Bancreek Capital Management LP

Item 5 – Fees and Compensation

As explained more fully in the Client’s Governing Documents, BCM’s compensation for the
investment advisory services it provides to Clients may be comprised of an asset-based management
fee (“Management Fee”) and a performance fee (the “Performance Fee”) that is based on a share of
the realized and unrealized net profits or capital appreciation of the Client’s assets.

The Fund offers multiple classes of interests with varying Management Fees, Performance Fees,
and liquidity values. The SMAs’ Management Fees and Performance Fees will be pursuant to the

negotiated terms of the applicable Governing Document. BCM, in its sole discretion, may reduce,
waive, assign, participate or otherwise share the Management Fees or Performance Fees.
Modification of these terms may, in some cases, be based upon, among other things, the amount of
a Client’s investment, an agreement by a Client to maintain such investment for a specified period
of time, or other commitments by a Client. Additionally, officers and employees of BCM may invest
on terms that are more advantageous than those of BCM’s Clients. The fees and expenses applicable
to the Client is set forth in detail in each of the Client’s Governing Documents. A summary of fees
and expenses is provided below.

Management Fee

BCM is paid a quarterly Management Fee, payable in advance as of the first day of each quarter in
an amount ranging from 0.25% to 0.3125% (1% to 1.25% per annum) of the net asset value of the
Client’s account as of the end of the prior quarter. The Management Fee will be prorated for any
period that is less than a full quarter.

BCM, in its sole discretion, may, in effect, waive or reduce the Management Fee to be paid to it by
any Client or Investor.

Performance Fee

BCM or its affiliate, the General Partner, is entitled to receive a Performance Fee, which is
compensation that is based on a share of net capital appreciation of the assets of the Client’s or
Investor’s account. This Performance Fee ranges from 15% to 20%. The General Partner may, in
its sole discretion, waive or reduce the Performance Fee to be allocated to it by any Client or
Investor. The Performance Fee is subject to a “high water mark” and/or “hurdle” determined as of
the end of each calendar year and/or as of the date of any withdrawal.

Expenses

In addition to paying a Management Fee and Performance Fee, Investors in the Fund typically pay
investment-related expenses. Such expenses include but are not limited to brokerage transaction
costs, custodial fees, bank service fees, interest on borrowings, taxes, tax preparation fees, audit
fees, accounting fees, execution and other third-party information software and systems, exchange
fees, fees charged by the administrator, expenses attributable to regulatory filings to the extent made
with respect to the Fund or the assets of the Fund, and legal expenses. BCM seeks to allocate
expenses fairly, equitably, and consistent with the Governing Documents.

More detailed information about the fees and expenses may be found in the applicable Governing
Documents.

Item 7 – Types of Clients

BCM’s Clients consist of the Fund and SMAs. The Fund, which is a pooled investment vehicle is
intended for institutional investors and other sophisticated investors.

The minimum investment varies by Client (generally $1 million) and is subject to the discretion of
BCM and/or General Partner. Investors must meet minimum qualification standards as described
more fully in the Fund’s Governing Documents.