Bayforest Capital Limited

Item 5 – Fees and Compensation

The Investment Adviser is compensated through various fee structures, including asset-based
management fees and performance-based fees. Asset-based fees are typically fixed annual fees, paid
monthly, based on AUM. A performance fee is based upon a percentage of the net profits of the account
being managed. Typically, when calculating net profits, performance fees are agreed upon over a defined
time period, such as quarterly or annually, and are subject to high water marks and loss carryforwards. As
more fully described below, the Investment Adviser invoices for fees in arrears, according to the terms of
the pertinent investment management agreement, fund offering documentation or other governing
documentation. The anchor price for fees is currently 2% management and 20% of annual performance
but managed accounts have been negotiated to different levels historically and the fund offering
documents detail the full share class fee structure, please refer to this document for the fees of fund
investments.

Brokers charge fees for clearing and execution as well as other fees such as interest rate spreads and
stock borrow. The firm attempts to standardize these fees across brokers and accounts, however this is
not always possible.

Each fund structure pays its own administration, legal, audit, directors and other standard operational
costs. These are detailed more completely in the relevant fund / managed account documentation.

The Bayforest Innovation Fund Limited fee schedule is below. This is a Cayman master / feeder fund,
with an offshore and Delaware onshore feeder. Many of these share classes are restricted and not
available, such as a staff share class and a founder share class. Investment into the fund is restricted to
allocators approved by the fund directors and manager.

                                                      Bayforest Capital Limited – Part 2A of Form ADV: Firm Brochure

Separately Managed Accounts

Generally, advisory fees for Managed Accounts are separately negotiated with each institutional client and
are based upon a percentage of AUM. Performance fees for Managed Accounts are similarly negotiated
with each institutional client. Fees are based upon the fee methodology agreed to within the Investment
Management Agreement or other governing documentation of each Managed Account.

Additional Information

Advisory fees are negotiable for clients or investors in certain circumstances and the Investment Adviser
from time to time enters into individual agreements with clients or investors with respect to, among other
things, the amount of investment, lock ups, liquidity, and management fee structure or performance fee
structure.

                                                      Bayforest Capital Limited – Part 2A of Form ADV: Firm Brochure

Item 7 - Types of Clients

Bayforest offers investment management services to a diverse range of institutional clients, which include
investment companies, pooled investment vehicles, pension and profit sharing plans, charitable
organizations, state or municipal government entities, other Investment Advisers, insurance companies,
sovereign wealth funds, foreign official institutions, corporations, and various business entities.
Additionally, the Investment Adviser extends its investment management services to independent
registered investment advisors, family offices and a limited number of accredited investors or qualified
purchasers that qualify. The investment advisor does not market to ‘retail investors’.

The investment minimums set by the Investment Adviser may vary depending on the vehicle, such as
Separately Managed Accounts or investments in the Bayforest Innovation Fund Limited. Bayforest retains
the right to waive these minimums. Typically, Managed Account minimums are currently US$50 million
notional allocation, while the standard minimum investment for the Fund is outlined in the offering
memorandum. The Investment Adviser’s Board of Directors also has the authority to waive investment
minimums for specific clients or subscribers as deemed appropriate.

                                                        Bayforest Capital Limited – Part 2A of Form ADV: Firm Brochure