Maple Rock Capital Partners Inc

Item 5 – Fees and Compensation

A brief summary of Maple Rock’s fee structure is provided below. The Funds and Investors are
“qualified purchasers” as defined in section 2(a)(51)(A) of the Investment Company Act of 1940, as
amended. Therefore, Investors and prospective Investors should refer to the applicable confidential
offering memorandum and Fund Agreements for a more detailed description of how Maple Rock is
compensated.

Management Fees and Incentive Allocation

The Master Fund pays Maple Rock a management fee quarterly in advance, based on the net asset
value of the Fund (the “Management Fee”). Maple Rock also receives an incentive allocation of the net
profits of the Master Fund, on a high-watermark basis (the “Incentive Allocation”). Generally, Maple
Rock deducts the Management Fee and Incentive Allocation directly from the Master Fund. Employees
of Maple Rock are not subject to the Management Fee or Incentive Allocation. The General Partners
of the Funds and/or the Governance Committee have waived or reduced the Management Fee or
Incentive Allocation paid as to particular Investors.

Management Fees are payable quarterly in advance. If an Investor is required or otherwise permitted
to redeem or withdraw from a Fund during the middle of a quarter, the Investor may be eligible for
a refund of any Management Fees paid in advance for that quarter under certain circumstances, as
further specified in the Fund Agreements.

Expenses

Expenses and fees are generally paid by the Master Fund or the Feeder Funds directly, or the
Investment Manager advances costs and is reimbursed by the Funds. The Master Fund will generally
allocate the economic effects of its activities between the Feeder Funds in proportion to the Feeder
Funds’ ownership interests, but it will specially allocate certain expenses differently to reflect the
proportions in which the Feeder Funds would bear them if the Feeder Funds had incurred and paid
them directly, as specified in the Fund Agreements. The Investment Manager’s decision to bear any
expenses out of its own assets or revenues as to some expenses or for some periods will not obligate
it to do so as to any other expenses or to continue doing so for any other periods. Each of the Feeder
Funds will generally bear its ongoing operating costs, as well as its share of the Master Fund’s
operating costs, either directly or by reimbursing Maple Rock. The Funds’ operating costs include but
are not limited to:

   •   brokerage commissions and other transaction-related compensation and charges arising out
       of transactions involving Fund assets, including outsourced trading costs;

   •   interest and borrowing charges on securities sold short and margin and other borrowings;

   •   custodial and bank service fees;

   •   auditing, accounting, third-party administration (including the administrator’s),
       bookkeeping, tax preparation and reporting, third-party legal, and other professional fees
       and costs (including fees and costs paid to Maple Rock’s counsel for services relating to the
       Funds’ legal affairs);

   •   fees and costs in connection with any lawsuits, arbitrations, or other controversies and in
       connection with, among other things, the Funds’ indemnification obligations owed to Maple
       Rock and its affiliates;

   •   costs of the Funds’ and its affiliates’ (other than the Investment Manager’s) registration and
       filings with and licensing by governmental and self-regulatory organizations and costs
       associated with regulatory and other filing and reporting requirements by the Master Fund
       and/or the Feeder Funds;

   •   transfer, withholding, income, stamp, and other taxes and duties (which may, in certain
       circumstances, be specially charged by the Funds to one or more Investors);

   •   costs of reporting to Investors and of Fund meetings and other governance activities;

   •   fees of the Governance Committee Members (“GC Members”) that are not affiliated with
       Maple Rock, reimbursable expenses of GC Members, and the cost of D&O, E&O and possibly
       other types of insurance attributable to the GC Members;

   •   costs directly related to acquiring, holding, and/or monitoring and administering Master
       Fund investments, including research-related expenses, reasonable travel expenditures that
       are solely investment-related, costs of third-party investigative services and costs of
       membership on creditors’ or equity-holders’ committees (both formal and informal) and
       participating in deliberations and negotiations regarding Master Fund investments; and

   •   all other costs related to the Fund’s operation or to the purchase, sale or transmittal of Fund
       assets, all in the Investment Manager’s discretion.

Please refer to Item 12 of this Brochure for a description of Maple Rock’s brokerage practices.

It is critical that Investors refer to a Fund’s confidential offering memorandum and Fund
Agreement for a complete understanding of how Maple Rock is compensated for its advisory
services and the associated fees and expenses. The information contained in this Brochure is
a summary only and is qualified in its entirety by those documents.

Item 6 – Incentive‐Based Compensation and Side‐by‐Side Management

As described in Item 5, Maple Rock receives an Incentive Allocation from each of the Funds.

It should be noted that the potential to receive incentive-based compensation creates a potential
conflict of interest in that Maple Rock has the incentive to make investments that are riskier or more
speculative than it would make in the absence of incentive-based compensation. And, because
incentive-based compensation is calculated on a basis that includes unrealized appreciation of the
Funds’ assets, the incentive-based compensation may be greater than if it were based solely on
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Item 7 – Types of Clients

Maple Rock provides discretionary investment advisory services to the Funds, which are pooled
investment vehicles operating as private investment funds (i.e., hedge funds).

Admission to the Funds is not open to the general public, and each Investor must meet the eligibility
provisions and minimum contribution amounts described in each Fund’s confidential offering
memorandum. Investors in the Onshore Fund and Offshore Fund must generally be “qualified
purchasers” (as defined in the Investment Company Act of 1940, as amended), and may include,
without limitation, high net worth individuals, pension and profit-sharing plans, trusts, estates,
charitable organizations, corporations, limited partnerships and limited liability companies.

Generally, Investors in the Feeder Funds are subject to a minimum investment of $10,000,000,
subject to waiver by the General Partner and/or Governance Committee, as the case may be (but not
below Cayman Islands minimums in the case of the Offshore Fund). The General Partner and/or
Governance Committee intends to waive most such requirements for Maple Rock, its affiliates,
employees, and owners, and those affiliates’, employees’, and owners’ family members.