Corigliano Investment Advisers LLC

FEES AND COMPENSATION

Corigliano generally charges asset-based “management fees” and performance-based compensation
(“performance allocations”) to its Clients. The amount of these fees is subject to negotiation between
Corigliano and its Clients and is set out in the investment management agreement between Corigliano
and the applicable Client.

To manage a Client account, Corigliano generally charges a quarterly, asset-based management fee equal
to a percentage of the assets in such Client account ranging from 0 to 0.375% (1.5% per annum).  However,
the types and amounts of fees payable by a Client may be negotiated based on a variety of factors, including,
but not limited to, the size, composition, and complexity of the Client’s account, the length, and nature of
the relationship with the Client or other factors deemed relevant by Corigliano.

Management fees and expense reimbursements are generally invoiced to the applicable Client quarterly in
advance unless otherwise agreed upon with a particular Client.

Furthermore, in addition to a management fee, Corigliano is also eligible to be reimbursed for both its
organizational expenses and ongoing ordinary operating expenses (e.g., software, data vendor and
infrastructure costs, research and trading infrastructure, investment related expenses, accounting and
administrative fees, insurance premiums, etc.) it incurs in managing the respective Client
accounts. Corigliano has agreed under certain circumstances, and may in the future agree with other

Clients, to charge each Client Account for its pro rata share of the operating and overhead expenses incurred
by Corigliano and its affiliates.

              PERFORMANCE BASED FEES AND SIDE-BY-SIDE MANAGEMENT

Corigliano also receives performance-based compensation performance allocations from its Clients, as
agreed and set out in the investment advisory agreement between Corigliano and the applicable Client.

Generally, performance-based compensation payable to Corigliano with respect to a Client Account is
equal to 20% of the net profit allocated to the Client Account (including both realized and unrealized gains
and losses) over the applicable measurement period (generally one year), after recovery of any losses in the
Client Account in prior measurement periods, and subject to variation based on additional performance-
related criteria in certain cases. However, as described in “Fees and Compensation” above, the
performance allocations (if any) to be paid by a particular Client is subject to negotiation, based on various
factors.

Performance allocations are generally invoiced to the applicable Client on an annual basis, unless
otherwise agreed with a particular Client.

Conflicts of Interest Related to Performance-Based Compensation. A significant percentage of the
appreciation (if any) which would otherwise be allocated to Clients is paid to Corigliano as performance-
based fees or allocations. This performance-based compensation is based upon unrealized, as well as
realized, gains, and such unrealized gains may never be recognized by the Client. Performance-based
compensation may create an incentive for Corigliano or its advisory affiliates to make investments that are
riskier or more speculative than they might otherwise select.

The amount of performance-based compensation (if any) that Corigliano receives from a Client is expected
to vary among the various Client Accounts. This results in a potential conflict of interest, as it could provide
Corigliano with an incentive to favor the Clients from which Corigliano receives substantial performance-
based compensation over Clients from which Corigliano receives only asset-based management fees, or a
lesser amount of performance-based compensation, by, for example, seeking to allocate more profitable
investment opportunities to the Clients for which Corigliano receives greater amounts of performance-
based compensation. However, Corigliano generally intends to trade and invest in liquid, exchange-traded
products, and has implemented an equitable allocation methodology in cases where orders for multiple
Clients are aggregated (see “Brokerage Practices” below), which Corigliano believes will help mitigate
these conflicts.

TYPES OF CLIENTS

Corigliano offers investment advisory services to individuals, family offices, and institutional investors,
including (but not limited to) investment funds sponsored and operated by other investment advisory firms.
Client Accounts are generally subject to a minimum initial investment, unless such minimum is waived by
Corigliano in its sole discretion.

         METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

General Investment Risks. The Partnership’s success depends on the General Partner’s ability to
implement its investment strategy. Any factor that would make it more difficult to execute timely trades,
such as a significant lessening of liquidity in a particular market, may also be detrimental to profitability.
No assurance can be given that the investment strategies to be used by the Partnership will be successful
under all or any market conditions.

