Skycatcher LLC

Item 5. Fees and Compensation
Skycatcher shall be entitled to the fees, including Management Fees, Performance Allocation, and
the reimbursement of expenses as provided in the Partnership Agreement and other governing
documents.

Skycatcher will receive a monthly management fee paid in arrears (the “Management Fee”). The
Management Fee is equal to 0.125% (a 1.5% annual rate) of the closing balance of the Capital
Account of each Limited Partner as of the end of the month (prior to any withdrawals, distributions
or the calculation of the Management Fee). Side Pocket Investments are not subject to a
Management Fee and, therefore, the value of any Side Pocket Investment Account in which a
Limited Partner has an interest will not be included in calculating the Management Fee.

Skycatcher may also receive a Performance Allocation as of the last day of each calendar year and
as of any date on which a Limited Partner makes a withdrawal or receives a distribution, in an
amount equal to twenty percent 20% of the net new profit in each Capital Account. The Performance
Allocation will only be charged if the net new profit in a Capital Account exceeds an annualized
rate of return of 6.5% (the “Hurdle Rate”). Any net capital appreciation attributable to Side Pocket
Investments will be subject to a Performance Allocation of twenty-five percent (25%) with no
Hurdle Rate.

In addition to the Management Fee and Performance Allocation, limited partners will bear indirectly
the fees and expenses charged to the Private Fund. Those fees and expenses will vary, but typically
will include general investment expenses (i.e., brokerage commissions, clearing and settlement
charges, research expenses, data processing costs, quotation services expenses, borrowing charges,
custodial expenses and other investment expenses); administrative, legal, accounting, auditing,
record-keeping, tax, insurance, and other expenses such as compliance and consulting costs and
expenses.

Investors should consult the Partnership Agreement and other governing documents for more details
regarding the calculation of fees and expenses. Skycatcher may also enter into side letters or similar
written agreements with Private Fund Investors which have the effect of establishing rights under,
or altering or supplementing the terms of, the relevant governing documents

Item 7. Types of Clients
Skycatcher provides advisory services to a private investment fund and a separately managed
account. As described above, the Private Fund utilizes a “Mini-Master” structure, where an off-
shore Feeder Fund offers interests primarily to non-U.S. individuals and U.S. tax-exempt entities,
with all investment activities conducted through an on-shore private Delaware limited partnership.

Subject to the discretion of Skycatcher to accept less, the minimum initial investment for the Private
Fund is $1,000,000. The minimum investment for a separately managed account is generally
$10,000,000, however, Skycatcher may raise or lower this requirement from time to time and accept
initial investments below the established minimum.

Skycatcher may from time to time enter into side letter agreements or other similar agreements
(collectively, “Side Letters”) with one or more investors of the Private Fund which provide such
investors with additional and/or different rights (including, without limitation, with respect to
management fees, the performance allocations, withdrawals, access to information, and minimum
investment amounts) than such investors have pursuant to the general terms of the Partnership
Agreement. Skycatcher, without the approval or consent of any Limited Partner, may enter into a
Side Letter agreement and will not be required to notify any other investors of any such written
agreements or any of the rights and/or terms or provisions thereof, nor will Skycatcher be required
to offer such additional and/or different rights and/or terms to any or all of the other investors.