Arrow Capital PTY Ltd

Item 5: Fees and Compensation

The fees applicable to the Separately Managed Accounts are set forth in detail in the
Separately Managed Accounts’ Investment Management Agreements. A brief summary of
such fees is provided below.

The Separately Managed Accounts

Management Fees paid by the Separately Managed Accounts are agreed upon between Arrow
Capital and the Separately Managed Account Clients and may range up to 2%. Management
Fees are generally paid monthly in arrears in accordance with the terms of each Investment
Management Agreement.

Generally, Arrow Capital may, in its discretion, reduce or waive all or part of the Management
Fees certain or all of its Clients and/or shareholders at any time.

Other Types of Fees or Expenses

The below expenses may not be applicable to each Client. To the extent permitted under the
applicable Investment Management Agreement, each Client generally bears their own
expenses including, without limitation: the following: transaction-related expenses (which
include all transaction-based expenses incurred in executing investments including brokerage
and prime brokerage fees, commissions, and expenses; expenses relating to reorganizations,
restructurings and workouts; expenses relating to short sales, clearing and settlement
charges; expenses associated with consummating bank debt trades, dealer spreads, custodial
fees and expenses, bank service fees, interest expenses and fees related to financings or
refinancings; and fees and expenses of third-party professionals, including consultants,
investment bankers, attorneys and accountants associated with any potential transaction);
third-party investment sourcing fees; due diligence expenses including consulting and
appraisal fees; investment-related travel expenses (which are travel expenses related to the
purchase, sale or transmittal of, or due diligence regarding investments, whether or not such
investments are consummated, incurred by the Investment Manager or the General Partner);
third party professional fees and expenses (including, without limitation, expenses of
consultants, valuation service providers, risk aggregators, investment bankers, attorneys,
accountants and other experts and third party liquidation service specialists); fees and
expenses relating to research and market data and information technology hardware and
connectivity hardware (e.g., fiber optic lines), software tools, programs or other technology
utilized in managing the Accounts (including, without limitation, third-party costs of software
licensing, implementation, data management and recovery services and custom development
costs and expenses) used to research investments, evaluate and manage risk, facilitate
valuations, facilitate accounting functions, facilitate compliance with the rules of any self-
regulatory organization or applicable law (including reporting obligations), facilitate and
manage the order execution of investments or otherwise manage the Accounts, such as
Bloomberg terminals, portfolio management systems, risk management systems and order
management systems; research and market data (including any computer hardware and
connectivity hardware (e.g., fiber optic lines) incorporated into the cost of obtaining such
research and market data); expert networks; administrative expenses (including fees and
expenses of the Administrator and the Sub-Administrator); fees and expenses relating to the
trade claim database; legal expenses in connection with the Accounts’ ongoing operations
(including the processing of transfer requests, negotiations with prospective investors and
extraordinary legal expenses, such as those related to litigation or investigations or
proceedings involving activities of the Accounts or any trading vehicle; fees and expenses of
third-party risk management products, models and services; external accounting and
valuation expenses (including pricing services and the cost of accounting software packages);
third party audit and tax preparation and filing expenses; costs related to errors and omissions
insurance and directors and officers insurance for the General Partner and the Firm and their
respective affiliates and governing board and any AML officers; fees and expenses of any
governing board; costs of preparing and distributing offering materials, reports and notices;
taxes; corporate licensing; fees and expenses related to compliance with the rules of any self-
regulatory organization or applicable law in connection with the activities of the Accounts or
any trading vehicle, including without limitation, legal fees, any governmental, regulatory,
licensing, filing or registration fees or taxes (including filing fees and expenses associated with
FATCA compliance, if any, and fees and expenses incurred in connection with the preparation
and filing of Form PF, Section 13 filings, Section 16 filings and other similar regulatory filings);
fees and expenses (including director registration fees) of any trading vehicle’s directors and
officers (including any AML Officers); organizational and reorganizational expenses; expenses
incurred in connection with the offering and sale of the Accounts’ interests (including, without
limitation, legal fees, registration and other filing fees and expenses incurred in connection
with negotiating and complying with provisions of any side letter agreement, but excluding

travel expenses) and other similar expenses related to the Accounts (other than any fees
payable to any placement agent, which will be paid by the Firm either directly or indirectly by
reducing the Management Fees owed to the Firm); extraordinary expenses, including the
following: indemnification expenses, fees and expenses incurred in connection with any tax
audit by any taxing authority, including any related administrative settlement and judicial
review; and fees and expenses incurred in connection with the reorganization, dissolution,
winding-up or termination of an Account.
...

Item 7: Types of Clients

Our Clients are the Separately Managed Accounts as described in Item 4 above. In order to
establish a Separately Managed Account with Arrow Capital, a minimum investment of
$20,000,000 is generally required. However, the Firm, in its sole discretion, may accept a lower
minimum investment amount from time to time.