Oceanic Investment Management Limited

Item 5: Fees and Compensation

The fees applicable to the Fund are set forth in detail in the Fund’s offering documents. A brief
summary of such fees is provided below.

Oceanic Investment Management Limited                                     Form ADV Part 2A

Management Fees

OIML receives an annual Management Fee from the Fund of up to 1.75%. The Management
Fee accrues daily and is calculated and paid monthly in arrears. In addition, a performance fee
of up to 20% is charged in arrears on a semi-annual basis, subject to a high water mark
limitation.

In OIML’s sole discretion, the Management Fee may be waived, reduced or calculated differently
with respect to certain Investors.

Performance Compensation

The Fund is entitled to a Performance Fee (the “Performance Fee”) calculated on a per
Share Class basis only to those Shares which have appreciated in value. The performance fee
will be calculated in respect of each period of six (6) or twelve (12) month basis depending on
Share Class and subject to a high water mark limitation. The Performance Fee will be deemed
to accrue on a monthly basis and will be equal to 20% of the appreciation in the Net Asset
Value of the relevant Share Class.

The Performance Fee is normally payable in arrears within 25 days of the end of each
Calculation Period. However, in the case of Shares redeemed during a Calculation Period, the
accrued Performance Fee in respect of those Shares is payable within 25 days after the date
of redemption.

OIML may from time to time and at its discretion and out of its own resources decide to
rebate to some or all shareholders (or their agents including the Directors) or to
intermediaries, part or all of the Management Fee and/or Performance Fees. Any such rebates
may be applied in paying up additional Shares to be issued to the shareholder.

Other Types of Fees or Expenses

In addition to Management Fees and Performance Compensation noted above, the Fund will
bear its pro rata share of the following:

        (i)     expenses related to research, due diligence and monitoring of actual and
                prospective investment (whether or not consummated) and the
                consummation of Fund investments, including the following: brokerage, prime
                brokerage and futures commission merchant fees, commissions and expenses;
                expenses relating to short sales; clearing and settlement charges; custodial
                fees and expenses; bank service fees; interest expenses and fees related to
                financings or refinancings; fees and expenses of proxy research and voting
                services;
        (ii)    organisational and reorganisational expenses; and
        (iii)   operational expenses, including the following: fees and expenses relating to
                information technology hardware, software or other technology (including
                costs of software licensing, implementation, data management and recovery
                services and custom development) used to research investments, facilitate

Oceanic Investment Management Limited                                       Form ADV Part 2A

                valuations, facilitate compliance with the rules of any self-regulatory
                organisation or applicable law (including reporting obligations), facilitate and
                manage the order execution of financial instruments by the Fund or any
                trading vehicle or otherwise manage the Fund or any trading vehicle, such as
                Bloomberg terminals; third-party administrative fees and expenses; fees and
                expenses of third-party professionals, including consultants, valuation service
                providers, attorneys and accountants; the costs of any litigation or
                investigation involving activities of the Fund or any trading vehicle; third-party
                audit and tax preparation expenses; insurance expenses, including premiums
                for cybersecurity insurance and liability insurance covering each member of
                the Board of Directors; fees and expenses (including director registration
                fees) of the Fund’s and any trading vehicle’s directors and officers (including
                any AML Officers); costs of preparing and distributing reports and notices;
                taxes; expenses incurred in connection with negotiating and complying with
                provisions of any Other Agreement; fees and expenses related to compliance
                with the rules of any self-regulatory organisation or applicable law in
                connection with the activities of the Fund or any trading vehicle, including any
                governmental, regulatory, licensing, filing or registration fees or taxes
                (including fees and expenses incurred in connection with the preparation and
                filing of AIFMD Annex IV reporting requirements, position reporting and
                other similar regulatory filings); expenses incurred in connection with the
                offering and sale of the Shares and other similar expenses related to the Fund
                (excluding fees payable to any placement agent); extraordinary expenses,
                including the following: indemnification expenses; fees and expenses incurred
                in connection with any tax audit by any taxing authority, including any related
                administrative settlement and judicial review; and fees and expenses incurred
                in connection with the reorganisation, winding-up, dissolution or termination
                of the Fund or any trading vehicle.

If any expense shown above is incurred jointly by the Fund and any Other Accounts, it will be
allocated in proportion to the size of the investment made by each to which such expense
relates, or as the Investment Manager considers fair and equitable.
...

Item 7: Types of Clients

The Firm’s clients are the Fund described above, a Delaware limited partnership where the
firm acts as sub-advisors, funds designated under an Investment Management Agreement with
a Delaware limited liability company where the firm acts as an advisor, a Cayman Islands
exempted limited partnership where the firm acts as Portfolio Manager and a corporate
professional client incorporated under the laws of the Isle of Man where the firm acts as
Investment Advisor.