CQS US LLC

Item 5 Fees and Compensation

How CQS is Compensated

Where advising funds on a delegated basis, the specific terms of compensation for CQS are dictated by the
investment advisory agreements in place with CQS (UK) LLP. Under the agreements with CQS UK, CQS
receives an annual arm’s length advisory fee that may change from time to time. Where CQS is acting on
a sub-advisory basis, we do not earn a management fee based on assets under management or a fee based
on performance. The fee is currently determined by reference to an arm’s length standard and relevant
legislation.

Where CQS is acting as principal investment manager to a CQS Fund, it will typically earn a management
fee based on assets under management and, for certain CQS Funds, a fee based on the relevant CQS Fund’s
performance.

As a sub-advisor to mutual fund accounts CQS receives a sub-advisor fee accrued daily and paid monthly
in arrears, at an annual 0.75% of the managed assets of the portfolio. Managed assets are defined as the
total assets of the portfolio (including any assets attributable to any preferred shares that may be issued or
to indebtedness), minus the portfolio’s liabilities incurred in the normal course of operations other than
liabilities relating to indebtedness.

Other Types of Fees and Expenses

In addition to paying advisory or investment management fees, Clients also pay other investment expenses
such as custodial charges, brokerage fees, research costs, transaction costs, commissions and related costs,
interest expenses, taxes, duties and other governmental charges, transfer and registration fees or similar
expenses, costs associated with foreign exchange transactions, other portfolio expenses, and costs,
expenses and fees associated with products or services that may be necessary or incidental to investments
or accounts. In respect of master-feeder structures, feeder funds bear their own expenses and a pro rata
share of the expenses of the master fund. Please refer to Item 12 for a discussion of brokerage practices.

                                               CONFIDENTIAL

Item 7 Types of Clients

As further described in Item 7 above, CQS provides discretionary and non-discretionary investment services
to certain private funds organized as exempted companies and limited partnerships (or similar structures) under
the laws of the Cayman Islands, the state of Delaware, and Ireland, (which may be structured on a standalone
basis, a “master/feeder structure, or as part of an “umbrella” or segregated portfolio structure). CQS also acts
as a sub-adviser to registered investment companies.

For each CQS Fund, initial and additional subscription minimums are disclosed in the offering
memorandum, placement document or prospectus for such CQS Fund.

                                                CONFIDENTIAL