Game Creek Capital LP

ITEM 5 – FEES AND COMPENSATION

Item 5.A   Describe how you are compensated for your advisory services. Provide your
           fee schedule. Disclose whether the fees are negotiable.

           Note: If you are an SEC-registered adviser, you do not need to include this
           information in a brochure that is delivered only to qualified purchasers as
           defined in section 2(a)(51)(A) of the Investment Company Act of 1940.

           Fund Fees

           The fees applicable to the Funds are set forth in detail in the Funds’ offering
           documents and are generally not negotiable by Investors. The following is a brief
           summary of fees generally applicable to Investors in the Funds and is qualified in
           its entirety by the Funds’ offering documents.

           Game Creek Fund.

           Management Fee: The management fee (“Management Fee”), is generally
           payable at the beginning of each calendar month, in an amount equal to 0.125%
           of each limited partner’s capital account balance at the beginning of such month
           (1.5% annualized).

           Performance Allocation: Generally, at the end of each fiscal year, the General
           Partner will receive a performance fee (“Performance Fee”) equal to 20% of the
           aggregate net profits, subject to a high watermark, allocated to each limited
           partner’s capital account.

           Management Fees and Performance Allocations are not negotiable but may be
           waived or modified in the sole discretion of the General Partner.

           MCP Fund.

           Advisory Fee: The MCP Fund pays an advisory fee (the “Advisory Fee”) equal
           to 1/12 of 1% of the MCP Fund’s net assets under management at the end of the
           preceding month, calculated and payable monthly in arrears (1% annualized).

           Special Allocation: At the end of each fiscal year, the General Partner may be
           allocated a special share of the profit of the MCP Fund with respect to each
           Investor (the “Special Allocation”). The Special Allocation will not exceed 20%
           of the net increase in the value of the interests of the applicable Investor over the
           relevant fiscal year and will be reduced to the extent of any accumulated net
           decrease in value of the Investor’s interests.

           Advisory Fees and Special Allocations are not negotiable but may be waived or
           modified in the sole discretion of the General Partner.

           Account Fees

           Fee arrangements with the Accounts are individually negotiated and are generally
           based on assets under management and include performance-based fees.

           Management fees are billed quarterly in arrears and are prorated for partial
           quarters, if applicable; performance fees, if earned, are billed annually.

Item 5.B   Describe whether you deduct fees from clients’ assets or bill clients for fees
           incurred. If clients may select either method, disclose this fact. Explain how
           often you bill clients or deduct your fees.

           Management Fees are generally payable at the beginning of each calendar month.

           Investors may not choose to be billed directly.

Item 5.C   Describe any other types of fees or expenses clients may pay in connection
           with your advisory services, such as custodian fees or mutual fund expenses.
           Disclose that clients will incur brokerage and other transaction costs, and
           direct clients to the section(s) of your brochure that discuss brokerage.

           In addition to paying a Management Fee/Advisory Fee and, if applicable, a
           Performance Allocation/Special Allocation, the Funds (and, therefore the
           Investors) will also be subject to other costs and expenses related to the Funds’
           activities. Such costs and expenses may include:

               •   Investment Expenses (i.e., brokerage and other transaction costs, clearing
                   and settlement charges, trade break fees, interest and commitment fees
                   on debit balances or borrowings, borrowing charges on securities sold
                   short, research expenses (to the extent these are paid for with “soft
                   dollars” within Section 28(e)’s safe harbor), initial and variation margin,
                   fees and expenses for risk management services);
               •   Costs of any liability insurance obtained on behalf of the Funds,
                   regulatory costs and expenses applicable to the Funds, custody fees, costs
                   of any litigation or investigation involved activities of the Funds,
                   indemnification expenses;
               •   Legal, audit, accounting, tax, and administration fees;
               •   Any issue or transfer taxes, any entity level taxes and fees payable to
                   governments or agencies; and
               •   Any extraordinary expenses.

           A portion of the Funds’ expenses may be shared with other investment entities or
           accounts managed by Game Creek or an affiliate, generally on a pro rata basis.

           Game Creek bears all of its overhead expenses, including rent, utilities, supplies,
           secretarial expenses, stationery, charges for furniture, fixtures and equipment,
           employee benefits including insurance, payroll and other taxes and compensation
           (and related costs) of all personnel.

           It is critical that Investors refer to the Funds’ governing documents for a
           complete description of fees and expenses.

Item 5.D   If your clients either may or must pay your fees in advance, disclose this fact.
           Explain how a client may obtain a refund of a pre-paid fee if the advisory
           contract is terminated before the end of the billing period. Explain how you
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ITEM 7 – TYPES OF CLIENTS

Describe the types of clients to whom you generally provide investment advice, such as individuals,
trusts, investment companies, or pension plans. If you have any requirements for opening or
maintaining an account, such as a minimum account size, disclose the requirements.

As described in Item 4.A, Game Creek offers investment advisory services to two pooled investment
vehicles operating as private investment funds as well as fourteen separately managed accounts.

Investors in the Funds must meet certain suitability requirements. In addition, the minimum initial
investment in the Funds is $1,000,000. This minimum is subject to waiver at the discretion of the General
Partner/Board of Directors.

With respect to any separately-managed accounts, Game Creek will determine the minimum investment
amounts on a case-by-case basis. In general, such accounts will involve significant minimum investments,
which are determined in Game Creek’s sole discretion.