1823 Partners US LLC

ITEM 5: FEES AND COMPENSATION

Account Fees, Compensation and Expenses

The Adviser negotiates advisory fees as well as asset-based investment management fees (“Management
Fees”) individually with Accounts. Fees paid by Accounts vary based on numerous factors, such as the size
of the Account (including the aggregate size of multiple accounts for the same Client or related Clients),
the investment strategy, whether the Client is a related party or has a relationship with one of our related
parties, anticipated additional assets, and the required level of service and/or complexity. Since fees are
negotiable, Clients could pay different fees. A Client’s fee may be based on the market value of the
securities under management, cost basis of the assets under management, or as otherwise agreed to
between the parties. A Client’s fee may be also subject to regulatory constraints. The Adviser is generally
compensated for its advisory services under asset-based fee schedules. The particular fees applicable to
a Client are set forth in the IMA applicable to such Client.

The Adviser typically bills Clients for advisory fees either monthly or quarterly in arrears. The Adviser does
not require or solicit Clients to pay fees in advance. If a Client were to pay fees in advance and the Client’s
contract were to terminate before the end of a billing period, any prepaid fees would be refunded on a
pro-rata basis.

When Accounts hold illiquid or difficult to value investments, the Adviser faces a conflict of interest when
making recommendations regarding the value of such investments since our fees are generally based on
the value of assets under management. The Adviser could be viewed as having an incentive to value
investments at higher valuations. The Adviser has valuation policies and procedures that seek to mitigate

this conflict effectively and enable us and our independent pricing sources, pricing tools, and other pricing
service providers to value Client assets fairly and in a manner that is consistent with the Client’s best
interests.

In addition to paying the Management Fees, Accounts are subject to other expenses, including but not
limited to (1) investment expenses (e.g., expenses that, in the Adviser’s reasonable discretion, are related
to the investment of the Account’s assets, whether or not such investments are consummated (e.g., costs,
fees and other reasonable out-of-pocket expenses directly related to (A) the investigation and diligence
of investment opportunities (whether or not consummated) and research-related expenses, including
news and quotation equipment and services and trading related computer hardware and software
expenses, market data services, fees to any third-party service providers or other third-party providers of
research and/or portfolio risk management services and software and brokerage costs and fees, (B) the
sourcing, negotiation, structuring, acquisition, settlement, ownership, trading, monitoring, financing,
hedging or sale of its investments and other transaction costs, including travel expenses (travel expenses
for diligencing investments, meeting management or existing or prospective investment targets), such as
costs and expenses of accommodations, meals and aircraft travel, transaction fees, loan administration
and loan servicing expenses, expenses incurred in collection of monies owed to the Account, costs or
expenses related to currency conversion in the case of investments denominated in currency other than
U.S. dollars, consulting, advisory, investment banking, sourcing, legal, corporate licensing, valuation,
appraisal and other professional fees and expenses relating to investments or contemplated investments,
clearing and settlement charges, custodial fees, interest expenses, appraisal fees and expenses, and (C)
all costs of all subsidiaries, investment vehicles, and other vehicles and special purpose entities through
which investments are held or managed, including costs associated with establishing and administering
such entities, admitting investors thereto, and winding up and dissolving such entities); (2) certain
compliance and reporting expenses, legal expenses and trade order management expenses; (3)
accounting, audit, tax preparation and other tax-related expenses; (4) taxes and government registration
fees; (5) organizational expenses of the Account; (6) printing and mailing costs, and expenses relating to
transfers; (7) the costs incurred in connection with the use of any third-party intellectual property,
software, systems, services, methods, inventions and/or processes related to the operation of the
Account; (8) all reasonable, documented out-of-pocket costs and expenses incurred in connection with
the preparation of amendments to Governing Documents of the Account; (9) the termination, liquidation,
winding up and dissolution of the Portfolio; (10) extraordinary expenses (including actual, threatened or
otherwise anticipated litigation or other proceedings and indemnification expenses); and (11) other
expenses associated with the operation of the Account, as determined by the Adviser in its sole and
reasonable discretion.

For each Client who is considering investing with the Adviser it is important that they review the Governing
Documents in their entirety to understand the risks, fees and expenses associated with such investment.

Fund Fees and Compensation

The exact terms of fees and expenses to be charged to any future Funds will be set forth in the relevant
limited partnership agreement, limited liability company agreement and/or private placement
memoranda (collectively, the “Offering Documents”) of each Fund. Prospective investors must carefully
review the Offering Documents of the Fund in which they may invest, to review the specific fees and
expenses applicable to their investment.

The Adviser will generally charge its Funds a Management Fee based on the value of capital commitments
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ITEM 7: TYPES OF CLIENTS

As discussed in Item 4, the Adviser provides investment management services to insurance companies
through a private fund Client and other separately managed account arrangements. The Adviser, in the
future, may provide investment management and advisory services to pooled investment vehicles,
interests of which will be suitable for institutional and other sophisticated investors. Any initial and
additional subscription minimums for potential Investors will be disclosed in the Funds’ Offering
Documents.

This Brochure is designed solely to provide information about the Adviser and should not be considered
to be an offer of interests in a current or future Client. Any such offer may be made only by delivery to
the prospective investor of the applicable Offering Documents. Investors considering an investment in
any Client should consult with their own investment, tax and/or legal consultants prior to investing.