amount ranging from 15%-25% of the Net Appreciation (which includes both
realized gains and losses and unrealized appreciation and depreciation) attributable to each
series of Intermediate Fund shares corresponding to a series of Offshore Fund shares for such
fiscal year, after taking into account any expenses at the Fund level that are not reflected in
the net asset value of the Intermediate Fund, subject to a loss carryforward mechanism. Castle
Hook has also adopted an “Adjusted Incentive Allocation Rate” whereby the Base Incentive
Allocation will be reduced if, as of the date the Incentive Allocation is determined, the Net
Appreciation in respect of a series of shares for the applicable period is greater than 0% but
less than the Net Appreciation Threshold (i.e., 5%) per annum. In such situations, the Base
Incentive Allocation Rate will be adjusted as follows: (Net Appreciation / Net Appreciation
Threshold) x Base Incentive Allocation Rate = Adjusted Incentive Allocation Rate.

In the event that shares are redeemed other than at the end of a fiscal year, then for purposes
of determining the Incentive Allocation allocable at such time to the Fund General Partner, net
capital appreciation will be determined as if such dates were the end of the fiscal year, subject
to certain adjustments. In the sole discretion of the Fund General Partner, the Incentive
Allocation may be waived, reduced or calculated differently with respect to certain Fund
Investors.

Please refer to each Fund’s offering documents and/or governing documents for a full disclosure
of all applicable fees and expenses.

Other Types of Fees or Expenses for the Funds

The Onshore Fund and the Offshore Fund each bear their own operating and other expenses,

Castle Hook Partners LP                                                       Form ADV Part 2A
and their pro rata share of the expenses of the Master Fund and any trading vehicle (as
applicable), including, without limitation: investment-related expenses (e.g., brokerage
commissions and transaction costs, clearing and settlement charges, custodial fees, interest
expense, consulting, investment banking and any other professional fees or compensation
relating to particular investments or contemplated investments, and research-related
expenses, including, without limitation, investment consultants, and news and quotation
equipment and services (including fees for data and software providers)); investment-related
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