Long Oar Global Investors LLC

Item 5 – Fees and Compensation
The Master Fund pays Long Oar a quarterly management fee in advance on the first day of each quarter,
computed at an annual rate of 1.5% (i.e., 0.375% per quarter) of the net assets on the first day of the
quarter. In addition, Long Oar GP can earn an annual performance based fee of 20% of net profits
(including unrealized gains) attributable to each contribution in the Partnership (each, an “Interest”) or
common share of the Offshore Fund (each, a “Common Share”), as applicable as of the end of a fiscal
year. If an Interest or Common Share, as applicable, has a net loss chargeable to it during any fiscal year
and during a subsequent fiscal year there is a net profit allocable to such Interest or Common Share, the
performance based fee is reduced to 10% of net profits (net including unrealized gains) as of the end of
a fiscal year until subsequent cumulative net profits offset an amount equal to 250% of the previously
recorded net loss.
In general, these fees are not negotiable. However, Long Oar and/or Long Oar GP may waive or reduce
the management fee and/or performance based compensation for investors that are members,
principals, or employees or affiliates of Long Oar or relatives of such persons and for certain large or
strategic investors.
Each Fund is responsible for various expenses including legal, accounting, auditing and other
professional expenses, administration fees and expenses, middle/back office, trade clearing,
reconciliation and other trading expenses and technology support (all of which may be provided by
personnel affiliated with the Adviser), research expenses (including research-related travel), investment
expenses (such as commissions, interest on margin accounts and other indebtedness), custodial fees,
bank service fees. Each Feeder Fund will be charged its pro rata share of the Master Fund’s expenses
and other reasonable expenses related to the purchase, sale or transmittal of a Fund’s assets.

Investors are encouraged to refer to each Fund’s offering documents for a more detailed discussion of
the various fees and expenses associated with each Fund.

See Item 12, Brokerage Practices for a detailed discussion of Long Oar’s brokerage practices.

Item 7 – Types of Clients
As noted in Item 4, Advisory Business, Long Oar provides investment advisory services to the Funds.
The minimum investment in the Funds is $1,000,000, subject to waiver at the discretion of Long Oar.