Blue Ocean Investment Partners Limited

Item 5. Fees and Compensation

Blue Ocean provides investment advice to clients via discretionary management of separately managed
accounts via its Wrap Fee Program and outside of its Wrap Fee Program. Wrap Program Fees and
standard advisory fees are negotiable. Under the Wrap Fee Program, clients pay a single fee for
discretionary investment management services and trade execution costs. You do not pay separately for
commissions for each trade we execute in this type of account. Instead, we incur the cost of executing
securities transactions. This creates a conflict of interest because Blue Ocean is incented to initiate fewer
trades in your Wrap Program Fee Account to minimize expenses for us. To manage this conflict of
interest, we review trading activity on a quarterly basis to identify any unwarranted inactivity. We note
that our long-term investment approach and focus on minimising capital gains recognition may result in
less frequent trading, which is consistent with our strategy and in our clients’ interest. All accounts,
whether inside or outside the Wrap Fee Program, are traded in a similar fashion. Clients outside of the
Wrap Fee Program pay trade commissions directly.

Our fee schedule is as follows and includes a combination of management and performance fees:

                                              Management Fee        Performance Fee
                          Fee Option 1             2%                     20%
                          Fee Option 2             1%                     30%
                          Fee Option 3            0.5%                    35%

Both the management and performance fees are negotiable and Blue Ocean can waive or modify its fees,
in whole or in part, in its exclusive discretion. Prior to us accepting you as a client, we will discuss the
selection of fees that is most appropriate for you. Lower fees for investment advisory services are
available from other advisers.

For the avoidance of doubt, our client accounts will incur certain fees and expenses (including but not
limited to SEC transaction fees) which are disclosed in confirmations and/or account statements. The
custodian may charge additional costs which are not included in the wrap fee program for services such as
custody, record keeping and reporting.

For non-qualified clients, Blue Ocean can charge an asset-based management fee calculated as a
percentage of assets under management of up to 2.0% per year. Fees are negotiable. The management fee
is calculated and collected daily in arrears by the custodian and credited to the benefit of Blue Ocean. No
management fees are charged in advance.

For qualified US clients, clients who are not US Persons, and institutional clients, Blue Ocean charges
performance fees. Performance fees can range from 0% to 35% and are dependent on the associated
management fee. We maintain active client accounts who historically opted for a 0% management fee and
a 40% performance fee; however this fee is not available to new clients. As fees are negotiable, we can
alter the performance fee for clients and such variation can be due to the amount the client is willing to
invest or such other economic factor.

Performance fees are charged on the gains above a client agreed benchmark or absolute return hurdle.
While the MSCI World Small Cap Index is the Firm’s preferred benchmark, all existing clients selected
the S&P 500 Index as their agreed benchmark at the time of onboarding. Clients are not required to
change their selected benchmark and Blue Ocean will not request a change unless it would be in the
client’s interest to do so. We can negotiate and agree to other recognized equity indices with new clients.
Gains include both net realized and unrealized profits and losses. Gains are calculated net of management
fees.

Performance fees are subject to a high-water mark of previously billed performance versus the agreed
benchmark. No fee will be charged if the aggregated total profit from all calendar years since the high-
water mark, prorated for withdrawals, is negative.

Performance fees, if applicable, are computed at the end of each calendar year by Blue Ocean and notified
to the client. Performance fees are then submitted to the custodian for payment.

Important information about the deduction of advisory fees:

    •   Clients must provide authorisation for the custodian to deduct fees by signing Blue Ocean’s
        investment management agreement (“IMA”) and an account agreement with the custodian.

    •   Clients can access their accounts via the custodian online platform, which shows their holdings
        and Blue Ocean’s fees. Additionally, the custodian, at each calendar quarter, issues by mail a
        detailed statement including information on holdings, fees, securities bought and sold.
    •   Clients are responsible for reviewing the accuracy of fees billed.

Blue Ocean does not utilize soft dollar arrangements. We pay trade commissions for Wrap Fee Program
clients and bear all research-related expenses directly for all clients. Clients can incur custody fees, broker
interest, minimum activity fees, taxes and duties, international exchange costs, wire transfer costs,
regulatory fees, security lending fees, and other costs related to operating and maintaining an investment
account. These commissions and fees are charged or passed through by the custodian and not by Blue
Ocean.

Blue Ocean does not collect fees in advance of providing its services.

Neither Blue Ocean nor any of its employees accept compensation for the sale of securities or other
investment products.

Ongoing fees reduce the value of an investment portfolio over time. Because of the fees you pay, you
have a smaller amount invested that is earning a return whether the fee is paid separately or debited from
a portfolio’s assets. You are encouraged to discuss the impact of fees with us.

Accounts can be terminated with three-day notice by clients.

Item 7. Types of Clients

Blue Ocean provides investment advice to individuals (including joint accounts and individual retirement
accounts), and trusts, and is open to providing these services to endowments, foundations, and other
corporate entities. Such investment advice is provided to clients in the United States and in other
jurisdictions. We accept clients who initially invest at least $250,000, which at Blue Ocean’s discretion
can be reduced.

Our US clients include qualified clients (generally, persons with net worth, excluding primary residence,
greater than $2.2 million or persons with assets under management with Blue Ocean of greater than $1.1
million), institutional clients and non-qualified clients. Outside of the United States, we offer our
discretionary investment strategy to clients who are eligible counterparties or professional investors, as
determined in each jurisdiction. We do not offer non-discretionary service.