Deer Park Road Management Company LP

Item 5.   Fees and Compensation

The fees and expenses applicable to the Private Funds and the mutual fund are set forth in
each Private Fund’s and mutual fund’s offering or constitutive or organizational documents.
A summary of those fees and expenses follows. Fees and expenses on new private funds
and other products are negotiable.

The Adviser or entities that the Adviser owns, controls or is under common control with (its
“Affiliates”) are entitled to receive an annual incentive allocation (“Performance
Allocation”) from certain Private Funds based on a percentage of the net realized and
unrealized income and capital appreciation, if any, of the capital accounts or net asset value
(“NAV”) of the shares, as applicable. Compensation received by the Adviser from the Private
Funds also includes “Management Fees” and, in some cases, carried interest.

The Adviser may, in its discretion, negotiate lower Management Fees or graduated
Performance Allocations, or both, with individual investors or as a separate class or fund, in
its sole discretion.

The Adviser has discretion to waive, and with investor consent, modify or change the amount
or calculation method for the Management Fee or Performance Allocation with respect to
any Private Fund, class or individual investor including affiliates or employees of the Adviser.

Management Fees will generally be paid quarterly in arrears and may be subject to high
watermark. Deer Park’s fee schedule is omitted because this brochure is only being
delivered to qualified purchasers as defined in the Investment Company Act of 1940, as
amended.

In addition to compensation payable to Deer Park described above, each Fund will
typically bear its pro rata share of the following types of expenses:

      management fees;

      expenses related to initial and ongoing due diligence of investments and loan
       security, including outside legal and accounting services, title work and services, lien
       searches, travel (including airfare, lodging, ground transportation, and related fees
       and expenses);

      expenses related to the acquisition, holding, transfer and disposition of investments
       and other investments or assets, such as commissions, brokerage and prime
       brokerage fees, advisory fees, transfer fees, custodial fees, administration fees,
       exchange fees, clearing costs and bank service fees;

      investment-related expenses (including with respect to broken deals), including
       research expenses, the cost of software packages utilized in connection with the
       management of the Fund or any subsidiary thereof, market data and systems, and

    the costs of any periodicals, subscriptions or other market intelligence services or
    publications;

   costs related to any borrowings, facilities or other indebtedness incurred by the Fund
    or any subsidiary thereof, including any interest, fees and expenses (including
    upfront fees, fees and expenses of counsel and other advisers, and other closing fees
    and expenses) payable with respect thereto;

   external transaction-related expenses, external legal fees, and third-party
    professional fees relating to investments or otherwise (including expenses of
    consultants and experts, if any);

   fees of any third-party administrator(s), and external accounting and investor
    reporting expenses, including the fees and expenses of the partnership
    representative;

   the cost of accounting, order management and portfolio management software
    packages;

   valuation expenses, including the fees and expenses of any third-party valuation firm;

   auditing and tax expenses, including any such expenses related to the Fund’s U.S.
    Foreign Account Tax Compliance Act and Common Reporting Standard compliance
    obligations and any taxes imposed on or payable by the Fund, a master fund or any
    subsidiary thereof (as determined by the General Partner);

   insurance expenses (including costs related to any retention or deductibles) for the
    Fund, a master fund and the General Partner (including D&O and E&O insurance);

   all expenses incurred in connection with organizing any subsidiary of the Fund or a
    master fund and obtaining any necessary regulatory registrations or authorizations;

   expenses relating to the registration and ongoing regulatory and compliance
    obligations (including legal fees, costs and expenses, regulatory filing or other
    expenses of the Fund, a master fund, their subsidiaries, a general partner or Deer
    Park, including Form PF, commodity pool operator (CPO) and commodity trading
    advisor (CTA) filings and any compliance or filings related to the European Union
    Alternative Investment Fund Managers Directive but not including Deer Park’s Form
    ADV filings);

   costs relating to the termination, winding-up and dissolution of the Fund, a master
    fund or any subsidiary thereof;

   other similar expenses related to the Fund, a master fund or any subsidiary thereof
    and all other normal operating expenses incurred by the Fund or any subsidiary
    thereof; and

      all extraordinary expenses (e.g., litigation expenses, costs or damages and
       indemnification obligations).

Deer Park (and any affiliate thereof) will be entitled to reimbursement from a Fund or any
subsidiary thereof for any operating expenses or organizational expenses paid by such party
on behalf of such Fund or any such subsidiary.

The expenses of the Funds may be borne by any Fund or master fund and will generally be
apportioned between onshore feeders and offshore feeders (if applicable) based on the
relative capitalization of each or as otherwise determined by the Adviser or its Affiliate in
good faith. However, if a certain Fund or master fund cost or expense relates solely to the
onshore feeder or the offshore feeder, then Deer Park may, but is under no obligation to,
...

Item 7.   Types of Clients

The Adviser and its Affiliates serve as the management company, investment adviser or sub-
adviser for pooled investment vehicles. The pooled investment vehicles are typically
structured as domestic limited partnerships, offshore exempted companies, or offshore
exempted limited partnerships. They can take the form of a “master-feeder” structure where
investors invest in a feeder fund that invests exclusively in a master fund that is managed by
the Adviser or can be stand-alone vehicles.

With respect to the Private Funds, limited partnership interests in any domestic limited
partnerships are offered on a private placement basis, and in reliance on Section 3(c)(7) of
the 1940 Act, to persons who generally are “accredited investors” as defined under the 1933
Act, and “qualified purchasers” as defined under the 1940 Act, and who are subject to
certain other conditions that are set forth in the offering documents for the applicable Fund.
Shares in offshore Funds are generally offered to persons (x) who are not “U.S. Persons” as
defined under Regulation S of the 1933 Act, or who are tax-exempt U.S. Persons (or entities
substantially comprised of tax-exempt U.S. Persons) on a private placement basis and in
reliance on Section 3(c)(7) as described above; and (y) who are subject to certain other
conditions that are set forth in the offering documents for the applicable Private Funds.

Investors in the Private Funds include some or all of the following: institutional investors,
pension and profit-sharing plans, trusts, estates, charitable organizations, high net worth
individuals, corporations or business entities other than those listed previously, private
investment funds or other entities. Certain of the Private Funds are structured as standalone
private investment vehicles, each for a single institutional investor.

The mutual fund is registered under the 1940 Act and the 1933 Act. The mutual fund is
advised by advisers that are not affiliated with Deer Park. These unaffiliated advisers
contract with Deer Park to manage the investments of the mutual fund as a sub-adviser. The
Adviser may manage separate accounts for institutional advisers from time to time.