Boussard & Gavaudan America LLC

Item 5          Fees and Compensation

BGIM (the “Investment Manager”) will direct the Fund to pay to the Sub-Investment Manager, by way
of remuneration for its discretionary investment management of the Sub-Investment Manager
Portfolio, such fees as may be agreed from time to time.

All clients advised by BGA will bear their own operating costs and expenses. Investors should consult
offering documentation for a comprehensive explanation of these costs and expenses. Expenses
borne by clients, in addition to the fees paid to the BGA, will include costs associated with their
operation, including but not limited to the following: investment-related expenses (e.g., exchange and
brokerage commissions, exchange deposit and withdrawal fees, clearing and settlement charges,
custodial fees, interest expenses), legal expenses, accounting fees and audit expenses, administrative
fees, tax preparation expenses and any applicable tax liabilities.

Please refer to Item 12, Brokerage Practices, for a summary of BGA practices regarding selection of
broker-dealers and trading.

Item 7         Types of Clients

BGA has been appointed as Sub-Investment Manager to manage and invest the assets of the Fund.

Investors in the Fund are Qualified Purchasers, as defined in the Investment Company Act of 1940 or
Professional Investors, as defined in the FCA and European regulations, including:
    -   Corporations
    -   Designated bodies
    -   Individuals (high net worth only)
    -   Asset manager
    -   Limited Liabilities Companies
    -   Partnerships
    -   Trusts

The minimum initial investment for the Fund is €100,000 or its equivalent in US Dollars in aggregate
across all Classes subscribed.

The Investment Manager may waive the minimum investment level at its discretion.