Broad Reach Investment Management LLP

Item 5: Fees and Compensation

The fees applicable to each of the Funds are set forth in detail in the corresponding Private
Placement Memorandums. A brief summary of such fees is provided below.

Management Fee

Broad Reach is paid an investment management fee (“Management Fee”) per annum of the
net asset value of the Funds.

The Fee will range from 1% to 1.5% per annum for both the Broad Reach Master Fund and the
Broad Reach Explorer Master Fund and 0.25% for Broad Reach Frontier Opportunity Master
Fund.

The Investment Manager, in its sole discretion, may waive or modify the Management Fee for
any Investor.

Other Types of Fees or Expenses

Broad Reach is authorized to incur and pay in the name and on behalf of the Funds all expenses
which they deem necessary or advisable.

The Firm is responsible for and shall pay, or cause to be paid, all their own ordinary
administrative and overhead expenses, including, without limitation, all costs and expenses
related to rent, furniture, fixtures, equipment, office supplies, clerical expenses and all
salaries, bonuses and benefits paid to, or on behalf of, personnel of the Firm.

The Funds bear all other expenses, which include, without limitation, the following expenses
incurred by or allocable to the Funds: (a) organizational and offering expenses; (b) expenses
associated with all investments and transactions considered, evaluated and/or consummated
by the Funds, including, without limitation, those expenses incurred before the initial closing
of the Funds, including, without limitation, expenses associated with sourcing, negotiating,
investigating, researching, financing and structuring of investments and potential
investments, whether or not consummated, including, without limitation, third-party
research, data, analytics, modeling, structuring, pricing, execution and other third-party
information systems, software and service fees (including, without limitation, the expenses
with respect to data feeds, subscriptions, expert networks, political intelligence providers, and
reports); (c) research-related computer hardware and software expenses; (d) the Funds’ pro
rata share of the Firm’s order management system, portfolio management system and any
other software used for accounting and/or monitoring of the portfolio; (e) expenses
associated with holding, financing, monitoring, hedging, maintaining and disposing of all
investments of the Funds and all transaction and other costs associated therewith; (f) travel
and related expenses associated with investments and potential investments; (g) professional
fees associated with investments and potential investments, including, without limitation,
consulting, due diligence, accounting, valuation, financial, legal, and other advisory fees and
expenses; (h) transaction fees, brokerage commissions, custodial fees, clearing and
settlement charges and similar fees and expenses associated with the acquisition, disposition
and settling of investments and potential investments; (i) expenses associated with legal and
regulatory filings of the Funds (including, without limitation, pursuant to Section 13 and 16 of
the Securities and Exchange Act of 1934, as amended (the “Exchange Act”)) and the Funds’
pro rata portion of the expenses associated with preparation of the Firm’s Form 13F, Form

13H and Form PF, and any other similar filing in any other U.S. or non-U.S. jurisdiction; (j)
administrative, custodial, appraisal, valuation, legal, regulatory, compliance, consulting,
advisory and similar fees and expenses associated with the Funds’ operations, investments
and transactions, including, without limitation, fees and expenses of the Funds’ administrator;
(k) expenses incurred in connection with responding to requests or inquiries from any U.S.
federal, state, local or non-U.S. governmental entity or authority, regulatory body or self-
regulatory organization and all extraordinary expenses; (l) broken-deal, failed transaction,
break-up and similar fees, costs and expenses, if any; (m) costs and expenses of leverage or
any other borrowings of the Funds, including, without limitation, interest charges and fees;
(n) expenses incurred in the collection of monies owed to the Funds, as applicable; (o) auditing
and accounting expenses of the Funds, including, without limitation, expenses associated with
the preparation of financial statements, tax returns and Schedules K-1, K-2 and the fees and
expenses of the auditor; (p) any entity level taxes, fees or other governmental charges on the
Funds, including, without limitation, any withholding taxes not due to the status or
noncompliance of a particular Investor; (q) costs and expenses associated with investor
communications and reports and the delivery thereof to investors; (r) the costs of service
providers or software to measure or monitor risk metrics, to aggregate positions and/or to
provide reporting with respect to risk metrics and/or positions; (s) costs and expenses
associated with meetings of the Investors; (t) insurance expenses; including, without
limitation, directors’ and officers’ liability insurance, general partner liability insurance, errors
and omissions insurance and other policies, if any; (u) costs and expenses (including, without
limitation, entity-level taxes, fees or other governmental charges) associated with the
formation, organization and operation of any subsidiary, special purpose vehicle, alternative
investment vehicle, holding company, or similar entity formed with respect to investments,
credit facilities or other transactions entered into for the benefit of the Funds; (v) wind-up,
liquidation, termination and dissolution expenses; (w) costs, fees and expenses related to
registration, qualification and/or exemption under any applicable U.S. federal, state, local or
non-U.S. laws, rules or regulations, including, without limitation, blue sky fees, Form D, Form
...

Item 7: Types of Clients

Our clients are as described in Item 4 above, and the Funds are generally open to, among
others, institutions, pension plans, endowments, and professional investors. A US investor
must be an “accredited investor” as defined in Regulation D under the Securities Act of 1933,
as amended, and a “qualified purchaser” under the Investment Company Act of 1940, as
amended (the “Investment Company Act”).