Bluestem Asset Management LLC

ITEM 5 — FEES AND COMPENSATION

        As stated in Item 4 above, we provide investment advisory services to a single private investment
fund. Specific information regarding our advisory fees can be found in Bluestem’s Confidential Private
Offering Memorandum. Prior to the ROC Effective Date, the management fee was based on the value of
the Partnership’s assets under management and was deducted from the Partnership’s assets on a quarterly
basis. Following the ROC Effective Date, cash and cash equivalent balances are excluded from assets under
management when calculating management fees. In addition to the management fee, the Firm previously
received a performance-based allocation from capital gains or asset appreciation of the Partnership.
Following the ROC Effective Date, however, we will waive any future performance allocation.

        Our fees are generally not negotiable. We have the sole discretion, however, to waive or reduce our
advisory fees for partners of the Partnership that are principals, members, employees or affiliates of the
Firm, relatives of such persons and certain other investors.

        In addition to our management fees, the Partnership will also be subject to other investment
expenses such as accounting, auditing and tax, administration, legal and other professional expenses, and
certain investment expenses such as interest on funds borrowed by the Partnership. Notwithstanding the
foregoing, since inception, the Partnership has only been allocated expenses related to: audit and tax,
administration, and use of the line of credit. To date, the Firm has paid legal and other professional
expenses, and certain other investment-related costs of the Partnership. These expenses may, however, be
allocated to the Partnership in the future. Because the Partnership invests assets in pooled investment
vehicles, the Partnership also will bear the pro rata share of the expenses of those investment entities,
including, custodial fees and brokerage commissions, and possible overhead expenses (such as rent,
personnel expenses, equipment, supplies, management and consulting fees and similar expenses). In
addition, the Partnership will also be indirectly responsible for fees charged by the underlying investment
managers with whom the Partnership invests, such as fixed fees (up to 2% of net assets per annum), and
incentive fees or allocations based upon a percentage of profits (up to 25% of profits). The Partnership will
benefit from any reduction in fees that the Firm may negotiate with any underlying investment manager.

        Please refer to Item 12 of this Brochure for a discussion of our brokerage practices.

ITEM 7 — TYPES OF CLIENTS

        As stated in Item 4 of this Brochure, we currently provide advisory services solely to the
Partnership. The Partnership’s investors will generally consist of accredited investors (as defined in
Regulation D promulgated under the Securities Act) and qualified purchasers (as defined under the
Company Act). The minimum initial investment for the Partnership can be found in Bluestem’s Confidential
Private Offering Memorandum.