Caird Investment Partners LLC

Item 5: Fees and Compensation

The fees applicable to each of the accounts are set forth in detail in the corresponding
Investment Management Agreement(s). A brief summary of such fees is provided below.

Management Fee

Caird Investments Partners, LLC is paid an investment management fee (“Management Fee”).
Each Client’s Management Fee is explained in detail and agreed upon in the Investment
Management Agreement. Allowable compensation includes a fixed fee at a specific annual
dollar amount or annual amount ranging from 0.25% to 1.50% of assets or committed capital
plus applicable investment expenses, or as agreed upon with each investor according to their
Investment Management Agreement(s).

We may, in our sole discretion, waive or modify the Management Fee for any Client. All fee
increases not otherwise agreed upon in the Investment Management Agreement shall be
approved in writing by the Client.

Other Types of Fees or Expenses

Caird Investments LLC                                              Form ADV Part 2A Brochure

Caird reserves the right to charge certain consulting and other fees for ancillary services outside
of the scope of an Investment Management Agreement. Examples of these services include but
are not limited to strategic advice, consultation on loan transactions and other services.

Regarding the expenses of the SMAs, all brokerage commissions and fees and clearing and
regulatory fees arising from trading or other transactions of each SMA, any margin financing
fees, and Management Fees, in addition to other direct costs, which may include certain legal
expenses, associated with the activities of each SMA, are borne by each SMA respectively. The
allocation of SMA expenses is stipulated in each Client’s IMA. All SMA expenses, aside from
transaction and brokerage costs, are approved and allocated to each SMA investor and charged
by the SMA’s administrator and/or custodian as appropriate. Any exceptions to this SMA
expense policy will be agreed to in the IMA.

Clients, including the Funds, when applicable, will incur broker and other transaction costs.

Each SMA may be terminated by either party upon the required notice established in the IMA,
and we will refund any prepaid but unearned fees, calculated based on the number of days that
the SMA was in effect for that quarter, or as applicable.

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

In some situations, the Firm or its employees may receive consulting compensation related to
capital markets activity or fees for work related to coordinating loan transactions.

Item 7: Types of Clients

Our Clients are generally financial institutions, pension plans, endowments, high net-worth
individuals, financially sophisticated individuals, and other sophisticated investors.