Caravel Management LLC

ITEM 5 – FEES AND COMPENSATION

Management Fees

Each Investor should review the appropriate Offering Documents for the Fund in
conjunction with this brochure for more complete information on the applicable
management fees.

As an investment adviser to the Caravel Fund, Caravel will receive a management
fee, calculated at an annual rate of 1% of each Investor’s capital account. The
management fee will be calculated and paid quarterly in arrears and calculated
separately in respect of each series of interests (the “Series”) offered by the
partnership, in an amount equal to a percent, on an annualized basis, of the total
subscription amounts to a Series. Investors will share the management fee in respect
of a Series pro rata in proportion to their respective subscription amounts. The
management fee will be calculated on an annualized basis but will accrue to a Series
only through the maturity date of the relevant underlying Egyptian treasury notes
purchased by such Series.

Other Expenses

The Caravel Fund bears and shall be responsible for its own expenses, including,
but not limited to, all ordinary organizational and operating expenses incidental to
administering the Fund, including, without limitation, the cost of investing the
Fund’s assets, annual audit fees and expenses, legal fees and expenses and costs
related to overhead and staffing for the Caravel Fund and the General Partner.

The General Partner and Caravel bear their own expenses, including but not limited
indemnification expenses, taxes, fees and expenses to incurred in connection with
any tax audit by any U.S. federal, state or local authority, including, without
limitation, any related administrative settlement and judicial review; and fees and
expenses incurred in connection with legal actions to enforce or defend the value
of the Fund’s assets or to enforce credit documents related to the value of the Fund’s
assets and will also include fees and expenses with respect to the reorganization,
dissolution, winding-up or termination of the Fund.

To the extent that Caravel pays such expenses on behalf of the Fund, the Fund may
reimburse the Firm for such amounts advanced for such expenses. To obtain
reimbursement, Caravel must determine, in its reasonable judgment that it can fairly
and equitably allocate the amount to be reimbursed among each Series. If the Firm
determines that reimbursement is appropriate, such amounts will be debited from
proceeds received in respect of a Series upon maturity of their underlying
investment.

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

ITEM 7 – TYPES OF CLIENTS

Caravel shall provide discretionary investment advisory services to the Caravel
Fund, and not individually to the Investors in the Caravel Fund.

The Investors in the Caravel Fund are “accredited investors” in reliance upon the
exemption from registration provided by Section 4(2) of the Securities Act of 1933,
as amended (the “Securities Act”), and Regulation D promulgated thereunder and
“qualified clients” as defined in Rule 205-3 of the Advisers Act (the “Advisers
Act”). In addition, Caravel may, in the future, offer investment advisory services
to other pooled investment vehicles and separately managed accounts.