Entropy Technologies LP

Item 5: Fees and Compensation

The fees applicable to each of the Funds are set forth in detail in the corresponding Offering
Documents. A brief summary of such fees is provided below.

Fees and Expenses

Entropy is authorized to incur and pay in the name and on behalf of the Funds all expenses
which they deem necessary or advisable.

The Firm will initially employ an expense-based pass-through model and performance-based
compensation.

The Funds bear all expenses, which include, without limitation, the following expenses incurred
by or allocable to the Funds: (i) the Fund’s trading related expenses, such as brokerage
commissions, financing, interest and borrowing fees and expenses, mark-ups, securities lending
fees and expenses, exchange fees and clearing fees, all fees and expenses related to the trading
of derivatives, all fees and expenses paid to prime brokers and other counterparties, the costs
implicit in repurchase and reverse repurchase agreements and all other fees or expenses related
to the Fund’s trading and investment activities; (ii) all costs and expenses related to the
organization of the Fund and the initial offering of the Shares (“Organizational Expenses”); (iii)
fees and expense reimbursements payable to the Administrator, legal, accounting,
administrative, auditing, tax preparation and other professional expenses (including the fees and
expenses of the General Partner acting in its capacity as partnership representative of the Master
Fund); (iv) the costs and expenses of any errors and omissions insurance, directors liability
insurance (including in respect of the members of the Board of Directors) or cyber-security
insurance obtained on behalf of the Fund and the Board of Directors; (v) any fees or expenses
charged by proxy voting, class action recovery and monitoring or tax reclamation service
providers; (vi) specific expenses incurred in obtaining or maintaining systems and other
information utilized that facilitate valuations and accounting, including the costs of pricing
services, service contracts for quotation equipment and related hardware and software; (vii) any
taxes imposed on the Fund as determined by the Investment Manager in its sole discretion,
filing fees and expenses, custodial fees and expenses and bank services fees; (viii) all costs and
expenses associated with reporting and providing information to existing Shareholders and
prospective investors; (ix) all expenses related to middle office and back office services relating
to the Fund provided by the Administrator or another party or for communications with the
Administrator and the Fund’s counterparties (including hardware, software, communications
and data), including service provider fees and expenses relating to the implementation of such
systems and ongoing maintenance costs; (x) expenses of the continuous offering of Shares,
including investor-related travel (which in the case of air travel will be limited to the cost of
commercial airfare) and associated costs, the cost of updating, producing and distributing
offering memoranda and other investor materials; (xi) expenses relating to any amendment to
the Articles and/or the Investment Management Agreement, and the solicitation of any
Shareholder consents; (xii) the Fund’s allocated portion of any governmental, regulatory,
licensing, filing or registration (“Filings”) fees, including the legal and administrative costs and
expenses of preparing such Filings, incurred in compliance with the rules of any self-regulatory
organization, any U.S. federal, state or local laws or any applicable foreign laws or regulations
(including, without limitation, Section 13, Section 16 filings, FATCA (as defined below), Form
PF and Form PQR and any similar ) and fees and expenses relating to anti-money laundering

officers relating to the Fund; (xiii) regulatory and other expenses relating to the placement of
Shares in specific jurisdictions; (xiv) all expenses incurred in connection with responding to
requests or inquiries from any U.S. federal, state, local or non-U.S. governmental entity or
authority, regulatory body or self-regulatory organization relating to the Fund’s activities; (xv)
all fees and expenses incurred in connection with the maintenance of the Fund’s legal existence
including all fees, costs, expenses, taxes or other governmental charges including without
limitation with the Cayman Islands government and the Cayman Islands Monetary Authority
(“CIMA”); (xvi) fees and expenses related to the Board of Directors (including any legal or
indemnification expenses and any costs and expenses relating to the provision of board support
services for meetings of the Board of Directors); (xvii) extraordinary expenses or costs that the
Fund may incur (e.g., litigation expenses or damages) and any indemnification obligations it may
owe the Investment Manager, its affiliates or other parties; (xviii) all expenses associated with
the liquidation and winding-up of the Fund; (xix) any other similar expenses related to the
operations of the Fund; and (xx) the Fund’s pro rata share of such similar expenses as listed
above of the Master Fund and any Trading Subsidiary.

In general, each Investor will bear its proportionate share of the Fund expenses and pass through
expenses on a pro rata basis with respect to the size of such Investor’s capital account(s) or with
respect to the relative net asset value of the shares held by such Investor, as applicable.

Notwithstanding the foregoing, the Fund General Partner and/or the Firm, as applicable, may
specially allocate the Fund expenses described herein in any other manner, including by
allocating certain Fund expenses to certain (but not all) Investors, if the Fund General Partner
and/or the Firm, as applicable, reasonably determines, in its discretion, that it is more equitable
to do so.

To the extent that expenses to be borne by the Funds are paid by the Firm or its affiliates, the
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