Tourbillon Capital Partners LP

FEES AND COMPENSATION

   A. Advisory Fees and Compensation.

The fees applicable to each Fund are set forth in detail in their respective offering documents. A
brief summary of these fees is provided below.

           1. The Long-Short Funds.

           Management Fees.

           The Investment Adviser generally is paid a quarterly management fee equal to up to
           0.5% (2% on an annualized basis) of the aggregate net asset value of the fee-paying
           investors in the Funds. Certain investors in the Long-Short Funds are subject to a
           reduced management fee.

           Profit Allocation.

           Subject to high water mark provisions described in detail in each Fund’s private
           placement memorandum and the supplements thereto, as of the last business day of
           each fiscal year, Tourbillon GP, as holder of the Profit Allocation Shares of
           Tourbillon Master, is entitled to a profit allocation from Tourbillon Master (the
           “Profit Allocation”) equal to up to 20% of the annual increase, if any, in the net asset
           value of each investor’s interests or shares, taking into account both realized gains
           and losses and unrealized gains and losses (as more fully described in the Long-Short
           Funds’ offering documents, the “New Net Income”). Certain investors in the Long-
           Short Funds are subject to a reduced Profit Allocation rate.

           2. The Long Alpha Funds.

           Management Fees.

           The Investment Adviser is generally paid a quarterly management fee equal to
           0.375% (1.5% on an annual basis) of the balance of each investor’s capital account or
           the net asset value of its shares, as applicable.

           Performance Fees.

           Tourbillon GP II is generally paid a performance-based fee (a “Performance Fee”)
           equal to:

                  20% of the net returns generated above the returns of a benchmark amount
                   (described below) that are less than 10%; and

                  30% of the net returns generated above the returns of the benchmark amount
                   that equal to or exceed 10%.

           The benchmark amount is calculated as the amount that a capital account or a series
           of shares would have appreciated or declined during a performance period if it had
           achieved a rate of return for such period equal to that of a benchmark specified in the
           Long Alpha Funds’ offering documents.

           Generally, in the event a capital account or a series of shares does not generate net
           returns in excess of the benchmark amount at the close of a particular performance
           period, no Performance Fee will be paid to Tourbillon GP II with respect to such
           capital account or series of shares for such performance period until net returns in
           excess of the benchmark amount are earned. In certain limited circumstances
           described in the Long Alpha Funds’ offering documents, Tourbillon GP II may elect
           to terminate a performance period with respect to a capital account or a series of
           shares. In such event, there will be no “underperformance carryforward” from the
           prior terminated performance period to the new performance period, and any future
           net returns shall be calculated from the commencement of the new performance
           period.

           Because the Performance Fee is determined based on the outperformance of a
           benchmark during a performance period, it is possible that a Performance Fee will be
           paid even though a capital account or a series of shares has depreciated during a
           performance period if it has nevertheless outperformed the benchmark, and,
           conversely, it is also possible that a Performance Fee will not be paid even though a
           capital account or a series of shares has appreciated during a performance period if it
           has nevertheless not outperformed the benchmark.

Each of the Investment Adviser, Tourbillon GP and Tourbillon GP II may, in its sole discretion,
waive all or part of the management fee, Profit Allocation or Profit Fee otherwise due, with
respect to any investor. The Investment Adviser and its officers and employees, as well as certain
family members of these individuals, are not subject to the management fee, the Profit Allocation
or the Performance Fee, as applicable.

   B. Payment of Fees.

Fees and compensation paid to the Investment Adviser or its affiliates by the Funds are generally
deducted from the assets of the Funds. Management fees are generally deducted in advance on a
quarterly basis and performance-based compensation is generally deducted at the end of a
performance period, as more fully described in the Funds’ respective offering documents.

   C. Additional Fees and Expenses.

Each Fund generally bears the ongoing costs and expenses associated with its administration and
operation, including, but not limited to, brokerage commissions (including options and futures
trades) (see Item 12 “Brokerage Practices” below), spreads, mark-ups on securities, swaps and
forwards, currency hedging costs, interest expenses in respect of margin accounts, repurchase
agreements and other indebtedness and other transaction fees and costs in connection with its
investments and trading, management fees, fees payable to Fund’s administrator, its legal,
regulatory (e.g., blue sky, Schedule 13F, Schedule 13G and other filing requirements),
accounting, auditing, tax preparation, proxy voting and other professional expenses, investment
research expenses, expenses related to the due diligence and monitoring of investments (whether
or not consummated) and the consummation of investments, commissions, interest on margin
accounts and other indebtedness, custodial fees, bank service fees and certain insurance expenses
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TYPES OF CLIENTS

The Investment Adviser provides advice to the Funds, which are private investment funds, as
described above. Investors in the Funds may include high net worth individuals, trusts, estates,
family offices, private investment funds, pension funds, endowments, foundations and insurance
companies. The Long-Short Funds generally require a minimum investment amount of
$10,000,000. The Long Alpha Funds generally require a minimum investment amount of
$5,000,000. The Funds may accept lower subscription amounts as described in the applicable
Fund’s offering documents.

From time to time, the Investment Adviser may also act as adviser to managed accounts.