Old Orchard Capital Management LP

Item 5. Fees and Compensation

The terms applicable to the relationship between Old Orchard and its Clients are set forth in the
Governing Documents. Fees for advisory services are negotiable. Depending on the Client, either
Old Orchard or the Client may terminate the investment advisory agreement, without penalty, upon
prior written notice to the other party, generally ranging from 5 to 90 days. With respect to the
investment advisory agreement with a certain closed-ended pooled investment fund, however, the
investment advisory agreement terminates only under certain circumstances such as the removal of
the fund’s general partner, the termination of the fund or the mutual agreement of all parties to the
investment advisory agreement. The advisory fees payable by Clients are charged either quarterly
in advance or quarterly in arrears. Pursuant to the terms of the applicable Governing Documents,
Clients who pay fees in advance would be refunded a pro rata portion of the fee if the advisory
relationship is terminated prior to the end of the relevant billing period. Each Governing Document

generally provides for a management fee that is up to 0.50% per quarter of the basis of assets under
management. In addition, some Clients are subject to an incentive allocation ranging from 0% to
30% of all income, gains and losses derived from portfolio investments.

In addition, Clients will be subject to other investment and related expenses pursuant to the terms
of the Client’s Governing Documents. Generally, such expenses include but are not limited to:
investment expenses; market data and research expenses; fees of an administrator and custodian;
accounting; audit; tax preparation; administration and legal expenses; government filing, licensing
and registration fees; costs of holding any meeting of the Client’s investors; costs of any liability
insurance obtained on behalf of the Client, Old Orchard or its affiliates; taxes; cost of any litigation
or investigation involving Client activities; costs associated with reporting and providing
information to existing and prospective investors; other expenses associated with the operation of
the Client; and all extraordinary expenses. Please see Item 12 of this Brochure, regarding brokerage
and transaction fees the Clients will incur.

Fees and expenses generally will be deducted directly from Clients that are pooled investment
vehicles; fees and expenses for Clients that are separately managed accounts are generally invoiced
by Old Orchard as provided in the Client’s Governing Documents. Old Orchard does not deduct
its advisory fees directly from the accounts of separately managed account Clients.

Item 7. Types of Clients

As described in Item 4, Old Orchard’s Clients are private investment funds and separately managed
accounts suitable for institutional and other sophisticated investors. Any initial and additional
subscription minimums for investors are disclosed in the Client’s Governing Documents.