Cidel Asset Management Inc

Item 5. FEES AND COMPENSATION

In general, the Firm shall only charge management fees to U.S. based clients, ranging
from approximately 10 bps to 175 bps per annum, as set forth in the client’s investment
management agreement. Management fees are charged either monthly or quarterly. All
management fees shall be calculated pursuant to the client’s relevant investment management
agreement and are generally paid in arrears. The Firm reserves the right to modify such fees on a
case by case basis, subject to a client’s prior consent.

All clients incur third-party brokerage commission and other transaction costs, as explained in
further detail in the Brokerage Practices section below.

Item 7. TYPES OF CLIENTS

As discussed in Item 4. Advisory Business section above, the Firm provides investment
management services primarily to non-U.S. based high net-worth and institutional clients. The
Firm also intends to offer investment management services to sophisticated U.S. based SMAs on
a discretionary basis. The Firm shall generally seek minimum account commitments from its U.S.
based SMAs of US$ 25 million; however, it can waive such minimums in its discretion.
Minimums for SMAs will be negotiated with such clients.