Bloombergsen Inc

Item 5 – Fees and Compensation

 Funds:

 The Firm receives monthly management fees (the “Management Fees”) at the beginning of
 each calendar month equal to 1/12 of the applicable rate times the aggregate Net Asset
 Value of the applicable Class, as follows:

 Class of Units                  Investment Level                Management Fee

 Class A                         Less than $5,000,000            1.50%

 Class B                         $5,000,000 or more              1.25%

 Class E                         $50,000,000 or more             1.15%

 Class G                         $100,000,000 or more            1.00%

 Management fees are paid monthly in arrears.

 BloombergSen, or an affiliated entity, may also receive an annual performance-based
 allocation (refer to “Item 6 - Performance Based Fees and Side-by-Side Management” below
 for additional information) with respect to the Funds it manages.

 Specifically, BloombergSen may receive a Performance Fee of 20% of the amount in excess
 of the Hurdle Rate by which the net asset value per unit has increased over the year for the
 following funds: the RSP Fund and the CAD Master Fund.

BloombergSen Holdings LP is a limited partnership formed under the laws of the Province
of Ontario (“Holdings LP”). With respect to the US Master Fund, Incentive Allocations may
be distributed by the US Master Fund to the Holdings LP, which in turn will distribute all or
substantially all of such amounts to its limited partners, who are currently the shareholders
of the BloombergSen, the investment manager of the US Master Fund.

Managed Accounts:

Fees for Managed Accounts are subject to negotiation and are established pursuant to each
Managed Account's investment management agreement. Generally, investment
management agreements are terminable upon receipt by either party from the other of
prior written notice of termination and after the expiration of a certain notice period and
Managed Account clients will be entitled to any unearned prepaid portion of the
management fee to the extent applicable.
The Firm’s fees are exclusive of brokerage commissions, transaction fees, and other related
costs and expenses which shall be incurred by the client. Clients may incur certain charges
imposed by custodians, brokers, third party investment and other third parties such as fees
charged by managers, custodial fees, deferred sales charges, odd-lot differentials, transfer
taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage
accounts and securities transactions.

For separately managed accounts, the specific manner in which fees are charged will be
established in a client’s written agreement with the firm.

Item 12 further describes the factors that the Firm considers in selecting or recommending
broker-dealers for client transactions and determining the reasonableness of their
compensation (e.g., commissions).

Item 7 – Types of Clients

The Firm primarily provides investment advice to Funds offered to investors on a private
placement basis. Additionally, BloombergSen advises a small number of Managed Accounts.
The Firm generally requires a minimum investment of $25,000,000 for a prospective client
to open a Managed Account.

The offering documents of each Fund may set minimum amounts for investment by
prospective investors in such Funds. These minimum amounts may be waived by
BloombergSen.