Heronetta Management LP

Item 5: Fees and Compensation

Heronetta charges the Fund a management fee, typically payable in arrears on the last business day of each
fiscal quarter as described in the Fund’s offering documents, which is deducted directly from the Fund.
Heronetta, as the investment manager, may, in its sole discretion, elect to reduce, waive or calculate
differently the management fee with respect to any limited partner, including, without limitation, limited
partners that are affiliates or employees of the general partner or the investment manager, members of the
immediate families of such persons, trusts or other entities for their benefit and strategic investors, or pay a
portion of the management fee to a third person (including to persons who are instrumental in the sale of
interests in the partnership).

Heronetta charges fees for separately managed accounts at generally the same level as charged to the Fund,
but fees may be negotiable based upon the size of the account, relationship and/or the nature and level of
services provided. At its discretion, Heronetta may waive or reduce the management fee. Heronetta bills
separately managed accounts for the investment management fee quarterly in arrears.

In addition to paying investment management fees, Client accounts will also be subject to other investment
expenses, custodial charges and brokerage fees.

Investors in the Fund will bear their pro rata share of the Fund’s operating and other expenses including, in
addition to those listed above: legal, accounting, audit, tax preparation and organizational.

Item 7: Types of Clients

Heronetta’s Clients are (i) an unregistered private fund that relies on a safe harbor provided by Regulation
D of the Securities Act of 1933, as amended (“1933 Act”), and (ii) separately managed accounts.

Heronetta’s strategies are targeted towards qualified and accredited investors who are high-net-worth
individuals and associated trusts, family offices and insurance companies.