Ancala Partners LLC

Item 5: Fees and Compensation

Fees

Ancala US is paid an advisory fee by Ancala UK, pursuant to the SLA based on transfer pricing
analysis as agreed from time to time with Ancala UK, taking into consideration (a) the compensation
of the employees who provide the advisory services and (b) any overhead and expenses directly
attributable to the provision of the services. Ancala US will bill Ancala UK for fees incurred. The service
fee is payable in arrears, on a quarterly basis or more frequently if required. Ancala US is not entitled
to any other compensation other than that paid by Ancala UK.

Ancala US does not share directly in fees paid by Ancala UK clients or Funds. Certain employees of
Ancala US, however, currently hold or will be awarded in the future a percentage of Carried Interest
in Funds or other investment vehicles managed by Ancala UK.

Additional Fees and Expenses

Ancala US does not receive any additional fees other than those disclosed under “Fees” above. Any
reasonably incurred expenses by Ancala US for the provision of its services to Ancala UK shall be
reimbursed by Ancala UK, part of which may be recharged by Ancala UK to a Fund or its clients in line
with the relevant clauses set out in the Fund or other contract/agreement.

Ancala US does not have authority to withdraw assets from any client or Fund account for payment of
fees and expenses. However, as further described in Item 15 below, certain of our affiliates do have
authority to do so.

Item 7: Types of Clients

As noted in Item 4 above, we provide advice solely to Ancala UK on a non-discretionary basis. Ancala
US does not anticipate having any other clients currently.

Investors reviewing this brochure should not construe this as an offer to sell or solicitation of an offer
to buy the securities of any of the Funds sponsored by Ancala UK. Any such offer or solicitation will
be made only by means of the applicable Fund’s governing documents.