Orvieto Partners LP

Item 5: Fees and Compensation

As compensation for the investment management of the Fund, Orvieto receives a quarterly management
fee, payable in advance, as set forth in the offering documents. The management fee is not negotiable,
although Orvieto retains the discretion to waive fees for one or more investors, in whole or in part, without
notification to other investors. Certain employees and affiliates of Orvieto do not pay management fees.

Other Expenses

In addition to the management fee, each investor bears its allocable share of expenses associated with the
operations of the Fund. These expenses include, among others:

    •   All organizational and offering costs.

    •   All Fund operating expenses, including but not limited to, fund administration, accounting, audit,
        tax and legal fees and expenses (including those incurred by an affiliate), indemnification costs,
        investment expenses such as brokerage commissions or mark-ups, research fees and expenses,
        fees and expenses associated with Bloomberg terminals, the cost of an order management system,
        interest on any indebtedness, borrowing charges on securities sold short, custodial fees, prime
        brokerage fees and expenses, regulatory expenses directly related to the operations of the Fund,
        taxes and assessments assessed against the Fund (except to the extent that the Fund is
        reimbursed therefor by a Partner or such tax or assessment is treated as having been distributed
        to the Partners pursuant to the Partnership agreement) and any other expenses reasonably related
        to the purchase, sale or transmittal of the Partnership’s assets.

    •   All out-of-pocket costs, including but not limited to, the ongoing offering of interests (including legal
        and accounting fees, printing costs, travel, “blue sky” filing fees and expenses), tax advisory fees,
        tax compliance and filings related costs including FATCA compliance, regulatory filings that relate
        to the Partnership, including Form PF, Schedules 13D or 13G, Form 13H, Forms 3, 4 and 5, costs
        of any litigation or investigation involving the Partnership’s activities or instituted by or against the
        Partnership, or by or against the General Partner or Investment Manager.

    •   Costs associated with maintaining E&O, D&O or similar liability insurance for the benefit of the
        Partnership, General Partner, Investment Manager or other indemnified parties.

Orvieto Partners, LP

    •   Costs associated with reporting and providing information to existing and prospective investors.

    •   All expenses of liquidating and winding-up the Fund.

Item 7: Types of Clients

As disclosed in Item 4, Orvieto provides investment management services to a private fund. Generally, the
minimum initial investment for the Fund is $1,000,000. However, Orvieto reserves the right to accept lesser
amounts as long as the investor qualifies to invest based on all other suitability and regulatory requirements.
Orvieto may decline to accept the subscription of any prospective investor.