Ardevora Asset Management LLP

Item 5.        Fees and Compensation

Fees For Segregated Account Clients

Ardevora charges a management fee, payable monthly or quarterly, of up to 1% of the net
assets of the relevant mandate. In addition Ardevora may be entitled to a performance related
fee, which is described in more detail in Item 6 below.

Fees relating to segregated mandates are negotiated with each client on a case by case basis
and will be based on a variety of factors that may include the nature and complexity of the
particular mandate or fund, the nature of the services provided or the size of the investment.
These arrangements are fully described in the client mandate. We may offer lower fees to
investors in certain circumstances, for example on size considerations or for early investors
in a newly established strategy.

Payment frequency varies between different clients and is agreed with clients prior to the
provision of any discretionary investment management services. The majority of segregated
accounts are calculated and billed quarterly in arrears. For the initial or final billing period,
fees are usually prorated based on the number of days for which the service is provided.
Ardevora does not charge additional fees for termination or redemption of any investments.
Ardevora’s fees are exclusive of certain costs and expenses relating to the management of
client investments such as brokerage commissions, transaction fees, transfer fees, registration
fees, or other fees which may be incurred by the clients. Item 12 provides more information
on our brokerage practices. Depending on the tax jurisdiction some fees may also be subject
to ad valorem tax or other government taxes, or transactions may be subject to withholding
taxes payable and required to be withheld by issuers or their agents. Clients may also incur
custody fees, administration fees and bank charges for operating their own segregated
accounts.

Ardevora’s sole business activity is investment management and we do not receive
compensation from any party other than an investment management fee from the client.

Fees for Private Funds

Management Fees: Each Private Fund pays Ardevora management fees, which are accrued
daily and paid monthly in arrears, based on an annual rate of up to 1.0% of the Private Fund’s
net asset value. Management fees will be paid in accordance with the daily accruals as at the
date of redemption in the event of a liquidation or redemption on a date other than a
permitted redemption date.

Other Fees and Expenses: Incidental expenses for each Private Fund will include custodial
charges; brokerage fees, commissions and related costs and expenses; governmental charges,
taxes and duties; transfer fees, registration fees and other expenses associated with buying,
selling or holding investments; and withholding taxes payable and required to be withheld by
issuers or their agents. Each Private Fund also bears expenses such as legal, accounting,

offering and printing, regulatory or tax compliance expenses, operational expenses, audit
expenses and administrative expenses. Each investor bears a pro rata share of all Private Fund
fees and expenses.

From time to time, Ardevora may agree to limit the total expenses of a Private Fund, including
Ardevora’s management fee.

Item 7.         Types of Clients

Segregated Account Clients

Ardevora offers segregated discretionary portfolio management services to professional and
institutional investors and financial institutions such as retirement plans for corporate and
government entities, charitable institutions, foundations, investment trusts, wealth managers,
insurance companies and multi‐manager funds.

We do not offer investment management services to private individuals such as retail or high
net worth investors.

The minimum account managed by Ardevora should generally be at least US$75 million,
although we may at our discretion and in certain circumstances manage accounts of lesser
amounts.

Ardevora also serves as adviser or sub-adviser to pooled funds operated by other financial
institutions.

Private Funds

Interests in the Private Funds are not registered under the Securities Act of 1933, as amended
(the “1933 Act”), and therefore are offered only to “accredited investors” under the 1933
Act’s Regulation D. Private Fund investors in the United States are generally professional and
institutional investors. The minimum initial investment amount for investors in the Private
Funds ranges from £5,000 to £50,000.

IMPORTANT NOTE:

The Private Funds may be offered only through a prospectus, which may be provided to
current and prospective investors only by Ardevora or another authorised party. In no event
should this Brochure be considered to be an offer of interests in the Private Funds or relied
upon in determining whether to invest.

This Brochure is not intended to, and does not, represent a complete discussion of the
features, risks or conflicts associated with the Private Funds. While this Brochure may include
information about the Private Funds and may be provided to current or prospective investors,
this Brochure is designed solely to provide information about Ardevora for the purpose of
compliance with the Investment Advisers Act of 1940, as amended (the “Advisers Act”) and,
as such, responds to requirements under the Advisers Act, which may differ from the
information provided in the prospectus. To the extent there is any conflict between this
Brochure and the prospectus, the prospectus shall govern.