Whitebark Investors LP

Item 5: Fees and Compensation
Investors in the Fund (“Investors”) typically pay a 1% to 1.5% management fee (the “Management
Fee”) based on net asset value. The Management Fee for the Funds are charged in advance on a
monthly basis and are be prorated for partial months. Whitebark also receives performance-based
compensation of between 8% and 20% and in certain instances will include a 5% hurdle (the
“Performance Allocation”).

While the Management Fees and Performance Allocation are generally not negotiable, Whitebark
reserves the right to waive or reduce its fees for certain Investors, including employees and affiliates.
All potential Investors should review the Governing Documents for complete information on fees
and compensation.

In addition to the Management Fee and Performance Allocation, if applicable, each Partnership
shall be responsible for bearing its own offering and organizational expenses as set forth in the
Partnership’s Governing Documents, including without limitation:

Each Partnership will be responsible for the payment of all fees, costs, expenses and liabilities
relating to its and the Master’s Fund’s operations, including, but not limited to: (a) any issuance or
formation fees and expenses incurred in connection with the formation of the Partnership, the
Master Fund, the general partner of the Partnership and the Master Fund (the “General Partner” and,
together with the Limited Partner(s) collectively, the “Partner(s)”) and related entities, including
legal, tax, accounting and other organizational expenses; (b) any fees and expenses related to the
offering and sale of the Partnership Interests (“Interests”), and any filing and legal fees related
thereto; (c) the Management Fees; (d) all fees and expenses of professional and similar services to,
or in connection with the operation of the Partnership or the Master Fund, including administration
fees and other expenses charged by or relating to the services of third-party providers of
administration services, legal, accounting, bookkeeping (including without limitation any related
internal costs that the Investment Manager or any of its affiliates may incur to produce any such
books and records), tax preparation or any other tax related items, tax and regulatory compliance
expenses (including with respect to the SEC, the Commodity Futures Trading Commission
(“CFTC”), the National Futures Association (“NFA”), the U.S. Treasury, the U.S. Internal Revenue
Service, other national, state, provincial or local regulatory and tax authorities in any country or
territory (including, without limitation, with regards to FATCA)), anti-money laundering
compliance, auditing, consulting and other professional expenses, and expenses of other service
providers, including those of valuation firms, appraisers, prime brokers and custodians; (e) interest
and fees (including, without limitation, commitment, structuring, and underwriting fees) on margin
loans, committed loan facilities, total return swaps and other indebtedness; (f) bank service and
similar fees; (g) all fees and expenses associated with information technology (including without
limitation the costs of acquiring, licensing, developing, implementing and maintaining any virtual
data room, computer software and hardware, SAAS, CRMs, database and other technological
systems used in whole or in part in connection with or for the benefit of the Partnership, the Limited
Partners, or a potential investment, order and portfolio management activities and processes, data
and information service subscriptions, and related systems and services from data, information or
other service providers, including, without limitation, news, quotations, statistics and pricing
services, and including, without limitation, any accounting, risk management, trading and

administrator-like functions that the Investment Manager or its affiliates perform in-house); (h) all
fees and expenses incurred by the General Partner, the Investment Manager and their respective
affiliates, service providers, relevant third parties and their respective personnel related to research,
discovery, sourcing, investigation (including expenses related to attending trade association
meetings, conferences or similar meetings in connection with the evaluation of investment
opportunities or business sector opportunities), due diligence, risk management assessment,
negotiation, structuring, hedging, making, holding, developing, operating, managing, monitoring,
restructuring, refinancing or disposing of investments, which may include, without limitation,
retainers and transaction-based compensation or success fees, some of which may be discretionary,
including such fees and expenses with respect to investments that are not consummated and
including any portion of such fees and expenses incurred by the Investment Manager or any of its
affiliates with respect to any unconsummated transaction initiated on behalf of the Partnership,
provided such expenses would have otherwise qualified as expenses to be paid by the Partnership;
(i) travel expenses (including costs of meals, entertainment and lodging (including first class,
chartered or other air travel, private car travel and other travel-related expenses)) related to
investments and potential investments, whether or not consummated, offering Interests and
attendance at industry conferences; (j) the legal, accounting and other expenses incurred in forming,
operating, maintaining and liquidating any alternative investment vehicle, alternative investment
vehicle blocker, or special purpose vehicle for making or holding investments (whether or not such
investments are consummated) and such expenses incurred in connection with the liquidation of
any alternative investment vehicle, alternative investment vehicle blocker, or special purpose
vehicle for making or holding investments; (k) all fees, costs and expenses relating to compliance
...

Item 7: Types of Clients
Whitebark offers advisory services to pooled investment vehicles. Investors in pooled investment
vehicles will generally comprise pension funds, institutional clients, and high net worth individuals.
Investors will be required to meet certain suitability and net worth qualifications, such as being: (1)
an “accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act
of 1933, as amended (the “Securities Act”), and (2) a “qualified purchaser” as defined in Section
2(a)(51) of the Investment Company Act of 1940, as amended (the “Investment Company Act”) or
a “knowledgeable employee” within the meaning of Rule 3c-5 of the Investment Company Act,
depending on the applicable eligibility requirements of the respective Fund.

Whitebark (or the Fund’s general partner, as applicable) will generally establish a minimum
investment commitment amount for admission to a Fund, which is described in the Fund’s
Governing Documents. Whitebark (or the pertinent general partner can, in certain circumstances
waive or modify any such minimum for an investor in its sole discretion on case-by-case basis.