One William Street Capital Management LP

Item 5 - Fees and Compensation
Fees charged by OWS are disclosed within the Clients’ respective governing documents.

The Registrant, in its sole discretion, may waive or rebate all or a portion of the management fee and/or
performance-based compensation due from certain investors in the Funds. Certain investors that are
members, partners, affiliates, and employees of the Registrant or an affiliate, members of the immediate
families of such persons, and trusts or other entities for their benefit may pay reduced or no management
fees and performance-based compensation. Managed Account fees are negotiable.

In addition to OWS’s and/or the relevant affiliate’s fees and allocations, the Funds bear indirectly certain
fees and expenses. Such fees vary, but typically include (but are not limited to) the following: legal and
compliance fees and expenses; audit, tax and accounting fees; insurance costs and expenses (including
premia for director, officer and professional liability coverage for the Funds and OWS); administrative,
custodial and transaction fees; costs and commissions paid to custodians, broker-dealers and other third
parties; investment and research-related expenses; and market data, news and quotation equipment and
services. Managed Accounts bear directly and indirectly certain fees and expenses. Such fees vary, but these
typically include (but are not limited to) the following: custodial and transaction fees; costs and commissions
paid to custodians, broker-dealers and other third parties; investment and research-related expenses; and

market data, news and quotation equipment and services. Please refer to the Brokerage Practices section for
additional disclosure regarding trading costs.

The Registrant may invest the Clients’ assets in various money market funds. In these cases, Clients will
incur the management fee charged by each respective money market fund as well as the management fees
charged by the Registrant.

OWS (or its affiliate) deducts fees directly from the Funds. Redemption from the Funds are generally
completed on a quarterly basis and therefore redeeming investors are generally not eligible to receive a
portion of prepaid management fees, as applicable. Depending on the agreement with the Managed Account,
Managed Accounts may be billed quarterly in advance or quarterly or monthly in arrears for management
fees. The management fees charged in advance are prorated if the initial investment is made at times other
than the start of a calendar quarter. If for any reason a Managed Account wishes to terminate an investment
advisory contract, the Managed Account must provide prior written notice in accordance with the terms of
their contract and any fees paid in advance will generally be returned. Certain of the Funds managed by the
Registrant provide for reduced management fees based upon achieving a certain level of invested amount in
such Fund, either individually or through the aggregation of investors that are affiliated with each other or
that are introduced to such Fund through the same advisory or consulting platform as described in the
applicable offering documents.

The Funds or the Registrant may enter into separate agreements, commonly referred to as “side letters”, or
other similar agreements with a particular investor in a Fund in connection with its admission to such Fund
without the approval of any other investor, which would have the effect of establishing rights under or
supplementing the terms of the applicable Fund’s offering documents with respect to such investor. Such
rights or terms in any such side letter or other similar agreement may include, without limitation other rights
or terms requested or necessary in light of particular investment, legal, regulatory or public policy
characteristics of such investor. Further, the Funds or the Registrant may offer, upon request, certain
investors additional information and reports. Such information will be maintained by the Funds or the
Registrant and will be available to all investors, if requested, subject to confidentiality obligations.

Item 7 - Types of Clients
As discussed in the Advisory Business section, the Registrant provides investment management services to
institutional managed account Clients and private investment funds which are available only to investors
who meet both (i) the definition of a “qualified purchaser” as the term is defined in the Company Act and
(ii) the definition of “accredited investor” as the term is defined in the Securities Act.

Minimum initial investment amounts in the Funds vary by Fund and are detailed in the relevant governing
documents. Minimum initial investments generally range from $5,000,000 to $10,000,000, with certain
classes of interest available to high net worth individuals at a minimum initial investment of $250,000. The
minimum initial investment amount for a Managed Account is negotiable.