Banyan Tree Asset Management LLC

ITEM 5 – FEES AND COMPENSATION

Separately Managed Accounts

Fees are assessed quarterly and in arrears and are generally based upon the percentage of assets under
management and upon the average daily balance for the prior quarter. Alternatively, for fixed income
securities sold short, management fees shall be based upon the par amount of the bonds sold with no
adjustment or offset for short cash balances.

For positions bought on margin, management fees will be based upon the market value of those positions
and will not be offset by any margin debit balance owed. We encourage clients to contact us to discuss the
amount of margin and short selling to be used in their account and how these leveraged transactions may
impact the fees paid and the performance of their account over time.

Client assets will be maintained in the custody of broker-dealers and other qualified custodians. Our fee is
based on the values and prices provided by your custodian and independent pricing services, except in
cases where BTAM is required to determine a fair value for an instrument.

Our standard fee schedule is detailed below:

                             Assets Under Management
                               From            To                  Annual Fee

                                 $1            $20,000,000            0.50%
                           $20,000,001         $50,000,000            0.45%
                           $50,000,001         $100,000,000           0.40%

                                $100,000,001 and Over               Negotiable

Clients generally authorize us to have their custodian pay us directly by charging their accounts for
management fees. This authorization is included in your investment management agreement. BTAM can,
upon request as an alternative, invoice you directly.

Your custodian will provide you with regular monthly statements that show the amount paid directly to us.
We urge you to review your custodial statements and verify the calculation of our fees. Your custodian
assumes no accountability nor does it verify the accuracy of our fee calculations. In addition to our fee, you
may be required to pay other charges, including, but not limited to (i) custody fees, (ii) brokerage fees
(including any “mark-up” or “mark-down” embedded in the price of fixed income securities sold in the
principal market), (iii) transaction fees, (iv) internal fees and expenses charged by mutual funds or exchange
traded funds (“ETFs”), (v) margin interest, where applicable, (vi) expenses associated with selling securities
short, where applicable, and (vii) other fees and taxes on brokerage accounts and securities transactions.

Mutual Funds and ETFs

Mutual fund companies and ETF issuers charge internal fees and expenses for their products. These fees
and expenses, which are not shared with BTAM, are in addition to any advisory fees charged by us.
Complete details of these internal fees and expenses are detailed in each fund’s prospectus. You are
strongly encouraged to read these explanations before investing. We encourage you to ask us any
questions you have about these third-party fees and expenses as they will reduce your overall rate of return.

Termination

Should either one of us terminate the investment advisory agreement we have entered into before the end
of a billing period, you shall be responsible for prompt payment of any earned and unpaid management
fees for the portion of the quarter we provided you investment management services prior to termination.
This daily fee is calculated by dividing the number of calendar days in the quarter that our agreement was
in effect by the number of days in the quarter and applying the quarterly fee rate. This amount, which
equals the amount we earned for the partial quarter, shall be invoiced to you or, if established with your
custodian, debited directly from your account.

Pooled Investment Vehicles

The terms of each investor’s agreement with BTAM (“Investor Agreement”) will govern the advisory fees
they pay BTAM. BTAM typically charges investors an annual “Management Fee” based upon a percentage
of net asset value determined by the terms of the Investor Agreement.

The Management Fee shall be payable each calendar quarter in arrears or upon the withdrawal of a Limited
Partner from the Fund; the average month-end Capital Account balance shall be used to determine the fee.
The Management Fee will be prorated for periods of less than a full calendar quarter.

Other Fees and Expenses

Investor Agreements typically require Clients to reimburse BTAM for certain expenses BTAM incurs in
connection with performing its investment management services. These expenses are set out in the
applicable offering documents and include, for example: brokerage and other transaction costs, all custodial
and similar charges and third party charges (e.g., legal and accounting fees, etc.).

ITEM 7 – TYPES OF CLIENTS

We provide advisory services primarily to high-net worth individuals and institutions. The assets of high-net
worth clients may be held in individual, joint custody, trust, limited partnership, corporate, retirement, or
other similar accounts. Institutions may include banks, corporations, insurance companies, pension plans,
and trust companies.

BTAM generally imposes a $20,000,000 minimum account size for all client relationships, including initial
investments in pooled investment vehicle(s), although this minimum may be waived in our sole discretion.
For purposes of this minimum, a client may be engaged based upon an aggregated amount of assets
available for management.