O Asset Management LLC

FEES AND COMPENSATION
A. Management Fees and Compensation

   i. Management Fees

The fees applicable to each Client are set forth and detailed in each of the Client’s respective offering
documents, or investment management agreement, as applicable. A summary of those fees and compensation
is provided below.

O Asset Management is generally paid a quarterly fee on a percentage of each investor's capital account
balance or the net asset value of an investor's capital account, quarterly in advance in accordance with the
terms of the applicable private fund Client agreement. The management fee charged to the Clients will be
prorated for any capital contribution or subscription that is effective other than as of the first day of a quarter,
or for any withdrawal or redemption that is effective other than as of the last business day of a quarter. With
regard to withdrawal or redemption, the Client shall reimburse the investor a portion of the management fee
paid for the calendar quarter, prorated based on the number of days remaining in such calendar quarter.

In certain cases and as disclosed in the Clients’ offering documents, as applicable, O Asset Management
may charge administrative fees to cover certain out-of-pocket and applicable data, communication and
technology-related expenses.

Individual Clients are generally charged a quarterly fee on a percentage of assets in each Client’s account
quarterly in advance in accordance with the terms of the Client’s investment management agreement. The
management fee charged to the individual Clients will be prorated for any contribution that is effective other
than as of the first day of a quarter, or for any withdrawal or redemption that is effective other than as of the
last business day of a quarter. With regard to withdrawal or redemption, the Firm shall reimburse the
individual Client a portion of the management fee paid for the calendar quarter, prorated based on the number
of days remaining in such calendar quarter.

   ii. Incentive Compensation

Generally, O Asset Management or its affiliates may share in profits based on the net profits allocated to
each investor of each Client which exceeds the preferred return excess amount pursuant to the terms of the
relevant Client agreement. O Asset Management or its affiliates reserve the right to waive or reduce fees
or incentive compensation of an existing investor. In the event an investor withdraws from the Client on a
date other than the last day of a fiscal year, the incentive compensation will be determined with respect to
the amount withdrawn through the date of withdrawal as if such date were the last day of a fiscal year.

O Asset Management and its personnel may invest in one of the Clients, namely Four Seas Fund, LLC.
Members or employees of O Asset Management and its affiliates, such person’s family members and other
entities established for the benefit of such persons or certain acquaintances may not be charged a management
fee or incentive compensation.

Any performance-based fees will be charged in accordance with Section 205 of the Advisers Act and Rule
205-3 thereunder.

B. Payment of Fees

Fees and compensation paid to O Asset Management or its affiliates by the Clients are deducted from the
assets of such Clients or invoiced. As discussed above, management fees are generally deducted or
invoiced in advance on a quarterly basis and incentive compensation is generally deducted on an annual
basis.

C. Additional Fees and Expenses

The following is a list of expenses that are charged by O Asset Management to one or more (but not
necessarily all) of the Clients.

Subject to the terms outlined in the applicable offering documents or investment management agreement,
each Client will bear its own expenses, including, without limitation, (i) all transactions carried out by it
or on its behalf, including research expenses and (ii) the administration of the Client, including but not
limited to: (A) the charges and expenses of legal advisers, accountants, bookkeepers, consultants, and
auditors; (B) brokers’ commissions (if any), borrowing charges on securities sold short and any issue or
transfer taxes chargeable in connection with any securities transactions; (C) all entity-level taxes and
corporate fees payable to governments or agencies; (D) interest on borrowings, including borrowings from
prime brokers and custodians; (E) communication expenses with respect to investor services and all
expenses of annual and other meetings of non-managing members and of preparing, printing and
distributing financial and other reports, proxy forms, prospectuses and similar documents; (F) the cost of
insurance (if any) for the benefit of the managing member and Client's pro rata portion of any E&O
insurance or fidelity bond; (G) litigation and indemnification expenses and extraordinary expenses not
incurred in the ordinary course of business; (H) fees and expenses in connection with the prime broker and
custodian; (I) all taxes (if any), costs and expenses related to sweeps and examinations, structuring and
licensing fees, and fees payable to governments or agencies; and (J) all other operating expenses of the
Client. To the extent the assets of the Client are treated as “plan assets” for purposes of ERISA, certain
Clients will also bear administrative fees as described in a Client’s offering memorandum.

D. Additional Compensation and Conflicts of Interest

Neither O Asset Management nor any of its supervised persons accept compensation (e.g., brokerage
commissions) for the sale of securities or other investment products.

TYPES OF CLIENTS

O Asset Management provides either investment advisory or sub-advisory services to the following groups
of Clients:

    -    Individual clients, including high net worth individuals and trusts.
    -    Private investment companies that are exempt from registration under Sections 3(c)(1) and 3(c)(7) of
         the Investment Company Act, as described in Item 4. Interests in the Clients are offered to qualified
         clients and qualified investors in the U.S. and elsewhere on a private placement basis. Such investors
         may include financial institutions, individuals, investment companies or partnerships, trusts, family
         offices, endowments, pension funds, insurance companies and segregated asset accounts of insurance
         companies.