Encompass Capital Advisors LLC

Item 5: Fees and Compensation
Asset Based Compensation

The Adviser is paid a fixed management fee (the "Management Fee"), quarterly in advance.
Each Fund’s Governing Documents contain a detailed description of the fees applicable to an
investment in such Fund. In certain cases, the Management Fee may be reduced, as further
described in the applicable Governing Documents. The Management Fee is not negotiable.

In the event an additional contribution is made to a Fund during a quarter, the Management Fee
will be charged as of the date of the additional contribution based on the value of the net assets
as of such date and will be prorated for the number of days remaining in the quarter. In the event
a withdrawal or redemption is made from a Fund during a quarter, the Fund will either be
refunded a portion of the Management Fee or will receive a credit for that portion of the
Management Fee for the subsequent quarter, as further described in the applicable Governing
Documents, in each case based on the number of days remaining in the quarter.

The Management Fee is generally deducted from the Funds by their administrator upon the
Adviser’s proper instructions.

The Adviser, in its sole discretion, may, in effect, waive or reduce the Management Fee for
Investors that are members, employees or affiliates of the General Partner (as defined below) or
the Adviser, relatives of such persons and for certain large or strategic Investors.

Management fees with respect to the Sub-advised Accounts are calculated and paid in
accordance with each Sub-advised Account's Governing Documents.

Performance Based Compensation

An affiliate of the Adviser that serves as general partner of certain of the Funds (the "General
Partner") is entitled to receive an annual performance-based allocation of a percentage of net
profits (including unrealized gains) allocated to the Funds (the "Performance Allocation"). Each
Fund’s Governing Documents contain a detailed description of the Performance Allocation
applicable to an investment in such Fund. The Performance Allocation is subject to a "loss
carryforward" provision and is not negotiable.

The General Partner, in its sole discretion, may waive or modify the Performance Allocation for
Investors that are members, employees or affiliates of the General Partner (as defined below) or
the Adviser, relatives of such persons and for certain large or strategic Investors. The Funds do
not intend to enter into side letters with Investors.

Performance-based compensation with respect to the Sub-advised Accounts is calculated and
paid in accordance with each Sub-advised Account's Governing Documents.

Other Fees and Expenses

In addition to paying the Management Fee and if applicable, the Performance Allocation, the
Funds are also subject to other investment expenses including: Fund legal, compliance

Form ADV Part 2A: Firm Brochure - Encompass Capital                          March 31, 2026

(including, but not limited to, ongoing consulting services, contract management consultants,
expenses related to outsourced anti-money laundering officers, Form 13F, Schedule 13G and
13D filings, Form 13H, Section 16 filings, Form D, blue sky compliance and other non-U.S.
filing expenses, if applicable), third party administrator, market data, tax preparation, audit and
accounting fees and expenses (including third party accounting services); shareholder proxy
voting services, third party pricing vendor, if applicable; organizational expenses; investment
expenses such as commissions, research fees and expenses (including research-related software
and systems, research-related travel, meals and lodging expenses); interest on margin accounts
and other indebtedness; borrowing charges on securities sold short and any other expenses
associated with financing the Funds' portfolios; custodial fees; bank services fees; the Funds'
pro-rata share of fund-related insurance costs (including D&O and E&O insurance and a
fidelity bond for the Adviser, the General Partner, and if applicable, outside directorship
liability); directors' and advisory board fees and expenses, if applicable; the Funds' pro rata
share of expenses related to the implementation and licensing of trading, risk management and
order management systems; and any other expenses reasonably related to the purchase, sale or
transmittal of Fund assets.

The Adviser has developed a proprietary risk management system that it uses in connection
with managing the Funds’ portfolios. While the Adviser believes that this proprietary system
is unique and best-suited to assist it in managing risk, other risk management systems may cost
the Funds less than the Funds will pay for its use.

In addition, to the extent the Funds’ assets are invested in money market mutual funds, the
Funds will bear their pro rata share of the investment management fees and other fees of those
funds, which are in addition to any fees or other compensation paid to the Adviser.

Expenses paid by the Sub-advised Accounts are set forth in each Sub-advised Account's
Governing Documents.

The allocation of expenses by the Adviser between it and any Client Account and among Client
Accounts represents a conflict of interest for the Adviser. The Adviser has adopted an expense
allocation policy that is designed to address this conflict. The Adviser allocates expenses to
each Client Account in accordance with the arrangements each Client Account has with the
Adviser (including applicable Client Account disclosures). When applicable, the Adviser seeks
to allocate shared expenses for products and services benefitting the Adviser and a Client
Account and not covered in the Client Account's arrangements in a fair and reasonable manner.
The Adviser allocates common client expenses among multiple Client Accounts pro rata based
on gross assets under management or other equitable allocation methodology that reflects actual
...

Item 7: Types of Clients
The Adviser's clients consist of the Funds and the Sub-advised Accounts.

The minimum investment required to invest in the Funds is described in the applicable Fund's
Governing Documents. The Adviser, in its sole discretion, may waive or reduce any minimum
initial or subsequent investment amount in the Adviser’s sole discretion.

Form ADV Part 2A: Firm Brochure - Encompass Capital                         March 31, 2026