Greenbriar Asset Management LP

Item 5 - Fees and Compensation

Management Fees

As the investment adviser to the Funds, we receive management fees at an annual rate of
approximately 0.5% to 2.0% (dependent upon the particular Fund and share class of each Fund)
of the value of the net assets of the Fund as of the last business day of each month.

We may waive or modify the fee for certain Investors at our discretion. These management
fees are deducted from Fund assets and are prorated for any partial investment period. The
Management Fees for OC 531 are detailed in its Private Placement Memorandum (“PPM”).

Other Expenses

The Funds bear all legal and other expenses incurred in the formation of the Funds (the
“Organizational Expenses”) up to an amount not to exceed the threshold established in
the Funds’ PPMs.

The Funds will generally bear all expenses related to their operations (the “Operational
Expenses”), including management fees, any taxes imposed on the Funds, commitment fees
payable in connection with credit facilities, accounting fees, third-party fees and expenses,
attorneys’ fees, due diligence, and other costs related to the acquisition or disposition of
assets. For a more detailed description of Operational Expenses, Investors should review
each Funds’ PPM.

Greenbriar will bear the costs and expenses associated with its normal operating overhead
activities (the “Management Expenses”) including, but not limited to, compensation of its
employees and the cost of providing relevant support and general services (e.g., office rental,
secretarial, clerical and bookkeeping expenses).

If Greenbriar incurs any of the expenses mentioned above on behalf of OC 531 or other
future Funds, then the Firm will allocate such expenses among the Funds in proportion to the

Greenbriar Asset Management LP                                          Form ADV Part 2A

size of the investment made by each Fund in the activity or entity to which the expense relates,
or in such other manner as Greenbriar considers fair and reasonable.

For a more detailed discussion of brokerage and transaction costs, please review “Item 12 -

Item 7 - Types of Clients

Our clients are the Funds. Investors in the Funds consist primarily of institutional investors,
including, but not limited to, endowments, pension funds, financial institutions, and other
investment funds in addition to high net worth individuals. Each Fund’s PPM and subscription
documents provide the eligibility criteria and minimum investment requirements, if any.
Although Greenbriar has the authority to accept subscriptions of a lesser amount, the required
minimum initial investment in the Funds is generally $1,000,000.

U.S. Funds

The interests in the U.S. Funds are offered on a private placement basis, pursuant to Section
3(c)(1) or Section (3)(c)(7) of the Investment Company Act of 1940, to persons who are
“accredited investors” as defined under the Securities Act of 1933, a “qualified client” as
defined under the Advisers Act, and as applicable “qualified purchasers” as defined under the
Investment Company Act of 1940, and subject to certain other conditions, which are set forth
in the offering documents for the U.S. Funds.

Offshore Funds

Shares in the offshore Funds are offered on a private placement basis to persons who are
generally not “U.S. Persons”, as defined under Regulation S of the Securities Act of 1933, and
U.S. tax-exempt entities, and subject to certain other conditions, which are fully set forth in
the offering documents for the particular Fund. This includes a select number of institutional
and individual investors which meet applicable regulatory requirements. In certain limited
circumstances, an investor who is subject to U.S. federal income taxation may be permitted
to invest in the offshore Funds, subject to certain other conditions set forth in the Fund’s
offering documents.

Greenbriar Asset Management LP                                           Form ADV Part 2A