Skaana Management LP

Item 5: Fees and Compensation
The Hedge Fund Investment Vehicle

The Firm and/or the General Partner, as applicable, generally receives asset-based or fixed management
fees (the “Management Fee”) and an annual performance allocation or fee (described in Item 6 below)
(the “Performance Allocation”).

The Management Fee and Performance Allocation are deducted from the Fund (as described in the
Offering Documents of the Fund). If a Management Fee is charged to an Investor, it will generally be
deducted on a monthly basis in advance, and the Performance Allocation is deductedannually at the end of
each year. The Management Fee will be prorated for any period that is lessthan a full month. Fees are
deducted and allocations are made directly from the Fund.

Skaana’s fees are exclusive of brokerage commissions, transaction fees, custodial fees, and other related
costs and expenses which shall be incurred by the Fund and the Investors.

The Management Fees above may be subject to individual negotiation, and subject to waiver or reduction
by Skaana in its sole discretion with certain Investors. For example, Investors in the Fund who are
associated with Skaana, such as its officers or employees, generally do not pay Management Fees, though
they do pay their pro-rata share of operating costs.

Item 6: Performance-Based Allocations and Side-By-Side Management
Skaana Partners GP, LLC may be entitled to a Performance Allocation with respect to the Fund that is
calculated based upon a percentage of the net capital appreciation of the Fund. The performance
allocations are charged in compliance with Rule 205-3 of the Advisers Act, whereby each Investor must
be a “Qualified Client.”

The Performance Allocation is subject to a “high water mark.” The “high water mark” feature prevents
Skaana from receiving a Performance Allocation as to profits that simply restore previous losses and is
intended to ensure that each Performance Allocation is based on the long-term performance of an
investment in the Fund. Skaana, in its sole discretion, may waive all or any portion of the Performance
Allocation with respect to an Investor in the Fund.

Net asset value includes net realized and unrealized profits and losses.

Performance-based allocation arrangements may create an incentive for Skaana to recommend
investments which may be riskier or more speculative than those which would be recommended under a
different arrangement. In addition, Skaana may advise other private funds or client accounts in the future,
and therefore be required to allocate investments amongst multiple client accounts. Such an allocation
arrangement may also create an incentive to favor higher allocation accounts over other accounts in the
allocation of investment opportunities. Skaana has procedures designed and implemented to ensure that
all client accounts are treated fairly within the limits of the investment constraints and objectives of each
client account, and to prevent this potential conflict from influencing the allocation of investment
opportunities among multiple client accounts. These procedures include, to the extent orders are
aggregated, that orders are price-averaged.

No other hourly, flat or asset-based fees are charged to Investors in the Fund.

Item 7: Types of Clients

Skaana Management L.P.                                                                    Form ADV Part 2A

Skaana’s current client is the Fund. The initial subscription minimums for the Fund are disclosed in the
Offering Documents of the Fund.

The Offering Documents provide the eligibility criteria and minimum investment requirements to be an
Investor in the Fund.

Each Investor at a minimum will be (i) an “Accredited Investor”, as defined in Regulation D under the U.S.
Securities Act of 1933 (the “Securities Act”); and (ii) a “Qualified Client”, as defined in Rule 205-3 of
the Advisers Act.