Telemark Asset Management LLC

ITEM 5 – FEES AND COMPENSATION

Management Fee

Telemark receives a quarterly management fee of one-fourth of one percent (0.25%, or 1.0% per
annum) of each limited partner’s capital balance in the Fund (the “Management Fee”). The
Management Fee is payable in arrears at the end of each quarter. The Management Fee is
deducted from each limited partner’s assets and may not be paid in advance. The Management
Fee is not negotiable. Telemark does not charge a Management Fee to its affiliated and
employee limited partners.

In addition to the Management Fee discussed above, the Fund is also responsible for its own
costs and expenses, including brokerage fees and other transaction costs (see Item 12), ongoing
legal, accounting and bookkeeping fees and expenses, and the fees and expenses charged by the
Fund’s administrator for its accounting, bookkeeping and other services. Telemark generally
bears its own operating, general, administrative and overhead costs and expenses, except the
expenses described above.

Neither Telemark nor its supervised persons accepts compensation for the sale of securities or
other investment products, including asset-based sales charges or service fees from the sale of
mutual funds.

                 ITEM 6 – PERFORMANCE-BASED ALLOCATION AND
                            SIDE-BY-SIDE MANAGEMENT

The general partner of the Fund, an affiliate of Telemark, may receive an incentive allocation at
the end of each fiscal year (the “Incentive Allocation”). The Incentive Allocation is based on a
percentage of a limited partner’s profits, if any, and generally applied only to profits that exceed
the cumulative losses previously incurred by or allocated to the respective limited partner in the
Fund. The general partner does not receive an Incentive Allocation from affiliated or employee
limited partners. Because Telemark’s sole client is the Fund, neither Telemark nor its supervised
persons manage both accounts that are charged an Incentive Allocation and accounts that are
charged only a fee.

ITEM 7 – TYPES OF CLIENTS

As noted in Item 4, Advisory Business, Telemark has one client, the Fund. The Fund is a
Delaware limited partnership. Telemark generally requires a minimum investment in the Fund
of $1,000,000.