ANQA Management LLC

Item 5.     Fees and Compensation

Asset-Based Compensation

Anqa charges each Investor an investment management fee ranging from 1.0% to 2.0% per annum.
Investment management fees are charged each quarter in advance based on the total market value of the
assets in the Investor account (including net unrealized appreciation or depreciation of investments and
cash, cash equivalents and accrued interest) on the first day of the quarter. If a new Investor account is
established during a quarter or an Investor makes an addition to its account during a quarter the
investment management fee will be charged as of the effective date of the investment management
agreement or the date of the additional contribution based on the value of the assets as of the applicable
date and will be prorated for the number of days remaining in the quarter.

Investment management fees may be waived or reduced for certain Investors of a Client Account. Anqa
deducts the investment management fee from Investor accounts by instructing the Clients' custodian to
deduct the investment management fee. Pre-paid fees will be refunded pro rata based on the number of
days remaining in the quarter if the advisory contract is terminated before the end of a quarter.

Performance-Based Compensation

Anqa receives an annual performance-based allocation, which is compensation that is based on a share
of capital appreciation of the assets of the Clients. This compensation may be allocated to Anqa or to a
related person of Anqa and generally ranges from 16% - 20%, subject to a loss carryforward provision.

The performance-based allocation may be waived or reduced for certain Investors in a Client. In addition
to paying investment management fees and performance-based compensation, Client Accounts will also
be subject to other investment expenses such as commissions and related costs, research fees and
expenses, travel expenses for research, interest on margin accounts and other indebtedness, borrowing
charges on securities sold short, custodial fees, bank service fees; other reasonable expenses related to
the purchase, sale or transmittal of Client assets and legal, internal and external accounting (including

technology), audit and other professional fees and expenses. Client assets are invested in a master-feeder
structure. Feeder funds bear a pro rata share of the expenses associated with the related master fund. In
addition, Clients will incur brokerage and other transaction costs. Please refer to Item 12 of this Firm
Brochure for a discussion of Anqa’s brokerage practices.

Item 7.    Types of Clients

Anqa’s Client are private pooled investment vehicles. The Clients’ initial subscription minimum is
$5,000,000. This amount can be reduced or waived at Anqa’s discretion. There is no required minimum
on additional subscriptions.