Blakeney LLP

Item 5. Fees and Compensation

Management fees

Blakeney is entitled to receive a management fee of up to 1.50% per annum of Net Asset
Value (“NAV”). In addition, Blakeney is entitled to receive performance based
compensation (“incentive fees”) in the event that performance exceeds a certain threshold
return and NAV is above a high water mark. The exact terms are disclosed in the
documentation of each Client Vehicle.

The management fee is payable monthly in arrears and is deducted from client assets. If an
incentive fee is involved, it is payable annually after the year-end.

All Blakeney’s Client Vehicles pay the fees that are detailed in the documentation of each
vehicle. These fees are non-negotiable and are exclusive of brokerage fees and other
transaction costs. Item 12 further describes the factors that Blakeney considers in selecting
brokers for client transactions and determining the reasonableness of their compensation
(for example, commissions).

Custody and administration fees

Each Client Vehicle is subject to custody and administration fees.

The LP and Private Investment Vehicles pay administration fees in arrears each month end
based on the NAV. The RAIF pays administration fees in arrears on a quarterly basis
calculated on the average NAV during the quarter in question.

Custody fees are payable quarterly in arrears based on the average NAV of the RAIF less
cash during the quarter in question and based on the value of the assets held in custody for
the LP and Private Investment Vehicles.

Blakeney bears all of its own direct administrative and overhead expenses, including all
expenses for research, rent, salaries, wages, bonuses and other employee benefits.

Redemption fees

Investors in the Pooled Funds are subject to a 1% withdrawal fee on withdrawals made
within five (5) years of subscribing.

Other fees and expenses

Each Client Vehicle bears its own operating and administrative expenses including but not
limited to the following:
    • brokerage fees and other transaction costs;
    • accounting, administrative, bookkeeping and tax preparation fees and expenses;
    • legal fees;
    • audit fees;
    • costs incurred in dealing with regulatory authorities in respect of the affairs of the
        Client Vehicles;
    • filing fees and expenses (including certain regulatory filings);
    • directors’ and Advisory Board fees (if any) and expenses incurred by these in
        attending board meetings.

It is critical that investors refer to the relevant offering documents and other
governing documents for a complete understanding of fees and expenses payable. The
information contained herein is a summary only.

Item 7. Types of clients

Blakeney provides discretionary portfolio management services to the Client Vehicles.
Investors in Client Vehicles include endowments, foundations, pension funds and family
offices. All investors must qualify as ‘accredited investors’ and ‘qualified purchasers’ (as
defined in the 1933 Act and 1940 Act respectively). The minimum investment is US$3
million for the LP, US$500,000 for the RAIF and US$30 million for a Private Investment
Vehicle.