Cedarview Capital Management LP

Item 5. Fees and Compensation

In most cases, Cedarview receives a management fee based on the Client’s assets under management
as described below. Cedarview is also entitled to receive from Clients performance-based fees,
which are described in Item 6 below.

Funds

Cedarview Opportunities Master Fund, LP (“COMF”) pays Cedarview an annual management fee
of 1.5% of the net asset value of COMF. The management fee is paid monthly in advance based on
the value of the capital account of each Fund investor as of the first day of each calendar month
(adjusted for contributions made during the month). The management fee will be prorated for any
period that is less than a full fiscal month and will be deducted in calculating the net profit or net
loss of the Fund. Cedarview’s fees are generally deducted from each Fund’s account by the qualified
custodian upon Cedarview’s instructions.

Management fees charged to the Funds are calculated based on the terms set forth in each Fund’s
offering documents. The Adviser, or an affiliate of the Adviser, may, in its sole discretion, waive
or modify the management fee for certain investors, as described in the Fund’s offering documents.

To a limited extent, Cedarview may negotiate with certain prospective Fund investors specific
investment terms that will differ from the terms applicable to other investors. However, Cedarview
will not negotiate with any prospective Fund investor certain terms, including those relating to the
types of instruments or securities in which the Fund will invest.

Separately Managed Accounts

SMA Clients generally pay Cedarview an annual management fee as a percentage (often 1%) of
the net asset value of such account.

SMA management fees are charged each quarter in arrears based on the total market value of the
assets in the SMA account (including net unrealized appreciation or depreciation of investments
and cash, cash equivalents and accrued interest) on the last day of the quarter. If a new SMA is
established during a quarter or a SMA makes an addition to its account during a quarter, the
management fee will be prorated for the number of days remaining in the quarter. If a SMA’s
investment management agreement is terminated or a withdrawal is made from a SMA account
during a quarter, the fee payable to the Adviser will be calculated based on the value of the assets
on the termination date or withdrawal date and prorated for the number of days during the quarter
in which the investment management arrangement was in effect or such amount was in the account.

SMAs may authorize the custodian to debit accounts for payment of fees. In such instances,
Cedarview sends a bill for the relevant fees to the SMA and the custodian (if applicable) that sets
forth the amount of the fee for the relevant period, how it was calculated and the value of assets on
which the determination of the fee was based. Cedarview is not authorized to debit SMAs directly.
In the event that an advisory relationship with a SMA terminates prior to the end of a quarter, the
management fee will be prorated accordingly.

These fees are negotiable.

Additional Expenses

In addition to paying management fees and any applicable performance-based fees (as described in
Item 6 below), the Funds may also be subject to other investment-related expenses such as legal,
compliance, administrative, audit, independent consulting and accounting expenses (including third
party accounting services); organizational expenses; investment expenses such as commissions,
research fees and expenses (including research-related travel expenses); interest on margin accounts
and other indebtedness; borrowing charges on securities sold short; custodial fees; and any other
expenses related to the purchase, sale or transmittal of assets. As noted in Item 4, Fund assets may be
invested using a master-feeder structure. Feeder funds bear a pro rata share of the expenses associated
with the related master fund. The Funds will also incur brokerage and other transaction costs. Please
see Item 12 of this Brochure for a discussion of Cedarview’s brokerage practices.

In September 2009, Mr. Joseph Sheinman’s employment status changed from that of Controller, to
an independent consultant for the Funds, pursuant to a written consulting agreement entered into
with Cedarview. Mr. Sheinman’s duties under this independent consulting arrangement have, in
part, consisted of providing assistance with weekly and month end net asset value (“NAV”)
preparation, NAV review, reviewing wires and assisting with certain reconciliations, reviewing
trade settlements, investor communications, requests and reconciliations of subscriptions and
redemptions, and communicating and assisting with audit and tax preparation including the
Schedule K-1s. Since September 2009, the Funds have been responsible for paying the cost of such
services provided by Mr. Sheinman to the Funds. Furthermore, it is anticipated that the Funds will
continue to be responsible for paying the cost of such services. It should also be noted that, as has

been the case in the past, Cedarview will continue to be responsible for paying the cost of services
provided by Mr. Sheinman that should be treated as a management expense. For instance,
Cedarview will continue to pay for consulting services that are specifically attributable to
Cedarview’s advisory business, such as investment advisory compliance, office management and
other management related tasks.

Item 7. Types of Clients

Through the management of the Funds and SMAs, Cedarview generally provides investment
advisory services to high net worth individuals, pension and profit sharing plans, trusts, estates,
charitable organizations and corporations. Cedarview has complete discretion with respect to
allowing any prospective investor to open an advisory account. With respect to any Fund, any initial
and additional subscription minimums, which may be substantial, are disclosed in the applicable
Fund’s offering documents. The Funds typically impose minimum holding periods during which
investors generally may not withdraw their respective investment interests. Withdrawal restrictions

may be modified in the sole discretion of Cedarview or its affiliate.