Community Investment Management LLC

Item 5.        Fees and Compensation

CIM delivers this brochure to prospective investors in the Funds that are qualified purchasers as
defined in section 2(a)(51)(A) of the Investment Company Act of 1940, as amended. Therefore,
information on how CIM is compensated for its advisory services and its fee schedule with respect
to the Funds are not included here.

CIM deducts management fees and performance allocations (if applicable) directly from each
Fund or its Alternative Investment Vehicles. Performance allocations may create an incentive for
CIM to make more risky and speculative investments than it would otherwise make.

CIM complies with Rule 205-3 under the Investment Advisers Act of 1940, as amended (the
“Advisers Act”), to the extent required by applicable law. CIM believes that its fees are
competitive with fees charged by other investment advisers for comparable services. Comparable
services may be available, however, from other sources for lower fees.

CIM’s and the General Partners’ relationship with each applicable Fund are terminable on
specified prior written notice or withdrawal of a General Partner. Each investor generally may
withdraw from CELF, the CEMC Master Fund and the EM Feeder Fund on specified prior written
notice, on the last day of any calendar month, subject to substantial limitations, including on
aggregate withdrawals on any permitted withdrawal date. Such limitations are described in detail
in each Fund’s offering documents.

On termination or an investor’s withdrawal, in all cases, expenses, the pro rata portion of the
management fee and the performance allocation (if applicable) through the date of termination or
withdrawal are charged to the Fund or the investor, as applicable. An investor who withdraws
from a Fund does not receive a refund of any management fee previously paid.

Each Fund is responsible for all of its own costs and expenses, including by way of example, but
not limited to, trading costs and expenses (such as costs and expenses of conducting due diligence
regarding investments and negotiating and entering into contracts and arrangements related to
receivables and loans, costs and expenses of finding and making investments and increasing
potential deal flow, research-related fees and expenses, and expenses related to other investment

activities, including projecting or enhancing the Fund’s value), ongoing legal, accounting and
bookkeeping fees and expenses, fees and expenses of the Alternative Investment Vehicles, and the
fees and expenses charged by any fund administrator for its accounting, bookkeeping and other
services. CIM has agreed to pay certain of these expenses in excess of a fixed percentage per
month, subject to a recapture provision, all as described in each Fund’s offering documents. In
addition to such covered expenses, if any, CIM bears its own operating, general, administrative
and overhead costs and expenses, other than the expenses described above. All or part of these
costs and expenses may be paid, however, by custodians, brokerage firms or futures commission
merchants that execute or participate in trades, as discussed in Item 12 below.

Item 7.        Types of Clients

CIM provides investment advice to the Funds and their Alternative Investment Vehicles. Investors
in each Fund are required to invest a minimum of $250,000, but CIM may waive this minimum.