Abbey Capital Limited

5. Fees and Compensation

Management Fees
Abbey Capital as Investment Manager receives a management fee in respect of some of the
funds that it manages. The management fees, frequency of payment and calculation methods
are negotiable depending on the specific features of the relevant fund. Not all funds managed
by Abbey Capital charge a management fee. There are certain funds that feed directly into the
ACL Alternative Fund, there are no management fees at the fund level, but as an investor in the
ACL Alternative Fund, the relevant feeder fund will pay its pro rata share of the management
fees paid by ACL Alternative Fund to Abbey Capital. The management fees are generally paid
monthly in arrears, calculated and deducted by the relevant fund’s independent Administrator at
the rate provided in the applicable fund’s Private Placement Memorandum. The management
fee range listed relates only to Abbey Capital management fees, and additional management
fees paid to the funds’ appointed TAs are not included. The basic management fee schedule for
the funds range from 0% to 2.0% of net assets per annum, depending on the applicable fund or
class of shares in which an investor subscribes. Further disclosure in relation to management
fees is set out in the PPM for each fund.

Other Expenses
Each fund managed by Abbey Capital pays any costs that are specific to that fund as outlined
in the PPM for the relevant fund. These costs are deducted directly from the relevant fund.
Each fund managed by Abbey Capital pays the fees and expenses of (where applicable) the
relevant Administrator, Custodian, Depository, Registrar and Transfer Agent, Corporate
Secretary, Trustee and where applicable the management and incentive fees charged by any
TA appointed to that fund. In addition, each fund pays secretarial, director fees and other costs
and expenses incurred in its formation and its ongoing operation, including, without limitation,
taxes, expenses for legal, auditing and consulting services, promotional expenses, registration
fees, to include all fees in connection with obtaining advance treaty clearances from tax
authorities in any jurisdiction for the relevant fund, and other expenses due to supervisory

authorities in various jurisdictions, insurance, interest, brokerage costs and all professional fees
and expenses incurred in connection therewith and the cost of the publication of the Net Asset
Value of any of its funds’ share classes.

7. Types of Clients

Abbey Capital’s clients are the funds that it constructs and manages. Although some of the
funds may have a single investor, the funds are all structured as investment vehicles that have

the legal capacity to accept a number of investors, and so may operate as pooled investment
vehicles.    The funds are established as legal entities independent of Abbey Capital, to which
Abbey Capital is the appointed external alternative investment fund manager.
Save for the ACMAF and ACFSF (1940 Act Mutual Funds), the funds are sold privately under
Regulation D of the U.S. Securities Act of 1933 in the United States and, therefore, can only be
marketed to Accredited Investors. All of these private placement funds are also registered as
commodity pools with the CFTC as Rule 4.7 exempted pools, and, therefore can only be
marketed to QEPs as defined by CFTC regulations..

Prospective investors in private placement funds managed by Abbey Capital must therefore
attest to the requirement of being an Accredited Investor and a QEP in order to invest in the
private placement funds together with other eligibility requirements.