Marianas Fund Management LLC

ITEM 5 – FEES AND COMPENSATION

Fees

The Fund pays Marianas a management fee quarterly in advance of up to 0.125% (0.5%
annually) of the value of the interests in the Fund (the “Management Fee”).

In addition to the Management Fee, the Firm (or its affiliate) receives a carried interest allocation
(“Carried Interest”) entitling it to up to 17.5% of the realized net profits of the Fund.
Management Fees and Carried Interest may vary for certain investors or classes thereof.

Marianas and the General Partner reserves the right to waive, modify or calculate differently the
Management Fee and any Carried Interest paid with respect to any client or investor in the Fund
on a case by case basis.

Management Fees and Carried Interest are generally debited directly from the Fund accounts.

Expenses

As more fully described in the Fund’s Limited Partnership Agreement, the Fund bears expenses
in connection with brokerage commissions and other transaction costs, expenses related to
proxies, underwriting and private placements, interest and commitment fees on debit balances or
borrowings, borrowing charges on securities sold short, custody fees and fees of professional
advisors and consultants relating to investments, insurance costs (including directors’ and
officers’ insurance, errors and omissions insurance and other similar policies), professional fees,
entity-level taxes, interest, borrowed money, investments, and other indebtedness, bank, broker,
and dealer service fees, and related expenses and costs.

The Fund bears expenses associated with organizing, administering and continually offering the
Fund. Such expenses include legal, accounting, escrow, auditing, recordkeeping, administration,
fund accounting, clerical expenses, insurance, expenses incurred in preparing reports, filings and
tax information to investors and regulatory authorities (including, without limitation, legal fees
and regulatory compliance or other consulting fees relating to reports and for filings in
connection with Fund holdings or exposures), expenses of printing and dispatching reports to
investors, duplicating expenses, mailing costs, courier costs and filing fees, where applicable.

ITEM 7 – TYPES OF CLIENTS

As noted above, Marianas currently provides investment advice only to the Fund. It may provide
investment advisory services to clients other than the Fund in the future.

Interests in the Fund were offered on a private placement basis, and in reliance on Section
3(c)(7) of the Investment Company Act of 1940, as amended (the “’40 Act”), to persons who
generally are “accredited investors” as defined under the Securities Act of 1933, as amended, and
“qualified purchasers” as defined under the ’40 Act, and who are subject to certain other
conditions.