Cedar Street Asset Management LLC

Item 5 - Fees and Compensation

   A. Fees charged to the Funds are detailed in the respective offering memorandum. In the case of
      separately managed account clients, fees are independently negotiated and are described in the
      respective offering materials or investment management agreement for each client. In general,
      Cedar Street may charge both management fees and incentive fees, although currently Cedar
      Street does not charge incentive fees. Each client will pay fees according to their respective
      offering memorandum or investment management agreement.

   B. Cedar Street management fees charged to the Funds are generally payable in advance of the first
      business day of each calendar month from investor capital accounts based on the value as of the
      start of business on the first business day of such calendar month unless otherwise agreed upon.
      Cedar Street management fees will be appropriately prorated in the case of capital contributions

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       made on a day other than the first day of a calendar month. Cedar Street, in its capacity as General
       Partner, can waive or modify, in its sole and absolute discretion, the management fee with regard
       to capital accounts of certain partners, including persons affiliated with Cedar Street.

   C. Investors in each of the Funds are generally responsible for all costs and expenses of the
      respective partnership’s business including, without limitation, legal, tax, accounting, auditing,
      valuation, investment banking, deal sourcing, consulting, insurance and other reasonable
      professional fees and expenses, administration fees and expenses, research expenses, due
      diligence expenses, any costs that could be classified as “research services” (as such term is used
      in Section 28(e) of the Securities Exchange Act of 1934, as amended), even if such costs are paid
      for directly and not through a broker dealer, regulatory compliance expenses, and investment
      expenses such as commissions, trading services and support, exchange subscriptions, interest on
      margin accounts and other indebtedness, custodial fees, bank service fees, other expenses related
      to the purchase, sale or transmittal of partnership assets, printing and mailing expenses, and other
      organizational and ongoing offering expenses and the cost of maintaining the Funds’ existence.
      The Funds will also bear all extraordinary expenses, including, without limitation, fees and
      expenses related to litigation, Fund related proceedings or examinations related to the Internal
      Revenue Service, Department of Labor, the Securities and Exchange Commission (the “SEC”) or
      other Governmental Authorities or self-regulatory organizations. Cedar Street may elect to pay
      any of the foregoing expenses and thereafter be reimbursed by the Fund or waive such
      reimbursement.

       Separately managed account clients pay their own expenses as set forth in the relevant offering
       materials or investment management agreement.

       In the event any expenses are required to be allocated amongst clients or other accounts, Cedar
       Street will seek to allocate the expenses in a fair and equitable manner taking into consideration
       the extent to which each account benefits from the particular product or services. Depending
       upon the nature of the expense, the allocation methodology applied by Cedar Street may vary.
       Such methodologies may include allocating the expense (i) on a pro rata basis in proportion to the
       relevant accounts’ assets under management or relative use of the item of expense (or relative
       participation in an investment, if the expense is related to such investment); (ii) equally among all
       participating accounts; or (iii) in another manner that Cedar Street deems fair and equitable.

   D. Management fees that are paid in advance are generally not refundable, and management fees
      that are paid in arrears are paid through the date of termination.

   E. Neither Cedar Street nor any of its supervised persons accepts compensation for the sale of
      securities or other investment products.

Item 7 - Types of Clients

Cedar Street provides advice to the Funds and separately managed accounts beneficially owned by
institutional and high net worth investors. The Funds are privately offered and are not regulated under
the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”), because of
Section 3(c)(1) exemptions. Each Fund imposes minimum investor qualification standards and minimum
investment requirements.