PointState Capital LP

FEES AND COMPENSATION

A.      Advisory Fees and Compensation.

      The fees applicable to each PointState Fund are set forth in detail in such PointState Fund’s Offering
Memorandum and/or organizational documents. A brief summary of such fees is provided below.

Management Fees

        Generally, each PointState Fund (excluding the PointArgentum Funds, the PointSeason Funds, the
PointSeason II Funds, the PointSeason III Funds and the PointSeason IV Funds) pays PointState a monthly
management fee, payable in arrears, at an annual rate of between 0.5% and 2.0% of its respective net asset
value. A management fee is no longer payable in the case of the PointArgentum Funds. The PointSeason
Funds, the PointSeason II Funds, the PointSeason III Funds and the PointSeason IV Funds pay PointState
a quarterly management fee, payable in advance, at an annual rate of 1.0% of the cost basis of investments
held by the PointSeason Funds, the PointSeason II Funds, the PointSeason III Funds and the PointSeason
IV Funds. The management fee for each PointState Fund is generally prorated for any partial periods.

TYPES OF CLIENTS

         PointState provides discretionary investment advisory services, including, but not limited to,
managing and directing the investment and reinvestment of assets for private investment funds, and has
provided these services to a discretionary separately managed account. PointState reserves the right to
provide investment advisory services to other types of clients. For instance, PointState may elect to
establish discretionary separately managed accounts, single-investor funds or co-investment vehicles, one
or more of which may use trading and/or investment strategies different than the existing PointState Funds
and/or be subject to different terms and arrangements (including fees, liquidity rights and transparency
rights) than the existing PointState Funds.

        Investors in the PointState Funds consist primarily of charitable foundations, institutions,
endowments, funds of funds, private or family-owned investment entities, trusts and high-net-worth
individuals. In order to invest, investors in the PointState Funds must meet certain qualification
requirements under applicable federal securities and commodities laws as set forth in each PointState
Fund’s Offering Memorandum and/or constituent documents. The minimum investment in the PointState
Funds varies from fund to fund and ranges from no minimum investment to $1,000,000. Minimum
investment amounts are waived by the PointState Funds in certain circumstances and are generally not
applied to certain investors who are PointState employees, affiliates, family members and similar parties.
Additional information about qualifications for investment in the PointState Funds addressed in Item 7
(Types of Clients) can be found in the Offering Memorandum and constituent documents of the relevant
PointState Fund.