Allard Partners Limited

ITEM 5 – FEES AND COMPENSATION

Adviser’s Basic Fee Schedule

The specific manner in which fees are charged by Adviser is established by written agreements
with Adviser. Generally, and pursuant to contract, fees for the management of Funds will be based
upon a percentage of the total assets in the Portfolio (including margined assets).

Currently, APL receives a management fee from AGF. For AGF and the other Funds, the
management fee is generally equal to 1.25 percent (1.25%) per annum of the net assets of AGF
and the other Funds and is paid monthly for the Funds, including AGF.

AGF investors may receive more favorable terms that are not afforded to other investors, such as
reduced management fees for investors who have accounts with assets greater than US$50 million
and employees of Adviser. AGF’s details, including the associated management fees, other
expenses, and investment strategies, are described in its information memorandum.

In addition, for AGF and the other Funds, Adviser’s actual fees, minimum fees, and minimum
account sizes may also be negotiated and may vary from the fees described above. A client may
pay more or less fees than similar clients depending on the particular circumstances of the client,
size, additional or differing levels of servicing or as otherwise agreed with specific clients. Clients
that negotiate fees, including a flat fee, may end up paying a higher fee than that set forth in the
fee schedules above as a result of fluctuations in the client’s assets under management and account
performance.

Calculation and Deduction of Fees

APL will generally bill and collect its management fees from AGF on a monthly basis in arrears.
Upon termination of any Funds, any earned, unpaid fees will be due and payable.

Other Fees and Expenses

In addition to investment management fees, investors in the Funds, including AGF, will indirectly
bear any other costs charged to the Funds. Such costs will vary and typically include, though are
not limited to, accounting, legal, fund administration fees and other related costs. Furthermore,
Adviser’s fees are exclusive of brokerage commissions, transaction fees, and other related costs
and expenses which shall be incurred by the client. Clients may incur certain charges imposed by
custodians, brokers, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes
on brokerage accounts and securities transactions.

Such charges, fees and commissions are exclusive of and in addition to Adviser’s fees, and Adviser
shall not receive any portion of these commissions, fees, and costs.

Item 12 further describes the factors that Adviser considers in selecting or recommending broker-
dealers for client transactions and determining the reasonableness of their compensation (e.g.,
commissions).

Prepaid Fees

Adviser does not charge clients fees in advance.

Compensation for the Sale of Securities

Neither Adviser nor Adviser’s supervised persons accept compensation for the sale of securities
or other investment products, including asset-based sales charges or service fees from the sale of
Funds.

ITEM 7 – TYPES OF CLIENTS

Adviser provides portfolio management services to private investment trusts and companies
(“Funds”).