Old Ironsides Energy LLC

Item 5 - Fees and Compensation

The Adviser or its affiliates generally receive Management Fees and Carried Interest (each as
defined below) or similar performance-based remuneration from a Fund. Additionally, consistent
with the Organizational Documents of a Client, the Client typically bears certain out-of-pocket
expenses incurred by the Adviser in connection with the services provided to the Client and/or the
portfolio companies. Below is a discussion of how the Adviser is generally compensated in
connection with providing advisory services to its Clients. As described below in more detail, the
Adviser may enter into different fee arrangements on a Client-by-Client basis.

It is critical that investors and prospective investors refer to a Client’s Organizational Documents
for a complete understanding of how the Adviser and the applicable General Partner are

compensated for advisory services and what organizational and operational expenses are charged
to the Client and ultimately borne by investors. The information contained herein is a summary
only and is qualified in its entirety by the Client’s Organizational Documents. Investors and
prospective investors are advised that they should consult with their own legal, financial, tax, and
other advisers when making any investment decision.

Management Fees

For its services to each Fund, the Adviser receives a management fee (the “Management Fee”)
which is typically either based on a percentage of capital commitments or investment contributions,
subject to each Fund’s Organizational Documents. With respect to the Funds, prior to the end of
the investment period for each Fund, the Adviser receives a Management Fee which is generally
based on a percentage of total capital commitments to the Funds. After the investment period or on
a date specified in a Client’s Organizational Documents (the “Stepdown Date”), the Management
Fee with respect to the Funds is generally based on a percentage of the amount of investment
contributions (including, where applicable, a Fund borrowing component (including interest
expenses) and the amount of any capitalized Other Fees (as defined below) or expenses) made by
the relevant Fund relating to investments that have not been disposed of or completely written off
for U.S. federal income tax purposes (such investments, “Impaired Value Investments”). Due to
differences in the criteria set forth in their respective Organizational Documents, in the event where
more than one Fund participates in an investment, there is the possibility that an investment will
become an Impaired Value Investment for purposes of one Fund’s Organizational Documents but
not those of one or more other Funds. Where the Organizational Documents calculate Management
Fees based on the amount of capital commitments, the amount of Management Fees generally will
not be reduced based on reductions in investment value, except where specified by the relevant
Organizational Documents. Management Fees paid by a Fund may also be reduced by other fees or
compensation received by the Adviser or its affiliates that relate to such Fund’s activities and
investments, or by certain organizational or other expenses borne by such Fund, as described in
more detail below. Management Fees paid by a Fund are indirectly borne by investors in such Fund.

Subject to the relevant Client’s Organizational Documents, where the fair market value of an
investment exceeds the total amount of investment contributions relating to such investment, post-
Stepdown Date Management Fees will not be calculated based upon such appreciated value, and
will instead continue to be calculated based on the amount of applicable investment contributions.
Conversely, a Client’s Organizational Documents may not require Management Fees to be reduced
or refunded following the occurrence of a writedown, decrease (including a significant decrease)
in fair value or other event not constituting a complete realization, such as a partial sale or
disposition, reorganization, recapitalization (including recapitalizations involving dividends), roll-
over investment in connection with a sale or dividend distribution, except in the case of investments
meeting the relevant Impaired Value Investment standard under a Client’s Organizational
Documents. For the avoidance of doubt, following the Stepdown Date, if the fair market value of
an Impaired Value Investment is less than the total amount of investment contributions relating to
such Impaired Value Investment, then the amount of Management Fees otherwise payable relating
to such investment will be reduced solely based on the ratio of the fair market value of each relevant
remaining investment(s) as compared against the amount of total investment contributions relating
to such investment(s) as of the date of the relevant event.
As a result, and as is generally the case for private equity funds, the amount of Management Fees
generally will not correspond with fluctuations in the net asset value of individual investments or
of a Fund, including following the relevant investment period, and will not be reduced in connection
with any write downs (whether temporary or permanent), except in the case of Impaired Value
Investments. Except where the relevant Client’s Organizational Documents expressly provide to
the contrary, Management Fees will not be reduced (in whole or in part) in the case of partial sales

or dispositions, distributions (e.g., those resulting from a dividend recapitalization) or
reorganizations, restructurings, roll-over investments, extraordinary dividends or similar
transactions or in circumstances where one or more other Fund(s) divest their respective
investment(s) (including credit investments) in the relevant portfolio company, whether in whole
or in part, in each case in circumstances that do not result in the complete disposition of the relevant
...

Item 7 - Types of Clients

The Adviser provides investment advisory services to the Funds, which are pooled investment
vehicles organized as private funds, entities that are investment partnerships or other investment
entities formed under domestic or foreign laws and are exempt from registration under the 1940
Act. Each investor in a Fund must be a “qualified purchaser” for 1940 Act purposes and a “qualified
client” for Advisers Act purposes. Investors in the Clients generally include, among others high net
worth individuals, insurance companies, pension and profit sharing plans, trusts, estates, charitable
organizations, university endowments, corporations, limited partnerships and limited liability
companies or other entities.

The minimum investment requirement for the Funds is $10,000,000, though the General Partner of
a Fund has the discretion to accept investments of lesser amounts.