Whitehaven Asset Management LP

Item 5. Fees and Compensation

The Adviser charges certain of the Clients an investment management fee (the “Management Fee”) based
on the value of the Client’s assets under management. The Management Fee is generally payable to the
Adviser quarterly in advance and is at an annual rate of up to 1.75% of the value of each investor’s account
as of the first day of the applicable quarter. The Management Fee will be prorated for any period that is
less than a full quarter and will be adjusted for subscriptions and redemptions. Clients that pay a

Management Fee in advance will be refunded a pro rata portion of the fee if the advisory relationship is
terminated prior to the end of the relevant billing period. The Adviser instructs the Client’s custodian to
deduct the Management Fee from the Client’s account.

In addition, the Clients are subject to an incentive fee or incentive allocation (collectively, the
“Performance Fee”) of up to 20% of all income, gains and losses derived from portfolio investments. The
Adviser or an affiliate of the Adviser is paid or allocated the Performance Fee. When calculating the
Performance Fee, the Management Fee and all items of income, loss and expense incurred by the Client
will be taken into account. Under a loss carryforward provision contained in each Client’s investment
advisory agreement or other constituent document, Performance Fees will not be charged or allocated until
any net losses previously allocated have been offset by subsequent net profits.

While generally not negotiable, the Adviser, in its sole discretion, has and may in the future waive or
modify the Management Fee and the Performance Fee for investors that are members, employees or
affiliates of the Adviser, relatives of such persons, and for certain large or strategic investors.

Certain of the Adviser’s other Clients will be charged a Management Fee and Incentive Allocation in an
amount, as calculated and in the form set forth in each applicable offering materials such as a confidential
private placement or offering or similar memorandum, any supplement (including any series supplement)
thereto, related partnership, limited liability or similar agreement (including any memorandum of
association) and any documents ancillary to the foregoing documents such as related investment
management agreements, subscription agreements (all such documents, collectively, “Offering
Documents”) of such Clients. It is important that each investor who is considering an investment review
the applicable Client Offering Documents.

Each Client will bear its own expenses arising in connection with the operation of such Client’s or Fund’s
account, as set forth in its respective investment management or other agreement with the Adviser or its
affiliate. Expenses borne by each Client may differ from the expenses borne by other Clients. In certain
instances, a Client may bear expenses that the Adviser has agreed to bear for one or more other Clients.

Common expenses frequently will be incurred on behalf of more than one Client. The Adviser seeks to
allocate those common expenses among the Clients in a manner that is fair and reasonable over
time. However, expense allocation decisions will involve potential conflicts of interest (e.g., an incentive
to favor accounts that pay higher incentive fees, or conflicts relating to different expense arrangements
with certain clients). The Adviser may use various methods to allocate particular expenses among the
Clients depending on the circumstances (e.g., pro rata based on assets under management, relative
participation in the transaction related to the expense, general amount of trading activity etc.). The
determination as to the method or methods used may be based on relative use of the product or service, the
nature or source of the product or service, the relative benefits derived by the Clients from the product or
service, or other relevant factors. Nonetheless, investors should note that the portion of a common expense
that the Adviser allocates to a Client for a particular product or service, may not reflect the relative benefit
derived by that Client from that product or service in any particular instance. The Adviser’s expense
allocations often depend on inherently subjective determinations and, accordingly, expense allocations
made by the Adviser in good faith will be final and binding on the Clients.

Each Client will bear, or reimburse the Adviser for advancing, its own expenses, including, without
limitation, the following: (i) expenses related to the research, execution and monitoring of actual and
prospective investments (whether or not consummated) and the consummation of investments, including,
without limitation, the following: third-party investment sourcing fees; consulting fees; expert fees; fees
and expenses of and related to obtaining research, analytics and market data (including, without limitation,
third-party data sources and any information technology hardware, software and data subscriptions (such

as Bloomberg and FactSet) or other technology incorporated into the cost of obtaining such research and
market data); due diligence expenses including, without limitation, consulting and appraisal fees;
investment- and research-related travel expenses (including first and business class fares); any outsourced
trading provider fees; brokerage and prime brokerage fees (see additional detail in Item 12), commissions
and expenses (including the costs of negotiating, documenting and/or amending agreements with prime
brokers, ISDAs and other agreements with trading and financing counterparties); expenses relating to
borrowing securities to be sold short; clearing and settlement charges; custodial fees and expenses; bank
service fees; interest expenses and other borrowing costs; fees and expenses of proxy research and voting
services; broken deal expenses; fees and expenses of third-party professionals, including, without
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Item 7. Types of Clients

As described in Item 4, the Adviser’s Clients are private investment funds suitable for institutional and
other sophisticated investors. Any initial and additional subscription minimums for investors are disclosed
in a Client’s Offering Documents.