Barlow Partners Inc

Item 5. Fees and Compensation

Asset-Based Compensation:

The Adviser charges each client an investment management fee based on the value of the client’s assets
under management. The Adviser is generally paid a quarterly management fee calculated at the annual
rate of 1% of the net assets of each client. The fee is charged quarterly in arrears based on the value of
the net assets of each client as of the last day of each quarter. The management fee is prorated for any
period that is less than a full calendar quarter and is adjusted for subscriptions and redemptions made
during the quarter.

With respect to clients that are pooled investment vehicles, the Administrator deducts the investment
management fees from such clients’ accounts. The Adviser bills clients that are separately managed
accounts for investment management fees.

In addition to paying investment management fees, client accounts will also be subject to other
investment expenses such as legal, audit, administration, and accounting expenses. Client accounts in
registered investment companies will also bear any mutual fund expenses. Since client assets are
invested in pooled investment vehicles, clients will also bear their pro rata share of the underlying funds’
fees, operating expenses and other expenses, including legal, audit, administration, and accounting.

Item 7. Types of Clients

The Adviser’s clients consist of pooled investment vehicles and separately-managed accounts for
sophisticated financial institutions.

The Adviser generally requires a client to invest a minimum of $10,000,000 to open a separately-
managed account. The Adviser may, in its discretion, require a different investment minimum for any
account.

With respect to any client that is a pooled investment vehicle, initial and additional subscription minimums
are disclosed in the offering memorandum of the pooled investment vehicle.