Coburn Barrett LLC

Item 5.        Fees and Compensation
Fund

The Fund offers interests/shares only to certain qualified investors and admission to the Fund is not open
to the general public. Investors and prospective Investors should refer to the private placement
memorandum for the Fund for a detailed description of fees. Interests or shares in the Fund are available
only to non-United States Persons who meet the definition of a “qualified purchaser” as defined in Section
2(a)(51) of the Investment Company Act of 1940, as amended, and “qualified eligible persons” within the
meaning of Rule 4.7 under the Commodity Exchange Act of 1936, as amended.

The Fund will pay Coburn Barrett an advanced quarterly management fee (the “Management Fee”) payable
at the beginning of each quarter (or the pro-rata portion thereof). The Fund’s Management Fee is equal to
two percent (2%) per annum of the Net Asset Value of the Fund. Coburn Barrett may waive, permanently
or temporarily, some or all such Management Fee with respect to all or part of the Fund’s assets under
management or to any Investor(s).

With respect to the Fund, Coburn Barrett deducts the Management Fee from Investors’ assets invested in
the Fund. Investors do not have the ability to choose to be billed directly for fees incurred.

Expenses

Expenses paid by the Fund may include: management fees; legal and accounting fees and disbursements;
audit and tax preparation expenses; indemnification expenses; investment-related expenses (including
without limitation: commissions; custodial/clearing fees; fees, interest and other costs on margin accounts
or other financings or re-financings; borrowing charges on securities sold short; custodial fees; bank service
fees; investment and trading consultant expenses; research, pricing and quotation fees and expenses;
portfolio management expenses; expenses in connection with proposed transactions (including transactions
that fail to close); and any other reasonable expenses (at the discretion of the Board of Directors or Coburn
Barrett, as applicable) related to the purchase, sale, holding or transmittal of assets or liabilities); Directors’
fees and expenses; liability insurance premiums with respect to the Directors and Coburn Barrett; expenses
relating to maintaining the registered offices of the Fund in the Cayman Islands, expenses relating to all
necessary filings with and all fees required by any U.S. federal or state government agency, the Cayman
Islands Registrar or other government body; any income tax, withholding taxes, transfer taxes and other
governmental charges and duties occurring for the Fund; third-party administrator fees; costs of printing
and distributing any memoranda, reports, and/or notices to Investors and Advisory Clients; extraordinary
expenses and other similar expenses incidental to its operations and business. Please refer to Item 12 of
this Brochure for a description of Coburn Barrett’s brokerage practices.

Refunds of Fees

Management Fees applicable to Investors are paid quarterly in advance. With respect to refunds of fees,
information about how an Investor may redeem or withdraw shares or interests in a Fund is set forth in the
respective Fund’s Governing Documents.

Withdrawals, redemptions, or terminations from the Fund will be subject to significant conditions and
restrictions, which are set forth in the relevant Governing Documents. Such conditions, restrictions, and
limitations may include, without limitation:

    o    Investors generally are able to withdraw or redeem from the Fund as of the first business day of
         each quarter and upon at least 30 days’ prior written notice;
    o    The condition that withdrawal or redemption requests be properly submitted in accordance with
         the relevant Fund documents and in a timely manner;
    o    The condition that withdrawals or redemptions have not been suspended (in whole or in part) or
         postponed by the Directors or the Investment Manager (as the case may be);
    o    Restrictions on the timing of withdrawal/redemption payments, as set forth in the Governing
         Documents;
    o    Limitations on the amount paid to a withdrawing or redeeming Investor due to fees, expenses
         and/or reserves for certain contingencies, among others; and
    o    Limitations on the method of withdrawal or redemption payments (i.e., in cash or in kind).

The Investment Manager or the Directors (as the case may be) may waive or modify the conditions relating
to withdrawals or redemptions for certain Investors.

It is critical that Investors refer to the relevant Governing Documents for a complete understanding of their
withdrawal and/or redemption rights. The information contained herein is a summary only and is qualified
in its entirety by such documents.

Item 7.       Types of Clients
Coburn Barrett provides investment advisory services to a pooled investment vehicle operating as a private
investment fund.

Each Investor in the Fund must meet the eligibility provisions outlined in Item 5.A, above and described in
the relevant Governing Documents. Each prospective Investor will be required to make representations
that the interests/shares of the Fund are not being acquired directly or indirectly for the account or benefit

of a United States Person, as defined in Rule 902 of Regulation S under the Securities Act of 1933, as
amended (“U.S. Person”). Currently, interests or shares in the Fund are available only to non-U.S. Persons
who are “qualified purchasers” as defined in Section 2(a)(51) of the Investment Company Act of 1940, as
amended and “qualified eligible persons” within the meaning of Rule 4.7 under the Commodity Exchange
Act of 1936, as amended.

The minimum initial contribution for Investors in the Fund is $2,000,000, subject to reduction or waiver at
the discretion of the Investment Manager or Board of Directors, as applicable (though not below applicable
Cayman Islands minimums, where relevant).