Ashford Investment Management LLC

Item 5 - Fees and Compensation

Fees

In consideration of the services provided to the Account, the Account bears all costs and expenses of
AIM, including, but not limited to, all costs, expenses and payments for salaries and bonuses; office
rent; office supplies; marketing-related expenses; legal and compliance expenses related both to the
Account and AIM; consultant’s fees and expenses, including, but not limited to, compliance
consultants; all other overhead costs of AIM, including, without limitation, insurance; computer and
trading systems, equipment and software; telephone, fax and email systems; research costs and
expenses; and any other operating expenses of AIM.

AIM may receive expense reimbursements or other fees in exchange for managing other Clients as
negotiated between AIM and each such Client. Fees are negotiable. Once expenses have been

incurred with respect to the Account, AIM sends monthly invoices to the Client or its custodian to be
paid by check or other means. However, other Clients may also authorize AIM to deduct fees
automatically from their brokerage accounts.

Expenses

Organizational Expenses. The Account shall bear all costs and expenses related to its establishment
and ongoing maintenance.

Investment and Operational Expenses. The Account bears all costs and expenses directly related to
its investment program, including, but not limited to, all costs, fees and expenses directly related to
investments or prospective investments (whether or not consummated) for the Account, including
research and due diligence costs related to an investment; brokerage commissions and other
execution and transaction costs, interest on, and commitment fees and expenses arising out of, debit
balances or borrowings; exchange, clearing and settlement charges; technology-related trading costs,
including, but not limited to, order management and accounting systems; fees and expenses of any
third-party providers of “back office” and “middle office” services relating to trade settlement;
market data and analytics services, including, but not limited to, Bloomberg terminals and data
services provided through Bloomberg; travel expenses; appraisal fees; specific expenses incurred in
obtaining, maintaining or performing systems, research and other information, including information
service subscriptions, utilized with respect to the Account’s investment program, including, without
limitation, for portfolio management, valuations and accounting purposes, including the costs of
statistics and pricing services, service contracts for quotation equipment and related hardware,
software, phone and internet charges; investment banking fees and expenses; borrowing charges on
investments sold short; custody fees; and fees of consultants and finders relating to investments or
prospective investments of the Account; any withholding, transfer or other taxes imposed on, or
payable by, the owner of the Account; and any expenses relating to organizing investment
subsidiaries through which investments may be made.

The Account also bears all out-of-pocket costs of its administration, including, but not limited to, any
governmental, regulatory, compliance, licensing, filing or registration fees incurred by AIM in
compliance with the rules of any self-regulatory organization or any federal, state or local or other
applicable laws; to the extent permitted by applicable law, any legal fees and costs (including
settlement costs) arising in connection with any litigation or regulatory investigation instituted
against AIM in its capacity as such, or otherwise, involving Account activities; the cost of the audit
(if any) of the Account; the fees and expenses for financial and tax accounting, bookkeeping and
reporting services, and administrative services performance by any person on behalf of the Account;
the fees and expenses of AIM’s counsel in connection with advice directly relating to the Account’s
legal affairs and tax-related or regulatory-related issues; the costs of any litigation or investigation
involving activities of the Account; the costs and fees of any outside appraisers, accountants,
administrators, attorneys or other experts engaged by AIM; the costs and expenses associated with
meetings with the owner of the Account; the costs associated with maintaining “directors and
officers” or similar liability insurance for the benefit of AIM all reasonable costs and expenses
associated with reporting and providing information to the owner of the Account; and any costs or
expenses of winding up and liquidating the Account.

However, AIM may, in its sole discretion, choose to absorb any such expenses incurred on behalf of
the Account.

The expenses paid by any other Client that opens an account with AIM will be negotiated between
AIM and such Client.

Prospective investors should review Item 8 – Methods of Analysis, Investment Strategies and Risk of
Loss for additional information on brokerage.

Neither AIM nor any of its supervised persons accepts compensation for the sale of securities or
other investment products.

Item 7 - Types of Clients

AIM currently provides investment management services primarily to the Account. AIM may in the
future offer investment management services to SMAs and other institutional clients. Investors in the
Clients may include banks or thrift institutions; pension or profit-sharing plans; trusts, estates, or
charitable organizations; family offices; high-net worth individuals; corporations; and other
organizations.

Minimum account size is generally negotiated between AIM and each SMA, but is not typically
expected to be any less than $25,000,000. Any minimums may be waived by AIM in its or its
affiliates’ discretion.