Orange Investment Advisors LLC

Item 5 – Fees and Compensation

General Fee Information

Pursuant to the IMA with each client or Fund, the Adviser (or its affiliate) is compensated for
advisory services via a “Management Fee” (a percentage of assets under management) or an
“Incentive Fee” (based on net capital appreciation), or both as set forth in the relevant IMA or
offering document. See Item 6 – “Performance-Based Fees and Side-By-Side Management”.

Management Fees are generally deducted by the client or the client’s designee (such as an
administrator or custodian) from client assets based on an invoice from the Firm to the fund
administrator, custodian and/or the client. Management Fees are invoiced in arrears and are
exclusive of custodial fees, trading costs (including brokerage commissions) and other related
costs and expenses which may be incurred by or on behalf of the client.

Management Fees may be limited in some cases in order to ensure that Net Annual Fund Operating
Expenses, including Management Fees, do not exceed a predetermined rate. Specific expense
limitation agreements for each fund are described below.

Neither the Firm nor its officers, directors or employees (“Supervised Persons”) accept
compensation from the Firm or from any client of the Firm for the sale of securities or other
investment products including asset-based charges or service fees.

Investment Fund Fees

Currently the Firm manages a Private Fund and sub-advises a Public Fund. In the case of the
Private Fund, the description below reflects the fee structure as described in the Private Placement
Memorandum (PPM) and applies directly to the Firm as the adviser of the Fund. In the case of the
Public Fund, the description below reflects the fee structure as described in the Fund Prospectus
and reflects fees received by the Fund Adviser. The Firm is compensated by the Fund Adviser

with a portion of the total fees according to a separate Subadvisory Agreement between the Firm
and the Fund Adviser.

The organizational expenses of the Funds (including expenses of the initial offer and sale of
Interests) (“Organizational Expenses”) will be paid by the Fund(s). Organizational Expenses,
for net asset value purposes and in the sole discretion of the General Partner, may be amortized
over a period of up to 60 months from the date the Fund commences operations.

       Orange Credit Dislocation Fund, L.P.

       •   Management Fee: The Firm receives a management fee from the Fund equal to an
           annualized percentage of the Fund’s Net Asset Value. The Asset Management Fee is
           payable monthly in arrears, calculated as of the last day of each month.
              o   Class A Shares: 1.0%
              o   Class B Shares: 0.0%

       •   Incentive Fee: The Firm receives a performance-based fee as a percentage of the
           Fund’s quarterly net income (including realized and unrealized gains and net of the
           Management Fee) subject to high water mark.
              o   Class A Shares: 0.0%
              o   Class B Shares: 20.0%

       •   The Investment Manager may waive or modify the Management Fee for Limited
           Partners that are members, principals, employees or affiliates of the General Partner or
           the Investment Manager, and relatives of such persons and advisers to the General
           Partner or the Investment Manager.

       •   The Investment Manager may, in its sole discretion, pay any expenses that would
           otherwise be borne by the Fund. Additionally, expenses attributable to a particular
           Limited Partner (including expenses incurred in connection with such Limited
           Partner’s withdrawal) may, in the General Partner’s discretion, be allocated to such
           Limited Partner rather than being borne by the Fund as a whole.

       Easterly Income Opportunities Fund

       •   Management Fee: The Firm receives a management fee from the Fund equal to an
           annualized percentage of the Fund’s Net Asset Value. The Asset Management Fee is
           payable monthly in arrears, calculated as of the last day of each month.
              o   Class A Shares: 1.2%
              o   Class C Shares: 1.2%
              o   Class I Shares: 1.2%
              o   Class R6 Shares: 1.2%

       •   Expense Limitation: The Fund Adviser has contractually agreed to waive all or a
           portion of its advisory fee and/or pay expenses of the Fund so that total annual Fund
           operating expenses are limited as shown below.
               o   Class A Shares: 1.73%
               o   Class C Shares: 2.48%
               o   Class I Shares: 1.28%
               o   Class R6 Shares: 0.89%

Separately Managed Account Fees

Fees for separately managed accounts are negotiable and are governed by the terms of the
individual contracts. Fees will depend, among other things, on the size of the portfolio and services
to be provided. SMA Management Fees are generally calculated and paid quarterly in arrears.

Item 7 – Types of Clients

As noted in Item 4, the Adviser provides portfolio management services to the Funds (which may
be organized as domestic or foreign partnerships, corporations, or other incorporated or
unincorporated entities). Investors in the Funds consist primarily of institutional investors, high

net worth individuals who qualify as accredited investors, family offices, OCIO’s, endowments
and foundations. With respect to the Funds, any initial and additional subscription minimums are
disclosed in the offering memorandum for such fund. Investors in the Private Fund are generally
limited to persons who are “accredited investors” under Regulation D of the Securities Act of
1933, as amended (“Securities Act”).

We may, on occasion, also provide portfolio management services to separately managed accounts
for individuals and institutional investors. The terms for these separately managed accounts are
negotiable, and any arrangements would be pursuant to the investment management agreement
with the client.