Castle Ridge Asset Management Limited

Item 5. Fees and Compensation

Castle Ridge Funds

Asset-Based and Performance-Based Compensation. The fee schedules for the Castle Ridge Funds are
described in detail in each Fund’s offering memorandum and other governing documents (collectively “Fund
Documents”).

As a general matter, the Castle Ridge Funds will pay the Adviser an asset-based investment management
fee ("Management Fee") monthly in arrears based on the value of the net assets of each Fund managed
by the Adviser on the last day of each month. With respect to the certain Castle Ridge Funds, the Adviser
may elect to reduce or waive the Management Fee with respect to any principal, employee or affiliate of the
Adviser. As a general matter, an affiliate of the Adviser (the “General Partner”) will be entitled to receive
from the Castle Ridge Funds annual performance-based compensation, which is compensation that is based
on a share of net capital appreciation of the assets of the fund (the “Incentive Compensation”). The Incentive
Compensation from the Castle Ridge Funds will be subject to a loss carryforward provision. The General
Partner may, in its sole discretion, elect waive some are all of the Incentive Compensation with respect to any
principal, employee or affiliate of the Adviser.

Expenses. Subject to the provisions of the Fund Documents, the Castle Ridge Funds generally are
responsible for, and the Adviser shall be entitled to reimbursement from the Castle Ridge Funds for, all
costs and operating expenses actually incurred by them in connection with the organization of the Castle
Ridge Funds, the costs of offering the units and shares, including, without limitation, the fees and
expenses of counsel, tax reporting and compliance, and the Castle Ridge Fund’s auditors, and the
ongoing activities of the Castle Ridge Funds, including but not limited to: administrative fees and
expenses of the Castle Ridge Funds, which include fees and expenses associated with the calculation of
the net asset value of units and shares, auditing, accounting and legal costs, insurance premiums
(including, without limitation, liability insurance premiums with respect to the Adviser, the General
Partner and the directors of the funds), custodial fees, third- party administrator fees, registrar and
transfer agency fees and expenses, bookkeeping and recordkeeping costs, investor communication
expenses, the cost of maintaining the Castle Ridge Fund’s existence, regulatory and filing fees and
expenses, and all reasonable extraordinary or non-recurring expenses; and fees and expenses relating to
the Castle Ridge Fund’s portfolio investments, including the cost of securities, interest on borrowings and
commitment fees and related expenses payable to lenders and counterparties, brokerage fees,
commissions and expenses, banking fees, data mining, research related expenses such as beta testing
new investment strategies, investment and trading consultant expenses; research, pricing and quotation

fees and expenses; portfolio management expenses; expenses in connection with proposed transactions
(including transactions that fail to close); and any other reasonable expenses (as determined by the
general partner or the directors of the fund, as applicable, in their sole discretion) related to the purchase,
sale, holding or transmittal of assets or liabilities, and software expenses relating to the management of the
investments of the Castle Ridge Funds.

Sub-Advised Funds

Asset-Based and Performance-Based Compensation. As a general matter, the Adviser will be paid an
asset-based management fee and be entitled to receive Incentive Compensation from the Sub-Advised
Funds pursuant to the Adviser’s investment management agreement with the Sub-Advised Fund or the
investment manager of the Sub-Advised Fund.

Expenses. In addition to paying the asset-based investment management fees and Incentive
Compensation described in the investment management agreement with the Sub-Advised Funds or the
investment manager of the Sub-Advised Fund, the Sub-Advised Funds will also be subject to expenses as
set forth in the offering documents of the Sub-Advised Funds.

The allocation of expenses by the Adviser between it and a Client and among Clients represents a conflict
of interest for the Adviser. The Adviser will adopt an expense allocation policy that is designed to address
this conflict. The Adviser will allocate expenses to each Client in accordance with the Client’s governing
documents. The Adviser will seek to allocate any shared expenses for products and services benefitting
multiple Clients or both the Adviser and a Client, and not covered in the Client’s governing documents, in a
fair and reasonable manner.

Item 7.      Types of Clients

The Adviser’s clients consist of the Castle Ridge Funds, and the Sub-Advised Funds.

Any initial and additional subscription minimums with respect to the Clients are disclosed in the offering
documents for the Client.