Collwick Funds GP LLC

Item 5. Fees and Compensation

A.      Advisory Fees and Compensation.

Asset-Based Compensation

Depending on the share class, the Adviser charges each Fund an investment management fee of up to
1.35% per annum based on the value of the Fund’s net assets.

Investment management fees are charged quarterly in advance, based on the total market value of the
assets in the Fund on the first business day of each quarter or the calendar year, depending on the share
class. The investment management fees are prorated for any period that is less than a full quarter and are
adjusted for contributions and withdrawals made during a quarter.

The investment management fees are generally not negotiable; however, the Adviser, in its sole discretion,
has waived the investment management fees for certain Fund Investors who are members, employees or
affiliates of the Adviser, and relatives of such persons.

Depending on the share class, Fund Investors that have made aggregate subscriptions, as defined in the
Fund’s offering materials, of $10 million or more in the Funds receive at least a 25% discount on the
investment management fee paid to the Adviser. The Adviser, in its sole discretion, may also offer certain
strategic investors at least a 25% discount on the investment management fee paid to the Adviser.

Performance-Based Compensation

Depending on the share class, the Adviser will also be paid or allocated, as applicable, a quarterly or annual
performance-based allocation, which is compensation that is based on a share of capital gains on or capital
appreciation of the assets of a Fund. The performance-based compensation is up to 20% of a Fund
Investor’s share of net profits. With respect to certain Fund Investors, the performance-based
compensation may include up to 0.25% per quarter of the Fund’s net assets attributable to the investor.

The performance-based compensation paid or allocated to the Adviser is generally not negotiable; however,
the Adviser, in its sole discretion, has waived such compensation for certain Fund Investors in the pooled
investment vehicles who are members, employees or affiliates of the Adviser, and relatives of such persons.

Depending on the share class, Fund Investors that have made aggregate subscriptions, as defined by the
Fund’s offering materials, of at least $10 million or more in the Funds receive a 25% discount on the
performance-based compensation paid to the Adviser. The Adviser, in its sole discretion, also offers certain
strategic investors a 25% discount on the performance-based compensation paid to the Adviser.

B.      Payment of Fees.

The Adviser deducts the investment management fee quarterly from a Fund by instructing the Fund’s
administrator.

Performance-based compensation is deducted from the Funds at the end of each fiscal quarter or fiscal
year or upon withdrawal or redemption by an investor and paid to or reallocated to, as applicable, the
Adviser.

C.      Other Fees and Expenses.

Fund assets are invested in a master-feeder structure. Feeder funds bear a pro rata share of the expenses
associated with the master fund. In addition to paying investment management fees or, if applicable,
performance-based compensation, Funds will also be subject to other investment expenses in accordance
with the Fund’s investment management agreement or offering documents such as outsourced legal,
accounting, auditing and tax preparation, and other professional expenses (including, without limitation,
expenses of consultants and experts) relating to investments, organizational expenses, Fund-related
insurance costs, expenses of advisory committees, directors fees, administrator fees and custodial fees
and investment expenses such as commissions, research expenses (including portfolio manager due
diligence expenses), interest on margin accounts and other loans, fees paid to Portfolio Managers, the pro
rata share of the expenses of any investment entities or accounts in which the Fund may invest, and any
other expenses related to the purchase, sale or transmittal of Fund assets.

D.       The allocation of expenses by the Adviser between it and a Fund and among the Funds represents
a conflict of interest for the Adviser. The Adviser has adopted an expense allocation policy that is designed
to address this conflict. The Adviser allocates expenses to each Fund in accordance with the Fund’s
arrangements with the Adviser (including the Fund’s disclosure documents). The Adviser seeks to allocate
shared expenses for products and services benefiting the Adviser and the Fund and not covered in the
Fund’s arrangements in a fair and reasonable manner. The Adviser may use a variety of methods to allocate
common expenses among its Funds, including methods based on assets under management, relative use
of a product or service, the nature or source of a product or service, the relative benefits derived by the
Funds from a product or service, or other relevant factors.

E.      Prepayment of Fees.

The Funds are required to pay the Adviser’s investment management fees in advance. If the Adviser’s
advisory contract with a Fund is terminated, any pre-paid fees are refunded in accordance with each Fund’s
offering documents.

Item 7. Types of Clients

The Adviser’s clients consist of the Funds which are intended for sophisticated investors and institutional
investors. The Adviser, however, is not precluded from advising types of clients other than the Funds. Initial
and additional subscription minimums from Fund Investors are disclosed in the Funds’ offering documents;
however, the Adviser has discretion to waive the minimum amounts and accept lesser subscription
amounts. The Adviser has waived the minimum subscription amounts for certain Fund Investors.