Burren Capital Advisors Limited

Item 5 Fees and Compensation
BCAL receives an investment management fee from the Feeder Sub-Fund of 1/12 of 2 per cent per
month of the New Asset Value of each class of shares (before deduction of that month's AIFM fee and
before deduction for any accrued Performance fees) as at the last Valuation Day in each month,
payable monthly in arrears. BCAL also receives a Performance Fee. The Performance fee is described
further in Item 6 of this document. The Master Fund is not subject to any investment management or
performance fee. The Master Sub-Fund pays the fees of the administrator and commission to the
Broker. The Sub-Funds bear the ongoing operating costs and expenses.

The Sub-Funds will also pay the costs and expenses of (i) all transactions carried out by it or on its
behalf and (ii) the administration of the Sub-Fund, including (a) the charges and expenses of legal
advisers and auditors, (b) brokers’ commissions, borrowing charges on securities sold short and any
issue or transfer taxes chargeable in connection with any securities transactions, (c) all taxes and
corporate fees payable to governments or agencies, (d) Directors’ fees and expenses, (e) interest on
borrowings, including borrowings from the Broker, (f) such expenses incurred by the AIFM in soliciting
subscriptions for Shares as shall be approved by the Directors (g) the cost of risk reporting in relation
to the portfolio of the Sub-Fund to be provided by third party service providers to Shareholders and to
the AIFM (h) communication expenses with respect to investor services and all expenses of meetings
of Shareholders and of preparing, printing and distributing financial and other reports, proxy forms,

prospectuses and similar documents, (i) the cost of insurance (if any) for the benefit of the Directors, (j)
litigation and indemnification expenses and extraordinary expenses not incurred in the ordinary course
of business, (k) the cost of providing tax reporting to relevant Shareholders (which shall be allocated to
such Class or Classes as the Directors may determine) and (l) all other organisational and operating
expenses.

The Master Sub-Fund incurs brokerage and other transaction costs. No supervised person of BCAL
accepts compensation for the sale of securities or other investment products.

Item 7 Types of Clients
BCAL provides investment advisory services to the Funds and Sub-Funds. The minimum capital
commitment for each investor in the Funds is set forth in the Fund's Prospectus. The Fund is only
available to "Qualifying Investors."

Qualifying Investor has the meaning required by the AIF Rulebook, which at the date of the Prospectus
means an investor who has certified in writing to the Master Fund that it is:

    i. a professional client within the meaning of Annex II of Directive 2004/39/EC (Markets in
         Financial Instruments Directive) ("MiFID"); or
    ii. an investor who receives an appraisal from an EU credit institution, a MiFID firm or a UCITS
         management company that the investor has the appropriate expertise, experience and
         knowledge to adequately understand the investment in the Master Fund; or
    iii. an investor who certifies that it is an informed investor by providing confirmation (in writing) that
         (i) the investor has such knowledge of and experience in financial and business matters as
         would enable the investor properly to evaluate the merits and risks of the prospective
         investment; or (ii) the investor’s business involves, whether for its own account or the account
         of others, the management, acquisition or disposal of property of the same kind as the property
         of the Master Fund; and
    iv. it is aware of the risk involved in the proposed investment and that inherent in such investment
         is the potential to lose all of the sum invested.

BCAL also provides subadvisory services to two funds managed by an unaffiliated investment

advisers.