The Partnership may increase its cash position when the General Partner deems it prudent or when a
defensive position is warranted in light of market conditions. During such times, interest income will
increase and may constitute a large portion of the return and the Partnership will not participate in market
advances or declines to the extent that it would have if it had been more fully invested.

A potential investor in the Partnership should note that the prices of the securities and other instruments in
which the Partnership invests may be unavailable. Market movements are difficult to predict and are
influenced by, among other things, government trade, fiscal, monetary and exchange control programs and
policies; changing supply and demand relationships; national and international political and economic
events; changes in interest rates; and the inherent volatility of the marketplace. In addition, governments
from time to time intervene, directly and by regulation, in certain markets, often with the intent to influence
prices directly. The effects of governmental intervention may be particularly significant at certain times in
the financial cycle.

Investment and Trading Risks. All investments involve the risk of a loss of capital. No guarantee or
representation is made that the Partnership’s investment program will be successful, and investment results
may vary substantially over time

Equity Securities. The value of the equity securities held by the Partnership is subject to market risk,
including changes in economic conditions, growth rates, profits, interest rates and the market’s perception
of these securities. While offering greater potential for long-term growth, equity securities are more volatile
and more risky than some other forms of investment.

Short Investments. Corigliano seeks short equity positions in firms which the investment team believes
are overvalued based on several factors including, among others, asset quality, competence of management,
external pressures (e.g., activist shareholders, taxing authorities), value of intellectual property, viability of
business plans, location of assets and firms’ competitive positioning relative to their peers. Short positions
are largely expected to be single-stock.

Commodity Prices. Commodity markets have, at various times, exhibited significant price volatility. The
combination of inelastic demand and supply in many commodities means that, at least in the short term,
unanticipated changes in demand or supply can generate large price swings. The performance of a
commodity transaction is unpredictable. The market value of a commodity transaction may be influenced
by many unpredictable factors, such as: prevailing spot prices for the underlier or the commodity or
commodities underlying a commodity index that is an underlier for a commodity transaction; supply and
demand for the Underlier or the commodity or commodities underlying a commodity index underlier;

market activity; liquidity; economic, financial, political, regulatory, geographical, biological, or judicial
events; and the general interest rate environment. These factors interrelate in complex ways, and the effect
of one factor on the market value of the commodity transaction may offset or enhance the effect of another
factor.

Energy Sector Risks. Corigliano’s focus on the energy sector and associated industries presents Clients
with unique risks.

The prices for domestic oil and gas production have varied substantially over time and may in the future
decline, which would adversely affect the return on Corigliano’s investments. Prices for oil and gas have
been and are likely to remain highly volatile. Many factors beyond Corigliano’s control affect oil and gas
prices, including, but not limited to: weather and climate conditions in the United States and elsewhere;
macroeconomic conditions in the United States and elsewhere; geopolitical instability, particularly in the
Middle East, Russia, Ukraine, Venezuela, and other oil and gas producing regions; policies enacted by
producing states to affect prices for oil and gas; the success of alternative fuels and energy-transition
technologies; the discovery rate of new oil and gas reserves; and the relative strength of the U.S. dollar in
global currency markets, among others.

Companies in the energy sector face supply-and-demand risk. A decrease in the production of natural gas,
natural gas liquids (“NGLs”), crude oil, coal or other energy commodities or a decrease in the volume of
such commodities available for transportation, mining, processing, storage or distribution may adversely
impact the financial performance of certain energy companies, and decrease in production can occur
unforeseeably as a result of various factors. Alternatively, a sustained decline in demand for such
commodities could also adversely affect the financial performance of certain energy companies and could
result from similarly unforeseeable factors.

Energy companies are subject to significant federal, state and local government regulation in virtually every
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