Bow Street LLC

Item 5: Fees and Compensation
Bow Street receives compensation for advisory services provided to Clients through a
combination of fees based on a percentage of assets under management and performance-
based amounts.

Bow Street typically receives a management fee up to 1.5% per annum based on the value of
each investor’s capital or shares account. The management fee is paid quarterly in advance
based on the net–asset value of the first business day of each calendar quarter. In addition,
Bow Street or one of its affiliates may receive a performance fee as discussed in item 6. In
general, the fees for the investments in the Funds are not negotiable. However, fees may be
waived or reduced for Fund investors at the sole discretion of Bow Street, such as for eligible

employees and their family members and for strategic investors who have made particularly
timely or material investments in the Funds or other separately managed vehicles that invest
alongside the Funds. The Managing Partners currently serve on the boards of portfolio
companies in which certain Funds invest and receive fees for such services. Any offsetting
arrangement relating to these fees are set forth in the relevant Fund’s Offerings Documents
(as defined below). In addition to management and performance fees, investors will bear
indirectly the fees and expenses charged to the Funds. Those fees and expenses will vary, but
typically will include fees associated with fund administration, prime brokerage, legal,
accounting, taxes, research and trading.

In addition to management and performance fees, Bow Street also earns fees for providing
operational services to the investments of certain of the Funds.

Further information regarding Bow Street’s fees, expenses and operational services can be
found in each Fund’s Confidential Offering Memorandum, Limited Partnership Agreement, or
Articles of Association (referred to collectively as “Offering Documents”).

The Funds are offered only to “qualified purchasers,” as defined in 2(a)(51)(A) of the
Investment Company Act of 1940, as amended (the “Investment Company Act”).

Management fees with respect to any Sub-advised account will be calculated in accordance
with the terms of Sub-advised Account’s investment advisory agreement and will be negotiated
in conjunction with the drafting of each agreement. For Sub-advised Accounts the Firm typically
bills its fees quarterly in advance. Sub-advised accounts typically bear the expenses related to
the account, including trading cost, custody fees and other similar expenses directly. For more
information on the Firm’s brokerage practices and transaction costs and fees related to such
services, please see Item 12, Brokerage Practices, on page 9 of this Brochure.

Neither the Firm nor any of its supervised persons accepts compensation for the sale of
securities or other investment products.

Item 7: Types of Clients
Bow Street provides investment advisory services to the Funds based on the particular
investment objectives and strategies described in the applicable Fund’s Offering Documents.
Investment advice is provided directly to the Funds, subject to the Firm’s direction and control,
and not individually to the investors in such Funds.

Bow Street seeks to obtain an investor base generally comprised of institutional investors (such
as endowments and foundations), fund of hedge funds, private bank clients and high net-worth
individuals.

Bow Street has established a minimum dollar amount to invest in each Fund. Bow Street’s
minimum account size and any initial and additional subscription minimums are disclosed in
the applicable Offering Documents for each such Fund. Bow Street may waive or alter the
minimum investment amount at its discretion.

Bow Street may from time to time enter into agreements (collectively, “Side Letters”) with one
or more investors of a Fund which provide such investor with additional and/or different rights
(including, without limitation, with respect to management fees, the performance allocations,
withdrawals, access to information, minimum investment amounts and liquidity terms).

Bow Street also provides investment advisory services to separately managed accounts, as
well as to the Sub-advised Accounts, which may be a portion or all the assets of another pooled
investment vehicle.