Old Bellows Partners LP

Item 5 – FEES AND COMPENSATION

In connection with its management of the Worldwide Funds Class X, Athena receives, depending
on the type of instrument involved, 50% or 57.5% of any “cumulative net profit,” on all closed
transactions earned by the Worldwide Funds Class X as of the end of each calendar month, which
amounts will be paid by the 30th day of the next succeeding month. “Cumulative net profits”
means the gross profits of the Worldwide Funds Class X as of the end of each calendar month
minus (i) any expenses incurred by the Worldwide Funds in respect of, or related to, the Worldwide
Funds Class X during such month, including without limitation, custodial fees, administration fees,
brokerage commissions, mark-ups, clearing fees, interest fees and withholding or transfer taxes,
as well as the pro rata portion of the Worldwide Funds’ accounting, audit and legal fees attributable
to Worldwide Funds Class X; and (ii) any carryforward losses in the Worldwide Funds Class X
from prior calendar months.

The Worldwide Funds’ administrator calculates the compensation due from the Funds. Once Old
Bellows approves the administrator’s compensation calculations, the Worldwide Funds Class X
compensation is paid to Athena. All performance-based compensation allocated to the Firm or its
affiliates is made in conformity with Rule 205-3 under the Advisers Act.

Currently, the Worldwide Funds Class A do not pay any management fees or performance-based
compensation.

Each Worldwide Fund is also responsible for its (i) ongoing expenses, including, without
limitation, legal, accounting, auditing, tax preparation (if applicable), and related charges,

insurance costs, and filing and other regulatory fees; (ii) directors fees and expenses (if applicable);
(iii) administrators’ fees and expenses; (iv) expenses associated with the offering of interests
and/or shares, including, but not limited to, regulatory filing fees, legal, printing, solicitation and
other related expenses; (v) operational expenses, including, but not limited to, photocopying,
postage, telephone and facsimile expenses; and (vi) extraordinary expenses (including litigation
costs and indemnification obligations), if any. In addition, each Worldwide Fund is also
responsible for all transaction costs and investment related expenses incurred directly or indirectly
in connection with its trading activities, including, without limitation, (i) execution and clearing
charges including but not limited to reimbursement to Scoggin for compensation Scoggin pays its
employees that perform back office trading support and operational services for trades executed
by the Worldwide Funds Class X; (ii) custodial charges; (iii) dealer markups; (iv) interest; (v)
consulting fees; (vi) other investment related expenses; (vii) legal charges directly related to
investment activities; (viii) its proportionate share of the expenses of any entity in which it invests;
and (ix) other expenses routinely incurred by investment managers engaged in investment
activities similar to those of such Worldwide Fund or otherwise determined by Old Bellows or its
affiliate to be beneficial to the proper performance of its investment activities for such Worldwide
Fund.

When more than one Affiliated Fund incurs a shared expense, Old Bellows or an affiliated entity
allocates such shared expense among the applicable Affiliated Funds (i) in proportion to the net
asset value of each applicable Affiliated Fund; (ii) in proportion to the size of the investment made
by each Affiliated Fund to which the expense relates; or (iii) in such other manner as Old Bellows
or its affiliated entity considers fair and reasonable. At any time, Old Bellows or its affiliates can
elect to bear certain Affiliated Fund expenses, but have no obligation to do so.

When a particular product or service has a mixed-use such that only a portion of its costs
constitutes allowable Affiliated Fund expenses, Old Bellows or its affiliate makes a good faith
effort to reasonably allocate the costs of such product or service according to its use and only
allocates to each applicable Affiliated Fund the portion of such costs that constitutes allowable
expenses for such Affiliated Fund. Those portions of the costs that are not allowable Affiliated
Fund expenses and are not otherwise eligible to be paid by another entity are paid by Old Bellows
or its affiliates. In allocating the costs of a mixed-use product or service, Old Bellows or its affiliate
has an incentive to designate as much of the costs as possible to allowable Affiliated Fund expenses
to minimize the amount that Old Bellows or its affiliates must pay directly. To address this conflict
of interest, Old Bellows or its affiliate maintains documentation of its methodology for allocating
the costs of mixed-use products and services between allowable and non-allowable Affiliated Fund
expenses. Such documentation is reviewed periodically by the Firm’s Chief Compliance Officer
to determine that the allocations were reasonable.

The Firm has the ability to modify fees for Clients or investors on a case-by-case basis.

Fees for Separate Account Clients and Pooled Investment Vehicles will be negotiated on a
case-by-case basis between the Firm and the Separate Account Client and/or the Pooled Investment
Vehicle. The terms of such arrangements may differ from those applicable to the Worldwide
Funds. Such Client accounts managed by the Firm will incur certain charges imposed by
custodians, brokers and other third parties, such as commissions, custodial fees, and other fees and

taxes on brokerage accounts and securities transactions, in addition to the Firm’s investment
management fees.

See Item 12 below for additional information about brokerage charges.

Item 7 – TYPES OF CLIENTS

The Firm provides investment management services to U.S. and non-U.S. Funds. Each Worldwide
Fund has a minimum investment requirement for investors. The minimum investment amount for
the Worldwide Funds Class A is set forth in the Memorandum. The minimum investment amount
for the Class X Worldwide Fund is the same as is set forth in the Memorandum. The minimum
investment amount is waivable in the general partner’s or managing member’s discretion, in the
case of U.S. Funds, or the board of directors’ discretion in the case of non-U.S. Funds. Investors
in the Worldwide Funds Class A are also are required to meet certain eligibility standards as set
forth in the Memorandum. The eligibility standard for the Class X Worldwide Fund, is the same
as set forth in the Memorandum.

Old Bellows may also from time to time provide investment management services to Pooled
Investment Vehicles and a limited number of Separate Account Clients, which generally are
expected to be institutions. Any such Clients will be accepted on a case-by-case basis.