Point Olema Capital Partners LP

Item 5: Fees and Compensation
 Clients of Point Olema are subject to various types of advisory fees charged by Point Olema and
 third parties. These fees, which are described in detail below, do not offset one another. Other
 investment advisers may offer services similar to Point Olema’s for higher or lower fees. If a Client
 terminates its advisory relationship with Point Olema, any unearned pro-rata portion of prepaid
 advisory fees will be refunded by Point Olema to the Client.

    A. Advisory Fees and Compensation

 Point Olema Advisory Accounts

 Asset Based Fees

 Point Olema charges its Advisory Account Clients an advisory fee (the “Asset Based Fee”) based
 on the market value of fee-paying assets (the “Managed Assets”) managed by Point Olema in
 accordance with the size and nature of each such client’s investment mandate. The Asset Based
 Fees are billed directly to the Advisory Accounts at a rate up to 0.75% and are payable in advance,
 on a quarterly basis as of the beginning of each calendar quarter, based on the net market value of
 the Managed Assets at the beginning of the quarter. Point Olema may, in its discretion, waive or
 rebate any management fee for any Client without offering such waivers or rebates to other Clients.

 Point Olema may engage certain unaffiliated managers to subadvise a portion of Advisory Client
 portfolios, generally with a specific strategy and/or investment objective. Such managers have their
 own fees, which are separate from, and in addition to, those of Point Olema. Point Olema does not
 generally reduce its own fees to offset the managers’ subadvisory fees. Point Olema will generally
 require that the affected Advisory Client authorize and acknowledge such fees prior to engaging

any subadvisors on their behalf.

Point Olema Funds

Management Fees

Point Olema charges the Funds an advisory fee (the “Management Fee”) based on a combination of
investor committed capital, contributed capital, uncalled capital, and/or Fund net asset value
depending upon the Fund. Management Fees are charged to all Funds, with the exception of the
Point Olema Reserve Liquidity Fund. The Management Fee is applied at a rate up to 1.30%, per
annum.The exact methods by which the Management Fee is calculated vary, depending upon the
length of time an Investor has been invested in a Fund. Detailed information with respect to how
Point Olema is compensated, or how the Management Fee is calculated, offset, or reduced, is
contained within the Governing Documents for the relevant Funds, which Investors should review
carefully prior to investment with Point Olema. It should also be noted that, where allowed by the
Governing Documents, Point Olema is authorized to waive or reduce the Management Fee in whole
or in part for certain Funds and Investors. Client Asset Based Fees for Advisory Account Clients
are offset by any Management Fees paid by that Client in the concurrent period.

Carried Interest & Incentive Allocation

Certain of the Funds charge investors a carried interest or incentive allocation. Both are a share of
the net profits realized from the holding or disposition of Fund investments and are paid to each
Fund’s General Partner. Carried interest is assessed on Investor distributions, where such
distributions exceed the Investor’s contributed capital plus a specified preferred rate of return.
Incentive allocation is a share of partner unrealized and/or realized gains above a determined hurdle
that is allocated to the Fund’s General Partner on an annual basis. The General Partner’s carried
interest or incentive allocation is in addition to any return that the General Partner may receive in
connection with any direct investment that it has in the Fund. Details of each Fund's incentive
allocation or carried interest terms and distribution “waterfall” are included within the applicable
Governing Documents. Point Olema has the authority to waive or agree to reduce, in whole or in
part, the carried interest or incentive allocation that a General Partner of a Fund may receive with
respect to specific Investors — which generally include certain employees, strategic partners, and
affiliates of Point Olema — in accordance with such Governing Documents.

   B. Payment of Fees

Point Olema Advisory Accounts

The Asset Based Fee for a quarter will be one-fourth of the applicable percentage shown multiplied
by the aggregate net market value of the Managed Assets at the beginning of the quarter.

Point Olema Funds

Management Fees are billed to the Funds and payable in advance on a quarterly basis, at the
beginning of each calendar quarter, based on Investor capital commitments.

The Management Fee for a quarter in which an Investor adds assets to or withdraws assets from the

Funds will be appropriately prorated for that quarter.

If an Investor commits capital to the Funds on a date other than the first day of a calendar quarter,
the Funds will be charged a prorated portion of the Management Fee for that calendar quarter with
respect to such commitment, based on the number of days remaining in that calendar quarter.

Incentive allocations are applied to realized and unrealized gains on an annual basis, subject to a
hurdle and other relevant provisions of the applicable Fund’s Governing Documents. Carried
interest allocations are applied to investment realizations and Investor distributions, subject to a
preferred rate of return and other relevant provisions of the applicable Fund’s Governing
Documents.

Current and prospective Clients and Investors should carefully review all advisory fees charged by
Point Olema.

    C. Other Client Fees and Expenses

Advisory Accounts shall be responsible for all expenses related to trading the assets of the Managed
Assets, including, but not limited to, interest on margin borrowing, dividends payable with respect
to securities sold short, custodial fees, brokerage commissions, bank service fees, legal fees and
...

Item 7: Types of Clients
As more fully detailed in Item 4. Advisory Business above, Point Olema provides portfolio
management and investment advisory services to Advisory Accounts and the Funds. Advisory
Accounts and Investors vary but include sophisticated family offices and other institutional
investors, among others. Participation in Point Olema Funds would require the satisfaction of certain
eligibility requirements and financial sophistication as outlined in the Governing Documents.

Point Olema Funds do not have a specific stated minimum capital commitment or investment
amounts for their Investors; however, all Investors are required to be “Qualified Purchasers” as
defined in Section 2(a)(51) of the Investment Company Act.

Certain of Point Olema’s Clients, including certain Funds, invest directly in the Firm as limited
partners subject to the Firm’s limited partnership agreement. Such limited partners generally have
the right to share in the net income and net loss of the Firm, receive distributions from the Firm,
receive additional information concerning the business and affairs of the Firm, and may have the
right to vote on behalf of the Firm. Certain early stage clients receive an economic interest in the
Firm’s Management and Asset Based Fee profits. The aforementioned clients pay asset-based
advisory fees similar to other clients.