Column Park Asset Management LP

FEES AND COMPENSATION

       The fees applicable to each Client are set forth in detail in each Client’s Governing
Documents. It is critical that Clients, investors and prospective investors refer to the
applicable Governing Documents for a complete understanding of how the Investment
Adviser is compensated for its advisory services. A brief summary of such fees is provided
below.

         Management Fees and Performance-Based Compensation

         The Funds

        Management Fee. Generally, the Master Fund pays the Investment Adviser a fee for
management services (the “Management Fee”) for each month to be paid monthly in advance
at the Master Fund level. The Management Fee is comprised of: 1) for certain investors, a
fixed amount based upon each such investor’s previously applicable management fee of
between 0.125% (1.5% annualized) and 0.167% (2.00% annualized) of the respective capital
accounts or series of shares at the Feeder Fund level; or 2) for other investors, a variable
amount calculated at rates of between 0.125% (1.5% annualized) and 0.146% (1.75%
annualized) corresponding to a Feeder Fund investor’s capital accounts or series of shares at
the Feeder Fund level determined as of the beginning of each calendar month. In general, if
the Management Fee has been paid in full in advance for a period in which an investor has
withdrawn its investment, the applicable portion of such Management Fee paid relating to the
portion of the period after such withdrawal will be returned to the withdrawing investor,
subject to the terms of the applicable Governing Document; however, the Governing
Documents typically do not permit such intra-period withdrawals. In accordance with the
Governing Documents, the Investment Adviser has elected to reduce, waive or calculate
differently the Management Fee with respect to certain investors.

        Generally, the LHYF pays the Investment Adviser a Management Fee for each month
equal to 0.0833% (1.00% annualized) of the NAV of a limited partner’s interests, as of the
beginning of such month. In general, if the Management Fee has been paid in full in advance
for a period in which an investor has withdrawn its investment, the applicable portion of such
Management Fee paid relating to the portion of the period after such withdrawal will be
returned to the withdrawing investor, subject to the terms of the applicable Governing
Document. In accordance with the Governing Documents, the Investment Adviser has
elected to reduce, waive or calculate differently the Management Fee with respect to certain
investors.

        Incentive Allocation/Carried Interest. The Master Fund has issued certain allocation
shares to the General Partner which generally entitle the General Partner to receive an
incentive allocation and/or carried interest at the end of each fiscal year, in an amount
between 17.5% and 20% of the net realized and unrealized appreciation in the NAV of each
share within a series corresponding to (a) a limited partner’s capital account in the Onshore
Fund or (b) each series of shares of the Offshore Fund (taking into account the Management
Fee and any expenses at the Feeder Fund level that are not reflected in the NAV of a series at
the Master Fund level other than investor related taxes), subject to a loss carryforward. The
Master-Feeder Fund has also issued certain shares and interests that generally entitle the

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General Partner to receive carried interest upon the occurrence of a realization event in an
amount between 17.5% and 20% of the net realized appreciation in the NAV of each share
within a series corresponding to (a) a limited partner’s capital account in the Onshore Fund or
(b) each series of shares of the Offshore Fund (taking into account the Management Fee and
any expenses at the Feeder Fund level that are not reflected in the NAV of a series at the
Master Fund level), subject to a loss carryforward. In accordance with the Governing
Documents, the General Partner has elected to reduce, waive or calculate differently the
incentive allocation/carried interest with respect to certain investors.

        Pursuant to the Governing Documents of the LHYF, at the end of each fiscal year, the
General Partner generally will receive from the LHYF an incentive allocation in an amount
equal to 12.5% of the net realized and unrealized appreciation in the net asset value of a
limited partner’s interests which exceeds the Hurdle Return, subject to a loss carryforward.
When calculating the Incentive Allocation, the Management Fee and all items of income, loss
and expense incurred by the LHYF, other than investor related taxes, will be taken into
account. The Incentive Allocation will be determined separately with respect to each series
of interests of the LHYF issued to a limited partner. The “Hurdle Return” of a limited partner
for any fiscal year (or applicable shorter period) shall be the return that the limited partner
would have received if (i) an amount equal to such limited partner’s series of interests as of
the beginning of such fiscal year or, in the case of a limited partner making an original
subscription for such series of interests during such fiscal year, the amount of such
subscription, and (ii) an amount equal to any additional net subscriptions made by the limited
partner for such series of interests during such fiscal year had been invested and earned a
return equal to the cumulative monthly return of the U.S. 2 Year Treasury (Ticker: US2Y)
marked at month-end for each month of the calendar year (or applicable shorter period). The
Hurdle Return is non-cumulative from year to year (i.e., underperformance relative to the
Hurdle Return in one year does not carry forward to any future years). In accordance with
the Governing Documents, the Investment Adviser has elected to reduce, waive or calculate
differently the Management Fee with respect to certain investors.
...

TYPES OF CLIENTS

        The Investment Adviser provides investment advisory services to the Funds and the
Managed Accounts, as described above. The Funds are structured as private investment
companies that are exempt from registration under Section 3(c)(7) of the Investment
Company Act of 1940, as amended. A minimum dollar value of assets and other conditions
are typically imposed on investors in the Funds.

       The Investment Adviser may in the future provide investment advisory services to
other clients including, but not limited to, other pooled investment vehicles or institutional
investors in separately managed accounts.

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