Panoramic Capital LLC

Item 5.        Fees and Compensation

A. Fee Schedule

   1. Management Fee

Panoramic’s compensation is negotiable and varies, but typically, it charges an annual fee of 1.5%
of assets under management, which amount is payable in quarterly installments at the beginning of
each calendar quarter based on the net market value of each investor’s capital account on the date
the fee accrues and becomes payable.

   2. Performance Allocation

Panoramic also typically is allocated from each investor in a Fund a performance allocation equal
to 20% of net profits (including both realized and unrealized gains and losses) otherwise allocable
to such investor. Performance allocations are assessed in arrears on an annual basis, and are only
applied to the portion of profits that exceed the cumulative losses previously allocated to or incurred
by those investors. Panoramic complies with Rule 205-3 under the Investment Advisers Act of 1940,
to the extent required by applicable law. Performance allocations may create an incentive for
Panoramic to make more risky and speculative investments than it would otherwise make.

B. Payment of Fees

Panoramic deducts management fees and performance allocations directly from investor capital
accounts.

Relationships with a Fund are terminable on expiration of the Fund’s term, dissolution of the Fund
or on Panoramic’s withdrawal as general partner or termination as investment adviser of the Fund.
Relationships with other clients are terminable on the termination of the investment management
agreement. Each investor may withdraw from a Fund on specified prior written notice, on the last
day of any calendar quarter that occurs on or after the day preceding the first anniversary of such
investor’s admission to the Fund. Investors should refer to the Funds’ offering documents for
specific information.

In all cases, expenses, the pro rata portion of the management fee and the performance allocation
through the date of the investor’s withdrawal are charged to the investor. An investor who withdraws
from a Fund on a date other than the last day of a quarter does not receive a refund of the
management fee previously paid.

Panoramic believes that its fees are competitive with fees charged by other investment advisers
for comparable services. Comparable services may be available, however, from other sources for
lower fees.

C. Third-Party Fees

Each Fund is responsible for its own costs and expenses, including trading costs and expenses (such
as brokerage commissions, expenses related to short sales, and clearing and settlement charges),
ongoing legal, accounting and bookkeeping fees and expenses, and the fees and expenses charged
by any Fund administrator for its accounting, bookkeeping and other services. In addition, certain
of Panoramic’s own costs and expenses may be paid by securities brokerage firms that execute
clients’ securities trades, as discussed in Item 12 below.

Panoramic compensates Silver Leaf Partners, LLC, Williams Trading, LLC, and Far Hills Group,
LLC (each a registered broker-dealer) for referring client assets to the Funds. As part of its
arrangement, Panoramic compensates each firm with an ongoing fee in an amount equal to 20% of
all management fees and performance fees actually received by Panoramic from the referred client.
Clients are encouraged to inquire about specific arrangements between a third-party marketer and
Panoramic and how such an arrangement may affect his/her interests in the services offered by
Panoramic.

Item 7.        Types of Clients

Panoramic provides investment advice to the Funds. Panoramic requires a minimum investment of
$250,000 but may waive this minimum at its discretion.