Oberon Asset Management LLC

Item 5 – Fees and Compensation

Oberon charges each client an investment advisory fee based on the market value of the client’s
assets under management. For separately managed account clients, the specific manner in which
fees are charged is established in a client’s investment management agreement. Generally, fees are
charged on a quarterly basis, in arrears, at the rate of 0.25% (equal to 1.0% annually) of average
assets. In most instances, the calculation of the value of an account’s assets excludes mutual fund
investments and cash. The initial and final quarterly fees are prorated for any period that is less
than a full quarter. We reserve the right to determine the annual rate or basis of payment with any
managed account client or prospective managed account client. As a result, fees may be negotiable
under certain circumstances or for certain managed account clients. Clients may elect to be billed
for fees or to authorize us to deduct fees from their accounts through the custodian.

With respect to Oberon I, OAM GP I LLC (“OAM GP”), the general partner of Oberon I and an affiliate
of Oberon with common ownership, receives an annual performance allocation equal to 10% of the
aggregate net profits (realized and unrealized) allocated to each limited partner’s capital account
during such year. The performance allocation is made at the end of each calendar year and when a

limited partner withdraws from Oberon I. The performance allocation is adjusted to take into
account distributions to and withdrawals by a limited partner.

In addition to paying advisory fees and, if applicable, performance-based compensation, clients are
subject to other investment expenses such as bank service fees, withholding taxes, duties,
brokerage commissions, costs associated with foreign exchange transactions and occasional
administrative fees associated with foreign securities. Client assets may be invested in money
market or other mutual funds, exchange-traded funds or other registered investment companies.
In these cases, clients bear their pro rata share of the investment management fee and other fees of
the fund in which the assets are invested. The management and other fees of the fund in which
assets are invested are described in the fund’s offering documents and, in some cases, are in
addition to the advisory fee paid to Oberon. In no instance do we receive any portion of these
management and other fees. Clients will also incur brokerage and other transaction costs. Item 12
describes the factors that Oberon considers in selecting brokers for client transactions and
determining the reasonableness of their compensation (e.g., commissions).

We do not accept any commissions or other compensation for the purchase or sale of securities or
other investment products.

Item 7 – Types of Clients

Oberon provides portfolio management services to individuals, trusts, retirement plans and a
pooled investment vehicle.

We require a minimum investment of $500,000 to open an account. This requirement may be
waived in certain cases.