Albourne America LLC

Item 5.        Fees and Compensation

Fees and Payment of Fees

Albourne charges clients fixed fees for its advisory services.

Albourne’s fee schedule for its advisory services is omitted because this brochure will be delivered
only to qualified purchasers as defined in section 2(a)(51)(A) of the Investment Company Act of
1940.

In determining the specific services that it is willing to provide at a given price point, Albourne
takes into consideration the totality of the client’s relationship with Albourne, including the size
and complexity of the client’s alternative investments portfolio(s), the duration of the client’s
contractual commitment to subscribe to Albourne’s services, whether the client requires Albourne
to serve as a fiduciary pursuant to the Employee Retirement Income Security Act of 1974 (ERISA)
and related regulations or pursuant to state or local law or regulation, and any other factors or
special circumstances which we believe are relevant.

Clients are generally billed monthly in arrears, but if desired, clients may choose to pay fees in
advance. Where a client has pre-paid fees and the contract is terminated before the end of the
billing period, Albourne will promptly refund any unused fees on a pro rata basis.

Additional Fees

Many of Albourne’s service offerings contain limits on the number or types of due diligence
reports that a client may access. Clients are charged additional fees for access to due diligence
reports above or outside of those limits. Subject to the terms of their service agreements, clients
could also incur fees for additional portfolio risk advisory services.

Clients with a subscription to Albourne’s advisory service in one asset class generally have the
option to purchase investment and operational due diligence research reports in another asset class
for an additional fee. For example, for an additional fee, hedge fund advisory clients can purchase
due diligence research reports on private market funds.

Albourne reserves the right to charge all clients additional fees to conduct due diligence on
investment opportunities or alternative investment vehicles where Albourne does not cover the
opportunity or vehicle on an ongoing basis. Subject to the terms of their service agreements, clients
could also be responsible for some or all of Albourne’s travel-related expenses.

Subject to the terms of their service agreements, Albourne’s implementation support service
packages could contain limits on the number of funds that Albourne will support. If so, clients
that elect to receive implementation support services above that numerical limit will incur
additional fees.

In cases where Albourne conducts background checks on a fund’s key personnel, Albourne will
charge the client additional fees in accordance with Albourne’s service agreement with the client.

As a non-discretionary adviser, Albourne does not charge clients brokerage or other transaction
fees, but clients should be aware that they could incur brokerage and transaction fees charged by
third parties to implement the investment advice provided by Albourne. Please also see Item 12
of this brochure concerning Albourne’s brokerage practices.

Neither Albourne nor any of its supervised persons accept compensation for the sale of securities
or other investment products to clients.

Item 7.        Types of Clients

Albourne provides non-discretionary investment advice primarily to the following types of clients:

   •   Banking or thrift institutions
   •   Pension and profit-sharing plans
   •   State and municipal government entities
   •   Trusts, estates, or charitable organizations
   •   Corporations and other business entities
   •   Universities and endowments
   •   Other investment advisers
   •   Insurance companies

Certain private investment funds that are the subject of Albourne’s advice are subject to U.S.
securities law registration exemptions and restrictions that prohibit them from engaging in general
solicitations and making public offerings of fund securities in the U.S. Due to these restrictions,
Albourne requires all of its clients to be sophisticated investors.